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The Egyptian Center for Economic Studies (ECES) recently convened a symposium to scrutinize the state of financial markets. The consensus among experts was one of cautious optimism regarding Egypt’s financial market prospects, even in the face of soaring inflation. Abla Abdelatif, the ECES’s Executive Director of Research, emphasized the critical need for a deeper understanding of financial markets, citing their significant influence and interconnectivity. Abdelatif highlighted that the ECES’s research primarily examines markets in developed nations such as the United States, the United Kingdo ..read more

Amr Talaat, Egypt’s Minister of Communications and Information Technology, welcomed Marius Skuodis, Lithuania’s Minister of Communications and Transport, along with his delegation, to the ministry’s headquarters in Egypt’s New Administrative Capital. The session was graced by the presence of Arturas Gailius, Lithuania’s Ambassador to Egypt, Sherif Farouk, Chairman of the National Post Authority, Mohamed El-Fouly, Technical Affairs EVP at the Egyptian Telecommunications Company, and key figures from both nations’ communications ministries. Key discussion points included bolstering Egypt-Lithuan ..read more

The United Nations Development Programme (UNDP) and the Micro, Small and Medium Enterprise Development Agency (MSMEDA) of Egypt have reaffirmed their commitment to supporting local communities through joint initiatives. During a visit to Aswan governorate, UNDP Resident Representative in Egypt, Alessandro Fracassetti, and MSMEDA CEO, Bassel Rahmy, met to discuss ongoing projects and explore new avenues for collaboration. “Our partnership with MSMEDA is crucial, especially as we strive to create more job opportunities,” said Fracassetti.  “Our visit to the Women’s Productive Cooperative fo ..read more

Egyptian Prime Minister Mostafa Madbouly chaired a meeting on Tuesday to discuss efforts to ensure the availability of essential and basic commodities and increase their strategic reserves. The meeting was attended by key officials, including Ali Moselhi, Minister of Supply and Internal Trade; El-Sayed El-Quseir, Minister of Agriculture and Land Reclamation; Hossam Saeed, Chairperson of the National Cooling and Supply Company; Essam Omar, Assistant Sub Governor of the Central Bank of Egypt, and representatives from relevant bodies. Prime Minister Madbouly emphasized the importance of fulfillin ..read more

Ahmed Zaki, Secretary-General of the Exporters Division at the Cairo Chamber of Commerce, has urged for a comprehensive review and stocktaking of Egyptian exports. His proposal includes a strategic focus on augmenting the exports of products that are highly sought after in international markets. Additionally, he advocates for robust support for exporters and the exploration of new markets with a growing appetite for Egyptian goods. Zaki has also proposed initiatives to enhance the value-added aspect of agricultural commodities, aiming to maximize the benefits derived from agricultural yields ..read more

Global military expenditure reached a staggering $2.443trn in 2023, marking a significant 6.8% increase from the previous year. This represents the steepest year-on-year rise since 2009, according to a new report by the Stockholm International Peace Research Institute (SIPRI). According to the report, this concerning trend marks the ninth consecutive year of growth in global military spending. Notably, all five geographical regions defined by SIPRI witnessed spending increases, with particularly sharp rises observed in Europe, Asia, Oceania, and the Middle East. “The unprecedented rise in mili ..read more

China is inviting Egyptian companies to participate in the upcoming China International Import Expo (CIIE), a unique global platform designed to showcase import-ready products. The expo, which runs from November 5th to 10th in Shanghai, has seen six successful editions, attracting participants from all corners of the world. It serves not only as a showcase but also as a vital platform for international deal-making. “The CIIE is the first of its kind in the world,” said Chinese Ambassador to Egypt Zhang Chaoyang, emphasizing China’s commitment to global economic openness. “T ..read more

The Egyptian government has earmarked a significant EGP 40.5bn to finance various economic stimulus programmes in its new budget. Minister of Finance, Mohamed Maait, presented these allocations to the parliament. Designed to address ongoing global economic challenges, the fiscal year (FY) 2024/25 budget prioritizes both economic stimulus and fiscal discipline. Let’s delve into the key details: Economic Stimulus Allocations: EGP 23bn is dedicated to expediting the refund of export burdens. EGP 6bn is earmarked for reducing electricity tariffs in the industrial sector. EGP 8bn covers interest ..read more