Egypt
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Granite Financial Holding plans expansion in digital liquidity management, investment funds
Granite Financial Holding is preparing to expand its digital liquidity management platform through the launch of new investment products and treasury management solutions targeting both individuals and corporates, as the company seeks to strengthen its position within Egypt’s rapidly evolving fintech sector. In an interview with Daily News Egypt, Hisham Akram, founder and director of Granite Financial Holding, said the company was established to address a structural gap in Egypt’s financial system by providing regulated digital tools designed to improve liquidity management efficiency. “Our vision is not to reinvent investment products, but to rebuild how people access and use them,” Akram said, highlighting the company’s flagship digital Money Market Account, which allows users to generate daily returns while maintaining full access to their funds. The fully digital platform enables customers to open accounts within minutes through the company’s mobile application using electronic know-your-customer (eKYC) procedures and digital signatures, eliminating the need for paperwork or branch visits. Customer funds are invested in short-term Egyptian Treasury Bills through professionally managed money market funds, with returns calculated and credited daily. Akram said Granite’s business model focuses on addressing a key challenge facing both individuals and corporates: balancing liquidity with competitive investment returns. “For individuals, the traditional choice has been either locking funds into certificates of deposit or leaving them idle in current accounts,” he explained. “Granite offers a more efficient alternative.” For corporate clients, the platform provides digital treasury management solutions that help companies generate returns on idle cash balances while preserving operational liquidity needed for payroll obligations and supplier payments. The company currently operates under the supervision of the Financial Regulatory Authority (FRA), with Akram noting that regulatory compliance and institutional-grade infrastructure have been central to Granite’s strategy since its establishment. He added that the company has invested heavily in cybersecurity systems, enterprise-grade hosting infrastructure, disaster recovery capabilities, and secure digital onboarding processes to meet strict regulatory standards while maintaining a seamless customer experience. Looking ahead, Granite plans to launch a US dollar-denominated money market fund in early 2026, subject to regulatory approvals, targeting underutilised dollar liquidity within the Egyptian market. The company is also developing additional investment products, including a private pension fund inspired by the US 401(k) model and a large-scale real estate investment trust (REIT). According to Akram, the proposed pension fund is intended to provide long-term retirement savings solutions through diversified allocations across government bonds, equities, real estate, and potentially venture capital investments. Meanwhile, the planned REIT initiative aims to establish a diversified portfolio of income-generating assets across commercial, administrative, residential, hospitality, and healthcare sectors, enabling investors to gain exposure to the real estate market without direct property ownership. Akram said the targeted size of the REIT could reach approximately EGP 15bn to ensure sufficient diversification and meet stock exchange listing requirements. He described Egypt’s fintech sector as being at a “clear inflection point,” supported by expanding digital infrastructure, high mobile penetration rates, and evolving regulatory frameworks. However, he identified trust and technology adoption as among the sector’s main challenges, particularly among consumers unfamiliar with fully digital financial services. Granite plans to address these challenges through financial literacy initiatives, educational content, and simplified digital products designed to encourage broader adoption. Over the next five years, the company aims to manage multi-billion-pound assets under management while positioning itself as a core player in Egypt’s liquidity management ecosystem. “There is significant idle liquidity in the Egyptian market,” Akram said, noting that nearly EGP 9trn remains held in low-yield current and savings accounts, while only a limited share is currently allocated to money market funds. The post Granite Financial Holding plans expansion in digital liquidity management, investment funds first appeared on Dailynewsegypt .
10 May 2026
Trump says US monitoring buried Iranian uranium, warns of more strikes
US President Donald Trump said the United States was monitoring Iran’s buried enriched uranium and would “blow up” anyone attempting to approach it, as regional diplomatic efforts continued to contain tensions between Washington and Tehran despite ongoing military threats from both sides. Trump stated that the United States would “eventually” gain access to Iran’s deeply buried uranium stockpile, adding that the US Space Force was monitoring the site. “If anyone goes near the buried enriched uranium, we will know about it and we will blow it up,” he said. The president stressed that military operations against Iran had not fully ended, clarifying that he never declared the fighting over but only said Iran had been “defeated.” He added that Tehran had been “militarily defeated” and lacked effective naval, air, and air defense capabilities. Trump said the United States had eliminated “three layers” of Iran’s leadership and remained capable of continuing military operations for “another two weeks” and striking additional targets inside Iran, noting that roughly 70% of Washington’s objectives had been achieved. He added that rebuilding Iran’s capabilities would take years even if strikes stopped now, reiterating that Washington would never allow Tehran to obtain a nuclear weapon. “If Iran had acquired a nuclear weapon, it would have used it against Israel and the Middle East,” he said. Iran, meanwhile, maintained a defiant tone amid mixed signals over prospects for renewed diplomacy. Iranian President Masoud Pezeshkian said the Iranian people would “never submit to the enemy,” insisting that talks did not mean surrender or retreat. He argued that Iran’s adversaries were trying to shift the conflict into the “economic arena” after failing militarily, urging Iranians to remain united and reduce energy consumption. Iranian state television quoted a military spokesman as saying any new attack on Iran would be met with “new weapons, new warfare methods and new battlefields,” while another official warned that countries complying with US sanctions would “certainly face difficulties” crossing the Strait of Hormuz. The Revolutionary Guards escalated their rhetoric, warning that any attack on Iranian oil tankers would trigger “violent” strikes on US centers and hostile ships in the region. The commander of the Guards’ aerospace force said Iranian missiles and drones had “locked onto American targets and enemy ships” and were awaiting launch orders. Against that backdrop, Iran’s state news agency reported that Tehran had sent its response to a US proposal to end the war through Pakistani mediation, adding that negotiations at this stage would focus on ending the regional conflict. Qatar continued its mediation efforts. The Qatari foreign ministry said Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani discussed the ceasefire and de-escalation efforts with his Saudi and Iranian counterparts. Doha stressed the need for all sides to engage with mediation efforts and address the roots of the crisis through dialogue, while emphasizing that freedom of navigation was “a non-negotiable principle.” It warned that closing the Strait of Hormuz or using it as leverage would deepen the crisis and threaten regional security. Qatar also condemned a drone attack on a commercial cargo vessel in its territorial waters, describing it as a “blatant violation” of international law and freedom of navigation. Meanwhile, Kuwait and the United Arab Emirates said they had dealt with drones over their territories despite the ceasefire in place since April 8, highlighting the fragility of the truce and persistent security concerns across the Gulf. The Wall Street Journal , citing informed sources, reported that Israel had established a secret military base in the Iraqi desert to support air operations against Iran and had struck Iraqi forces that came close to discovering the site during the early days of the war. The report said the base had been set up with US knowledge. The continued hardline rhetoric from both sides, despite ongoing diplomatic contacts, suggests the current calm remains fragile and vulnerable to collapse, particularly with unresolved disputes over Iran’s nuclear program, Gulf shipping security, and the US military presence in the region. The post Trump says US monitoring buried Iranian uranium, warns of more strikes first appeared on Dailynewsegypt .
10 May 2026
Egypt, Belarus explore commodity exchange cooperation to strengthen trade integration
Minister of Investment and Foreign Trade Mohamed Farid discussed mechanisms for cooperation and integration between the Egyptian and Belarusian commodity exchanges during a visit to the Belarusian Universal Commodity Exchange (BUCE) in Minsk, as part of his official visit to Belarus to chair meetings of the Egyptian-Belarusian Joint Committee. Farid met with Alexander Osmolovsky, BUCE Chairperson, alongside senior exchange officials, to discuss ways to strengthen coordination and technical cooperation between the two sides, particularly in the fields of commodity trading systems and electronic trading technologies. Discussions focused on enhancing institutional cooperation between the Egyptian Commodity Exchange and its Belarusian counterpart through the exchange of technical expertise, market information, and best practices related to the management and operation of electronic trading platforms. During the meeting, the Belarusian side presented an overview of the BUCE, which is regarded as one of Eastern Europe’s largest commodity exchanges. Officials highlighted the exchange’s role in organising commodity trading and supporting trade flows, in addition to showcasing its electronic trading systems and technical services. Farid said the meeting reflects Egypt’s broader strategy to deepen economic cooperation with Belarus and benefit from advanced expertise in digital trading technologies and electronic exchange systems. “We are working to build an integrated economic partnership with Belarus based on trade, investment, and technology transfer,” he said, adding that coordination between the Egyptian and Belarusian commodity exchanges could contribute to the development of Egypt’s commodity trading ecosystem and create broader opportunities for bilateral economic cooperation. The minister added that discussions also covered mechanisms for strengthening communication channels between the business communities in both countries and preparing the technical and institutional frameworks required to facilitate future trade and commodity exchange activities. Farid stressed the importance of leveraging Belarusian expertise in the development of electronic trading systems, noting the ministry’s commitment to supporting technical cooperation, capacity building, and knowledge exchange to modernise Egypt’s commodity trading infrastructure. He also highlighted Egypt’s strategic advantages, saying the country possesses strong capabilities to become a regional hub for trade, logistics services, and re-export activities. For his part, Alexander Osmolovsky expressed Belarus’s interest in establishing a long-term strategic partnership with Egypt and confirmed BUCE’s readiness to exchange expertise and support knowledge transfer in electronic trading and digital platform development. Osmolovsky added that closer cooperation between the two sides would represent an important step toward strengthening broader economic and trade relations between Egypt and Belarus, particularly in light of Egypt’s strategic geographic position and expanding logistics capabilities. The post Egypt, Belarus explore commodity exchange cooperation to strengthen trade integration first appeared on Dailynewsegypt .
