Daily News Egypt https://wwww.dailynewssegypt.com Egypt’s Only Daily Independent Newspaper In English Mon, 09 Dec 2019 18:07:58 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 Egypt mulls over issuing green, Islamic, variable-yield bonds in FY20: Moeit https://wwww.dailynewssegypt.com/2019/12/09/egypt-mulls-over-issuing-green-islamic-variable-yield-bonds-in-fy20-moeit/ Mon, 09 Dec 2019 18:07:58 +0000 https://wwww.dailynewssegypt.com/?p=716074 The Minister of Finance emphasised that Egypt’s current situation and debt level are within the safe zone, in comparison to various emerging markets, “which reflected positively on the government's ability to pay the costs of its debts regularly, indicating the state’s commitment to its pledges.”

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Egypt is considering issuing three bond offerings, including green, Islamic, and variable-yield bonds, during the current fiscal year (FY) 2019/20, Minister of Finance Mohamed Moeit said at a Monday press conference.

He added that his ministry has developed a plan to hedge against any possible crises or fluctuations in the emerging markets, “such crises which have led to $12bn T-bills outflows in the period from September to December 2018.”

The Minister of Finance emphasised that Egypt’s current situation and debt level are within the safe zone, in comparison to various emerging markets, “which reflected positively on the government’s ability to pay the costs of its debts regularly, indicating the state’s commitment to its pledges.”

Meanwhile, the Central Bank of Egypt (CBE) Governor Tarek Amer on Sunday said that the total US dollar inflows into Egypt amounted to $200bn during the past four years.

In November, Egypt sold $2bn worth 4, 12, and 40-year maturity US dollar-denominated Eurobonds in an issuance that went to the market on the Luxembourg Stock Exchange.

Noteworthy, Egypt’s external debt stood at $108.7bn at the end of FY 2018/19, according to the CBE.

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As-salam International Hospital obtains a certificate of clinical excellence in treating pulmonary obstruction https://wwww.dailynewssegypt.com/2019/12/09/as-salam-international-hospital-obtains-a-certificate-of-clinical-excellence-in-treating-pulmonary-obstruction/ Mon, 09 Dec 2019 16:27:27 +0000 https://wwww.dailynewssegypt.com/?p=716063 The Group and hospital's CEO, Neeraj Mishra pointed out that the clinical care program certificate guarantees the provision of high-quality medical care to patients in accordance with international standards for patient safety, which ensures the achievement of the highest rates of success clinical outcomes.

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 As-Salam International Hospital has been granted the clinical excellence certificate from the Joint Commission International for the chronic obstructive pulmonary disease and acute myocardial infarction programs, making Egypt the third globally and the first in the Middle East to obtain this certification.

 

The Group and hospital’s CEO, Neeraj Mishra pointed out that the clinical care program certificate guarantees the provision of high-quality medical care to patients in accordance with international standards for patient safety, which ensures the achievement of the highest rates of success clinical outcomes.

He pointed out that the Joint Commission International body for Accreditation of Health Facilities is reviewing and following up the performance of the medical facility to verify its commitment to the latest treatment methods, pointing out that this certificate was obtained as a result of a continuous resilient effort by the hospital management team, always seeking to apply the latest scientific and technical standards in providing distinguished top notch medical care for patients.

Nahla Badr, director of Quality and Risk Management at As Salam International Hospital explained that one of the most important strategic goals in the hospital adding to patient safety and continuous quality improvement, is achieving high efficiency and effectiveness in the treatment results for their patients. She explained that the hospital engages the patient and his family in the therapeutic decisions, as the educational instructions provided to the patient are an important cornerstone for recovery and self-support.

Badr indicated that there are multiple advantages resulting from obtaining a certificate of excellence for the hospital, the most important of which is to upgrade the level of medical training and scientific practices to improve the clinical service and work flow. It also helps in working to build community confidence in the organisation that depends on the quality and safety of the medical service provided

Professor Hossam Hosni added that the chronic obstructive pulmonary disease is a common preventable and treatable disease, characterised by shortness of breath that is usually caused by exposure to harmful particles or gases emitted. Chronic obstructive pulmonary disease is associated with chronic inflammation of the airways and lungs, often exacerbation of symptoms in patients with chronic obstructive pulmonary disease, is caused by infection with bacteria, viruses or environmental pollutants.

Chronic obstructive pulmonary disease is estimated to affect 384 million cases globally in 2010.  Considering the increase in smoking prevalence in developing countries, and an increasing population in high-income countries, the incidence of chronic obstructive pulmonary disease is expected to increase over the next thirty years.

The use of tobacco products in Egypt is widespread and is considered one of the main causes of obstructive pulmonary disease. It is estimated that about 20% of the population uses tobacco products every day. Cigarettes are the most common form of tobacco consumption in Egypt, with an estimated 20 billion cigarettes being smoked annually. After cigarettes, water pipe hookahs are the most common tobacco and the statistical analysis of the prevalence of chronic obstructive disease in Egypt showed that 3 million of the Egyptian population suffer from chronic obstructive pulmonary disease in various studies.

The mission of the Obstructive Pulmonary disease Program at As Salam International Hospital is to provide exemplary care that is consistent with current evidence-based best practices for treating exacerbations of chronic obstructive pulmonary disease and reducing the negative effects of existing exacerbations.

Regarding the Acute Myocardial Infarction program, Hossam Mansour pointed out that coronary heart disease is the main cause of morbidity and mortality around the world and that the most common form is myocardial infarction. It is responsible for more than 15% of deaths every year.

Modifiable risk factors cause more than 90% of the risk of developing severe heart attacks such as high fats, smoking, psychological and social pressures, diabetes, high blood pressure, obesity, alcohol consumption, physical inactivity, and a low diet in fruits and vegetables

The acute Myocardial Infarction program provides exemplary care that is consistent with best evidence-based practices derived from the European Society of Cardiology guidelines for dealing with myocardial infarction in a timely manner by a multidisciplinary team.

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Snap Elections in Britain…. What’s Next? https://wwww.dailynewssegypt.com/2019/12/09/snap-elections-in-britain-whats-next/ Mon, 09 Dec 2019 15:00:33 +0000 https://wwww.dailynewssegypt.com/?p=716044 A Technical Analysis

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As December 12th is approaching and with it Britain’s seventh snap election since the beginning of the 20th century, the biggest question that comes to the mind of most Britons is: “Will it change anything?” – “Will it bring along a parliamentary composition able to overcome the Brexit-Conflict?” or “Will it even deepen the ongoing country’s political crisis since 2016?”

Well, everybody with a basic background in elections will know that to the most of likelihood it’s going to be “Same ole Same” and a different approach will be needed to find a hole in the wall of the dead end back alley Britain’s politicians from all wings combined have driven their country into.

Why is that so?

First of all, the eight seats the Tories are short of for the absolute majority they previously held might not seem to be that significant at first glimpse, but even if we were to assume that the most added votes will come concentrated from specific regions and not widely spread across the country, a repetition of the conservative’s 2017 winning pattern would still require at least 360,000 new supporters (about 45,000 per seat) without losing any. Maybe even more should their geographical distribution be unfavorable. After all they, are not the Scottish National Party (SNP) who can make a seat out of every 28,000 votes because they are winning almost all of Scotland without any serious competition except some minor areas in the Northeast and the Middle of the Scottish Highlands and the area of Lothian. The latter went to the Libs in 2017.

What Johnson really needs is heavy wins in West Berkshire, Oxfordshire, Buckinghamshire, Hertfordshire, and Essex and regaining at least some ground in the counties surrounding Leeds and Manchester. In all of those, Johnson’s party will probably find it difficult to even maintain its previous results, let alone improving them.

London itself will constitute another major challenge to the Tories. Their 33% of 2017 is probably as good as it gets. The best they were ever able to score there in the last 15 years was their 2015 high of 34.9%, which is not at all likely to reoccur on December 12th.

Worse, this time even the Democratic Unionist Party (DUP) will not rush to the Tory’s aid with their 10 or so seats, given the differences on Johnson’s newest Brexit-Deal.

But as utterly unpromising as it looks for the Tories, Labour shouldn’t expect too much also. They may have very well already maxed out whatever it is that they can win with 40% of the vote (their highest since 2001) and a gain of 32 seats in the House. They would need to convince Liberal Democrats in the Northern part of Hampshire and Northeast Surrey to switch sides. Corbyn’s rather radical discourse will not exactly promote that.

While some new votes may still come out of Tory-Land Somerset, Dorset, and Wiltshire, they will hardly suffice to induce any significant change unless Labour can also make something out of the Conservative strongholds of Cornwall and Devon. Right now there is no reason to assume that this could actually happen.

So, what’s next?

A meaningful coalition, having more than just simply a mathematical majority that can effectively govern and push through whatever sort of Brexit or No-Brexit Deal seems to be some sort of daydreaming. Even an absolutely crazy constellation of Tory/Lib Dems/DUP would have no more than 350 – 360 votes combined, therewith producing some 55% of the House with a severely unstable coalition that in most cases is more likely to disagree than to agree.

For better or worse, Johnson might have to form a minority government that at best can be suitable for working on a new retirement policy or different health care plans, but deciding Britain’s future for at least the next half of a century should be way out of its scope.

Sure, the 51.9% leave Brexit-Vote itself had a margin that couldn’t possibly have been slighter but a referendum that determines a simple “Yes or No” kind of question is something entirely different than forging alliances that are supposed to make actual politics.

Naturally, Labour is as far away from governing as it can possibly get with gaining another 90 seats being impossible and a coalition with the SNP (which first would have to regain the 19 seats it lost in 2017 and then win some additional ones) being ridiculous. Maybe the Scots don’t want to leave the EU, but going Labour would be political suicide for the SNP.

The Welsh “Plaid Cymru” and Irelands “Sinn Fein” and the “Green Party of England and Wales” will probably continue to NOT play any real role in British politics except for the occasional speech in parliament.

Hence, bottom-line is this, Johnson will face severe complications in passing his “all new Brexit-Deal” as he calls it, without the blessings of the DUP and the Liberal Democrats. Recent indicators would rather point to the opposite at this point in time.

The only advantage Johnson can possibly have out of the snap elections he called is that whatever harm may come to Britain in 2020; he can always blame it on the others.

Mohamed Shirin El Hawary is a Political Economist

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Public-Private Partnerships: a method to attract  investors https://wwww.dailynewssegypt.com/2019/12/09/public-private-partnerships-a-method-to-attract-investors/ Mon, 09 Dec 2019 14:00:32 +0000 https://wwww.dailynewssegypt.com/?p=716041 The contractual nature of PPPs acts as a powerful incentive to ensure that this long-term perspective is put into practice: the public sector can no longer procure infrastructure assets while failing to maintain them properly. At the same time, the private sector has incentives, as their capital is exposed to performance risk, to design and build these assets taking into account the costs of longer-term maintenance and renewal.

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Many governments are turning to the private sector to design, build, finance, and operate infrastructure facilities hitherto provided by the public sector. Public-Private Partnerships (PPPs) offer policy makers an opportunity to improve the delivery of services and the management of facilities.

The other benefit is that of mobilising private capital: the estimated demand for investment in public services shows that government and even donor resources fall far short of the amount required. For this reason, access to private capital can speed up the delivery of public infrastructure.

Governments are also turn to partnerships with the private sector as a means to improve the procurement of public services. The PPP process usually requires information about the true long-term cost of service delivery, which generates a more realistic debate on project selection. By improving the identification of a project’s long-term risks and the allocation of those risks between the public and private sectors, the PPP process enables a more efficient use of resources.

