Month: November 2020

Coronavirus pushes passenger car sales forward in Egypt

Passenger car sales in Egypt increased 24% during September 2020 on an annual basis to reach 17,051 cars, compared to 13,734 cars in the same month last year. Truck sales also increased to 3,348 vehicles during September 2020, compared to 3,055 units in the comparison period, with a growth rate of 9.6%, according to the monthly report issued by the Automotive Marketing Information Council (AMIC).

However, bus sales in Egypt witnessed a decrease of 34.1% in September 2020, bringing the total number of buses sold to 2,506 buses, compared to 3,055 in September 2019.

Total car sales during the first nine months (9M) of this year reached 107,617 cars, compared to 87,272 cars during the same period of 2019, an increase of 23%, despite the novel coronavirus (COVID-19) crisis.

Initial audit report had no substantial effect on CIB financial position: Chairperson

Sherif Sami, Chairperson of the Commercial International Bank (CIB) – Egypt, affirmed that the bank’s financial position was not substantively affected by the initial audit report on the bank. He added that the bank continues its operations in all 200 branches normally, and carries on implementing its future expansion.

Sami stressed that the CIB pays great attention to the Central Bank of Egypt’s (CBE) notices regarding compliance issues, and that the necessary mechanisms are being put in place to avoid the repetition of these issues in the future.

He noted that the bank still need more time to satisfactorily complete all the required reviews and audits and to ensure the validity and integrity of all examinations, so that the bank can prepare and disclose its reliable financial statements for the third quarter (Q3) of the fiscal year.

Egypt, Hungary converse about cooperation in artificial intelligence field

Egypt’s Minister of Communications and Information Technology, Amr Talaat, met on Tuesday with the Ambassador of Hungary in Cairo to discuss boosting cooperation between the two countries in the fields of artificial intelligence and data science, capacity building, innovation and entrepreneurship, applied research, and cyber-security.

During the meeting, Talat reviewed the most important projects implemented by the Ministry in cooperation with state agencies and institutions for building “Digital Egypt” and providing distinguished government services via digital channels.

He added that a new university specialising in communication sciences and information technology is being established in the New Administrative Capital and is scheduled to start accepting students in the next academic year.

Egypt, Afghanistan discuss bolstering bilateral ties, counterterrorism

Egypt’s Minister of Foreign Affairs Sameh Shoukry discussed with his Afghan counterpart Mohammed Haneef Atmar, boosting joint cooperation relations between the two countries in different fields. They also discussed developments of ongoing peace talks in Afghanistan.

During an online conversation on Tuesday, Shoukry emphasised the historical relations that bind the two countries, and Egypt’s keenness to support Afghanistan’s development efforts.

He also expressed Egypt’s aspiration to participate in rebuilding Afghanistan, and transfer Egyptian expertise in several areas to the Afghan government, including planning and construction of new cities.

For his part, Atmar hailed the strong relations between the two countries, and Egypt’s support to his country, especially in the field of training and education, including scholarships, whether in Al-Azhar or public universities.

Egypt’s Higher Committee for Nile Water reviews GERD developments

Egypt’s Higher Committee for Nile Water met on Tuesday to discuss the latest developments regarding the Grand Ethiopian Renaissance Dam (GERD). The meeting chaired by Prime Minister Mostafa Madbouly comes two days ahead of a scheduled meeting between the foreign and irrigation ministers of Egypt, Sudan, and Ethiopia over the mega Blue Nile dam.

The meeting was attended by Foreign Minister Sameh Shoukry, and Irrigation Minister Mohamed Abdel Aaty, and representatives from the General Intelligence Service (GIS).

The current round of meetings comes under the outcomes of the ministerial meeting on 16 August that took place between the Ministers of Foreign Affairs, and Water Resources, from the three countries, and the outcomes of the 21 July mini-summit that gathered leaders of the parties with South Africa, the current chair of the African Union (AU).