10 May 2026
Egypt’s Hajj medical mission delivers 987 healthcare services to pilgrims in Saudi Arabia
Egypt’s Ministry of Health and Population said the Egyptian medical mission accompanying pilgrims during the Hajj season has provided 987 healthcare services to Egyptian pilgrims in Saudi Arabia since their arrival, while confirming that no infectious disease outbreaks have been detected among them. In a statement, the ministry said medical teams are operating around the clock through clinics in Mecca and Medina to provide both preventive and treatment services to pilgrims throughout the pilgrimage season. Hossam Abdel Ghaffar, spokesperson for the Health Ministry, said the overall health condition of Egyptian pilgrims remains stable, noting that continuous coordination is taking place with Saudi health authorities to ensure rapid response and medical support when needed. Meanwhile, Ahmed Mostafa, head of Egypt’s Hajj medical mission, said that 342 healthcare services were provided on May 9 alone, including 177 services delivered through clinics in Medina and 165 through clinics in Mecca. He added that several medical cases required hospitalisation, including three patients admitted to intensive care units, one patient placed in intermediate care, and two patients admitted to inpatient wards at hospitals in Medina. Three additional cases were also admitted to hospitals in Mecca, including one patient in intensive care and two others receiving inpatient treatment. Mostafa said members of the Egyptian medical mission conducted visits to hospitalised pilgrims to monitor their conditions and praised the quality and efficiency of healthcare services provided by Saudi hospitals. The ministry added that the Egyptian medical mission will continue conducting medical follow-ups for pilgrims at their residences while maintaining close coordination with Saudi authorities to ensure the safety and wellbeing of Egyptian pilgrims throughout the Hajj season. The post Egypt’s Hajj medical mission delivers 987 healthcare services to pilgrims in Saudi Arabia first appeared on Dailynewsegypt .
10 May 2026
Banque Misr funds Andalusia Hospital Maadi expansion with EGP 300m, $6.5m over 8 years
Banque Misr has signed an eight-year financing agreement worth EGP 300m and $6.5m with Andalusia Hospital Maadi to finance construction and medical expansions, as part of the bank’s role in supporting vital sectors and promoting investments with developmental impact, particularly in healthcare. The financing aims to add a new 70-bed capacity at Andalusia Hospital Maadi. The expansion will strengthen the hospital’s ability to provide more integrated healthcare services and meet growing demand for specialised medical care in line with international standards. Hesham Okasha, CEO of Banque Misr, said the bank is committed to providing an integrated package of financing solutions that meet the needs of various sectors. He noted that the financing reflects the bank’s approach of directing resources toward sectors that directly address societal needs, foremost among them healthcare. “We believe in the importance of supporting expansions and development within major medical institutions in a manner that enhances operational efficiency and elevates the quality of healthcare services provided to citizens, while ensuring the best added value for development projects, backed by specialised banking expertise capable of managing financing efficiently,” he added. Hazem Zaqzouq, CEO, Vice Chairperson and Managing Director of Andalusia Health Group in Egypt and Saudi Arabia, said the group manages assets worth $1bn. He noted that the Andalusia Hospital Maadi expansion project is a practical model of the group’s ability to implement healthcare projects in complex operating environments. Despite logistical and operational challenges related to tight timelines and supply chain constraints, the group’s reliance on an integrated system covering planning, development and operation, supported by an investment-oriented mindset, enabled successful implementation. Zaqzouq added that cooperation with Banque Misr reflects confidence in the group’s ability to manage challenges efficiently, stressing that the relationship goes beyond a credit facility to a partnership that supports operational expansion and keeps pace with growing demand for healthcare services in Egypt. He further emphasized that the success of such projects depends on the operating model’s ability to balance financial planning with operational efficiency, a principle the group seeks to establish across its projects. Banque Misr continues to cement its position as a key partner for major institutions by providing financing for development, healthcare, and investment projects in ways that support economic growth and the state’s comprehensive development plans. The post Banque Misr funds Andalusia Hospital Maadi expansion with EGP 300m, $6.5m over 8 years first appeared on Dailynewsegypt .
10 May 2026
M squared CEO Karim Malash named to Forbes Middle East real estate leaders list
Forbes Middle East has named Karim Malash, Chairperson and Chief Executive Officer of M squared, to its Most Impactful Real Estate Leaders 2026 list. Forbes selects its award recipients based on their role and contributions to accelerating the growth of the real estate market in the Middle East. The 2026 list highlights leaders at real estate development companies that are shaping cities and major projects across the region. It features a diverse range of companies, from established firms to emerging developers working in residential, commercial, hospitality, and mixed-use projects. The list includes 47 leading companies from the United Arab Emirates, followed by Saudi Arabia with 21 companies, and Egypt with 17 companies. According to the IMARC Group, the Middle East real estate market has seen significant growth, driven by increasinginfrastructure projects and rising investment in non-oil sectors. Its value reached $420.5bn in 2025 and is expected to reach $849bn by 2034. Malash brings 30 years of global experience in operations management, including five years in the real estate industry. Since joining M squared in 2021, his experience has been instrumental in accelerating the company’s growth within Egypt’s expanding real estate market. He oversees a portfolio of real estate projects that combine sustainability and design to meet client needs while achieving operational excellence. Under Malash’s leadership, M squared has launched projects including Masyaf Ras AlHekma inthe North Coast; MIST, a mixed-use urban community in New Cairo; and 31WEST, designed for luxury living and sustainable development in the 6th of October City. Before transitioning into real estate development, Malash spent 25 years in the oil and gas sector at oilfield services company Schlumberger. He joined as a junior field engineer in 1996 and rose to hold key roles, including Vice President of Global Supply Chain and Shared Services. He also served as President of Testing Services Product Line, where he oversaw worldwide operations. Through these roles across Europe, Africa, and the Middle East, he led diverse teams, optimised large-scale global projects, and delivered results under challenging market conditions. His ability to manage multidisciplinary projects and navigate regulatory and market complexities across various countries has positioned M squared in creating sustainable, customer-driven communities. Malash holds a Bachelor’s degree in Mechanical Engineering from the University of Alexandria and an Executive MBA from Erasmus University. He also received advanced executive training at Harvard University, IMD Business School, and the London School of Economics, academic achievements that bridge his technical expertise with strategic leadership. The post M squared CEO Karim Malash named to Forbes Middle East real estate leaders list first appeared on Dailynewsegypt .
10 May 2026
Egypt accelerates redevelopment of Cairo’s Ataba Market to upgrade commercial environment
Manal Awad, Egypt’s Minister of Local Development and Environment, inspected ongoing works under the second phase of the redevelopment of Ataba Market, part of a broader government plan to modernise commercial districts and improve infrastructure and public services across the capital. In a statement, the ministry said the project is aimed at improving the urban environment and strengthening safety measures in one of Cairo’s busiest and most densely populated commercial areas. The current phase covers several major streets in the Ataba and Mouski districts, including Youssef Naguib Extension, El-Qatawi, Bab Sharq, El-Bosta, and Ataba streets, with total redevelopment works extending across approximately 1,052 metres. Officials said the project is designed to address chronic overcrowding and the spread of informal street occupation that had previously obstructed access for ambulances, fire services, and emergency response vehicles. The redevelopment includes the upgrading of approximately 152 commercial shops, the restoration of five architecturally significant buildings, and improvements to nine modern buildings as part of wider efforts to preserve the district’s visual and historical character. The project also involves standardising storefronts and building facades, installing fire-resistant canopies, allocating designated spaces for street vendors, and introducing surveillance cameras and modern lighting systems. Infrastructure upgrades further include improvements to drainage networks and civil protection systems. According to the ministry, infrastructure works are progressing steadily, with drinking water upgrades already completed, sewage network works reaching nearly 95%, and electricity upgrades continuing alongside broader urban enhancement efforts. Authorities officially took over the project site in late March 2026 after coordinating with street vendors and temporarily relocating them to Ataba Garden to enable them to continue operating during the redevelopment process. During the inspection tour, Manal Awad met with shop owners and street vendors to discuss the progress of the project and hear their feedback. She said the redevelopment aims to strike a balance between preserving the district’s historic commercial activity and improving safety, organisation, and working conditions. Awad also stressed the importance of adhering to implementation timelines and called for additional greening and beautification works linked to the first phase of the redevelopment programme. The post Egypt accelerates redevelopment of Cairo’s Ataba Market to upgrade commercial environment first appeared on Dailynewsegypt .
10 May 2026
FRA introduces new regulatory framework to boost takaful insurance market
The Financial Regulatory Authority (FRA), chaired by Islam Azzam, has issued Decision No. 70 of 2026 regulating the rules, standards, and controls governing companies licensed to practise takaful insurance activities in Egypt. The move is aimed at revitalising the takaful insurance market and stimulating sector growth in line with the provisions of the Unified Insurance Law No. 155 of 2024, through modernising the regulatory framework, improving operational efficiency, and creating new opportunities for expansion. The decision applies to takaful insurance companies defined as entities licensed to manage insurance operations and invest participants’ funds in return for management fees, a share of investment returns, or a combination of both, while maintaining the financial solvency of participants’ funds. Islam Azzam said the new regulations introduce an advanced operational framework for managing takaful and investment accounts by combining the wakala (agency) and mudaraba (profit-sharing) models, giving companies greater flexibility while balancing the interests of shareholders and policyholders. He explained that the framework establishes three operational structures for managing participants’ funds: the wakala model, the mudaraba model, and a hybrid model combining both systems. Under the hybrid structure, companies manage insurance activities as an agent for a fee while handling investments as a mudarib in exchange for a share of investment returns, subject to specific regulatory controls. Azzam noted that the new regulations form part of the FRA’s broader strategy to stimulate the takaful insurance market and strengthen its ability to attract new investors and clients. He added that the framework supports sector development while ensuring compliance with Sharia principles and enhancing long-term market sustainability. The decision establishes a detailed governance framework for takaful insurance policies, including clarification of contractual relationships, mechanisms for distributing insurance surpluses, Sharia-compliant investment policies, and procedures for handling deficits in participants’ funds. The regulations also introduce rules governing the formation of reserves aimed at strengthening the financial stability of takaful companies and participants’ funds, including deficit coverage reserves and claims fluctuation reserves designed to protect against exceptional circumstances. Insurance surpluses are to be distributed at the end of each financial year through several approved mechanisms. These include proportional distribution based on participant contributions, restricting surplus distribution to participants without claims during the year, or calculating distributions after deducting compensation payments made to each participant. The decision also introduces a mathematical formula to ensure fairness in surplus allocation while explicitly prohibiting the distribution of insurance surpluses to shareholders. The framework further defines methods for addressing deficits in participants’ funds, including the use of reserves, interest-free loans provided by shareholders, or charging participants for deficits when necessary. Companies will remain responsible for any shortfalls resulting from negligence or operational misconduct. As part of efforts to strengthen governance and compliance, the regulations require companies to establish an independent Sharia supervisory committee consisting of at least three members. The committee will be responsible for reviewing contracts and activities, issuing binding Sharia opinions, and monitoring compliance with Islamic principles. The decision also mandates the appointment of a Sharia auditor and introduces stricter disclosure and transparency requirements, including the full separation of shareholders’ and participants’ accounts, disclosure of accounting policies, mechanisms for surplus distribution and deficit treatment, and reporting of any Sharia-related violations. In addition, the regulations govern the handling and disposal of income deemed non-compliant with Sharia principles and allow companies to establish zakat funds. The decision further obliges takaful insurers to place inward and outward reinsurance business with takaful reinsurance companies. However, where sufficient reinsurance capacity is unavailable or specific risks cannot be covered, companies may engage with conventional reinsurance providers subject to prior FRA approval. The new framework replaces the previous takaful insurance regulations issued under FRA Board Decision No. 23 of 2019 and will take effect from the day following its publication in the Egyptian Gazette. The post FRA introduces new regulatory framework to boost takaful insurance market first appeared on Dailynewsegypt .
