Latest news with #StateOwnershipPolicyDocument
See - Sada Elbalad
02-08-2025
- Business
- See - Sada Elbalad
Syria Begins Receiving Gas from Azerbaijan via Turkey
Taarek Refaat The first deliveries of Azerbaijani natural gas to Syria through Turkish territory began Saturday, marking the launch of a regional energy corridor linking the three countries. The inauguration ceremony for the new gas transmission line was attended by Syrian Energy Minister Mohammad Al-Bashir, Turkish Energy Minister Alparslan Bayraktar, Azerbaijani Economy Minister Mikayil Jabbarov, and representatives from the Qatar Fund for Development, which is providing financial support for the project. Minister Al-Bashir hailed the new regional pipeline as a strategic step toward strengthening Syria's energy security. He said the project would directly improve electricity generation capacity, extend daily operating hours for power plants, and contribute to economic recovery and better living conditions, supporting efforts to bring displaced Syrians back to their communities. Under the first phase of the agreement, Syria will receive about 3.4 million cubic meters of gas per day, enabling the production of an additional 750 megawatts of electricity. This, Al-Bashir said, would add roughly four extra hours of electricity supply per day, fueling industrial growth and stimulating the broader economy. The gas deliveries are being facilitated under a trilateral cooperation framework supported by Qatar. Youssef Al-Youssef, director of the Syrian Gas Company, said the initial pumping began from the Harjalah border station north of Aleppo to the city's thermal power plant. Initial flows amount to 745,000 cubic meters per day and will be ramped up over the coming week to the full 3.4 million cubic meters. The supply will be distributed among the Aleppo thermal plant and gas-fired power stations in other provinces. The pipeline route runs from Harjalah through the Tounian plant, then to the Al-Biyarat area in Palmyra, where it branches to feed the Jandal and Tishreen power stations. Once fully operational, the gas is expected to generate between 750 and 800 megawatt-hours of electricity daily, strengthening the stability of Syria's national grid. While the infrastructure can currently handle the planned volumes, further upgrades will be needed if supply increases in the future. According to Turkey's Energy Minister, electricity exports to Syria are currently conducted through eight connection points. Plans are underway to increase this capacity by 25% initially, eventually more than doubling it. He also noted the potential to export up to 2 billion cubic meters of natural gas annually to Syria, enough to meet the electricity needs of 5 million households. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
Egypt Independent
02-08-2025
- Business
- Egypt Independent
PM chairs meeting of Coordinating Council for Fiscal and Monetary Policies
NEW ALAMEIN, Egypt, July 31 (MENA) – The Coordinating Council for Fiscal and Monetary Policies, chaired by Prime Minister Mostafa Madbouly, affirmed during its meeting on Thursday the continuation of a flexible exchange rate system, as well as the implementation of the government's initial public offerings (IPOs) program and the State Ownership Policy Document with a view to generating additional resources to reduce public debt while maintaining competitive market conditions through the Egyptian Competition Authority. Held at the government headquarters in New Alamein City in Egypt's North Coast, the meeting was attended by Governor of the Central Bank of Egypt (CBE) Hassan Abdullah, Minister of Planning, Economic Development and International Cooperation Rania al-Mashat, Minister of Finance Ahmed Kouchouk, Minister of Investment and Foreign Trade Hassan al-Khatib, economic experts, deputy ministers and senior officials. The meeting highlighted the government's successful progress in paying the petroleum sector's dues to foreign partners according to the set schedule, Cabinet spokesman Mohamed El Homsany said. The meeting also reviewed the key policies and measures taken under the National Structural Reform Program, which is Egypt's main tool for turning economic goals into action, the spokesman added. The program focuses on enhancing macroeconomic stability, boosting economic competitiveness, improving the business climate and supporting green transition, he noted. The council also reviewed Egypt's participation in the UN's Fourth International Conference on Financing for Development (FfD4) in Spain's Seville city, where Egypt called for enabling private sector participation, increasing foreign investments in developing countries, improving governance in international financial institutions, expanding Special Drawing Rights (SDRs) allocations for developing nations, strengthening the UN's economic role globally, and updating debt sustainability assessment frameworks, the spokesman said. Egypt had also called during the FfD4 for promoting South-South and trilateral cooperation, defining global public goods, and using innovative financing tools to support small- and medium-sized enterprises (SMEs) and entrepreneurship, according to him. (MENA)
See - Sada Elbalad
01-08-2025
- Business
- See - Sada Elbalad
Egypt to Launch Nationwide Aerial Survey for Mineral Exploration
Taarek Refaat Egypt's Ministry of Petroleum and Mineral Resources is advancing plans to modernize its geological data infrastructure as part of a broader strategy to unlock the country's vast untapped mineral wealth and boost the mining sector's contribution to GDP. In a high-level meeting held Friday at the ministry's headquarters in the New Alamein government district, Petroleum and Mineral Resources Minister Karim Badawi met with representatives from Argas, Metatek, Excalibur, and Novia companies specializing in aerial and seismic survey technologies to discuss cooperation on a nationwide mineral exploration project. The initiative falls under the ministry's third strategic pillar, aimed at increasing mining's share in Egypt's GDP from less than 1% to between 5–6%, by maximizing the added value of the country's mineral resources. According to the ministry, the project will involve comprehensive aerial surveys and seismic imaging across Egypt's territory, creating an integrated national geological database to be made accessible to both domestic and international investors. 'The global interest in Egypt's mining sector continues to rise, driven by sweeping regulatory and structural reforms,' Minister Badawi said. 