Category: Uncategorized

Media future represents main challenge to professionals, politicians: PM

Egypt’s Prime Minister Mostafa Madbouly said, on Saturday, that no government in the world could work in isolation from the media, and that with media evolution, spreading rumours becomes as easy as publishing facts.

The Prime Minister’s remarks came during the virtual The Future of Media conference, organised by Egypt’s Ministry of State for Information, which also included significant Egyptian and international participation.

Madbouly said that citizens have a responsibility to filter the information they receive through media outlets, as they should separate facts from fake news. He added that media professionals have a bigger responsibility in fact-checking information.

The Prime Minister noted that the sector’s future represents one of the main challenges facing politicians and professionals working in the field, particularly with the emergence of new means of communication.

Investors to start receiving lump-sum payment of export subsidy dues on Sunday: Gamea

Egypt’s Minister of Trade and Industry Nevine Gamea announced, on Saturday, that the Export Development Fund (EDF) will release, on Sunday, the first batch of lump-sum payment of their export subsidy dues.

It comes as part of the lump-sum payment initiative recently announced by the Egyptian government, to settle the delayed dues of companies with the fund.

Under this initiative, exporters can receive their subsidy dues in full, instead of several instalments over four or five years, before the end of next December, provided that a 15% of the sum will be cut.

The initiative has been designed to provide exporters with cash liquidity required to fulfil their obligations and preserve employment.

Gamea said that, since 1 November, a total of 903 companies have submitted requests to the fund in order to benefit from the initiative. The first batch of payments will be made to about 323 companies, totalling EGP 3.2bn.

ABE signs agreement to finance 1.5 million-feddan reclamation project

Alaa Farouk, Chairperson of the Agricultural Bank of Egypt (ABE), and Amr Abdel Wahab, Chairperson and Managing Director of the Egyptian Countryside Development Company, signed a cooperation protocol to finance investors in the 1.5 million-feddan reclamation project.

Farouk emphasized ABE’s keenness to cooperate with the Ministry of Agriculture and the Egyptian Countryside Development Company to contribute to the success of the 1.5 million-feddan project.

He pointed out that it is considered one of the most important national projects launched by President Abdel Fattah Al-Sisi as part of the “Step to the Future” programme to achieve sustainable development.

He stressed that this project will have a major role in achieving self-sufficiency of agricultural crops and bridging the food gap.

Social infrastructure availability in mixed-use developments increases real estate demand: Colliers

Colliers International said that provision and integration of social infrastructure within mixed-use development, such as, open spaces, supporting retail, F&B, healthcare, education, and other commercial activities, has tangible positive impact on real estate demand. The company added that the novel coronavrius (COVID-19) outbreak has further emphasised these needs.

Colliers International has conducted a comprehensive research in Cairo regarding which factors determine price premium. The results for a well-designed mixed-use project could range from a premium of 25% to 45%.

Colliers International’s Cairo Real Estate Overview said that Greater Cairo has witnessed rapid development across its real estate market with a greater focus on two areas: New Cairo/New Administrative Capital and 6th of October cities during the last few years.

Cairo developers have always been at the forefront of innovation, through large scale master plans. However, societal demands are changing requiring greater integration of work, leisure, health, and education.

Regardless of the additional supply coming into the market within the new cities, the market is still witnessing a strong performance, Colliers said.

“The average sales rate across Greater Cairo increased by 14% to reach approximately EGP 14,100 per sqm ($888). Similar to the rental market, Zamalek is the most expensive area, given that it is an established high-end neighbourhood. New cities such as New Cairo and 6th of October are becoming more established districts offering a number of key community/lifestyle. New Cairo and 6th of October achieve an average sales rate of approximately EGP 11,400 ($718) and EGP 6,800 per sqm ($428), respectively,” the report read.

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.