10 May 2026
CAPTEX expands sports manufacturing capacity amid Egypt’s push to deepen local industry
CAPTEX, the Egyptian manufacturer of sports equipment and supplies, is moving to expand its production capabilities as part of broader state efforts to deepen local manufacturing, increase domestic content, and strengthen cooperation between the public and private sectors. Minister of State for Military Production Salah Gamblat visited the company’s facilities alongside Minister of Youth and Sports Gohar Nabil and Minister of Industry Khaled Hashem to review the company’s latest manufacturing developments and future expansion plans. During the visit, the ministers inspected CAPTEX’s artificial turf production lines and reviewed different stages of the manufacturing process. The delegation also toured the company’s showroom, which features a range of locally produced sports equipment and supplies, reflecting Egypt’s growing focus on supporting domestic industry and reducing reliance on imported products. Officials were briefed on the company’s business strategy, including ongoing efforts to localise technologies and feeder industries required for the production of artificial turf and other sports-related products. The initiative aims to increase local content, improve the competitiveness of Egyptian-made products, and support the state’s broader vision of building an advanced industrial base through cooperation between national institutions and private-sector partners. Gamblat said the company is preparing to implement a strategic expansion plan designed to increase production capacity and localise advanced sports manufacturing technologies, particularly in line with directives from the political leadership to deepen local industry, reduce imports, and strengthen the competitiveness of Egyptian products in domestic and international markets. He added that efforts are continuing to further develop the company and introduce new industries capable of adding value to the national economy, stressing that private-sector partnerships remain a central pillar in supporting industrial development and transferring advanced expertise and technologies to the Egyptian market. For his part, Gohar Nabil highlighted the ministry’s commitment to maximising the use of national manufacturing capabilities to meet the needs of sports facilities and youth centres through locally produced artificial turf and sports equipment, helping to reduce pressure on foreign currency resources. He noted that cooperation between the Ministries of Youth and Sports and Military Production has already contributed to the implementation of numerous sports and development projects across Egypt, including the modernisation of stadiums and sports fields, as well as the establishment of model youth centres and integrated sports complexes. The minister added that the government is also working to open new opportunities for sports investment in coordination with relevant state entities by leveraging the capabilities of national companies able to deliver high-quality products that meet international standards, supporting broader efforts to maximise the economic returns of the sports sector. Meanwhile, Khaled Hashem said the company’s ongoing development of production lines and efforts to increase local content are fully aligned with Egypt’s industrial development strategy and export growth objectives. He added that the Ministry of Industry places significant emphasis on specialised sports industries that rely on advanced manufacturing technologies as part of efforts to strengthen the competitiveness of Egyptian industry. At the conclusion of the visit, the ministers underscored the importance of continued coordination between the concerned ministries to support national industry, deepen local manufacturing, strengthen sports investment, and empower the private sector as a key partner in Egypt’s economic development strategy. The post CAPTEX expands sports manufacturing capacity amid Egypt’s push to deepen local industry first appeared on Dailynewsegypt .
10 May 2026
Real estate sector pushes for export strategy, green incentives, and regulatory reforms
Egypt’s real estate sector is increasingly emerging as one of the country’s most influential economic drivers, with developers, regulators, and investment leaders calling for a new wave of structural reforms aimed at transforming the market into a globally competitive investment destination. Over recent years, Egypt’s property market has experienced rapid expansion, supported by large-scale urban developments, the growth of integrated smart cities, and rising international interest in Egyptian real estate assets. Industry leaders argue that the sector has evolved beyond its traditional role as a domestic housing market into a strategic industry capable of generating foreign currency inflows, attracting international capital, and supporting long-term economic growth. Against this backdrop, developers and sector stakeholders have put forward a series of recommendations focused on strengthening real estate exports, improving investment competitiveness, accelerating sustainability efforts, and modernising the legislative and financial frameworks governing the industry. Among the key proposals was the establishment of a comprehensive national strategy for marketing Egyptian real estate internationally through a unified digital platform for marketing and contracting. Stakeholders also called for stronger cooperation with international brokers and legal advisors, alongside the creation of a dedicated government entity responsible for managing and promoting real estate exports. Industry leaders further urged authorities to remove tax-related obstacles facing real estate investment funds and accelerate the launch of the long-awaited real estate exchange, which is expected to diversify investment instruments and attract new categories of domestic and foreign investors. Sustainability featured prominently in the discussions, with developers calling for specialised incentives for green and environmentally sustainable projects in response to shifting global demand trends. Participants stressed the importance of supporting the transformation of Egyptian cities into sustainable urban communities while encouraging local production of eco-friendly construction materials to reduce costs and shorten project execution timelines. Developers also recommended granting “golden licences” to real estate projects, similar to incentives offered to industrial investments, in order to accelerate procedures and improve investment efficiency. Calls were also renewed for faster legislative reforms and the establishment of the long-awaited Real Estate Developers Union to strengthen market regulation and create a more organised investment environment. Stakeholders emphasised the importance of developing smart and sustainable projects that align with the evolving expectations of foreign investors and changing global consumer trends. They also highlighted the need to improve the tourism investment climate and maximise its economic returns through stronger regulatory frameworks that ensure the quality and long-term sustainability of tourism projects. One of the key challenges raised during discussions concerned overlapping jurisdiction over natural reserve lands between tourism development authorities and environmental entities. Developers called for clearer regulations to resolve these conflicts and unlock additional tourism investment opportunities. For his part, Moatasem Ahmed, Director of the Investment Funds Department at the Financial Regulatory Authority (FRA), said the authority is working to develop legislative and regulatory frameworks that keep pace with evolving market dynamics and attract new segments of local and foreign investors through innovative investment tools and digital platforms. He added that the FRA has held extensive discussions with developers, financial institutions, and service providers to prepare regulations governing digital real estate investment platforms, which would offer diversified opportunities through fractional ownership models and structured property investments. Meanwhile, Ahmed Sabbour said Egypt’s real estate sector has evolved beyond its traditional developmental role to become a major engine of economic growth. He projected that the Egyptian real estate market would expand from approximately $20.02bn in 2024 to nearly $33.67bn by 2029, reflecting the sector’s growing role as a core pillar of the national economy. Amr Sultan, CEO of LMD Egypt, stated that Egypt has the potential to generate more than $30bn annually from real estate exports, compared with around $1.5bn achieved in 2025, highlighting the scale of untapped opportunities available if effective export mechanisms and supportive policies are implemented. For his part, Hisham Shoukry revealed that Egypt generated nearly $2bn from real estate exports during the 2024/2025 fiscal year, with revenues expected to grow by between 10% and 20% during 2025/2026. The growing calls for reform reflect a broader transformation within Egypt’s real estate sector toward institutional development, sustainability, and export-oriented growth, as developers seek to position the country as a regional hub for smart urban communities and international property investment. The post Real estate sector pushes for export strategy, green incentives, and regulatory reforms first appeared on Dailynewsegypt .
10 May 2026
Ajna, Manara partner on phase four of Carnelia in Galala
Ajna Developments has signed a partnership agreement with Manara Developments to develop Phase Four of the Carnelia project in Galala City, Ain Sokhna. Under the agreement, Manara will oversee the development and marketing of the fourth phase, while Ajna continues managing and operating the overall project. Osama Shalaby, Chairperson of Ajna Developments, said the company had received several partnership proposals for upcoming phases of Carnelia and chose Manara following previous cooperation between the two sides. He added that the partnership is expected to accelerate construction progress, noting that total investments in Carnelia have reached around EGP 30bn. Ahmed Omar, Chairperson of Manara Developments, said the phase spans more than 150,000 sqm—around 35 feddans—with a targeted completion timeline of four years. He noted that targeted sales for Phase Four are estimated at EGP 5bn, while approximately EGP 500m in construction investments are planned for the current year. Omar added that the master plan has been updated to include a broader range of unit sizes between 55 sqm and 150 sqm, including studios and chalets, to meet varying market demand. The phase will feature 389 units overlooking the sea, landscaped areas, and water features. The first launch is scheduled for mid-May, offering 100 units with prices starting from EGP 4m and payment plans extending up to eight years. Carnelia extends over 100 feddans in Ain Sokhna and includes around 1,800 fully finished units ranging from 55 sqm to 265 sqm. The project also features swimming pools, lagoons, clubhouses, and green spaces. Ajna stated that construction work is progressing across the project, with around 90% of Phase One buildings completed. Deliveries for the first and second phases are expected to begin in the fourth quarter of this year. Founded in 2019, Ajna Developments operates across residential, commercial, and mixed-use projects in Ain Sokhna and New Cairo. Manara Developments, also established in 2019, is currently developing several projects in Galala City, including Bella Vento, Bella Romantic, and Bella East. The post Ajna, Manara partner on phase four of Carnelia in Galala first appeared on Dailynewsegypt .
