Day: December 12, 2022

The Egyptian Exchange (EGX) ended Monday’s session in the green zone, adding around LE 6 billion to the market capitalization, amid Arab purchases.

The benchmark EGX30 increased 0.93 percent, or 136.01 points, to end at 14,723.71 points.

The equally weighted index EGX 50 hiked 0.84 percent, or 21.07 points, to end at 2,518.58 points.

The small and mid-cap index EGX 70 rose 0.24 percent, or 6.49 points, to close at 2,751.56 points, and the broader index EGX 100 climbed 0.45 percent, or 18.16 points, at 4,041.27 points.

Market capitalization gained around LE 6.05 billion, recording LE 944.84 billion, compared to LE 938.79 billion in Sunday’s session.

The trading volume reached 865.28 million shares, traded through 91,259 transactions, with a turnover of LE 3.07 billion.

Arab investors were net buyers at LE 526.26 million, while Egyptian and foreign investors were net sellers at LE 421.89 million, and LE 104.37 million, respectively.

Egyptian and foreign individuals were net sellers at LE 65.41 million, and LE 406,245, respectively, while Arab individuals were net buyers at LE 20.67 million.

Egyptian and foreign organizations sold at LE 356.48 million, and LE 103.96 million, respectively, while Arab organizations bought at LE 505.59 million.

Middle & West Delta Flour Mills, Nozha International Hospital, and Misr Hotels were top gainers of the session at 19.99 percent, 19.89 percent and 15.92 percent, respectively.

Meanwhile, GlaxoSmithKline, Ismailia National Food Industries, and Electro Cable Egypt were top losers of the session by 9.14 percent, 5.04 percent, and 4.01 percent, respectively.

Source: Egypt Today Magazine

Total value of Egypt’s exports to East Asian countries reached dlrs 6.6 billion in 2021 compared with dlrs 4.1 billion in 2020, recording an increase of 62.8 percent.

In a press release on Monday, the Central Agency for Public Mobilization and Statistics (CAMPAS) issued its annual bulletin of trade exchange between Egypt and East Asia countries in 2021 which deals with the volume of foreign trade (Exports and Imports) with main East Asian Countries including Malaysia, China, India, Japan, Indonesia, Pakistan, Thailand, South Korea, Singapore and Bangladesh.

India came in first rank of exports with a value of dlrs 2.1 billion in 2021 compared with dlrs 1.4 billion in the previous year, with an increase of 46.5 percent. The most important exported items to India are crude oil.

Source: Egypt Today Magazine

President Abdel Fattah El Sisi, on Monday, directed the government to accelerate completion of the additional electrical supply for the national mega project, the “New Delta”, in accordance with the state’s strategic plans of expanding agricultural areas, Spokesperson for the Presidency Bassam Rady in a statement.

This came during a meeting with Prime Minister Moustafa Madbouly, Minister of Electricity and Renewable Energy Mohammed Shaker, President’s Advisor for Urban Planning Major General Amir Sayed Ahmed, Director General of the National Service Projects Organization of the Armed Forces Major General Walid Abul Magd and Director of Future of Egypt project Colonel Pilot Bahaa El-Din El-Ghannam.

The Spokesperson for the Presidency said the meeting followed -up on developments pertinent to the progress of the electrical feed for the mega agricultural project, New Delta.

This shall help accommodate the expansion in development rates nationwide and diversity of urban, industrial and production activities in it, which support the sector of food security and contribute to opening hotizons for export and job opportunities.

Source: Egypt Today Magazine

Egypt’s exports of food industries grew by about 0.5 percent, reaching $3.490 billion during the first 10 months of 2022 up from $3.473 billion during the same period in 2021.

A monthly report by the Food Export Council (FEC) issued Monday said that exports in January 2022 hit about $306 million , registering 14-percent growth in value compared with exports in the same month a year earlier.

Exports in February 2022 hit about $341 million, with a 0.3-percent decline from $342 million worth of exports in the same period last year, added the report.

Exports to the Arab markets amounted to $1.748 billion during the first 10 months of 2022, representing 50 percent of the total food exports, according to the report.

The European Union came second in the list with $697 million worth of food imports from Egypt, the report said, adding that the EU represented 20 percent of Egypt’s total food exports.

The value of food exports to the US upped by 24 percent to hit $232 million, representing 7 percent of Egypt’s total food exports, said the report

Source: Egypt Today Magazine

CAIRO – 12 December 2022: The Egyptian Ministry of Transport and River Transport Authority in the Republic of South Sudan signed a cooperation agreement in the field of river transport, according to a statement from the Egyptian Ministry on Monday.