The contractual nature of PPPs acts as a powerful incentive to ensure that this long-term perspective is put into practice: the public sector can no longer procure infrastructure assets while failing to maintain them properly. At the same time, the private sector has incentives, as their capital is exposed to performance risk, to design and build these assets taking into account the costs of longer-term maintenance and renewal.

PPPs require governments to think and behave in new ways that require new skills. They can be a tool for reforming procurement and public service delivery and not merely a means of leveraging private sector resources. PPPs are more than a one-off financial transaction with the private sector. They need to be based on firm policy foundations and long-term political commitment.

Private sector partners look for these factors when deciding whether or not to bid for a project.

The other challenge for governments is the fact that resources are usually less readily available for the activities that lay the foundations for a successful PPP than for project-specific procurement activities. However, without the right policies, institutions, and processes, the transactions that follow often fail.

Although most forms of PPP involve a contractual relationship between the public and private parties, the long-term nature of these contracts creates a strong long-term mutuality of interest. PPPs are not just a step in the procurement process, given their long-term nature, they differ from traditional procurement contracts, which often are associated with a short-term “claims culture.”

The PPP programmes in more mature operational contracts show that in many cases the parties can recognise this mutuality of interest without adversely affecting the mechanisms in the formal contract that determines performance.

PPP- In Egypt: President Al-Sisi’s Administration & Great Achievements:

Referring to PPP Law No. 67 of 2010, which remained locked up in the box without activation, the Sisi administration at the time developed a number of strong legislative policies that did not activcate the PPP system until Investment Law No: 72 / 2017. afterwards, the Sisi adminstration succeeded in liberating governmental bodies from obstacles and restriction in partnering with the private sector, for example under article 48 of law No 72/ administrative authorities that had assests were permitted to participate in the private sector by the PPP’s system and other types of the partnership. The Sisi administration also passed law No: 182/2018 for the organisation of contracts for public authorities while also giving the term ‘corruption’ a clear and legal definition for the country to abide by, but only to have law repealed in Law No: 89 /1998 for  Bidding & Tenders.

Recent legislative developments in Egypt have played a major role in attracting more investors and putting Egypt on the global map of long-term investments.

President Al-Sisi has done great achievements through major projects such as road, energy, and social housing. Many other areas of development like health, education, agriculture, and industrial prodution are considered a qualitative and historical leap to push Egypt among the ranks of the major countries and comes to fruition in the modernisation of infrastructure, public services, and utilities in record time.

Dr. Ahmed Alkalawy is a legal expert and the Managing Partner of Kalawy and Partners

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Never mind Brexit, hot London property market takes off as Middle East Investors attracted to solid fundamentals https://wwww.dailynewssegypt.com/2019/12/09/never-mind-brexit-hot-london-property-market-takes-off-as-middle-east-investors-attracted-to-solid-fundamentals/ Mon, 09 Dec 2019 13:00:40 +0000 https://wwww.dailynewssegypt.com/?p=716030 Just as important, activity is being driven by pent-up demand and rock bottom interest rates.
Just as important, activity is being driven by pent-up demand and rock bottom interest rates

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Prime Central London residential house prices are forecasted to appreciate by 20.5% over the next five years with rents in the capital increasing by 18.8% during the same period according to recent Savills Research.

The prime London residential and commercial property market has demonstrated extraordinary strength and resilience despite political turmoil following the referendum on EU membership. As Britain heads towards a general election on 12 December and with Brexit still hanging in the balance, demand is rising for both residential and commercial property in the capital’s most prestigious post codes. Reasons for the upward trajectory include the sterling discount and, for residential, the ending of earlier weakness linked to stamp duty increases.

Just as important, activity is being driven by pent-up demand and rock bottom interest rates.

In its latest report on the fourth quarter of 2019, global property consultancy Knight Frank noted residential prices in prime central London (PCL) have declined by an average of 14% over the last four years, and this has compensated for higher rates of stamp duty. When combined with the effects of a weaker UK pound, and compared with June 2016, the date Britain voted to leave the EU, overall discounts of more than 25% were recorded by Knight Frank to be available for residential buyers whose cash is denominated in a range of overseas currencies.

Transaction activity has shot up in 2019 with Knight Frank reporting 11% more residential transactions between January and September compared to the same period last year.

Middle East investors continue to show tremendous interest in PCL homes, attracted by the significant value created by Brexit uncertainty.  This sentiment is underpinned by recent Savills Research, which forecasts that residential house prices are expected to grow by 20.5% over the next five years.

A prime example of this demand is the Battersea Power Station development, a £9bn urban regeneration project set within 42 acres along the River Thames.  Over the last 12 months alone it has sold more than £120m of properties with a significant percentage going to Middle East investors.

The residential lettings market is also powering ahead, which is driving wider Middle Eastern investor demand for Battersea Power Station’s properties. The tenant fee ban, which was introduced in June, has further driven residential demand by reducing upfront costs. Knight Frank said the number of new prospective residential tenants who registered in September 2019 increased by 29% compared to the previous 12-month period, the highest rise in more than ten years. The number of tenancies agreed above £5,000 per week rose by 20% to 146 in the year to September, indicating how demand in the highest price brackets has strengthened in response to political uncertainty. Conversely, the number of residential tenancies agreed below £1,000 per week in PCL increased by 42% in the year to September, the largest rise of any price-bracket.   Longer term, according to Savills Research, rental costs in London are expected to grow by 18.8% over the next five years.

In commercial, particularly on the occupier (tenant) side, data has shown demand a staggering 77% ahead of the long-term average. More than half of space in the office-supply pipeline – space under construction – is already pre-let.

Demand is being driven by the dearth of commercial space, and strong demand from domestic and overseas businesses, eager to expand.

A strong London job market has fed through to demand for commercial as well as residential. Knight Frank said the finance and banking sector has added 14,000 net new jobs over the last three and a half years, while the technology sector has added 1,000 new jobs every month for the last five years. These remain the core sources of demand for the occupier market.

New trends have emerged – such as the willingness of prospective office tenants to look beyond the West End, the City of London and Canary Wharf. So-called emerging London markets such as Battersea, White City, and the Southbank are growing in popularity. Those three areas are being transformed by the opening up of new transport links. Big names are moving in.

Apple has announced plans to move staff from various sites around London to a 500,000 square foot London Campus in the restored Battersea Power Station, which, when complete, will offer 3m square feet of commercial space with 250 shops and restaurants, leisure space and cinemas, all set within 18 acres of public realm.

The City of London also got a boost this summer when Goldman Sachs opened its new £1bn European headquarters.  Supply shortages have fed through as banks have been nervous to lend and developers have been slow to bring on new schemes. So demand is far outstripping supply especially as fears of jobs moving to the continent because of Brexit have failed to materialise.

Let’s face it, London has access to one of the most diverse talent pools in the world, the English legal system – highly respected globally – as well as the English language and the unrivalled British education system.

With other geographies experiencing their own problems, Hong Kong, and the Middle East come to mind, London is regaining its position as a safe haven for both overseas and domestic buyers. 

Despite the UK’s current uncertain political outlook, the London property market is soaring ahead. And although the future is difficult to predict, the momentum looks unstoppable.

Andrew Jones is the International Director of Battersea Power Station

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Swedish embassy receives a delegation from RiseUp Summit’s participants https://wwww.dailynewssegypt.com/2019/12/09/swedish-embassy-receives-a-delegation-from-riseup-summits-participants/ Mon, 09 Dec 2019 12:00:58 +0000 https://wwww.dailynewssegypt.com/?p=716032 Egypt, Sweden have a fruitful cooperation in the field of entrepreneurship, says ambassador

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The Swedish ambassador to Egypt Jan Thesleff received a delegation from the RiseUp Summit’s participants, the president of the American University in Cairo (AUC), and a number of foreign and local investors on Saturday evening.

Egypt and Sweden have a fruitful cooperation in the fields of entrepreneurship and creativity, Thesleff mentioned, noting that the Egyptian youth are able to successfully form the future of their country.

Egypt and Sweden enjoy standing bilateral relations that go back centuries, mentioned a statement on Sunday from the Swedish embassy, asserting that sectors of development, security, gender equality, transportation, energy, culture, and trade are their main areas of cooperation.

Sweden is fully committed to implementing the 2030 Sustainable Development Goals with the United Nations (UN), the statement added. The Swedish embassy in Egypt is working closely with the Egyptian government, private sector, and 40 Swedish businesses to create new horizons of cooperation.

RiseUp Summit 2019, the leading entrepreneurship event, wrapped up at the American University in Cairo’s (AUC) New Cairo Campus after three days of sessions, talks, pitch competitions, and networking, under the theme “Journey to Growth”. RiseUp Summit 2019 convened from 5-7 December, hosting four main stages: tech, capital, creative, and growth.

The seven tracks that the content focused on are creative culture, creative economies, smart capital, growth hacks, emerging tech, fintech, and tech for humans.

RiseUp Summit 2019 received 10,000 participants and organised 200 workshops to discuss entrepreneurship. The summit will be followed by the regional Pitch by the Pyramids competition, in which 15 startups from MENA will pitch for various prizes.

Most existing Swedish companies in Egypt look positively on the future, and some of the larger companies are currently planning to expand their businesses in Egypt, while others are looking to enter it, the ambassador told DNE in June 2019.

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CBE offers $1bn in 1-year T-Bills https://wwww.dailynewssegypt.com/2019/12/09/cbe-offers-1bn-in-1-year-t-bills/ Mon, 09 Dec 2019 11:30:37 +0000 https://wwww.dailynewssegypt.com/?p=716029 CBE floated five bill tranches worth $5.1432bn in 2019

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The Central Bank of Egypt (CBE) issues on Monday a dollar-denominated treasury bill, worth $1bn for a year, due on 8 December 2020.

The CBE uses the proceeds of this bid to pay the value of a previous bid submitted by the bank on 11 December 2018 at a value of $1.103bn and is due on Tuesday, 10 December 2019.

The CBE issued its latest dollar-denominated treasury bills on 18 November 2019, at a value of $1.56bn for a year, due on 17 November 2020. In this bid, the CBE received 43 offers from local and foreign investors at a value of $1.721bn, of which 33 were accepted at just $1.56bn. The interest rate accepted by the CBE was 3.55% as the lowest price, 3.6% as the highest price, and 3.587% as an average, and other offers were rejected at higher rates up to 3.9%.

During the year 2019, the CBE offered five bids for treasury bills in dollars, through which they obtained about $5.1432bn.

It is noteworthy that the CBE allows subscribing to these bills for both local banks and foreign institutions, with a minimum subscription of $100,000 and its multiples. The return on these dollar bills is determined according to several indicators, the most important of which are the amount of dollar liquidity in the market, alternative investment opportunities available to local and foreign banks and financial institutions, and the country’s credit rating.

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Egypt’s Trade minister vows to resolve gas pricing, VAT crises for paper factories https://wwww.dailynewssegypt.com/2019/12/09/egypts-trade-minister-vows-to-resolve-gas-pricing-vat-crises-for-paper-factories/ Mon, 09 Dec 2019 11:00:45 +0000 https://wwww.dailynewssegypt.com/?p=716019 Paper manufactures called for imposing protective tariffs on paper imports

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Egypt’s Minister of Trade and Industry, Amr Nassar, pledged before parliament’s industry committee that he would “fight” to reduce the cost of natural gas for paper and packaging factories.