10 May 2026
RED launches Keller Williams Egypt with nationwide expansion plans
RED has secured the exclusive master franchise rights to represent Keller Williams in Egypt, reflecting growing interest in adopting more structured brokerage and marketing models. Founded in Texas in 1983, Keller Williams operates in more than 68 countries through a network of over 200,000 real estate agents and more than 1,100 franchise offices worldwide. The announcement comes amid shifts in Egypt’s real estate market following sharp price increases during 2024 and 2025, which affected purchasing power and slowed speculative activity. Khaled Bahig, Chairperson and CEO of Keller Williams Egypt, said the partnership aims to support the development of the real estate marketing sector in Egypt through the transfer of international brokerage and training systems. He noted that around 30 Keller Williams franchises were launched at the start of operations, reflecting strong interest from local brokerage firms in joining the network. Bahig added that the company plans to expand its operations in Egypt, targeting 50 affiliated companies by the end of 2026 and around 100 by 2027. He also pointed to plans for regional expansion through participation in real estate exhibitions in Saudi Arabia, the UAE, and Bahrain. According to the company, Egypt was selected following market studies conducted by Keller Williams, while RED was chosen as the local partner based on its experience in the brokerage sector. Abeer Salah, Board Member of Keller Williams Egypt, said the company’s operational model relies heavily on technology platforms, particularly the “Command” system, which allows agents to manage listings, marketing campaigns, and client communication through a unified digital platform. She explained that the system enables brokers to list both primary and resale properties, with listings appearing on Keller Williams’ international websites. The platform also includes tools for digital marketing, campaign management, and artificial intelligence integrations. Ahmed Ghoneim, Regional Operating Partner and Board Member, said Keller Williams’ technological tools are designed to improve operational efficiency and facilitate communication between local brokers and the company’s global network. Meanwhile, Mohamed El Bannany, Board Member of Keller Williams Egypt, announced the rebranding of RED Expo under the name “Keller Williams Red Expo,” with plans to increase the number of participating development companies in future editions. Company officials said the partnership could contribute to expanding opportunities for marketing Egyptian real estate to clients in regional and international markets, including the Gulf, Europe, and the United States. The post RED launches Keller Williams Egypt with nationwide expansion plans first appeared on Dailynewsegypt .
10 May 2026
Khaled Sabry Developments launches Waterside Villas in Rosail City with immediate delivery
Khaled Sabry Developments announced the launch of a new villa phase, Waterside Villas, within its Rosail City project, as part of its strategy to offer ready-to-move residential units targeting buyers seeking both stability and investment opportunities. The new phase spans around 20 feddans within Rosail City, which extends across 61 feddans in Mostakbal City. According to the company, about 87% of the project’s total area has been allocated to green spaces, lakes, and water features, while built-up areas account for 13%. The phase includes 225 residential units that have been fully constructed over the past two years since the project’s launch. Unit types include Lakehouse villas, standalone villas, twin houses, and townhouses, with sizes ranging from 200 to 360 sqm and prices starting from EGP 14m. Khaled Sabry, Chairperson of Khaled Sabry Developments, stated that the units are ready for immediate delivery, reflecting a growing trend in Egypt’s real estate market toward completed projects. He added that flexible payment plans are available, including installment periods of up to 10 years. Rosail City is located in Mostakbal City opposite Madinaty’s The Spine, with proximity to the New Capital, 90th Street, and Cairo International Airport. The development offers a residential concept centered on water views, open spaces, and low-density planning. The company said it collaborated with several partners on the project, including MAD Partners, Kelma, Purescape, Salama Structural Engineers, and ACE Consulting. Sabry noted that the launch reflects the company’s focus on delivering completed residential products and developing integrated communities that support long-term real estate value. He added that the company has recently prioritized completing construction works and deliveries in its ongoing projects, while temporarily suspending sales at its New Capital projects, including Ronza Tower and Rayan Tower, ahead of relaunching them under an immediate delivery model. According to the company, it has delivered more than 700 residential units in previous projects in New Cairo, with total built-up areas exceeding 110,000 sqm. It is also expanding cooperation with banks and mortgage financing companies to provide financing and finishing solutions for clients. The post Khaled Sabry Developments launches Waterside Villas in Rosail City with immediate delivery first appeared on Dailynewsegypt .
10 May 2026
Triumph Hotels, M|A Group launch Triumph Pyramids Hotel near Grand Egyptian Museum
Triumph Hotels Management and M|A Group announced the launch of the Triumph Pyramids Hotel during an event held near the Pyramids of Giza and the Grand Egyptian Museum. The project reflects a partnership between the two companies aimed at developing a hospitality destination in one of Egypt’s key tourism areas, combining hotel management expertise with real estate development experience. According to the companies, the hotel will offer direct views of the Pyramids and the Grand Egyptian Museum, with a concept focused on blending Egyptian heritage with contemporary hospitality standards. The launch ceremony was attended by government officials, business leaders, representatives from the tourism and real estate sectors, and media figures. The event included the unveiling of a hotel room mock-up, along with entertainment performances and a dinner reception. The companies said the project is part of broader efforts to support Egypt’s tourism sector and expand hospitality offerings in areas surrounding major historical attractions. Triumph Hotels Management and M|A Group stated that the project aims to contribute to the growth of Egypt’s tourism and hospitality market while enhancing accommodation options near the country’s major archaeological landmarks. The post Triumph Hotels, M|A Group launch Triumph Pyramids Hotel near Grand Egyptian Museum first appeared on Dailynewsegypt .
10 May 2026
Egypt’s new vision: Education at core of economic competitiveness
Education is becoming one of the defining pillars of global competitiveness at a time when technology and artificial intelligence are rapidly reshaping economies and labour markets worldwide. This was the central message delivered by Minister of Education and Technical Education Mohamed Abdel Latif during a conference titled “Education Conference: Investing in Shaping the Future of Education in Egypt” organised by the American Chamber of Commerce in Egypt (AmCham Egypt) on Sunday. The minister stressed that education can no longer be separated from economic development, particularly as nearly one million young Egyptians enter the labour market each year. In this context, investment in education is not merely a social responsibility, but a strategic economic necessity aimed at preparing future generations for an increasingly competitive global economy. Abdel Latif explained that technological advancement has become a key driver of economic growth, making it essential for educational systems to adapt quickly to changing labour market demands. He warned that when education fails to generate meaningful employment opportunities, the consequences extend beyond the economy to affect social stability and human development. He therefore underscored the importance of aligning education more closely with labour market needs while integrating technology, digital learning tools, and artificial intelligence into classrooms and vocational training programmes. The minister also highlighted the need for stronger cooperation between the government and the private sector in modernising Egypt’s education system. With a population exceeding 100 million and nearly 30 million students enrolled across different educational stages, he said the scale of the challenge requires coordinated efforts to enhance skills development, improve educational quality, and expand access to modern technologies. Public-Private Partnership as a Catalyst for Reform Discussions during the conference reflected broad consensus that sustainable educational reform cannot be achieved by the government alone. Hossam Badrawi, education expert and chairperson of the Badrawi Foundation, said the most dangerous form of poverty is not the lack of money, but the lack of opportunity. According to him, education remains the most powerful tool for individuals and nations to compete, grow, and build stronger societies. Badrawi argued that developing knowledge and human capabilities requires an effective partnership between the public and private sectors. He noted that Egyptians deserve a genuine educational transformation built on investment in knowledge, values, awareness, and practical skills. Hossam Badrawi, education expert and chairperson of the Badrawi Foundation Reflecting on his experience leading a committee of 70 experts contributing to Egypt Vision 2030, he said education must be treated as a national development project capable of producing generations equipped with innovation, critical thinking, and the ability to contribute meaningfully to society. He also stressed the importance of maintaining consistent educational policies and ensuring sufficient investment in the sector. Referring to the constitutional allocation of 6% of national income to education, Badrawi described educational spending as a necessity rather than a luxury, while calling for stronger oversight of both funding levels and spending mechanisms. For his part, AmCham Egypt Chairperson Omar Mehanna said education is no longer simply a social issue, but a strategic economic priority in a world increasingly shaped by technology, artificial intelligence, and global competition. He noted that investment should extend beyond infrastructure to include improving educational quality, fostering innovation, and strengthening students’ ability to compete internationally. The conference brought together policymakers, educators, and business leaders to exchange ideas on expanding private-sector participation in education and exploring opportunities within Egypt’s rapidly growing education market. Participants agreed that bridging the gap between education and labour market requirements has become an urgent priority, particularly as industries increasingly demand advanced technological and practical skills. During the opening session, Sylvia Menassa, CEO of AmCham Egypt, highlighted the importance of investment in education as a key driver of student development and economic growth. Meanwhile, Ahmed Wahby and Sarah El Kala pointed to the significant opportunities within Egypt’s education sector while stressing the need to narrow the gap between academic learning and labour market demands. The discussions ultimately reflected a shared understanding that Egypt’s economic future will depend heavily on building a modern, flexible, and competitive education system capable of preparing younger generations for the demands of a rapidly evolving global economy. The post Egypt’s new vision: Education at core of economic competitiveness first appeared on Dailynewsegypt .