The signing took place during the first ministerial meeting on the preparation of feasibility studies of the second phase of the Vic-Med Project, aimed at linking Lake Victoria with the Mediterranean through a maritime route.

The meeting comprises the transport ministers of Nile Basin countries, COMESA member states, and the AU Commission on Infrastructure and Energy Development.

The minister underlined that the planned maritime route, along with highways and railways, will be the backbone of regional transportation in the future.

Egypt also aims to revive the Cairo-Cape Town Road plan, which was proposed by Prime Minister of Cape Colony Cecil Rhodes in 1890s. The road would be extended on 10,300 kilometers, starting from Alexandria Port on the Mediterranean Sea then Cairo, Sudan, Southern Sudan, Ethiopia, Tanzania, Kenya, Zambia and finally South Africa.

Moreover, Egyptian President Abdel Fattah El-Sisi has ratified a study to construct a land road between Egypt and Chad through Sudan, announced Egyptian Minister of Transport, Kamel Al-Wazir on Monday,

He added that an Egyptian-Sudanese committee has been formed to survey the land and determine the land route of the road, to reach the rest of the West African countries.

Source: Egypt Today Magazine

President Abdel-Fattah El-Sisi met with Chief Executive Officer of Orange Group Christel Heydemann on Monday, discussing joint cooperation with the group in the communications and information technology sector, said Egyptian Presidency Spokesperson Bassam Rady in a statement.

The meeting was also attended by Minister of Communications and Information Technology, Dr.Amr Talaat; CEO, Orange Egypt for Telecommunications S.A.E, Mr. Yasser Shaker; and Chief Executive Officer of Orange Middle East and Africa (OMEA),Mr. Jérôme Hénique.

The President welcomed the first visit by the CEO of the Global Orange group to Egypt. He asserted that Egypt is committed to cooperating with international French companies with extensive experience in all fields as development partners of Egypt, including the Global Orange group.

This comes in light of the strategic partnership between Egypt and France, as well as the group’s significant expertise in the fields of communications, digital transformation, and the development of technological systems for managing new facilities, cities, and major projects, which represents a fundamental cornerstone in the state’s plan for digitization and comprehensive development in Egypt.

The CEO of the Global Orange group confirmed that she was honored to meet with President El-Sisi. She expressed her gratitude to the President for eliminating any obstacles facing the group’s activities in Egypt, including the availability of frequencies and the construction of communications towers.

Heydemann stressed that the comprehensive development process as well as the mega national projects currently underway in Egypt in all fields clearly demonstrate the business conducive environment and investment opportunities in Egypt, in a way that encourages Orange to expand its investment activities in the country. This is mainly by investing in startup companies and increasing cooperation in mega national projects, given Egypt’s status as one of the major markets in the region in the communications and information technology sector, and in applications that support smart cities and smart services.

The meeting discussed ways to enhance cooperation with Orange Group and increase its investments in the telecommunications sector in Egypt. This comes in light of the huge opportunities offered in the Egyptian market, as well as the various initiatives that Egypt has launched in recent years. This aims at achieving significant progress in society through localizing the technology and advancing the electronics designing industry, as well as the modern infrastructure that Egypt now enjoys.

Talaat reviewed work progress in the Ministry of Communications and Information Technology’s national projects.

The President was also briefed on the ongoing efforts to transform the Knowledge City into a free economic zone, as well as the initiatives of the Ministry of Communications for human development, especially in the areas of software, electronics marketing, digital marketing, cybersecurity and digital analysis. This is, in addition to the initiatives to train students and fresh graduates to qualify them for the labor market in various segments of the Telecommunications sector. President El-Sisi gave directives to enhance efforts to develop automated services for the citizens to facilitate them, save time and achieve accuracy, by expanding the fiber-optic network and accelerating the digital transformation of services.

Source: Egypt Today Magazine

The adviser to the Minister of Supply and Internal trade for Gold Affairs, Nagy Farag, revealed that the yellow metal will be listed this December on the Egyptian Mercantile Exchange (EMX).

The privately-owned al-Mal newspaper reported.

On the sidelines of the opening of the Nebu Expo for Gold & Jewelry, Farag said that the current gold price is exaggerated as a result of the actions of some merchants, but it is likely to decline and stabilize.