He also promised to reduce the value-added tax (VAT) on these factories’ production inputs.

 

 This came during a committee meeting chaired by MP Farag Amer on Sunday, which tackled the challenges facing Egypt’s paper industry. Additionally, the meeting also discussed setting a national strategy for paper production for educational textbooks, and the crises that the paper industry is exposed to in terms of high energy prices, taxes, customs, and the dumping of imported papers.

Egypt has previously reduced natural gas prices for industry. In October, the government lowered natural gas prices for a few sectors, namely, cement, metallurgy, and ceramics industries after repeated calls by manufacturers. The price for cement factories was slashed to $6 per million Beitish thermal units ($6/mmBtu), down from $8/mmBtu. While metallurgy and ceramic manufacturers saw their rates drop to $5.5 from $7.

However, the paper manufacturers who attended the meeting demanded that a 30% protective tariff be imposed on imported papers to protect the domestic industry, calling for limiting imports to paper used in printing newspapers only.

 Nassar explained that imposing the protective tariffs, which the industry has been calling for, is difficult to implement, as it will go against free trade rules, and will be challenged in the World Trade Organization.

“However, there are other alternatives, that would be sustainable,” he stressed.

 

Nassar stressed that the political leadership and Prime Minister attaches great importance to the industry file, citing the recent initiative of the central bank to support faltering factories and the decisions of President Abdel Fattah Al-Sisi to solve the problems for Egyptian exports.

 

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Investment, Housing ministries coordinate to present real estate opportunities on Egypt’s investment map https://wwww.dailynewssegypt.com/2019/12/09/investment-housing-ministries-coordinate-to-present-real-estate-opportunities-on-egypts-investment-map/ Mon, 09 Dec 2019 10:30:59 +0000 https://wwww.dailynewssegypt.com/?p=716026 40% of Egypt's area is eligible for urban development, the challenge is their distance to resources, says El-Gazzar

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Minister of Investment and International Cooperation Sahar Nasr, is coordinating with Assem El-Gazzar, Minister of Housing, Utilities and Urban Communities, to provide a clear database of real estate lands to be available on the recently launched investment map of industrial lands.

During the Future Cities of Egypt Conference held on Sunday, Nasr emphasised that the coordination comes within the framework of promoting the real estate sector and the availability of lands online, especially as the construction sector is one of the most developed sectors in Egypt and contributes significantly to the Egyptian economy.

Nasr added that this sector is one of the sectors that the ministry was keen to facilitate its procedures and issue incentive legislations for it, as part of the state’s plan to redraw the economic and development map in Egypt.

Nasr pointed out that the ministry is also working to solve problems facing investors in this sector through a customer service centre at the ministry in tandem with the government working to establish interconnection networks and modern road networks.

For his part, Assm El-Gazzar said, “40% of Egypt’s area is eligible for urban development but the challenge is these areas is that they are too far from main resources like energy, water, and infrastructure. These sorts of things require huge amounts of money before connecting with basic utilities.

El-Gazzar pointed out that doubling Egypt’s urban area from 6% to 14% currently means a very large development volume, noting that the volume of investments that were pumped in New Nasser City, (West Assiut), amounted to EGP 7bn within 18 months, which is more than what was pumped into cities that have been on the ground for a while now.

Meanwhile, Khaled Abbas deputy Minister Housing for National Projects said that the most prominent challenges facing Egypt currently is the continuous population increase with a total of 3 million citizens annually. This proves to be the biggest challenge for any government trying to provide urban expansion for a quickly growing population. This challenge has prompted the government with all its ministries to put the National Strategic plan 2052.

In implementation of this plan, there are 4 axes that the state is working on, namely, providing social housing for citizens with affordable prices, developing road infrastructure, developing informal areas and slum, and establishing fourth-generation cities and implementing a network of strong infrastructure that accommodates the scale of large development and implementation of comprehensive urban communities, including the New Administrative Capital, New Alamein, and New Mansoura.

 

Secretary-General of the Union of Arab Chambers Khaled Hanafi , said that the initiative of the Central Bank of Egypt, which he launched recently to provide EGP 50bn for the real estate sector, will contribute to the growth and stimulation of real estate investments in Egypt during the coming period as well as attracting investments in this field.

Furthermore, Head of the Egyptian European Business Council Mohamed Abou El-Enein elaborated that specialised industrial cities are the key to development during the next stage, and they are the reason for the rise of the economy in many countries such as China, Malaysia and the United States of America.

 

 

 

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Hilton, Dar Misr Development to welcome new DoubleTree to Egypt by 2024 https://wwww.dailynewssegypt.com/2019/12/09/hilton-dar-misr-development-to-welcome-new-doubletree-to-egypt-by-2024/ Mon, 09 Dec 2019 10:00:59 +0000 https://wwww.dailynewssegypt.com/?p=716016 Dar Misr invests EGP 400m to establish Sokhna’s first DoubleTree by Hilton

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Dar Misr Development and Hilton Hotels annowunced plans to introduce a DoubleTree hotel in Sokhna. The DoubleTree hotel will be located inside The Groove Sokhna Resort, with Dar Misr investing EGP 400m in the hotel’s construction phase.

Projected to open by 2024, DoubleTree Al Sokhna will boast 162 guest rooms, six suites and 32 chalets, in addition to four food and beverage outlets, three retail outlets, two main pools, several private pools, a beach club, a fitness centre, a spa, and a kids club.

DoubleTree by Hilton Ain Al Sokhna is located within The Groove Sokhna Resort, which houses 1700 residential, administrative and retail units with a beach area of 2400m and dashing beachfront units overlooking the Red Sea.

“Ain Sokhna has always been a secluded sea-side escape for Cairo residents, but even more so now with its proximity to many of the new cities being developed in east Cairo,” said Carlos Khneisser, vice president of development for Middle East, North Africa and Turkey, Hilton.

Ahmed Abdelhamid, Managing Director – DM Development added that the resort expands over 350,000 sq.m, distinguished with its 1km beach.

DoubleTree by Hilton Ain Al Sokhna will be part of the growing DoubleTree global portfolio, which currently includes more than 580 upscale hotels and nearly 135,000 rooms across 46 countries.

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IFC-backed TruKKer launches in Egypt  https://wwww.dailynewssegypt.com/2019/12/09/ifc-backed-trukker-launches-in-egypt/ Mon, 09 Dec 2019 09:30:43 +0000 https://wwww.dailynewssegypt.com/?p=716022 TruKKer services more than 250 businesses, operates approximately 18,000 trucks

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MENA’s largest truck aggregator, TruKKer has launched operations in Egypt, according to the International Finance Corporation’s (IFC) press statement on Sunday. 

 The statement said that TruKKer started a business to business (B2B) operations in the United Arab Emirates (UAE) in January 2018 and has since expanded to all Gulf Cooperation Council (GCC) countries and Jordan. TruKKer now services more than 250 businesses, operates approximately 18,000 trucks and carries out an estimated 1,000 daily transactions.

IFC, a member of the World Bank Group, has supported the company’s growth. The organisation was among the main investors in TruKKer’s Series A fundraise of $23m, one of the largest Series A rounds in the MENA region, the statement said.

Other prominent international investors in TruKKer include Saudi Telecom Ventures, Endeavor Catalyst, Riyad Capital, Middle East Venture Partners (MEVP), Iliad Partners, Oman Technology Fund, Shorooq ventures, RAED Ventures, 500 startups, and Averroes Ventures of Egypt.

“TruKKer is creating the region’s first road-freight exchange that connects the demand for trucks and its supply in real-time with the use of advanced technology and enabling infrastructure. Clients benefit from the reliable supply at the best rates while member transporters enjoy higher asset utilisation and prompt payments,” the statement read. 

Gaurav Biswas, TruKKer’s founder and CEO says, “We are very excited about Egypt and the value our products and services create for cargo owners and the transportation ecosystem in the region. Our ongoing success and experience in the Gulf Cooperation Council (GCC) will help us to bring the best practices to the Egyptian road freight market. We thrive on making the interface between the cargo owners and transporters seamless with the use of technology and digitisation.” 

“TruKKer is the largest truck aggregator in the Middle East and we are glad to support its growth in the MENA region”, says William Sonneborn, senior director of Disruptive Technologies and Funds at the IFC. 

Sonneborn added, ”IFC has invested in multiple technology-based truck aggregators globally and we are excited about TruKKer’s entry into Egypt.”

Walid Labadi, IFC’s country manager for Egypt, Libya, and Yemen said that supporting innovation is a priority for IFC in Egypt and the wider MENA region as it can help spur economic growth and create much-needed jobs for young people. 

“Our investment is also part of our wider strategy that aims to encourage south-south investments, helping companies from GCC break into new markets, creating employment, and raising local standards along the way,” he elaborated.

TruKKer has been building its team in Egypt in recent months and recently hired its regional Director Sherif Mohsen, who founded another large trucking aggregator before joining TruKKer. 

TruKKer will support local transporters and drivers by investing heavily in enabling an infrastructure that makes regional cargo movements more secure, reliable, and digitised. TruKKer is headquartered in Abu Dhabi and operates all over GCC with offices in the UAE, the Kingdom of Saudi Arabia, and Bahrain.

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Two Algerian former PMs subject to heavy sentences https://wwww.dailynewssegypt.com/2019/12/09/two-algerian-former-pms-subject-to-heavy-sentences/ Mon, 09 Dec 2019 09:00:56 +0000 https://wwww.dailynewssegypt.com/?p=716015 They were charged of corruption in two cases, namely car assembly plants and the secret funding of election campaign of ousted President Abdelaziz Bouteflika.

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Attorney General of the court of Sidi Mhamed in the Algerian capital of Algiers requested on Sunday heavy sentences against former senior officials, including two former prime ministers.

They were charged of corruption in two cases, namely car assembly plants and the secret funding of election campaign of ousted President Abdelaziz Bouteflika.

The state-run ENTV station reported that a sentence of 20 years in prison was demanded against former prime ministers Ahmed Ouyahia and Abdelmalek Sellal as well as runaway former Minister of Industry Abdeslam Bouchouareb.

Bouchouareb is also subject to an international arrest warrant.

The attorney general has also requested a sentence of 15 years in prison against two other former industry ministers in the case of car assembly plants.

The attorney general stressed the heavy losses inflicted to the public treasury caused by the decisions taken by the defendants when they were in office.

Ten years in prison and a fine were also required against businessmen supposed to have benefited illegally from advantages for the installation of vehicle assembly plant.

A sentence of 8 years in prison and fine were requested against other prosecuted officials.

Several former government senior officials and businessmen have been placed under custody amid an unprecedented anti-corruption operation launched by the Algerian Justice following the ousting of President Abdelaziz Bouteflika in 2 April.

This series of judicial investigations come amid popular protests rocking the North African nation since 22 Feburary, as the demonstrators have been denouncing bad governance and corruption, and demanding the establishment of the rule of law and bringing all those involved in squandering public funds before justice.

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Netanyahu discussed annexation of Jordan Valley and parts of West Bank with Pompeo https://wwww.dailynewssegypt.com/2019/12/09/netanyahu-discussed-annexation-of-jordan-valley-and-parts-of-west-bank-with-pompeo/ Mon, 09 Dec 2019 08:30:50 +0000 https://wwww.dailynewssegypt.com/?p=715995 After Saturday’s US State Department denial about discussing annexation with Netanyahu, the Isareli PM declared at a conference on Sunday that he wants American recognition for Israeli sovereignty in the Jordan Valley, adding that Israel has a “great opportunity” to achieve it, along with securing an Israeli-US mutual defence pact.