10 May 2026
Kiwe: How three Egyptian entrepreneurs are redefining future of money
Before Egypt’s fintech ecosystem reached its current pace of growth, three young entrepreneurs – Mohamed Khalifa, Fatma Khalifa, and Omar Kamel – set out to rethink how people experience money in their daily lives. Their vision was to create a platform aligned with the habits, expectations, and lifestyles of a new generation increasingly reliant on digital technology and seamless financial interactions. That vision led to the launch of Kiwe in 2021, a fintech startup focused on transforming the way money is managed, transferred, and experienced in Egypt. From the outset, the founders believed that younger generations needed more than access to financial services; they needed greater financial awareness and a clearer understanding of how to manage money responsibly. Kiwe was therefore built on the conviction that true financial empowerment begins with knowledge. Over the past few years, the company has worked to analyse Egypt’s evolving market dynamics, changing consumer behaviour, and the growing shift away from traditional approaches to money management toward more digital, intuitive, and user-centric experiences. Against the backdrop of challenging macroeconomic conditions, the founders identified financial literacy – rather than financial inclusion alone – as one of the market’s most pressing needs. In their view, users increasingly require tools that help them understand spending patterns, make informed financial decisions, and build sustainable financial habits for the future. “We believe our generation deserves a more relevant and informed way to manage money,” said Omar Kamel. “In today’s economic climate, the priority is no longer financial inclusion alone, but financial literacy. Users need platforms that empower them to make informed decisions, better understand their finances, and build sustainable financial habits for the future.” The company’s approach extends beyond offering financial functionality to redefining the overall user experience. The founders say differentiation in fintech increasingly depends not only on services provided, but also on trust, simplicity, and relevance. “While many financial platforms may offer similar services, the real differentiation lies in the experience itself,” said Fatma Khalifa. “At Kiwe, we carefully design every stage of the user journey – from onboarding to transaction completion – to ensure the experience is seamless, intuitive, and aligned with how today’s generation interacts with technology.” With more than six years of combined experience across regional and local fintech markets, the founders describe Kiwe as a long-term project aimed at contributing to Egypt’s broader financial transformation. “At Kiwe, we are building with a long-term perspective, focusing on sustainable growth and measurable impact,” said Mohamed Khalifa. “We see ourselves as part of Egypt’s wider fintech transformation and the country’s transition toward a more cashless society in line with the regulatory framework established by the Central Bank of Egypt.” He added that the company aims to build a fully cashless ecosystem through an extensive merchant network that offers users a secure, simple, and accessible payment experience, particularly for individuals with limited financial literacy. Today, Kiwe positions itself as part of a new wave of Egyptian fintech startups seeking to redefine the role of financial technology in everyday life. The company says its mission goes beyond payments and transactions, focusing instead on empowerment, awareness, and meaningful user experiences. As Kiwe prepares for its upcoming product launch, backed by financial institutions and strategic partners, the founders say the platform represents more than just another fintech application entering the market. Instead, they view it as part of a broader shift in how people understand, interact with, and experience money in Egypt’s rapidly evolving digital economy. The post Kiwe: How three Egyptian entrepreneurs are redefining future of money first appeared on Dailynewsegypt .
10 May 2026
India-Africa Forum Summit returns to New Delhi to advance strategic partnership
New Delhi is set to host the 4th edition of the India-Africa Forum Summit from May 28 to 31, bringing together leaders and representatives from across the African continent in a renewed effort to strengthen one of the Global South’s most significant strategic partnerships. Held under the theme “IA SPIRIT: India-Africa Strategic Partnership for Innovation, Resilience, and Inclusive Transformation,” the summit is expected to mark a new phase in India–Africa cooperation, with discussions centred on trade, investment, digital transformation, sustainability, and inclusive economic development. The summit programme will begin with a Senior Officials Meeting on May 28, followed by the India–Africa Foreign Ministers’ Meeting on May 29. Several parallel events are also scheduled, including the India–Africa Business Dialogue and Exhibition, a Track 2 Dialogue bringing together think tanks and policy experts, and the India-Africa Music and Dance Festival. The upcoming gathering comes more than a decade after the previous summit held in 2015 and reflects the rapid expansion of India-Africa relations in recent years. Bilateral trade between India and African countries reached approximately $82bn in 2024-25, recording annual growth of 17%, driven by strong demand for petroleum products, pharmaceuticals, automobiles, chemicals, and fertilisers. India has also emerged as one of Africa’s largest investors, with cumulative investments exceeding $80bn across sectors including renewable energy, mining, agriculture, manufacturing, and oil and gas. As part of its broader diplomatic outreach, India has significantly expanded its diplomatic footprint across the continent, increasing the number of resident missions in Africa from 29 to 46 through the establishment of 17 new embassies and diplomatic missions in recent years. Indian officials describe the partnership as one built on equality, mutual respect, and development cooperation, with growing emphasis on technology-driven solutions and capacity building in sectors such as healthcare, education, renewable energy, digital infrastructure, and skills development. India has extended more than $10bn in Lines of Credit to over 40 African countries and provided nearly $700m in grant assistance. Thousands of African students and professionals have also benefited from scholarships and technical training programmes through initiatives including the Indian Technical and Economic Cooperation Programme (ITEC) and the India-Africa Maitri Scheme. Technology and digital transformation are expected to feature prominently during the summit, as India seeks to position itself as a development partner capable of delivering scalable and affordable digital solutions. Officials point to India’s experience in digital public infrastructure, fintech, artificial intelligence, and innovation as areas with strong potential for collaboration across African markets. Healthcare cooperation has also become a major pillar of the relationship. India currently supplies a substantial share of generic medicines and antiretroviral drugs used across Africa and has partnered with several African countries to establish hospitals, diagnostic centres, and vaccine manufacturing facilities. Egypt is expected to play a prominent role in discussions on future India-Africa cooperation. Indian officials have described Egypt as a key strategic partner and a gateway to Africa, citing expanding collaboration in trade, manufacturing, technology, healthcare, and industrial development. The summit is also expected to strengthen coordination between India and African nations on issues including global governance reform, climate justice, and advancing the interests of the Global South within international institutions. The post India-Africa Forum Summit returns to New Delhi to advance strategic partnership first appeared on Dailynewsegypt .
10 May 2026
Valu receives FRA approval to launch SME financing arm
Valu, Egypt’s leading fintech platform, has received approval from the Financial Regulatory Authority (FRA) to establish a dedicated small and medium-sized enterprises (SME) financing business, marking a strategic expansion into the B2B lending market and creating a new financing channel for one of the most vital segments of Egypt’s economy. The move reflects Valu’s broader ambition to evolve into a fully integrated financial services platform while addressing one of the most persistent challenges facing SMEs across emerging markets: limited access to formal financing. Small and medium-sized businesses remain a key driver of economic growth, employment, and innovation, yet many continue to face difficulties securing timely and affordable capital. Limited financing often constrains their ability to expand operations, manage cash flow, strengthen supply chains, and scale sustainably. Valu’s entry into the sector aims to bridge this gap by extending the company’s fintech expertise, digital infrastructure, and data-driven capabilities to business lending. The new SME financing arm will provide tailored financing solutions designed to support merchants and enterprises operating within Valu’s ecosystem. A key competitive advantage for the company lies in its extensive merchant network and the transaction data generated through years of operating in the consumer finance market. By leveraging proprietary underwriting models and advanced analytics, Valu will be able to assess creditworthiness more efficiently and accurately than traditional lending models, enabling faster approvals, competitive risk pricing, and a seamless digital borrowing experience. “The establishment of Valu SME Financing is a natural and deliberate evolution of our mission,” said Walid Hassouna, CEO of Valu. “Over the years, we have built strong relationships with our merchant network and developed the data infrastructure needed to understand their financial behaviour with a high degree of precision. We can now transform those insights into meaningful access to capital, helping businesses grow, sustain operations, and unlock their full potential.” He added that the expansion represents more than a new business line for Valu, describing it as a contribution to the broader economic ecosystem by empowering businesses that have historically remained underserved by institutional credit providers. Beyond supporting Valu’s own growth trajectory, the initiative is expected to contribute to job creation, business formalisation, and stronger supply chain resilience across the Egyptian economy. For merchants already operating within Valu’s network, the new financing platform offers an opportunity to transition from transactional partners into fully supported business clients with direct access to growth capital and financial services. The latest approval further strengthens Valu’s position within the region’s rapidly evolving fintech landscape and reinforces its long-term strategy of delivering integrated financial solutions that create value for merchants, consumers, partners, and shareholders across the MENA region. The post Valu receives FRA approval to launch SME financing arm first appeared on Dailynewsegypt .
10 May 2026
Egyptian prime minister orders transition to electric vehicle fleet for state administration
Egyptian Prime Minister Mostafa Madbouly has directed Ministry of Finance officials to begin negotiations with electric vehicle dealers to secure the first batch of electric cars for government officials, replacing traditional fuel vehicles. The directive came during a meeting on Sunday evening between Madbouly and Finance Minister Ahmed Kouchouk to review the government’s procedures for transitioning to electric vehicles, aimed at maximising resource efficiency and rationalising traditional fuel consumption. Madbouly stated that the gradual transition towards using electric vehicles represents a pillar in building a modern and sustainable transport system. The shift aims to strike a balance between driving economic growth and preserving the environment, while enhancing the efficiency of the state’s energy resources. Cabinet Spokesman Mohamed El-Homosany said the finance minister outlined the government’s strategic objectives to accelerate the transition, primarily focusing on rationalising government expenditure and supporting the shift to clean energy to reduce the import bill for petroleum products. The plan includes improving the operational efficiency of the government’s vehicle fleet, with the aim of making the state’s administrative apparatus a role model in implementing the green transport strategy, El-Homosany added. The meeting also reviewed the strategic vision for developing the infrastructure and digital systems required to support the expansion of electric vehicle use in Egypt. Proposals to ensure operational efficiency focus on expanding fast and smart charging stations, classifying vehicles according to their use, and securing digital systems against cyber risks while adhering to global safety standards. During the meeting, Kouchouk presented a comparative study detailing the expected savings from switching from traditional fuel to electric vehicles, which confirmed that the transition would achieve significant cost reductions. Concluding the meeting, Madbouly ordered regular follow-ups with relevant ministries to accelerate the transition and overcome any obstacles, ensuring the state meets its targets for rationalising expenditure and improving energy efficiency. The meeting was also attended by Ahmed Abdel Razek, Permanent Undersecretary of the Ministry of Finance; Mohamed Adel, Chairperson of the General Authority for Government Services; and Yehia Ibrahim, Head of the Central Administration for Financial Affairs at the Ministry of Finance. The post Egyptian prime minister orders transition to electric vehicle fleet for state administration first appeared on Dailynewsegypt .