Nebu Expo for Gold & Jewelry 2022, kicked off on Saturday in its second edition, under the auspices of Egyptian President Abdel Fattah al-Sisi.

There was participation of major brands in the gold and jewelry industry.

Farag added that determining the price of gold on EMX will take place according to certain parameters and frameworks.

These include the global price, in addition to the US dollar exchange and the supply and demand rates, which contributes to controlling the entire process.

He pointed out that the price of gold may decline and settle at levels of LE 1600 to LE 1650 per gram for the 21 carat best-selling in the local market.

Farag expected a calm in gold prices during the coming period, after a strong end to the demand that pushed it to reach record levels.

He noted that the global supply of gold is currently on the rise, expecting that the year 2023 will witness a rise in prices as a result of the ongoing geopolitical changes.

Farag stressed that Egypt aims to expand the export of the yellow metal, especially that it will contribute to increasing US dollar revenues during the coming period in light of the increasing global demand for it.

Source: Egypt Independent

Egyptian First Lady Entissar al-Sisi delivered an important speech at the opening ceremony of the national initiative Dawwie to empower girls, which was held on Sunday at the Grand Egyptian Museum.

Dawwie is The National Girls’ Empowerment Initiative promoting girls’ voices, access to skills and essential services. Dawwie is led by the National Council for Childhood and Motherhood in partnership with National Council for Women, with technical support from UNICEF.

During her speech, Mrs. Sisi said, “I am very happy to participate with you today in our celebration of the great progress in the file of empowering girls, that file is important and closest to my heart, which receives special attention from the Egyptian state under the leadership of the President of the Republic.

She strongly believes and affirms that Egyptian girls are the leaders and pioneers of the future, and that investing in them is an investment in building a brighter future for the country.”

She added: “The girls of Egypt have always proven that they are up to the level of trust and responsibility”.

Perhaps the launch of Dawwie initiative to empower the Egyptian girl is one of the most important development projects that Egypt is witnessing in its contemporary history.

These achievements stretch beyond the villages of the presidential initiative, Decent Life.

This is good evidence of the support that the girl’s empowerment file enjoys from the highest levels of the Egyptian state.”

Mrs. Sisi continued, “I affirm my pride in the successes achieved by the national initiative (Dawwie) so far in reaching the girls of Egypt on the ground in the villages of 21 governorates, to listen to them in schools, youth centers, universities, and others and to develop their skills by obtaining the skills, information, and services necessary for success.

There is also an element of qualifying and empowering them to create a believing and understanding society for equality.”

She concluded by saying: to every Egyptian girl, you are the strength of Egypt, its bright future and the hope for a more advanced and prosperous society, and a golden age awaits you, its way paved with all legislation and decisions to help you achieve your dreams and aspirations to raise the name of your country in every location and everywhere.

Egypt is all with you in its leadership, institutions, national initiatives and all thanks to all the organizers and partners who support the national initiatives to empower girls.”

Source: Egypt Independent

The Ministry of Interior has recently revealed details of the arrest of blogger Hadeer Atef and others on charges of fraud.

According to a statement by the Ministry of the Interior on Monday, 16 citizens have accused a fashion blogger, her husband, who has a criminal background, his sister and her husband of obtaining sums of money through racketeering activities.

These defrauded funds were obtained by deception.

By deluding their victims into believing that they woukd have part ownership in a group of companies working in several fields (cars, real estate, securities trading).

The suspects claimed investing the citizens’ money in return for financial profits in these companies.

The blogger promoted on her page on instagram the activities of those companies to her followers.

Three suspects were arrested in Giza Governorate.

They admitted in interrogation receiving money from the victims amounting to more than one million pounds under the pretext of investing it for them in return for profits, but they did not do so or return the original amounts.

Legal measures were taken, and efforts are being intensified to arrest the fugitive accused.

The security services arrested each of the blogger Hadeer Atef, Hagar Mahmoud – a student, and Tamer Adel, the husband of Atef, on charges of defrauding 16 people.

Atef’s monther meanwhile claimed she had been kidnapped from home on Monday morning.

The fugitive ex-husband of Atef, Bilal Mahmoud, claimed, hours ago, through his personal account on Instagram he would commit suicide and end his life after the kidnapping of his ex-wife, and putting his daughter in danger.

A short while ago, the admin of the page for Hadeer’s ex-husband, published news in which he claimed that Mahmoud ended his life, saying: “May God have mercy on you, my friend, and forgive you. Bilal is under God’s protection, pray for him with mercy and forgiveness.”

Source: Egypt Independent