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Israeli Prime Minister Benjamin Netanyahu asserted on Sunday that he had discussed the possibility of annexing the Jordan Valley and other parts of the West Bank with US Secretary of State Mike Pompeo during a meeting held in Portugal’s capital of Lisbon last week, Israeli local media reported.

After Saturday’s US State Department denial about discussing annexation with Netanyahu, the Isareli PM declared at a conference on Sunday that he wants American recognition for Israeli sovereignty in the Jordan Valley, adding that Israel has a “great opportunity” to achieve it, along with securing an Israeli-US mutual defence pact.

Referring to the West Bank, he said that “it is time to apply Israeli sovereignty in the Jordan Valley and to regularise all communities in Judea and Samaria, those in the blocs and those outside them. They will be part of the State of Israel.”

“It was said that we had not discussed a formal plan and that was true, but the issue was raised and I raised it with Secretary of State Pompeo and I intend to raise the issue with the Trump administration,” he confirmed.

Regarding the situation in Gaza Netanyahu said that if there is a need for military operation in the strip, adding that there will be no settlement in case of continued rocket fire from Gaza against Israel.

Commenting on the PM’s statement, the International Criminal Court’s prosecutor Fatou Bensouda said that she is following the Israeli proposal with “concern.”

On Thursday, Netanyahu stated that he had discussed the issue of annexation with Pompeo. However, they do not talk about timetables. The statement was denied by US officials later on Sunday.

The Assistant Secretary for Near Eastern Affairs David Schenker, denied the annexation plan, saying that “there was no annexation plan, full or partial, for any part of the West Bank presented by Israel to the United States during the meeting.”

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Al-Hattaba’s Al-Shurafa mausoleum: A heritage site with tourist potentials uncovered  https://wwww.dailynewssegypt.com/2019/12/09/al-hattabas-al-shurafa-mausoleum-a-heritage-site-with-tourist-potentials-uncovered/ Mon, 09 Dec 2019 08:30:19 +0000 https://wwww.dailynewssegypt.com/?p=716035  Al-Hattaba residents have been living here since the neighbourhood was built. Their history is part of the history of Al-Hattaba

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 Al-Shurafa mausoleum, a heritage site next to the Citadel in Al-Hattaba Historic Cairo, has been newly discovered by Cairo-based Athar Lina initiative and the Built Environment Collective – Megawra, under the supervision of Ministry of Antiquities and with the support of the American Research Centre in Egypt.

 

 On 30 November, dozens of people including the residents of Al-Hattaba gathered to celebrate the beginning of the conservation work in Al-Shurafa mausoleum in the context of the initiative’s research project (Citizen Participation in Historic Cairo).

 

 Al-Shurafa mausoleum is believed to belong to the Mamluk period, given to its architectural elements, according to the Athar Lina initiative which conducted research and studies to look into the history of the Mausoleum. 

 Athar Lina is keen on protecting and developing historic sites to make them touristic, without ignoring the people and their role in protecting those places and enrich tourism with their historical crafts with a message of “heritage means people, there is no history without humans.” 

 

 The celebration ceremony also included the announcement of a second heritage programme called “Women Quilt for al-Hattaba.” It is a programme that is meant to showcase and enhance the talents of the women working in khiyamiyya (patchwork) in Al-Hattaba neighbourhood.

Other heritage awareness activities for the children were also conducted. “We are working with governmental bodies in a historic neighbourhood and we are keen to establish modalities of citizen participation in heritage conservation based on a vision on heritage as a resource, not a burden,” May Al-Ibrashy, director of both Athar Lina initiative and the Built Environment Collective – Megawra told Daily News Egypt. 

On Al-Hattaba neighbourhood and Al-Shurafa mausoleum, Al-Ibrashy revealed that after deep research and detailed studies of the region, they concluded that it has a great potential to be a tourist siteparticularly due to its proximity to the Citadel and given to the historic crafts that are still in practice after all these years. 

Al-Ibrashy remarked that the initiative held meetings with representatives of the Ministry of Antiquities, Informal Settlements Development Fund, and the Cairo Governorate office in which they agreed to host a six-day workshop to address the legal situation and the potentials of the neighbourhood. 

“We reached a vision to develop the neighbourhood and the Al-Shurafa mausoleum as a heritage and tourist site, but with maintaining its residents in their houses and upgrading their skills to be a part of the developing process,” Al-Ibrashy added. 

Al-Ibrashy highlighted that the initiative still has long discussions with the Cairo governate office on the Al-Hattaba as it is categorised as informal housing with a second degree of risk. “The area needs developing and rehabilitation, this is very clear and we do not oppose this, but it is not slums. It is a historical and cultural site but with bad conditions which only needs development.” 

“The people of Al-Hattaba has been living here since the neighbourhood was built. Their history is part of the history of Al-Hattaba. They do activities that are very important to enrich tourism such as

Khiyamiyya and Sadaf crafts,” Al-Ibrashy. 

On Al-Shurafa mausoleum, Al-Ibrashy explained that the building’s huge stone blocks (up to 50 cm high, 100 cm thick and 230 cm long) indicate that it is part of a larger building complex relating to the Citadel. “When we looked in history, we found that this place could be a “sabil building (an ancient Egyptian building with a public fountain), a courthouse or guesthouse.” 

Al-Shurafa mausoleum consists of an open-air courtyard leading to a vaulted shrine chamber and a domed ‘sabil room’. 

 

 

The mausoleum is next to the residents’ houses, who circulated a story over the reason for naming the place as Al-Shurafa.

Saeed Khalifa, a 70-year-old resident from Al-Hattaba told DNE that his father was born in the neighbourhood. “It is our place and here are our roots. Here is my life, I tried to move and live in another area but I could not.” 

Saeed noted that they used to hear that seven decent girls were burnt inside the mausoleum, therefore the place is believed to be named “Al-Shurafa”, in reference to the girls. 

 Women of Al-Hattaba weave their history 

 

 The project “Women of Al-Hattaba weave their history”, is a programme prepared by Athar Lina to enhance their skills in khiyamiyya.

 

 The programme consists of a participatory workshop and two public events where the women of Al-Hattaba neighbourhood join a designer to work on a khiyamiyya that tells the history of Al-Hattaba from their perspective, according to the initiative. 

The artisans’ khiyamiyya will be hanged in Al-Shurafa Mausoleum after the completion of Athar Lina’s conservation project by the end of 2020. 

Heba Negm, an urban researcher at Megawra said that they discovered many crafts in Al-Hattaba, which is characterised by khiyamiyya and sadaf crafts. 

The project offers women the chance to enhance their skills and contribute to the development of the Al-Shurafa Mausoleum, Negm added. 

Doaa (asked to be presented with her first name only), a 30-year old mother, is a resident of the neighbourhood. She told DNE that they have never expected that their neighbourhood, Al-Hattaba would ever be developed. 

 

 “We all here do khiyamiyya that’s used in weddings and funerals. But with the new project, they teach us a new kind of khiyamiyya. We are very glad that someone is taking care of us and is looking to enhance our skills.” 

“This will have a great benefit for us and our children. We wish they could also develop the roads and the whole neighbourhood, not only the mausoleum. Any chance to improve our living conditions and our income will be appreciated.”

“I hope my children will be raised in Al-Hattaba to keep their history in their hearts, but I also wish the neighbourhood could improve for their future so they don’t need to leave their home. We hope someone looks into our problems and solves them,” Doaa added.   

Meanwhile, Salwa, a 39-year-old woman from the neighbourhood (asked to be presented with her first name only) told DNE that this is the first time she worked in khiyamiyya. “I work at a garment factory. I am glad I am going to learn a new craft; this will benefit the women here.” 

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Parliament approves draft to amend Terrorist Entities law https://wwww.dailynewssegypt.com/2019/12/09/parliament-approves-draft-to-amend-terrorist-entities-law/ Mon, 09 Dec 2019 08:00:56 +0000 https://wwww.dailynewssegypt.com/?p=716012  The draft which was submitted by the cabinet aimed to amend Article No 5 of the law 

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The Parliament approved on Sunday a draft law to amend law No 8 of 2015 on organising terrorists and terrorist entities -commonly known as the Terrorist Entities Law. 

The draft which was submitted by the cabinet aimed to amend Article No 5 of the law which stipulates the exemption of public prosecution from the costs of publishing the decrees of enlisting terrorists or terrorist entities and the decree of the extension of the listing period itself as well as the decision of publishing the name of the terrorists or the terrorist entitles in Egyptian gazette. 

Earlier in October this year, the parliament referred the draft to a joint committee of the Constitutional and Legislative Affairs Committee and Defence and National Security Committee to address the proposed amendments.

Law No 8 of 2015 went into effect after it was ratified by President Abdel-Fattah Al-Sisi and was published in the official Gazette on February 2015.

The law obliged the public prosecution to establish two lists, the first is named “the terrorist entities list” and the second is “terrorists’ list” where specialist courts decide who or what to include on the list. 

 

“The terrorist entities list” includes associations, organisations, groups, cells, or other gatherings that were established with purposes to use violence, incite fear, or put the lives or rights of individuals at threat or obstruct the public authorities from doing their jobs or any attempts to disrupt the provisions of the constitution and laws. 

The “terrorists’ list” will enlist any individual who commits, attempts, threatens, or plan to commit a terrorist crime whether they are inside or outside the country.

 

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Egypt retrieves a rare Mamluk era manuscript https://wwww.dailynewssegypt.com/2019/12/09/egypt-retrieves-a-rare-mamluk-era-manuscript/ Mon, 09 Dec 2019 07:30:07 +0000 https://wwww.dailynewssegypt.com/?p=716007 The manuscript is one of the rarest documentations of the era

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The Ministry of Culture announced on Sunday the return of an ancient Quran manuscript after being offered at the UK’s Chiswick Auctions house. 

The manuscript includes the 16th part of the Quran, written by Sultan Al-Ashraf Qansuh Al-Ghuri one of the rulers during the Mamluk era. The over 500-page manuscript was smuggled from Egypt. 

Egypt’s Minister of Culture, Inas Abdel Dayem stated in a press release that retrieving the manuscript is a part of the ministry’s plan to preserve Egyptian identity and return “what has been lost and stolen.”

The manuscript is one of the rarest documentations of the era. 

The Chairperson of Egyptian National Library and Archives Hisham Azmy said that this one of a kind document was planned to be “sold secretly last October, as the auction house did not announce selling it publicly.”

He further added that after providing the proper documents that prove Egypt’s authority over the manuscript, the house approved returning the authentic document to its homeland.

Abdel Dayem added that the manuscript is considered the fourth document Egypt retrieves within a year. 

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Power plants’ consumption of gas falls by 500m scf/day https://wwww.dailynewssegypt.com/2019/12/09/power-plants-consumption-of-gas-falls-by-500m-scf-day/ Mon, 09 Dec 2019 07:00:10 +0000 https://wwww.dailynewssegypt.com/?p=716008 Lower temperatures increase production efficiency, according to indutrysource

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Consumption of natural gas power stations decreased to about 3.5bn cubic feet of gas per day (scf/day) compared to 4bn scf/day during the past month, due to lower temperatures, which reduce energy consumption and helps increase production efficiency. A source in the Egyptian Natural Gas Holding Company (EGAS) told Daily News Egypt that the consumption of power stations from gas decreased by about 500m scf/day.