10 May 2026
Egypt advances plans to secure petroleum supplies and boost clean energy to 45% by 2028
Egypt’s finance ministry has guaranteed the availability of necessary financial allocations to secure petroleum products and ensure the stability of the national electricity grid, Cabinet Spokesperson Mohamed El-Homosany said on Sunday. The confirmation of funding, aimed at meeting domestic and industrial electricity needs, was detailed during discussions led by Prime Minister Mostafa Madbouly with the ministers of electricity, finance, and petroleum regarding the state’s energy requirements. Finance Minister Ahmed Kouchouk confirmed the required funding is available in accordance with agreements made with the relevant ministries. He stated that the finance ministry is working to increase investments in the energy sector to support the Egyptian economy and is committed to backing efforts to achieve more sustainable energy security. Securing petroleum and natural gas supplies for citizens is a top priority, Minister of Petroleum and Mineral Resources Karim Badawi said. He noted that the ministry is working with partners to accelerate local exploration and production, and to expedite placing new discoveries on the production map. Badawi added that the ministry is integrating the development of the petroleum transmission pipeline network with plans to meet product needs over the next five years. This integration, along with plans to upgrade oil refineries, aims to reduce the country’s import bill and ensure the network’s readiness. In a move to reduce reliance on traditional fossil fuels, Minister of Electricity and Renewable Energy Mahmoud Esmat presented a preliminary proposal for an initiative to encourage factories to install solar cell systems for internal electricity generation. The initiative, currently under study prior to its launch in cooperation with other state bodies, aims to diversify energy sources and ease loads on the unified power grid. Esmat also outlined the latest developments in the government’s plan to increase clean energy’s contribution to 45% of the energy mix by 2028. He reviewed the executive status of renewable energy projects for the next two years and future project plans up to 2040. Concluding the discussions, Madbouly directed continuous coordination among the three ministries to permanently guarantee financial allocations for fuel provision. He also ordered accelerated steps to introduce additional clean energy capacities and to secure their necessary funding to stabilise the national grid. The post Egypt advances plans to secure petroleum supplies and boost clean energy to 45% by 2028 first appeared on Dailynewsegypt .
10 May 2026
Romania backs African education with Bitdefender donation to Senghor University in Egypt
The Romanian government, through cybersecurity firm Bitdefender, has provided a financial contribution to fund computer equipment for Senghor University’s newly inaugurated campus in Borg El Arab, Egypt, the Embassy of Romania in Cairo announced on Sunday. The donation, facilitated by Romanian authorities, aims to strengthen academic excellence programmes in fields essential to the sustainable development of the African continent. The embassy noted that further avenues of cooperation, including in the area of cybersecurity, may be explored in the future depending on the university’s needs. The initiative marks the symbolic May 9 inauguration of the new campus, an event attended by Egyptian President Abdelfattah El Sisi, French President Emmanuel Macron, and Romania’s Ambassador to Egypt and President of the Francophone Ambassadors Group (GAAF), Olivia Toderean. Built by the Egyptian state, the new facility is designed to support the expansion of Senghor University’s academic activities and double its student capacity over the coming years. The equipment donation echoes the bilateral relations between Romania and Egypt, which will celebrate 120 years in 2026, and reflects Romania’s decision to support the campus built with Egyptian state resources. It also aligns with the country’s strategic framework, “Romania – Africa: A Partnership for the Future through Peace, Development and Education.” Romania, which has become the seventh-largest financial contributor to the International Organisation of La Francophonie (OIF), views international development cooperation among Francophone countries as a key priority. Romanian authorities have stated their goal of strengthening the academic, scientific, and economic dimensions of the Francophonie as drivers of sustainable development and stability. In line with this political vision, Romania has reconfirmed its commitment to the Francophonie—with an emphasis on Africa and balanced engagement across all regions—by officially supporting the candidacy of Dacian Cioloș for the position of OIF Secretary-General. Dacian Cioloș, former Romanian prime minister and candidate for secretary-general of the International Organisation of La Francophonie (OIF) “I am grateful for this contribution to the education of the new generations of African elites,” said Cioloș, a current presidential adviser and candidate for the OIF leadership. “Romania is proving, once more, that we can bring together our strengths and energies, beyond borders and continents, in support of a shared vision of a flourishing Francophonie, with Africa at its heart and with the engagement of all regions.” Răzvan Mureșan, Director of Global Corporate Communications at Bitdefender, highlighted the company’s involvement. “For 25 years, supporting education and academic initiatives has been a constant priority for Bitdefender,” Mureșan said. “We believe that investing in the next generation of talent is essential for building a more secure and resilient digital future, and we are proud to contribute to institutions such as Senghor University in Alexandria that are shaping tomorrow’s leaders.” Senghor University was founded following the 1989 Senegal Summit as a direct operator of the Francophonie dedicated to African development. The institution currently welcomes students from more than 20 African countries, as well as from Haiti and the Indian Ocean region. It offers master’s programmes in health, management, environment, and culture, alongside professional specialisation programmes in sustainable development, aiming to train future African decision-makers and drivers of change. Cioloș, whose candidacy was officially launched by the President of Romania, previously served as Prime Minister of Romania from 2015 to 2017, European Commissioner for Agriculture and Rural Development from 2010 to 2014, and President of the Renew Europe Political Group in the European Parliament. A Francophone by education, he graduated from the École nationale supérieure agronomique de Rennes and holds a postgraduate degree (DEA) from Montpellier. He is acknowledged for his experience in multilateral negotiations, agricultural policy, food security, and his ability to build compromise in complex political and institutional contexts. The post Romania backs African education with Bitdefender donation to Senghor University in Egypt first appeared on Dailynewsegypt .
10 May 2026
Al-Sisi, Macron reaffirm strategic partnership, support regional stability
Egyptian President Abdel Fattah Al-Sisi and French President Emmanuel Macron reaffirmed their commitment to strengthening the strategic partnership between Egypt and France while underscoring the importance of supporting stability and de-escalation efforts across the Middle East. The remarks came during talks held in New Borg El Arab on the sidelines of the inauguration of the new campus of Senghor University, the academic institution affiliated with the International Organisation of La Francophonie and specialised in training African professionals and leaders. According to the Egyptian presidency, Al-Sisi welcomed Macron upon his arrival at the university’s new headquarters before the two leaders held expanded discussions attended by senior officials from both countries. The talks focused on bilateral relations, regional developments, and ways to expand cooperation across multiple sectors. The presidency said Al-Sisi described Macron’s visit as reflecting the strength of Egyptian-French ties, particularly following the elevation of relations to the level of a “strategic partnership” during the French president’s visit to Egypt in April 2025. Al-Sisi stressed the importance of intensifying cooperation in trade, investment, education, industry, and transport in a manner that serves the mutual interests of both countries and further strengthens relations between Egypt and the European Union. For his part, Macron expressed his pleasure at returning to Egypt and congratulated Al-Sisi on the inauguration of the new Senghor University campus, describing the project as “a remarkable global initiative” that enhances scientific and cultural cooperation across the Francophone world. The French president praised Egypt’s commitment to investing €60m in the university and said that La Francophonie “belongs to everyone who chooses to embrace the French language.” Macron described the Francophone community as a key driver of Africa’s development and highlighted France’s educational presence in Egypt, noting that approximately 60 French schools currently operate across the country. He also stressed the importance of rebuilding unity among nations and giving future generations the opportunity to reconnect the Mediterranean region amid mounting geopolitical challenges. “The alliance between Egypt and France is an alliance for peace and stability,” Macron said, adding that the increasing complexity of global challenges requires closer international cooperation. Al-Sisi, meanwhile, said Africa’s future depends on empowering youth and preparing qualified professionals capable of addressing development challenges. He reaffirmed Egypt’s commitment to supporting Senghor University and providing scholarships for African students. The Egyptian president described the university as “a key pillar” in helping African countries formulate effective national policies and praised France’s role in supporting the Francophone world and advancing African capacity-building efforts. Regional developments also featured prominently during the talks. Al-Sisi reviewed Egypt’s efforts to contain ongoing tensions in the Middle East and prevent further escalation, warning of the impact of instability on regional and global security, including disruptions to trade, transportation, and supply chains. He reiterated Egypt’s support for the sovereignty, security, and stability of Arab states, while rejecting any infringement on their territorial integrity or national resources. Macron, in turn, praised Egypt’s role in regional de-escalation initiatives. The two leaders also discussed the war in Gaza, with Al-Sisi outlining Egypt’s efforts to consolidate the ceasefire agreement, advance the second phase of the deal, facilitate the entry of humanitarian aid into the enclave, and support reconstruction efforts. The Egyptian president also expressed concern over escalating violations in the occupied West Bank and reiterated that the only viable path to peace remains a political process based on the two-state solution, leading to the establishment of an independent Palestinian state along the 4 June 1967 borders, with East Jerusalem as its capital. Al-Sisi praised France’s support for the Palestinian cause, while Macron expressed hope for a swift resolution to the crisis and the restoration of stability across the region. The discussions additionally covered developments in Lebanon, with both leaders stressing the importance of preserving peace and stability and strengthening cooperation among Mediterranean countries to support shared development and prosperity. The post Al-Sisi, Macron reaffirm strategic partnership, support regional stability first appeared on Dailynewsegypt .
