China and Serbia should actively leverage their advantages of exchanges and cooperation at all levels to contribute wisdom and strength to the development of bilateral relations and the building of a community with a shared future for mankind, agreed participants at a China-Serbia media and think tank forum held here on Tuesday. Jointly organized by China’s Xinhua News Agency and Serbia’s Tanjug News Agency, the forum brought together around 200 participants, including government officials as well as representatives from mainstream media and think tanks of both countries. At the forum, Xinhua ..read more

Serbian President Aleksandar Vucic said on Tuesday that Chinese President Xi Jinping’s upcoming state visit is not only a major diplomatic event for Serbia, but also a major event that is worthy of the joy of all Serbian people. While expressing his belief that Xi’s visit will bring new hope to Serbia’s development, the president said: “I am very much looking forward to President Xi’s visit.” Vucic made the remarks when meeting with visiting President of Xinhua News Agency Fu Hua in Belgrade. Noting that China is Serbia’s “iron-clad friend” and the exchanges between the two countries are fully ..read more

Cairo, Egypt – 2/5/2024 – Contact Financial Holding, the leading non-banking financial services (NBFS) provider in Egypt, and Oracle, the global technology leader, have entered a strategic collaboration to enhance the performance, scalability, and reliability of Contact’s mission-critical applications. The signing ceremony, held at Contact Financial Holding’s headquarters in Cairo, marks a milestone in a partnership that has been ongoing for over 20 years, demonstrating Contact’s commitment to leveraging Oracle’s technology to drive innovation and business growth. Contact Financial Holding has ..read more

The net foreign assets deficit in Egypt’s banking sector decreased to $4.2bn in March 2024, down from $21.9bn in February, marking a significant reduction of approximately $17.7bn. This change is attributed to the varying dollar selling prices: EGP 30.94 in February and EGP 47.26 at March’s end. This positive shift, the first in two years, was bolstered by the influx of dollars from the Ras Al-Hikma project and the liberalization of the exchange rate. The Central Bank of Egypt (CBE) reports that Egypt secured $10bn from Abu Dhabi Holding in two instalments at February’s close and March’s start ..read more

During a recent meeting in Cairo, Egypt’s Foreign Minister Sameh Shoukry and his French counterpart, Stephane Ségournet, underscored the critical need for a ceasefire in Gaza and progress towards a two-state solution. The Ministry of Foreign Affairs spokesperson, Ahmed Abu Zeid, highlighted that the visit aimed to bolster ongoing consultations and coordination efforts to address the crisis in Gaza and mitigate regional tensions. Ségournet also shared insights from his recent diplomatic engagements in Israel and Lebanon. The discussions focused on the current truce negotiations between Hamas an ..read more

Elsewedy Electric, a leader in integrated energy, infrastructure, and digital solutions, has entered into a Cooperation Agreement with Bühler Group, a Swiss technology firm, and IBC Group (IBC). This strategic alliance aims to promote the localization of grain silo manufacturing in Egypt, thereby enhancing food security and contributing to the sustainable growth of the agricultural sector. The agreement underscores Elsewedy Electric’s commitment to broadening its industrial footprint by tapping into its expertise and forming alliances with globally recognized technology partners. The initiativ ..read more

Prominent businessman and Shark Tank personality, Ahmed Tarek, has expanded his portfolio by acquiring the National Language Schools and Al Rowad Schools. In an interview with Daily News Egypt, Tarek confirmed the completion of the acquisition process, though the financial details remain undisclosed. Tarek’s strategic vision includes the acquisition of two additional school chains soon. Furthermore, he has announced an ambitious plan to inject $100m into the healthcare industry over the next three years. This investment will be allocated towards both the acquisition of existing entities and th ..read more

Egypt’s Minister of Environment, Yasmine Fouad, convened with Sophie Vanhaeverbeke, Deputy Ambassador of the European Union to Egypt, Anne Schouw, Deputy Head of the European Union Delegation, and representatives from various European firms. The discussion centred on collaborative approaches to foster policies that promote the green economy. The European delegation committed to providing €7.4bn in support of Egypt’s green economy policy development, aiming to bolster private sector engagement. Minister Fouad emphasized Egypt’s commitment to a fair and inclusive green transition, considering bo ..read more

Egypt is nearing a deal with Korea Aerospace Industries (KAI) to buy FA-50 “Golden Eagle” light combat and advanced training aircraft, South Korea’s Yonhap news agency reports. The parties are discussing how many aircraft would be included. The potential contract includes technology transfer so Egypt can manufacture the Korean aircraft at the Helwan factory, which is part of the Arab Organization for Industrialization (AOI).  The two sides signed a cooperation agreement in late 2022 for local production of the FA-50 and its T-50 training variant. The Ara ..read more

Madinet Masr (stock code MASR.CA), one of Egypt’s leading urban community developers, announced the launch of “Sheya”, the latest project in the company’s flagship project “Sarai”, spanning an area of 228,212 sqm and strategically located near the New Administrative Capital. The project is distinguished by its unique designs and variety of services in order to meet the needs and aspirations of Madinet Masr’s clients. This launch comes in line with the company’s growing performance and expansion plan as well as achieving record-breaking sales in 2023. “Sheya” offers a total of 744 mix resident ..read more