He pointed out that the consumption of fuel oil in power stations amounted to 3,000 tonnes per day, compared to about 3,500 tonnes during the past month, as a result of the high efficiency of the stations and the decrease in electricity consumption.

The source said that the Ministry of Electricity obtained the maximum consumption of natural gas for the stations during the summer months by about 4bn scf/day, in addition to the quantities of fuel oil agreed upon with the Egyptian General Petroleum Corporation (EGPC).

He explained that the power stations have decreased their gas consumption during the current year due to the high efficiency of the new stations in energy production, compared to previous years before Siemens stations entered production.

The consumption of the electricity sector represents 61% of the total consumption of natural gas, while the rest of the sectors consuming gas (industry, homes, automotive supply, petroleum, and its derivatives) represent 39%.

The source pointed out that it is looking to increase Egypt’s natural gas production to about 7.5bn scf/day during the current fiscal year, compared to 7bn scf/day currently.

He said that the new projects that were linked to production, such as Zohr, Nooros, North Alexandria and 9B fields, contributed to compensating the natural rates of decline.

The source maintained that the rate of natural gas consumption in the local market is growing annually, thanks to urban and industrial development plans, and the increase in the number of cars that run on natural gas.

The Ministry of Petroleum is intensifying its efforts in cooperation with foreign partners to implement projects to develop major gas discoveries in the deep waters of the Mediterranean and the Nile Delta, to contribute to increase gas production to 8bn scf/day by 2021.

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Washington hosts second tripartite meeting on GERD Monday https://wwww.dailynewssegypt.com/2019/12/09/washington-hosts-second-tripartite-meeting-on-gerd-monday/ Mon, 09 Dec 2019 06:30:56 +0000 https://wwww.dailynewssegypt.com/?p=715997 The meeting aims to evaluate the outcomes of the two previous meetings

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Water ministers of Egypt, Ethiopia, and Sudan are to meet on Monday in the US capital city Washington DC to address the disputed points between the three countries on the Grand Ethiopian Renaissance Dam (GERD). 

The meeting will be hosted by the US Secretary of the Treasury while current negotiations are to be witnessed by the head of the World Bank (WB).

On 6 November, a new course of negotiations on GERD was launched under the auspices of the United States, as the foreign ministers of the three countries met, in the presence of a WB representative. 

The negotiations led to an agreement to announce a two-month negotiation deadline over the filling period of the dam. The first meeting was held on 15 and 16 November in Addis Ababa, Ethiopia to converge towards similar viewpoints between the three countries to reach an agreement over the proposed filling and operation rules of GERD’s reservoir. The second one was hosted in Cairo on 2 and 3 December.  

Washington’s Monday meeting aims to evaluate the outcomes of the two previous meetings, and what the parties have achieved. 

The third tripartite meeting to continue discussions and resume negotiations over the technical issues will be held in Khartoum, Sudan on 21 and 22 December 2019.  

 GERD’s construction neared completion, afterwards, it will be the largest hydroelectric dam in Africa. The large reservoir behind the dam is to be filled over a three to five-year or longer period, during which it is expected that the amount of Nile flow to Sudan and Egypt will be reduced substantially. 

Construction of the dam has started in April 2011. However, Egypt has expressed concerns that the construction of the Renaissance Dam could negatively affect its historic Nile water share of 55bn square metres, which it has had access to since the historic 1959 agreement between Egypt and Sudan.

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Deep drilling machine arrives at Maspero Station: Madbouly https://wwww.dailynewssegypt.com/2019/12/09/deep-drilling-machine-arrives-at-maspero-station-madbouly/ Mon, 09 Dec 2019 06:00:38 +0000 https://wwww.dailynewssegypt.com/?p=715994 PM says state efforts to upgrade all the transport sector to better connect the country 

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 Egypt’s Prime Minister Mostafa Madbouly attended on Sunday the arrival of the deep drilling machine at Maspero Station, with the presence of Minister of Transport Kamel El-Wazir, ministers of planning and investment and international cooperation, the French Ambassador to Egypt, and the Cairo governor. 

The Maspero Station is among the stations of the first part of the third stage of the Cairo Metro. 

Madbouly asserted the state efforts to upgrade the entire transport sector aims to connect the country in a manner that achieves development and ease the movements of citizens. 

For El-Wazir, he said that the third line of the Cairo Metro is a focal point with the first line as they are the oldest lines in the Metro network. 

He added that Maspero Station is located on an area of ​​3600 square metres with a depth of 28 metres from the ground level. It consists of three floors with plans to establish a commercial and administrative centre. 

The works of the third stage reached 23% which extends from Al-Attaba station to Kit Kat, then the line branches north to the final station at the Rod El-Farag axis, and south to Cairo University with a length of 17.7 km, he said. 

El-Wazir noted that the cost of the metro’s third line is about EGP 97bn.

The third stage includes three parts. The first one is from Al-Attaba to Al Kit Kat with a length of 4 km, including Naser, Maspero, Zamalek, and Al Kit Kat. This stage will be inaugurated in December 2021. 

The second part is 6 km long from Al Kit Kat to a switch station in Rod El Farag. It includes six stations and will be inaugurated in June 2022. 

 Earlier in June, the ministry of transport inaugurated three new metro stations in Heliopolis within the scope of the fourth phase of the Cairo Metro Line 3’s development before of the Africa Cup of Nations kicked off. The new metro stations are Haroun El-Rashid, Al-Shams Club, and Alf Maskan.

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Rameda plans to introduce new drugs for the digestive system, diabetes, nerves, and antibiotics https://wwww.dailynewssegypt.com/2019/12/08/rameda-plans-to-introduce-new-drugs-for-the-digestive-system-diabetes-nerves-and-antibiotics/ Sun, 08 Dec 2019 16:34:35 +0000 https://wwww.dailynewssegypt.com/?p=715970 New acquisitions opportunities to produce pharmaceutical products that the company does not cover: Morsi

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The Tenth of Ramadan Company for Pharmaceutical Industries and Diagnostic Products (Rameda) is to produce new drugs during 2020 that treat the digestive system, neurological problems, and antibiotics for young and old patients, as well as supplements and modern medicines for diabetes.

The company’s CEO Amr Morsi said that they are currently focusing on launching new products and registering others to increase the market share, to become one of the major pharmaceutical companies in the Middle East and Africa.

He added that the company is currently registering 350 pharmaceutical compounds, provided that these preparations are launched in the coming years, adding that most of these products are in therapeutic areas with rapid growth.

Morsi pointed out that the expansion plan of his company during the coming period, which will be funded by the proceeds of the offering on the Egyptian Exchange, focuses on the expansion of offering new pharmaceutical products that the company does not cover, provided that this is done through the acquisition of companies that produce these products.

The company is currently examining opportunities for acquisitions but the matter is still under study and has not yet entered into actual implementation yet. It is also working on its products and launching new ones, aiming to offer between 12 to 15 products annually and make the most of the manufacturing capabilities available at its factory to increase local sales and export.

The company’s expansion is also focused on boosting its export volume by storming new export markets in the African continent.

Morsi pointed out that his company has implemented investments worth EGP 500m since its acquisition in 2011, and pumped EGP 240m of it during the last three years, in order to increase the production capacity 1.6 times.

The expansions made by the company included adding production lines such as sterile plastic ampoules BFS, to raise production capacity from 35m to 144m ampoules per year. The line began operating last April. The company also finished last September the redesign and development of a production area in line with the latest standards.

He emphasised that the promotion round of the company’s offering on the Egyptian Exchange (EGX), which included various countries in the world, including London, America, South Africa, and the UAE, and revealed the volume of investor interests in the Egyptian drug market, and that it is witnessing great growth rates compared to Africa and the world thanks to the high population in Egypt. He expected that the pharmaceutical industry would witness a significant growth in the future, with the expected increase of the population, as well as the launch of a comprehensive health insurance system, many opportunities for market growth, and higher awareness of citizens to spend on health care.

Rameda succeeded in covering the public offering of its shares 36.3 times, as the private offering of its shares was covered 1.17 times, and the company offered about 49% of its shares on the EGX to increase to EGP 1.7bn and start trading the stock on 11 December.

The offering is divided into two tranches, the first is a public offering for small investors, representing 5%  and the second includes the remainder in the form of a private placement at the share price of both tranches of EGP 4.66 per share.

Rameda was established in 1994 and owns 20 production lines and three completely independent factories, markets 97 products in 2018, and works in six treatment areas. Gravel Investments Limited in the British Virgin Islands is the owner of the company. The paid-up capital of the company is currently EGP 160.9m distributed on 643.6m shares with a nominal value of EGP 0.25 per share. Rameda’s prospectus showed that the fair value of the company’s share is EGP 6.67, and that the profit multiplier was 33.2 times on 30 June.

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Palm Hills joins the race to compete for HHD https://wwww.dailynewssegypt.com/2019/12/08/palm-hills-joins-the-race-to-compete-for-hhd/ Sun, 08 Dec 2019 16:26:21 +0000 https://wwww.dailynewssegypt.com/?p=715968 It is noteworthy that the company announced two days ago a prospectus for choosing the strategic investor whose shareholding is scheduled to be 10% of the company, provided that the selection will be in early November

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Palm Hills Developments purchased a prospectus for managing Heliopolis Company for Housing & Development (HHD) on Wednesday, bringing the number of companies competing for management to three, including Sodic and BP Partners.

Hany El-Deeb, Heliopolis Company’s chairperson, told Daily News Egypt that SODIC and BP Partners obtained the prospectus following its issuance two days ago. He explained that Heliopolis Housing is looking to appoint the offering manager before the end of next December preparing the company for listing on the Egyptian Exchange. He added that contracts are to be signed with the strategic investor to sell a 10% stake in the company and put 15% on the EGX by the end of the first quarter of 2020.

It is noteworthy that the company announced two days ago a prospectus for choosing the strategic investor whose shareholding is scheduled to be 10% of the company, provided that the selection will be in early November, indicating that the strategic investor’s choice will coincide with the offering process on the EGX and the total offered stake will range between 22% and 25%.

According to previous statements of Minister of Public Business Enterprises Hesham Tawfik, offering a share of Heliopolis Company to a strategic investor came at the request of individual shareholders in the company to exploit the portfolio of land owned by it, which amounts to 20m square meters.

Sources revealed earlier the terms of the bidding document and the contract for participation in the management of the Heliopolis Housing and Development Company. The tender specifies the maximum fees for the management company at 20% of the profits realized each year, and the share purchase price for the investor who wants to buy 10% of the company is the average market price at the time of purchase, and the winner will be announced on 15 January. T

he company is scheduled to receive two envelopes for the technical and financial offer, provided that the technical envelope includes the company’s prior work, the proposed development plan by the partner, the proposed organisational structure for the administration, in addition to the CV of the managers of the management companies.

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Ezz Steel raises its stake in Dekheila in a share-swap https://wwww.dailynewssegypt.com/2019/12/08/ezz-steel-raises-its-stake-in-dekheila-in-a-share-swap/ Sun, 08 Dec 2019 16:20:47 +0000 https://wwww.dailynewssegypt.com/?p=715965 The research centres are optimistic about the results of Ezz's work during 2020

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Ezz Steel seeks to simplify its ownership structure in its subsidiaries by transferring ownership of its stakes in Ezz Dekheila Steel on the Egyptian Exchange (EGX) and focusing its contribution as a financial investor only in the steel industry.