9 May 2026
Egypt-France trade exchange edges up to $2.96bn in 2025: CAPMAS
The value of trade exchange between Egypt and France increased to $2.96bn in 2025, up from $2.94bn in 2024, reflecting annual growth of 1%, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). The figures were released in a statement issued by CAPMAS on the occasion of Egypt’s President Abdel Fattah Al-Sisi’s meeting with his French counterpart Emmanuel Macron on Monday. The visit included discussions on strengthening bilateral relations and participation in the inauguration ceremony of the new headquarters of Senghor University. According to the agency, Egyptian exports to France rose to $1.14bn in 2025, compared with $1.09bn in 2024, marking an increase of 4.6%. Meanwhile, Egyptian imports from France declined by 1.6% to $1.82bn, down from $1.85bn a year earlier. CAPMAS said Egypt’s key exports to France during 2025 included fertilisers valued at $313m, electrical machinery and equipment at $260m, vegetables and fruit at $88.4m, organic and inorganic chemical products at $81.4m, and ready-made garments at $70m. On the import side, Egypt’s main purchases from France included pharmaceutical products worth $290m, electrical machinery and equipment worth $260m, vehicles, tractors, bicycles and related parts valued at $207m, grains worth $152m, and dairy products, eggs, and honey amounting to $71.4m. The agency also highlighted strong growth in bilateral investment flows. French investments in Egypt climbed to approximately $767.1m during FY2024/25, compared with $483.8m in FY2023/24, representing an increase of 58.6%. At the same time, Egyptian investments in France rose to $398.1m during FY2024/25, up from $238.3m in the previous fiscal year, recording growth of 67.1%. CAPMAS further noted that remittances from Egyptians working in France increased to $99.7m during FY2024/25, compared with $71.1m in FY2023/24, reflecting growth of 40.2%. Meanwhile, remittances from French nationals working in Egypt rose to $17.7m, up from $14.1m in the previous fiscal year, an increase of 25.5%. The post Egypt-France trade exchange edges up to $2.96bn in 2025: CAPMAS first appeared on Dailynewsegypt .
9 May 2026
Egyptian medical mission provides 645 healthcare services to Hajj pilgrims
Egypt’s Ministry of Health and Population announced that the Egyptian medical mission accompanying this year’s Hajj pilgrimage had provided 645 healthcare services to Egyptian pilgrims in Saudi Arabia since their arrival through 8 May, confirming that no infectious diseases had been detected among pilgrims so far. In a statement, the ministry said Egyptian medical teams are operating around the clock through clinics established across the holy sites to deliver preventive and treatment services to pilgrims throughout the Hajj season. Ministry spokesperson Hossam Abdel Ghaffar said coordination with Saudi health authorities remains ongoing to monitor pilgrims’ health conditions and ensure rapid medical intervention whenever necessary. Ahmed Mostafa, head of the Egyptian medical mission, said 10 Egyptian pilgrims had been transferred to hospitals in Mecca and Medina to receive specialised medical treatment. He added that two patients are currently receiving treatment in intensive care units, while another patient is under intermediate care. Four additional pilgrims remain hospitalised in inpatient departments for continued medical supervision. Mostafa praised what he described as the high standard of healthcare services and the swift support provided by Saudi hospitals to Egyptian pilgrims. The ministry affirmed that the Egyptian medical mission will continue conducting regular health monitoring at pilgrims’ accommodation sites and maintain close coordination with Saudi authorities to ensure the safety and wellbeing of Egyptian pilgrims during the Hajj season. The post Egyptian medical mission provides 645 healthcare services to Hajj pilgrims first appeared on Dailynewsegypt .
9 May 2026
US diverts 58 ships in ongoing Iran naval blockade as Trump threatens violent escalation
The United States Central Command stated on Saturday that its naval blockade on Iran continues in full, having diverted 58 commercial vessels and disabled four others since 13 April to prevent them from entering Iranian ports. The assertion of the ongoing blockade follows Friday’s maritime clashes, where US forces fired on two Iranian-flagged oil tankers to stop them from docking in violation of the blockade. Despite the friction, President Donald Trump stated the US-Iran ceasefire is “still in effect,” but cautioned Washington would “knock them out a lot harder, and a lot more violently” if Tehran rejects a pending 14-point peace agreement. Washington is currently awaiting Iran’s formal response to the proposed memorandum of understanding, which aims to end hostilities, ease blockades, and halt Iranian uranium enrichment. Asked if Tehran was stalling its reply, Trump responded: “I don’t know. We’ll find out soon enough.” Secretary of State Marco Rubio confirmed the US is expecting a response, adding, “we’ll see what the response entails” and hoping it is “a serious offer.” He attributed Friday’s delay to a “highly divided” and dysfunctional Iranian government. The Wall Street Journal reported the one-page draft establishes a 30-day negotiation period, with talks potentially resuming next week in Islamabad, Pakistan. It requires Iran to ease its Strait of Hormuz closure whilst the US gradually lifts its port blockade. If talks fail, US forces will reinstate blockades or resume military action. Iran has indicated an openness to discussing its nuclear programme and transferring highly enriched uranium abroad. Axios reported the proposed enrichment halt spans 12 to 15 years, bridging Iran’s five-year proposal and the US demand for 20 years. Any Iranian breach would extend the halt, after which enrichment is capped at 3.67 per cent. The pact also bars underground nuclear facilities and requires Iran to pledge never to develop nuclear weapons. Conversely, Mohammad Mokhber, an adviser to Iran’s supreme leader, vowed Friday not to relinquish control of the Strait of Hormuz. In a Mehr news agency video, he likened the strategic waterway to an “atomic bomb” and pledged to change its legal regime. Rubio warned that any Iranian effort to control shipping there remains “unacceptable” to the US Alongside the military developments, Associated Press satellite imagery revealed a 27-square-mile oil slick emanating from Iran’s Kharg Island export terminal. Windward AI CEO Ami Daniel estimated 80,000 barrels have spilled since Tuesday, warning it could reach the United Arab Emirates, Qatar, or Saudi Arabia within two weeks as cleanup is unlikely in a war zone. However, Greenpeace Germany expert Nina Noelle noted the slick is dispersing and will likely dissipate offshore. The Pentagon declined to comment on the spill, which predates the most recent US strikes. The post US diverts 58 ships in ongoing Iran naval blockade as Trump threatens violent escalation first appeared on Dailynewsegypt .
9 May 2026
Egypt’s environment ministry marks World Migratory Bird Day
Egypt has reaffirmed the importance of protecting migratory birds and preserving their natural migration routes as the country marked World Migratory Bird Day, according to a statement issued by the Ministry of Local Development and Environment. This year’s event is being held under the slogan “Every bird counts… your observation matters,” with activities focused on raising environmental awareness and encouraging public participation in monitoring and documenting migratory birds. Minister of Local Development and Environment Manal Awad said Egypt represents one of the world’s most important migration corridors due to its strategic geographic location linking Europe and Africa. Millions of birds pass through the country annually during seasonal migration periods, she noted. Awad added that Egypt’s coastal areas and wetlands serve as vital resting and feeding stations for migratory birds, underscoring the importance of nature reserves in protecting these habitats and supporting biodiversity conservation. She highlighted several key sites for migratory birds, including the Zaranik, Ashtoum El-Gamil, and Burullus reserves along the Mediterranean coast, in addition to Ras Mohammed and the northern Red Sea islands. According to the minister, the government is continuing efforts through its nature protection sector to monitor migratory birds, reduce environmental threats, support scientific research, and strengthen public awareness regarding biodiversity preservation. Awad also pointed to the winter migratory bird census project, implemented in cooperation with the Egyptian Environmental Affairs Agency (EEAA) and the Nature Conservation Egypt association, which provides scientific data on bird populations and species diversity. The ministry said its conservation efforts include issuing annual hunting regulations and conducting campaigns to remove illegal bird-catching nets from protected areas. Approximately 18 kilometres of illegal nets have been removed from the Ashtoum El-Gamil and Burullus reserves. Wildlife rescue centres are also continuing rehabilitation programmes for injured birds, including great white pelicans and various birds of prey. The ministry called on citizens and nature enthusiasts to document and share bird sightings, noting that such observations provide valuable data that support scientific research and conservation initiatives. World Migratory Bird Day is observed twice annually, in May and October, to coincide with spring and autumn migration seasons and to promote global awareness of the importance of protecting migratory birds and their habitats. The post Egypt’s environment ministry marks World Migratory Bird Day first appeared on Dailynewsegypt .
9 May 2026
Egypt’s FRA, consumer finance firms expand unified database to combat cash monetisation
Egypt’s Financial Regulatory Authority (FRA) and representatives from 48 consumer finance companies have expanded a unified central database to combat widespread fraud and cash monetisation, aiming to proactively detect threats, reduce financial losses, and protect the interests of beneficiaries. Enhancing trust in the consumer finance sector requires building a solid, participatory database and raising awareness of potential crimes, Islam Azzam, head of the authority, said. The initiative is part of the FRA’s approach to continuous consultation with market participants, relying on integrated efforts and shared expertise to ensure sector stability, preserve dealer rights, and facilitate growth. Azzam noted that the FRA continuously works to develop the regulatory environment by updating legislative frameworks and overcoming market challenges, seeking to balance investment stimulation with consumer rights. He added that the authority is developing supervisory tools, intensifying awareness campaigns, and supporting companies in adhering to best professional practices. In collaboration with the Consumer Finance Federation’s anti-fraud committee, officials reviewed updates from the central database, which tracks entities and individuals—including employees, merchants, and brokers—proven to be involved in fraud. The parties discussed specific patterns of illicit activity, including identity theft, document forgery, cash monetisation operations, and associated behavioural practices. Walid Anwar, FRA Assistant Chairman for the Non-Banking Finance Sector, stated that developing the sector goes beyond expanding business volume; it requires building an integrated risk management system through close cooperation with companies and federations. Upgrading the database’s technological infrastructure and usage mechanisms enables companies to make more accurate credit decisions and limits losses from fraudulent practices, he said. Anti-fraud systems must also integrate with efforts to combat money laundering and terrorist financing, according to Hamdy Badawi, FRA Assistant Chairman for Anti-Money Laundering and Terrorist Financing. He emphasised that real-time information sharing, pattern analysis, and shared databases are decisive elements for monitoring and handling suspicious operations efficiently. Raising awareness among clients and employees serves as the first line of defence against fraud, Badawi said. He noted that prior knowledge of fraud methods significantly reduces their occurrence, which positively reflects on client trust and safety, thereby increasing demand for services and supporting state financial inclusion efforts. To expand protection across non-banking financial activities, the FRA coordinated with the microfinance federation to join the Consumer Finance Federation’s anti-fraud system, a move intended to pave the way for other federations to follow sequentially. The Consumer Finance Federation’s anti-fraud committee recommended that companies adopt clear, updated policies that include precise risk definitions and handling mechanisms. The committee also called for continuous employee training to efficiently recognise fraud patterns, alongside the preparation of periodic reports featuring digital analyses of fraud trends to support proactive decision-making and protect institutional reputations. The post Egypt’s FRA, consumer finance firms expand unified database to combat cash monetisation first appeared on Dailynewsegypt .