'We now have a supportive investment climate — backed by a modern legal framework, robust infrastructure, energy availability, and enhanced institutional capabilities.' Key reforms include the conversion of the Egyptian Mineral Resources Authority into an economic authority, and the overhaul of mining concession frameworks to align with international best practices. During the meeting, the companies shared case studies of mineral exploration projects in other countries, highlighting how modern survey and data analysis methods can lead to significant discoveries and investment inflows. Badawi stressed the strategic importance of accurate geophysical data in identifying promising mining zones and instructed the companies to develop a comprehensive, actionable plan, complete with short-, medium-, and long-term timelines and prioritized target areas for survey operations. The meeting was attended by senior government and industry figures, including Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC); Yasser Ramadan, head of the Egyptian Mineral Resources Authority (EMRA); and senior legal, technical, and aviation officials from the ministry and its affiliates. The proposed aerial survey is seen as a cornerstone of Egypt's bid to position itself as a regional mining hub, capitalizing on its geological diversity and strategic location connecting Africa, the Middle East, and Europe. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
See - Sada Elbalad
01-08-2025
- Business
- See - Sada Elbalad
US Job Growth Slows Sharply, Unemployment Rate Surges
Taarek Refaat The U.S. labor market showed clear signs of fatigue in July, with job creation slowing significantly and previous months' gains revised sharply downward, a signal that the broader economy may be losing steam faster than anticipated. According to data released Friday by the U.S. Bureau of Labor Statistics (BLS), nonfarm payrolls increased by just 73,000 last month, far below economists' expectations. Additionally, the employment figures for May and June were revised down by a combined 260,000 jobs, underscoring the weakening trend. The unemployment rate rose to 4.2%, up from 4.0% in June. The slowdown suggests that the once-resilient U.S. labor market is now facing more than just cyclical headwinds. Hiring has slowed across key sectors, including manufacturing, professional services, and government. Local public education, in particular, saw substantial downward revisions. Private-sector hiring showed some recovery in July, mainly due to gains in health care and social assistance, but it was not enough to offset broader softness. 'This isn't just a moderation anymore,' said one senior labor economist. 'It's a clear signal that both employers and workers are feeling the strain of an economy losing momentum.' At the same time, wage growth has stalled, compounding challenges for American households already grappling with the lingering effects of high prices and rising borrowing costs. The report comes at the end of a week filled with weaker-than-expected data on consumer spending, inflation progress, and business activity, all reinforcing the Federal Reserve's decision to hold interest rates steady at its latest policy meeting. However, the internal divide among policymakers appears to be widening. Despite Friday's data, Fed Chair Jerome Powell insisted earlier this week that the labor market remains 'strong,' arguing that inflationary risks persist, especially following the latest tariff announcements from President Donald Trump's administration. Still, markets reacted negatively to the jobs report: U.S. stock futures remained lower, while Treasury yields and the dollar both fell. Investors are now increasingly betting that the Fed could pivot toward rate cuts as early as the fourth quarter, should labor and inflation trends continue in this direction. The next Federal Reserve meeting is scheduled for September, by which time officials will have access to another jobs report and a new round of inflation data. Those indicators may prove decisive in shaping the central bank's next steps. Meanwhile, concerns are growing that slower hiring could feed into reduced consumer spending, further dragging on GDP growth in the second half of 2025. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
Middle East
01-08-2025
- Business
- Middle East
OPEN// PM chairs meeting of Coordinating Council for Fiscal and Monetary Policies
NEW ALAMEIN, Egypt, July 31 (MENA) - The Coordinating Council for Fiscal and Monetary Policies, chaired by Prime Minister Mostafa Madbouly, affirmed during its meeting on Thursday the continuation of a flexible exchange rate system, as well as the implementation of the government's initial public offerings (IPOs) program and the State Ownership Policy Document with a view to generating additional resources to reduce public debt while maintaining competitive market conditions through the Egyptian Competition Authority. Held at the government headquarters in New Alamein City in Egypt's North Coast, the meeting was attended by Governor of the Central Bank of Egypt (CBE) Hassan Abdullah, Minister of Planning, Economic Development and International Cooperation Rania el Mashat, Minister of Finance Ahmed Kouchouk, Minister of Investment and Foreign Trade Hassan el Khatib, economic experts, deputy ministers and senior officials. The meeting highlighted the government's successful progress in paying the petroleum sector's dues to foreign partners according to the set schedule, Cabinet spokesman Mohamed El Homsany said. The meeting also reviewed the key policies and measures taken under the National Structural Reform Program, which is Egypt's main tool for turning economic goals into action, the spokesman added. The program focuses on enhancing macroeconomic stability, boosting economic competitiveness, improving the business climate and supporting green transition, he noted. The council also reviewed Egypt's participation in the UN's Fourth International Conference on Financing for Development (FfD4) in Spain's Seville city, where Egypt called for enabling private sector participation, increasing foreign investments in developing countries, improving governance in international financial institutions, expanding Special Drawing Rights (SDRs) allocations for developing nations, strengthening the UN's economic role globally, and updating debt sustainability assessment frameworks, the spokesman said. Egypt had also called during the FfD4 for promoting South-South and trilateral cooperation, defining global public goods, and using innovative financing tools to support small- and medium-sized enterprises (SMEs) and entrepreneurship, according to him. (MENA) I S N/R E E