The company owns contributions to the industrial companies of Al Ezz Rolling and Al Ezz Flat Steel with a capacity of 1.9m tonnes of reduced iron and 2.8m tonnes of flat steel and rebar. The company’s stake in Ezz Rolling Mill is 100% and 47% in Ezz Flat Steel.  The latter contributes to Dekheila with the remainder of the supplement figure. The transaction is carried out through the exchange of shares and raising the ownership of the latter from 55% to 55% to 78% with the completion of investment structuring.

The Board of Directors of Ezz Dekheila Steel – Alexandria approved the acquisition of 35.3m shares of Ezz Flat Steel Manufacturing Company owned by Ezz Steel, based on the fair value of the share at $10.09 per share, in return for credits used to subscribe to the capital increase of Ezz Dekheila based on the fair value of the stock of EGP 1176.85 pounds per share.

Earlier, Ezz Steel’s board of directors approved the sale of 88.92 million shares of Ezz Steel in Ezz Rolling Mills through the exchange of those shares for Ezz Dekheila Steel’s capital increase. The shares are scheduled to be sold on a swap basis for approximately 51 Ezz rolling stock shares for each of the shares of Al Dekheila’s capital increase through the use of credits resulting from Dekheila’s acquisition of the holding company shares in Ezz Rolling Mills.

The board also agreed to pay the shares of Ezz Rolling Factories Company owned by Ezz Steel Company, which will be acquired from Ezz Dekheila Company, through credits used to subscribe to the capital increase of Ezz Dekheila Steel – Alexandria.

Ezz Dekheila General Assembly agreed to increase the issued capital from EGP 1.3bn to a maximum of EGP 2.6bn. The increase, estimated at EGP 1.2bn for the old shareholders, was distributed over 12.2m shares at fair value, according to the study of the independent financial advisor, which amounted to EGP 1176.85 per share.

Dekheila obtained the approval of the Financial Regulatory Authority (FRA) to increase the capital on the bourse in favour of the old shareholders at fair value. Ezz Steel’s share in Dekheila is expected to be about two-thirds, or about 67%, while Dekheila owns close to 100% of Ezz Rolling Mill and Ezz Flat Steel.

Al Ezz Flat Steel acquired more than 35% of the total value of transactions executed in November with a value of $356.1m to lead the transactions market during the month.

Benefits of the acquisition for Ezz Dekheila

Shuaa Research portal predicted in a research note that the acquisition supports the integration process, improves operational efficiency, and enhances the market sentiment for Ezz Steel. It explained that Ezz for flat steel and Ezz for rolling mill have reached maturity and the cost of acquisition is much lower than the cost of replacement, which gives way to Ezz Steel to expand.

The merger of Ezz Dekheila and Ezz for flat steel and Ezz rolling will allow the latter to meet working capital requirements through new credit facilities and protect them from financial insolvency. It pointed out that this merger works to solve many operational problems and allows Ezz Steel to focus more on its plans and strategies, and is expected to improve the image of the company and enhance operational performance indicators.

Forecasts of Ezz Steel Research Centres during 2020

In a related context, the latest series of government’s decisions revived the shares of industrial companies on the EGX, where the basic resources sector index rose 13.2% to the level of 634 points, after Ezz Steel rose 20.7% during the same period to EGP 11.4. The decisions were to reduce natural gas prices for the industry, especially the steel industry from $7 per million British thermal units, to $5.5 per million thermal units, as well as opportunities for protection fees on pellet imports, in addition to reducing interest rates and their positive impact on the reduction of debt interest.

It is noteworthy that the unfavourable economic cycle in the steel sector globally, which led rebar prices to decline due to slowing demand due to trade wars, in addition to the adverse local conditions in the absence of protectionist measures to face imports, high natural gas prices, and bank interest, led the share to lose a significant part of its price for a year and a half since April 2018, where Ezz Steel dropped from EGP 30 to below EGP 9 during that period.

There is an apparent decline in iron ore prices globally, reversing the first half of last year, in addition to the restructuring plan of the company through the acquisition of its subsidiary Ezz Dekheila on Ezz Steel and Ezz Rolling Company. There is also an increase of Ezz Steel’s stake in Ezz Dekheila Company, which was nominated by investment banks for transformation into profitability in 2020.

Shuaa Research portal said that the basic resources sector could lead the growth of corporate profits in the EGX during the year 2020, especially the shares of Ezz Dekheila Steel and Ezz Steel, with an increase in the expected profits of EGP 1.138bn and EGP 2.148bn respectively. Shuaa expected Ezz Steel’s fair value without taking into account the new protection fees of EGP 18.4 per share.

For its part, Beltone Financial Holdings has set Ezz Steel fair value at EGP 21.3, an increase of 89% over the last trading price of the stock, with a buy recommendation. The Arab African International Securities considers improvement in the company’s debt ratios following the completion of the Ezz Steel investment restructuring plan.

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Follow your maddest dreams, don’t forget your roots, upgrade your skills and always be connected to the rest of the world: Frédéric Mané https://wwww.dailynewssegypt.com/2019/12/08/follow-your-maddest-dreams-dont-forget-your-roots-upgrade-your-skills-and-always-be-connected-to-the-rest-of-the-world-frederic-mane/ Sun, 08 Dec 2019 16:08:19 +0000 https://wwww.dailynewssegypt.com/?p=715933 “Alone, I am just an artist, with my team I can create more than a drawing!”

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French jewellery designer, Frédéric Mané is a consultant designer with over 16 years of experience. Mané who collaborates with signature brands and luxury workshops at Vendôme told Daily News Egypt (DNE) that the base of his inspiration is his Mediterranean roots, from the beautiful mountain sides on the coast to the life found on and below the Mediterranean Sea.

DNE interviewed Mané to get to know his inspirations, how his journey began, and how he viewed the Egyptian and Arab jewellery design scene.

 

Tell us about yourself, including and your steps to become a consultant designer in jewellery?

I was born in Perpignan in the south of France in 1982.

I grew up in front the Mediterranean Sea and I spent my childhood between Perpignan, Collioure, and Cadaquès. Mediterranean cultures are my roots. My grandfather is Catalan and my grandmother is from Tunisia. Beyond my French nationality, I grew up around three cultures, French, Catalan, and Tunisian. My family founded a toy shop in the south of France and I spent my childhood surrounded by a mesmerising atmosphere full of tales, legends, and arts. I was born an artist and I drew characters full of jewels all the time. I liked creating fantastic universes and after I used to convert my paintings into real objects, sculptures en argile.

When I was 18 years old, I understood jewellery and art objects were my destiny, so I decided to move to Paris to study design. I quickly learnt the “Haute école” jewellery painting technics. Just after I was head designer for six years at Mathon Paris, I found a significant family atelier at Place Vendome.

For four years, I was a consultant designer, I had my design studio and I collaborated with luxury groups and maintained a deep relationship with Parisian jewellers and international signature brands. With a strong and broad experience in design, particularly in jewellery and the design of precious objects and accessories, I am a happy man!

What first led you to making jewellery?

Craftmanship and workshops are a fascinating universe. I like sharing my project with a team of experts.

I consider jewellery a body of collective body of work in which each member of the orchestra plays his part and expresses the excellence of his art. The culmination of the work is the fruit of a unique symbiosis, where each one is equally important. The technique and precision of the gesture are at their highest expectation to reveal a panel of emotions. Alone, I am just an artist, with my team I can create more than a drawing!

 

How did you jump in jewellery design from identity to professionalism?

Thanks to all my mentors and first employers for believing in me, they offered me many opportunities to develop my skills, and good thing I’m a hard worker

 

Did you receive a scholarship to study jewellery?

I am very grateful for my parents for believing in me, they offered me the opportunity to study in Paris for three years. Just after getting a masters, I decided to apply for an international programme for two years. I had to spend two days in classes and three days in a design agency every week. Fortunately,  the agency was paying for the rest of my studies.

 

What are the Parisian and international brands you collaborate with?

I collaborate with signature brands and luxury workshops at Vendôme, allowing them to follow the design process – from the technical, conceptual, and creative process to the fabrication – and all its subtleties and technicalities. I exhibit my projects around the world – particularly in the Emirates and in Asia – where I promote brands and our work while meeting clients and collectors for whom we create unique custom-made pieces using a rich palette of colours and styles. 

I am very discreet about my clients, there are some royal families and collectors and I regularly work with LVMH group and Richemont. My last amazing collaboration was different, I co-signed with Rubeus Milano, a brand considered as ” Ultimate luxury. ” I designed an amazing project exhibited to the palace of Louvre.

 

What are the international exhibitions you participated in?

I’ve participated in plenty of big exhibitions, Baselword Switzerland many times, Hongkong fairs, and Couture Las Vegas. I also did a lot of confidential trunk shows around the world. My favourite was in July to the Louvre and six years ago to the Emirates palace in Abu Dhabi.

 

Tell us about your design style, what makes your collections unique in the industry?

Maybe my style is a rich creative universe that incorporates all styles and inspirations, my studio is where design is transformed into a concept, starting with hand-drawn sketches. My studio offers its expertise both in the knowledge of rare stones and in innovative materials. I propose the best traditional practices paired with new technology to create collections and exceptional pieces. From the creation of our collections to their fabrication, a spirit of collaboration that specifies each design house. I also make sure that each member of the marketing team and each artistic director are respected.

I can create a minimalist or outstanding piece, ultra-baroque, or very modern. I am a kind of chameleon, but I always have my DNA and roots lighting my inspirations.

 

What about the story behind the ‘Imperial’ collection and rock crystal necklace?

As a patron of the arts, the collectors and founders of Rubeus Milano Nataliya and Viktor Bondarenko invited me to create a full collection around the biggest and rarest Alexandrites in the world. Alexandrite from Russia is the best colour change stone, it has a natural effect from green on daylight to purple on incandescent light. As a designer, I had a free hand and no budget limit, it’s a unique opportunity.

To imagine the Rubeus Imperial Alexandrite Collection, I have been inspired by a cluster of quartz crystals lying on a deep blue plate of lapis lazuli somewhere in Moscow…

After a few hours of an intense and pure creative moment, I came with my first draft … two magnificent jewels showing like a spray of crystallinity emerging from the Earth all around some exceptional alexandrites… one of the rarest and mysterious gems known to mankind.

I decided to create a collection inspired by Mother Nature, the usual theme in jewellery is “Stones Information”, rough crystals growing, a modern artistic vision to tribute this treasure of nature, from the depths of the earth to the sky.

 

What does a typical day look like for you as a jewellery designer? 

Each morning I visit my workshop partners around Place Vendome to check my models, afterwards I visit my clients to show my drawings; I try to end my day in my design studio, surrounded by my books and painting, searching for new ideas.

What’s your favourite piece of the jewellery you made and why? 

My favourites pieces of jewellery are the ones designed with soul and a deep connection with others: brand, designer, jewellers, and final customers

 

How many collections have you issued so far?

With no doubt, I have created more than one thousand models. I am very prolific, but my main goal is the highest quality for each design.

What are your favourite materials to use?

All metals combined with translucent stone are my favourite combination.

 

What is your favourite diamond shape? 

Kite cut, like a kite flying for children, an invitation to continue your childhood.

 

What is the strangest request you’ve received for a custom design piece?

A “Dis-engagement ring” a sulphurous special order called Boa constrictor ring.

 

Have you been to Egypt before? Do you know any jewellery designers in Egypt?