Egypt’s Al-Sisi follows up on 1.5 million-feddan reclamation project

Egypt’s President Abdel Fattah Al-Sisi directed the government to accelerate the completion of the infrastructure of 1.5 million-feddan reclamation project.

This came during a Sunday meeting with Prime Minister Mostafa Madbouli, Water Resources and Irrigation Minister Mohmed Abdel Aati and Agriculture and Land Reclamation Minister Sayed Al-Quseir.

Al-Sisi was briefed on the latest progress of the reclamation projects undertaken by the New Egyptian Countryside Development (NECD), Presidential Spokesman Bassam Rady said in a statement.

The president followed up on the construction works of the project’s infrastructure, including electricity and water plants across Minya, Toshka area, Al Maghrah and Al Farafra oases in the Western Desert, and El Tor in South Sinai.

Education Ministry cares about child upbringing, not just schooling: Shawky

Egypt’s Minister of Education and Technical Education Tarek Shawky said, on Monday, that his ministry cares about correct upbringing of children, not just education.

It came during a press conference to announce the details of the national project to encourage physical activities in schools, in cooperation with the Ministry of Health.

Shawky said that the project aims to increase the physical competence of students, noting that the novel coronavirus (COVID-19) pandemic forced the ministry to pay more attention to the health care system in schools.

The objectives of this project are to develop the student’s physical competence, eliminate obesity, invest leisure time in purposeful and constructive activities that support the student and society.

Suez Canal Bank achieves 24% growth in net profit before appropriation

The Suez Canal Bank (SCB) achieved 24% growth in net profit before appropriation, reaching EGP 615m in September 2020, up from EGP 497m in September 2019, supported by 26% net interest income increase and 11% growth in net revenue.

The bank also increased its loan and facilities portfolio by 11%, to reach EGP 17.1bn in September 2020, compared to EGP 15.4bn in December 2019.

In a statement, the bank said that the personal loan portfolio witnessed remarkable growth during the first nine months of this year, compared to 2019. It rose by 62% to reach EGP 800m.

The bank also managed to increase its SME loan portfolio by 25%, to reach EGP 1.3bn in September 2020, as well as the syndicated loan portfolio to EGP 6.2bn, with a growth rate of 8%.

The bank’s financial statements revealed that total customer deposits recorded EGP 43.212bn in September 2020, compared to EGP 44.181bn in December 2019.

The bank’s total assets stood at about EGP 50.150bn in September 2020, down from EGP 52.016bn in December 2019.

UAE receives 11% of Egypt’s total exports: Gamea

Egypt’s Minister of Trade and Industry Nevine Gamea stated that the United Arab Emirates (UAE) market annually receives about 11% of Egypt’s total exports.

During the first meeting of the Joint Egyptian-UAE Business Council, Gamea said that the UAE investments in Egypt exceed $7bn in different projects, with additional $7bn worth memoranda of understanding signed between the two countries, making the UAE the top investor in the Egyptian market.

The Minister pointed out that the size of cooperation between Egyptian and Emirati companies in fields of contracting, power stations, airport development, and other economic activities, exceeded $1bn.

She stressed the importance of the Egyptian-UAE Business Council in defining and overcoming challenges that companies may face in the two countries.

Egypt’s online food delivery market to reach $131m by 2024: Talabat

CEO of Talabat Egypt, Sufian Al-Marzooqi, said that the size of online food delivery market in Egypt will reach $131m by 2024 compared to $74m currently.

This came during a press conference held by the company on Monday to announce its expansion plans in the Egyptian market.

Al-Marzooqi said that the company aims to serve 55 million customers in Egypt, and is also planning to expand in eight cities across the country, and to cooperate with 20,000 new business partners.

He expected that Talabat’s business volume will grow locally in the coming years by up to 15%, pointing out that the number of the company’s active clients in the Middle East and North Africa region is estimated at 2 million people.

Talabat accounts for the largest share of the online food delivery market in the Gulf countries, Jordan, and Egypt, Al-Marzooqi said.