Not yet, it’s one of my dreams. I hope to visit this amazing country very soon. As I told you my grandmother is Tunisian, and like her ancestors, Arabic was her native language. Shen I was a baby she use to sing Egyptians songs to me, her favourite singer was Oum Kalthoum, such a mesmerising voice!

 

Have you seen the jewellery of Tutankhamun? Or read the book “The Pharaohs Jewellery” by Cyril Eldred?

One of my first jewellery books was the jewellery of Tutankhamun, as a young artist, I was fascinated! When I was six years old my grandmother got it for me as a birthday gift.

 

Have you tried to design a collection of jewellery from the spirit of ancient Egyptian jewellery?

Of course, my family visited Egypt many times, I have many books and stories, one of my favourite stories is the tale of Selkys called Goddess Scorpion. I painted a big masterpiece in homage to Selkys.

 

What is your view on the jewellery industry in the Arab world? What needs to be improved?

A positive view of the new generation, because new designers mix their culture with a contemporary style. I appreciate a lot of new brands like Sevan Bicakci from Turkey or Nuun from Saudi, she has a very modern and delicate vision of jewellery, she is very inspired by her native culture. 

 

 

As a designer, where do you draw your inspiration from?

The base of my inspiration is my Mediterranean roots, from the beautiful mountain sides on the coast to the life found on and below the Mediterranean Sea.

I like to mix those roots with new influences, it’s very important for me to listen and understand my customers, their dreams and goals. I am kind of a magic chameleon able to convert many influences and sometimes opposite ideas into pieces of art.

 

What are the upcoming trends in the jewellery design industry?

I am not concerned about trends; I follow only my heart.

 

Who are your favourite designers? 

I am a big fan of Zaha Hadid and Salvador Dali, also my close friend the painter Emeline Piot, and Jothi Seroj sculpt jeweller.

 

What challenges do you face in your work?

Building a strong relationship between designer, workshop, and client. When you have an ambitious challenge like the Imperial collection for Rubeus Milano, it’s important to be a diplomatic guide and in the same way, stay an artistic director.

The challenge was amazing, we had to create a collection of 12 masterpieces made by Jothi Seroj, sculptor jeweller in Paris in the rule of art in only six months.

My last challenge was to create a collection for Hoehls wellness high jewellery, mixing rough stone with traditional jewellery.

 

What are some international awards you’ve received?

 In 2014, I was rewarded by the Chinese government Price of excellence for my project Firehorse.

 

What are your upcoming projects?

 I am working on an unusual project of watches and objets d’arts where I’m breaking some rules for a new company. 

A fantastic collaborative project. Also a new outstanding collection for Rubeus.

 

What advice would you have for aspiring jewellery designers?

Follow your maddest dreams, don’t forget your roots, work a lot to upgrade your skills and always be connected to the rest of the world because people are a real source of inspiration.

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Amer starts second term in CBE by launching three initiatives to support industry, medium income housing https://wwww.dailynewssegypt.com/2019/12/08/amer-starts-second-term-in-cbe-by-launching-three-initiatives-to-support-industry-medium-income-housing/ Sun, 08 Dec 2019 14:00:18 +0000 https://wwww.dailynewssegypt.com/?p=715942 Directives from president to allocate EGP 100m for industry sector, EGP 50bn for medium housing with 10% interest

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Tarek Amer, governor of the Central Bank of Egypt (CBE), started his second term by launching three initiatives in coordination with the government to support industry and medium income housing.

Last Wednesday he held a press conference with Prime Minister Moustafa Madbouly to announce the details of the three initiatives.

Madbouly said that they are related to industry and that these directives come straight from the president in order to support the sector as a locomotive of growth.

He pointed out that the industry funding initiative aims to fund already existing industries that want to expand, by providing them with EGP 100bn and 10% declining interest.

He noted that the funding will cover all existing industries, giving priority to industries that currently require high importation for production requirements.

He explained that a large number of factories has the ability to expand but lacks the funds to buy new machines and workers, stressing that the initiative was discussed and a lesser interest was chosen.

According to Madbouly, the second initiative is about dealing with troubled factories that have hauled operation. He explained that it includes a programme to remove lots of burdens and allow owners to restart operation.

He added that the third initiative is related to the real estate sector for medium income families. Noting that the state gave great attention over the past period to social housing and people living in slums.

He explained that this is where the idea of the programme came from, with a support value of EGP 50bn as these units are provided with a small interest rate that encourages medium income families.

For his part, Amer said that the government discussed over the past few months ways to stimulate job growth, increase exports, and produce local goods as alternatives for imported goods.

He added that CBE decided to allocate EGP 100bn so banks may provide credit facilitations to medium and large indsutrial projects whose sales reach a maximum of EGP 1bn, allocated to funding investment goods or funding operating capital with a declining 10% interest rate, depending on the needs, with priority given to alterative industries or export industries.

Amer explained that the new initiative would cover 96,000 industrial establishments, describing it as a big step in which the Ministry of Finance and the CBE bear a great sacrifice, as they will cover the cost difference between the current interest rate on loans and the new announced interest rate for the beneficiaries of the initiative.

The Governor of the Central Bank indicated that this initiative comes four years after the launch of the initiative to finance small projects with a value of EGP 200bn, at 5% interest, and that this initiative achieved good results, as it provided credit facilities to 86,000 small projects.

According to Amer, the total loans granted to the industrial sector in Egypt amount to EGP 432bn for 182,000 industrial establishments, and that the new initiative will be a big boost for the industrial sector. He urged all Egyptian banks to join this initiative, saying, “We will not be satisfied until we are assured that the industrial sector in Egypt is making huge steps forward.”

He also discussed the initiative to exempt distressed factories from accumulated interest, which included 5,184 factories and have issues with banks, saying, “We have been reviewing the problem of troubled factories over a period of six months, and we will direct banks to exempt these factories from accumulated interest.”

He said that the size of these interests over the past years amounted to EGP 31bn.

He pointed out that the government’s initiative to exempt troubled factories from the accumulated benefits gives new opportunities for these institutions to start again.

“We decided to remove these companies from the negative lists of the CBE, provided that they pay 50% of the principal’s value, and therefore these companies and factories will be able to return to dealing with the banking system again based on their suitability, study, and the viability of their projects, without any backgrounds that hinder them from working,” according to Amer.

He pointed out that the original debt for all troubled companies is EGP 6bn.

He also discussed the mortgage finance initiative for medium housing, as EGP 50bn were allocated to it initially, at a rate of 10%, and the installment is one 20 years.

In this regard, Amer pointed out that the volume of mortgage financing on the budgets of Egyptian banks is very small, and therefore there is a great scope for increasing real estate financing over the budgets of Egyptian banks, and this initiative will contribute to the growth of the real estate market, which is one of the more important sectors, and will work to reduce its burdens through a longer period of repayment.

Amer stressed that the banking sector is in a very good place, enabling it to provide any funding required for the planned development, and that these initiatives will be a good start.

He added that the three initiatives will be implemented by state-owned banks and joint ones where the state has stakes, and he urged foreign banks to review with their main centres outside Egypt to join the initiative.

For his part, Mohamed Abdel-Aal, a member of the Suez Canal Bank Board of Directors, said that these three initiatives launched by the CBE in cooperation with the government, are a continuation of the previous presidential initiatives, which were adopted by the CBE, within the framework of the economic reform programme.

He added that the form in which these initiatives were launched reflected the existing and real coordination between the government, as one entity and a funding body for these initiatives.

According to Abdel-Aal, there is a close relationship between the launch of these initiatives and the success of the monetary policy reform programme, explaining that had it not been for the success of monetary policy to contain inflation and thus reduce interest, initiatives would not be launched with low interest rates.

He pointed out that those initiatives, just as they will benefit the sectors they target, such as, will also benefit the banks.

He explained that directing bank money to finance the industrial sector or mortgage financing is a better alternative for investing in government debt instruments, as this improves the ability of the banking system to exploit the liquidity available, which in turn leads to an improvement in the ratio of loans to relatively low deposits.

Abdel-Aal pointed out that the three initiatives are integrated in their impact, and unite to achieve added value, which is to create jobs, reduce unemployment rates, and increase growth rates to the targeted rates of 6.4% during the coming period.

He pointed out that for the second time, the government and the CBE aim to dismiss troubled factories and restart their operation as well as solve their problems with banks away from lawsuits and courts.

With regard to the mortgage financing initiative for middle income individuals for which EGP 50bn were allocated, Abdel-Aal said that this initiative aims to encourage medium housing, after the state’s success in achieving good growth rates in distinguished and above-average housing.

He added that this initiative will encourage young people to own their own housing units. It will also activate the movement of real estate developers, especially medium-sized companies, as it will lead to a decrease in real estate prices that are currently exaggerated.

According to Abdel-Aal, the Industry Financing Initiative, for which EGP 100bn was allocated, targets industries that produce alternative goods for the goods we import, which will help to provide foreign exchange, and thus improve the balance of payments, and will also increase production and increase job opportunities, as well as increase economic growth.

For its part, Beltone investment bank assured that these initiatives will would be positively reflected on supporting the recovery of industrial investments and the role of the private sector in the economy as well as supporting the Egyptian Stock Exchange (EGX) as well as easing pressures on the pound.

The bank said in a report that these initiatives confirm support ing the recovery of investments in the industrial sector and the private sector, and represents the last stop for the Egyptian economic reform programme, indicating that the decision, along with the policy of reducing interest rates and reducing the price of natural gas to factories, would provide a breather for the industrial sector, and open ed the way for the growth of factories that achieve revenues less than EGP 1bn per year.

It added that the initiatives would ill also support the recovery of capital spending by the end of 2020, which is another positive indicator, which reflects the growth of investments led by the private sector, which leads to expectations of an improvement in the PMI by the second half of 2020, as well as reducing pressures on the local currency.

It explained that the initiatives of the industrial sector would ill reflect the strength of the local currency, indicating that the U.S. dollar may move in a narrow price range against the Egyptian currency between EGP 16 and EGP 15.90, while drawing an expectation of an improvement in the banks’ business volume, the improvement in the quality of the assets, and a neutral impact on the banks, while defaulting factories are exempt from paying the accumulated interest.

It emphasized the positive impact of the real estate financing initiative on the companies participating in the initiative, increasing competition in the interest rates offered and closing the financing gap in the secondary real estate market.

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Parts of Ancient Egyptian temple accidently discovered in Mit Rahina https://wwww.dailynewssegypt.com/2019/12/08/parts-of-ancient-egyptian-temple-accidently-discovered-in-mit-rahina/ Sun, 08 Dec 2019 13:00:17 +0000 https://wwww.dailynewssegypt.com/?p=715930 The excavation took place on land personally belonging to a civilian who was caught digging deep in search of blocks.

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The Ministry of Antiquities announced unearthing 19 giant granite blocks that are believed to be a part of ancient Egyptian god of craftsmen Ptah’s temple in Mit Rahina near Saqqara, according to a press statement published by the ministry.

The excavation took place at a land personally belonging to a civilian who was caught digging deep in search of the blocks.

The unearthed blocks were found covered with underground water. Ayman Ashmawi, the head of the Egyptian antiquities sector at the Ministry of Antiquities, stated in the statement that the preliminary examination showcased the blocks engraved with heliography.

The pink granite blocks depict Ptah, the demiurge of Memphis, while performing Sed Festival rituals.  The studies indicate that, so far, the blocks are the remains of the temple.

“The inscriptions engraved on the blocks indicate the glory and beauty of the temple’s architecture,” Ashmawi stated.

The excavation will continue on the area to discover the rest of the temple which is probably totally covered with ground water. The unearthed parts are to undergo restoration and will be showcased at the open museum of Mit Rahina

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Beyond Borders: a platform where refugees can present their colourful homelands and overcoming adversity https://wwww.dailynewssegypt.com/2019/12/08/beyond-borders-a-platform-where-refugees-can-present-their-colourful-homelands-and-overcoming-adversity/ Sun, 08 Dec 2019 12:30:56 +0000 https://wwww.dailynewssegypt.com/?p=715927 Exhibition launched by UNHCR targets opening a gate for 22 artists from five countries to step into the art world in Egypt

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While dozens of refugees escaped the brutality of life in their homelands, running after aslym in Egypt, some left behind a life in which enriching colours only took place in their art and paintings. Settling on the land of the Pharaohs, their main target was to fit in society, finding an appropriate source of living and starting over, letting go of a life that was mainly destroyed by armed conflicts. Little did they know that their passion for art is to see the light again with the help of the United Nations High Commissioner for Refugees’s (UNHCR) Beyond Borders exhibition.

The Beyond Borders project is an art exhibition for refugee artists. In its second year, the exhibition offers a platform for refugee artists to express themselves, introduce their homelands to public and depict the journey they had to go through in order to reach the place they currently stand at.

This year’s edition took place at Maadi’s Art Cafe. For three weeks, the exhibition opened a window for the general public to come and gain perspective on the world of 22 refugees from Iraq, Syria, Yemen, Sudan, and South Sudan.

“Our main target is giving talented artists the chance to promote their name and art pieces, get an opportunity to sell their work and find other opportunities, other than selling paintings, such a teaching or making other artistic products, in addition to expanding their opportunities to generate income,” said Christine Beshay, UNHCR’s Communications Officer told Daily News Egypt.

She explained that the main struggle facing refugee artists in Egypt, is to place a footprint in Egypt’s world of art, elaborating that “they don’t know how to enter the market in Egypt or to promote for their art works. [That is why] Since last year, we decided to support those who have talent and skills and to facilitate their access in the market. We were keen on forming a network of refugee artists, along with some Egyptian artist, also, creating a space for experiencing exchange.”

Throughout the platform, the commissioner seeks to create a network of connections for the artists through which they get to “improve and expand their work, as well as gain access to the market and promote their artworks.”

Throughout the 72 showcased paintings, one gets to see through the artists’ hearts. Capturing their homelands in colourful, bright pigments, showcasing scenes of dancing and celebrations; the portraits left nothing but contentment in one’s heart, which soon turns sore after seeing the darkness overcome the portraits representing another side of their lives.

“Most of the paintings were about the artists’ cultural backgrounds, expressing their feelings about their journeys, and outstanding scenerios from their home countries,” Beshay stated.

The prominent artists presented the culture of their homelands not only in colours and shapes, but also through food and music in order to fully introduce their culture to visitors, and let them see the beauty of the land away from the destruction and warfare they are introduced to through media outlets.

Beshay explained that through the exhibition, the UNHCR focused on professional artists, especially the ones with “educational background in the field of arts, or professionals with years of experience.”

“Some of those artists are already active, exhibiting their work in different exhibitions, others don’t have any access to the market and face many difficulties displaying them. This year we have targeted to give them a chance to display their pieces in an already well known exhibition space, where famous artists exhibit their work, to support the continuation of the scaling up of professionalism,” she explained.

A month before the start of the exhibition, the commissioner collaborated with Art Cafe in order to train the artists in a one-day workshop on how to prepare a portfolio, tips on how to get access to the market and promote their artworks.

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Hassan Ghanem new head of Housing and Development Bank https://wwww.dailynewssegypt.com/2019/12/08/hassan-ghanem-new-head-of-housing-and-development-bank/ Sun, 08 Dec 2019 12:00:36 +0000 https://wwww.dailynewssegypt.com/?p=715924 Ghanem has extensive banking experience of more than 33 years, during which he held various leadership positions in the banking sector.

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Hassan Ghanem, new chairperson of Housing and Development Bank (HDB), has officially started his new position last week while maintaining his positions  .

He replaced the former head of the bank, Fathi Al-Sebaei, who submitted his resignation to the Board of Directors after 16 years in the bank.

Ghanem has extensive banking experience of more than 33 years, during which he held various leadership positions in the banking sector.

Ghanem assumed the position of Vice Chairman and Managing Director of the HDB in January 2018, and his most important priorities since assuming his responsibility were to amend the bank’s image as a specialised bank and market itself as more of a commercial bank that provides all banking services to its customers, according to a statement. He strived to achieve the bank’s vision to be among the top 10 banks operating in the Egyptian banking market.

Ghanem began seeking to achieve this goal by expanding banking services and products, keeping pace with market requirements, in addition to achieving the highest levels of competition, and developing the electronic infrastructure of the bank, with the adoption of the principle of sustainable development, the statement continued. The e-collection initiative for financing installments has also recently started to collect real estate installments through various electronic payment methods as of 1 December 2019.

Ghanem aims to continue developing plans and strategies to put the bank back on the right track towards the government’s digital transformation plan, the statement added. Mobile  and Internet banking services will be launched at the beginning of 2020, according to the state’s trend to convert the society into a cashless one, activating the concept of financial inclusion, and attracting more segments to deal with the banking system, in line with global developments, in addition to keeping pace with the latest developments in banking technology.

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Act completes providing technological solutions for the first phase of the University of Knowledge in the NAC https://wwww.dailynewssegypt.com/2019/12/08/act-completes-providing-technological-solutions-for-the-first-phase-of-the-university-of-knowledge-in-the-nac/ Sun, 08 Dec 2019 11:30:38 +0000 https://wwww.dailynewssegypt.com/?p=715908 According to a press release issued by the company, the Knowledge Hub project is the first educational project implemented by ACT in the New Administrative Capital (NAC) for the benefit of international knowledge universities, affiliated with El-Sewedy Foundation for Educational Services

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The Advanced Computer Technology (ACT), which specialises in the field of integrated solutions, has completed its implementation of the first phase of The Knowledge Hub project, for the benefit of El-Sewedy Education, with a total value of EGP 6m.

According to a press release issued by the company, the Knowledge Hub project is the first educational project implemented by ACT in the New Administrative Capital (NAC) for the benefit of international knowledge universities, affiliated with El-Sewedy Foundation for Educational Services.

Act has prepared the infrastructure based on the latest modern technologies from HPE Aruba to provide data centre services and wireless internet connectivity to facilitate communication between teachers and students on the one hand, access to scientific and educational materials via university networks on the other hand, and provide connectivity and Internet access within all halls through a package of integrated solutions.

In this project, an integrated system was provided to secure, protect, and connect wired and wireless networks to students and faculty members at high speeds to deliver electronic scientific content, access from inside and outside the campus, and automatic checking to ensure access to digital content using the latest technological systems taking into account all the necessary security methods to protect this content and open communication channels.

Hazem Mansi, CCO of the enterprise sector at ACT, said that the first stage of the project took three months to complete and was delivered. The company also trained the employees of the project to use the solutions and technologies that were provided to the university building, which includes two colleges, one of which is to study engineering and the other to study computers and information, which comes in cooperation with the University Coventry -one of the most prominent British international universities- and through this project, supplying information security and protection systems as well as the university’s data centre solutions with HPE Aruba solutions that include Clear Pass and Air Wave.

Mansi added that the university started to receive students during the current academic season starting from October 2019 and is planning to complete the rest of the buildings within the next two years, bringing the total capacity of the university to 50,000 students, where the laboratories and classrooms were equipped with Internet technologies.

The goal of establishing knowledge universities is to provide high-quality educational services in line with Egypt’s vision for sustainable development 2030.

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Shaarawy, Nasr, newly appointed governors discuss attracting new investments to Egyptian governorates https://wwww.dailynewssegypt.com/2019/12/08/shaarawy-nasr-newly-appointed-governors-discuss-attracting-new-investments-to-egyptian-governorates/ Sun, 08 Dec 2019 11:00:35 +0000 https://wwww.dailynewssegypt.com/?p=715921 Nasr encouraged the governors to suggest new projects where the ministry can establish new investment zones, adding that her ministry is keen on promoting for investments in the local destinations and making full use of the available opportunities in the governorates.

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The Minister of Local Development, Mahmoud Shaarawy, held a meeting with the newly appointed governors in the presence of Minister of Investment and International Cooperation, Sahar Nasr, on Saturday to discuss attracting new investments to the Egyptian governorates.

Nasr encouraged the governors to suggest new projects where the ministry can establish new investment zones, adding that her ministry is keen on promoting for investments in the local destinations and making full use of the available opportunities in the governorates.

She called on the governors to closely follow up the development processes in the different governorates, asserting her keenness to offer more opportunities in the private sector as the engine for the development.

“We aim to develop the neediest areas in the governorates according to the New Investment Law incentives and to encourage the investors to expand in these areas,” Nasr said.

Shaarawy assured the continuous coordination with the Ministry of Investment and International Cooperation to accelerate the implementation of the current projects in the governorates as well as to update the investment map.

President Abdel Fattah Al-Sisi named 16 new governors on 27 November 2019, ahead of an expected ministerial reshuffle.

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GAFI to offer 403 investment opportunities in Qaliubiya, Giza soon https://wwww.dailynewssegypt.com/2019/12/08/gafi-to-offer-403-investment-opportunities-in-qaliubiya-giza-soon/ Sun, 08 Dec 2019 10:30:06 +0000 https://wwww.dailynewssegypt.com/?p=715918 Meit Ghamr zone’s investors praise services, utilities supervised by MIIC

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The General Authority for Investment and Free Zones (GAFI), of the Ministry of Investment and International Cooperation (MIIC) will offer 403 investment opportunities in Benha, Qaliubiya, and Al-Saff, Giza shortly, said Minister Sahar Nasr, adding that the offerings’ details will be announced immediately after the approval of GAFI’s board.

“There are about 225 diversified projects in Al-Saff investment zone that will be operating in the services, commercial, and industrial sectors to offer 3500 job opportunities, while Benha investment zone includes 178 projects in the agricultural and food processing sectors with expected 3500 job opportunities,” Nasr mentioned.

Nasr delivered 30 industrial units for the investors in Meit Ghamr investment zone out of a total 107 industrial units, last Thursday. These projects are part of the ministry’s exerted efforts to support the Egyptian industrial sector while land areas of the units in Meit Ghamr zone range from 144 m² to 576 m².

Meit Ghamr investment zones’ occupation will exceed 80% in the first quarter of 2020, said Nasr asserting her support to the small investors in coordination with the Micro, Small, and Medium Enterprises Agency (MSMEDA) to provide them with the needed funds and help them expand their businesses.

“The Meit Ghamr investment zone is at the world’s highest levels while Benha and Al-Saff investments zones will follow suit,” the Minister assured.

Mohamed Abdel Wahab, GAFI’s acting  CEO, asserted that his authority is responsible for solving any challenges that might face investors before and after delivering the new investment zones’ units.

“GAFI and MIIC decided to be the developer of the investment zones for the first time in 2017 while Meit Ghamr investment zone is the first output of this decision,” Abdel Wahab mentioned.

For their parts, investors of the Meit Ghamr investment zone praised the good services and utilities provided through GAFI.

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