9 May 2026
Egyptian banking sector’s net foreign assets decline to $21.3bn in March 2026: CBE
The Egyptian banking sector’s net foreign assets (NFA) stood at $21.32bn, equivalent to EGP 1.164trn, in March 2026, down from $27.385bn, or EGP 1.313trn, recorded in February, according to a report issued by the Central Bank of Egypt (CBE). The report showed that total foreign assets held by the banking sector—including the CBE and commercial banks—rose to the equivalent of EGP 4.921trn in March, compared with EGP 4.526trn in February. At the same time, foreign liabilities increased to the equivalent of EGP 3.756trn, up from EGP 3.212trn in the previous month. Net foreign assets are considered a key indicator of the banking sector’s financial strength and resilience, measuring the difference between foreign currency-denominated assets and liabilities. In a separate development, the CBE revealed that domestic liquidity in the banking sector increased to approximately EGP 15.074trn in March 2026, compared with EGP 14.027trn in December 2025, reflecting growth of EGP 1.046trn during the first quarter of the year. According to the central bank, money supply rose to EGP 4.189trn in March, up from EGP 3.796trn in December. Currency circulating outside the banking sector also increased to EGP 1.576trn, compared with EGP 1.443trn three months earlier. The report further showed that total non-government local currency deposits at banks operating in the domestic market climbed to EGP 9.943trn in March, compared with EGP 9.580trn in December, an increase of approximately EGP 363bn. Demand deposits in local currency rose to EGP 2.612trn, up from EGP 2.352trn in 2025. Of the total, the public business sector accounted for EGP 110.324bn, the private sector for EGP 1.367trn, and households for EGP 1.135trn. Meanwhile, time deposits and savings certificates denominated in local currency reached around EGP 7.330trn in March, compared with EGP 7.228trn in December. Households represented the largest share at approximately EGP 6.845trn, while the private business sector accounted for EGP 418.180bn and the public business sector for EGP 66.833bn. The central bank also disclosed a significant increase in non-government foreign currency deposits, which rose to the equivalent of EGP 3.554trn in March 2026, compared with EGP 3.003trn in December 2025, marking an increase equivalent to EGP 551bn. Foreign currency demand deposits increased to the equivalent of EGP 912.167bn in March, up from EGP 738.9bn in December. The private business sector held the largest share at the equivalent of EGP 608.661bn, followed by households with EGP 253.842bn and the public business sector with EGP 49.798bn. In addition, time deposits and savings certificates in foreign currency rose to the equivalent of EGP 2.642trn in March, compared with EGP 2.264trn in December. Households accounted for the bulk of these deposits at the equivalent of EGP 1.866trn, while the private business sector held EGP 601.660bn and the public business sector EGP 174.227bn. The post Egyptian banking sector’s net foreign assets decline to $21.3bn in March 2026: CBE first appeared on Dailynewsegypt .
9 May 2026
IDA, FEI review financing initiatives to support industrial sector growth
The Industrial Development Authority (IDA) and the Federation of Egyptian Industries (FEI) have reviewed the implementation status of several state-backed financing initiatives aimed at supporting industrial expansion and addressing challenges facing investors. IDA Chairperson Nahed Youssef held an expanded meeting with FEI Deputy Chairperson and Head of the Industrial Licensing Committee Mahmoud Serge to discuss mechanisms for enhancing the effectiveness of the initiatives and maximizing their benefits for manufacturers. Youssef said the meeting was held in line with directives from Minister of Industry Khaled Hashem to strengthen direct communication with the business community and listen to investors’ proposals and concerns. She stressed that the discussions aimed to further develop existing initiatives, address obstacles facing beneficiaries, and enhance the flexibility of financing mechanisms to better align with the actual needs of industrial investors. Participants reviewed the executive status of several financing programmes, including the EGP 150bn working capital financing initiative launched in 2023, the proposed EGP 3bn programme to restructure distressed factories, and the EGP 30bn soft financing initiative dedicated to machinery and equipment purchases. According to Youssef, the machinery and equipment initiative currently covers nine priority industrial sectors and more than 70 industrial activities, with plans underway to gradually expand coverage based on feasibility studies and market demand. The meeting also examined a number of proposals aimed at easing financial pressures on investors and improving access to funding. Discussions included the possibility of extending financing initiatives to cover working capital alongside machinery and equipment financing, as well as mechanisms to optimise the utilisation of available financial allocations. Participants further discussed reviewing certain procedural requirements, linking future interest rates to decisions by the Central Bank of Egypt (CBE), and broadening the scope of initiatives to include additional industrial sectors and activities. Youssef affirmed that all proposals raised during the meeting would be carefully studied in coordination with the relevant authorities. She also reiterated the IDA’s commitment to simplifying procedures and providing technical support to factories to help transform financing initiatives into productive capacity that supports exports and creates sustainable employment opportunities. For his part, Mahmoud Serge praised the ongoing cooperation between the IDA and the federation, noting that it has helped gradually resolve many of the challenges facing industrial investors and FEI members. Meanwhile, FEI Executive Director Khaled Abdel-Azim highlighted the importance of the meeting in introducing investors to the available financing initiatives and their application requirements. He also revealed that the first meeting of the Financing Committee is scheduled to take place next week, urging members of industrial chambers to actively participate in the committee’s work to maximise the benefits of the available financing programmes. The post IDA, FEI review financing initiatives to support industrial sector growth first appeared on Dailynewsegypt .
9 May 2026
Egypt reviews progress on 1,500 MW renewable energy projects with UAE’s AMEA Power
Egypt’s Minister of Electricity and Renewable Energy, Mahmoud Esmat, held talks with a delegation from UAE-based AMEA Power, a subsidiary of the Al Nowais Group headed by Sheikh Hussein Al Nowais, to review progress on renewable energy and standalone battery energy storage system (BESS) projects with a combined generation capacity of 1,500 MW. The meeting focused on the latest developments of solar and wind power projects, in addition to connected and BESS with a total storage capacity of 2,100 MWh. The projects are being implemented in Zaafarana, Ras Shukeir, and Benban as part of Egypt’s broader strategy for energy transition and expansion in renewable energy generation and storage technologies. The discussions came within the framework of the government’s plan to increase the share of clean energy in the national electricity mix to 45% by 2028, while reducing dependence on fossil fuels and enhancing the stability and reliability of the unified national grid. The meeting also reviewed the operational status of projects already connected to the grid, including the 500 MW Kom Ombo solar power plant in Aswan and its associated 300 MWh BESS, as well as the 500 MW wind farm project in the Gulf of Suez region. In addition, the talks addressed implementation updates and execution timelines for several major renewable energy projects currently under development. These include the 500 MW Amunet 2 wind farm project in Ras Shukeir and the 1,000 MW Abydos 2 solar power project in the Benban area, alongside connected battery storage systems with a combined capacity of 600 MWh. The two sides also discussed progress on BESS projects, including a 500 MWh facility in Zaafarana and a 1,000 MWh standalone storage project in Benban. During the meeting, both parties stressed the importance of adhering to implementation schedules, accelerating project execution procedures, and ensuring timely grid connection. They highlighted the growing role of energy storage systems in improving grid stability and maximising returns from renewable energy generation. Esmat reaffirmed the ministry’s commitment to maximising the utilisation of Egypt’s abundant renewable energy resources, noting that the government is moving forward with a carefully planned expansion of both connected and standalone energy storage systems. He added that the electricity sector is taking the necessary measures to accelerate the rollout of solar and wind energy projects as part of the state’s broader strategy to reduce fuel consumption, support grid stability, and achieve sustainable development objectives. The post Egypt reviews progress on 1,500 MW renewable energy projects with UAE’s AMEA Power first appeared on Dailynewsegypt .
9 May 2026
Pro-independence majority in Scottish Parliament revives referendum push as Labour suffers sweeping UK defeats
Pro-independence parties have secured a combined majority in the Scottish Parliament, reviving the push for a new referendum on breaking away from the United Kingdom and mounting intense pressure on British Prime Minister Keir Starmer following severe nationwide electoral defeats for his governing Labour Party. The Scottish National Party (SNP) won a fifth consecutive term to lead the semi-autonomous government in Edinburgh. While the SNP did not secure an outright majority, a surge in support for the Scottish Greens—who also back independence—means the two parties together hold more than half of the parliament’s 129 seats, according to Bloomberg. Renewed Mandate for Independence The election results have immediately reignited the constitutional debate in Scotland. SNP leader and First Minister John Swinney had previously stated he would push for a new independence referendum if his party won an absolute majority on its own. As vote counting continued, Swinney clarified that any decision on the matter would be determined once the final composition of the incoming parliament was clear. The Scottish Greens were definitive in their stance following the electoral gains. “We recognise the urgent need for independence, and we have a democratic mandate to pursue this issue,” Ross Greer, co-leader of the Scottish Greens, told BBC Scotland. “The people of this country must have the opportunity to decide in a referendum whether Scotland should be an independent country again, and be able to join the European Union.” The victory guarantees the SNP will extend its governance in Scotland beyond two decades, marking a remarkable turnaround. Swinney assumed leadership of the SNP in 2024 at the height of a reputational crisis, following leadership turmoil and a police investigation into the party’s finances. The party had subsequently suffered a collapse in its parliamentary seats during the UK general election, which Labour swept. Nicola McEwen, Professor of Public Policy at Glasgow University, said the SNP would capitalise on the result. “The SNP will do its utmost to support the cause of independence, because it is rooted in its core,” McEwen stated, adding that she expects a “symbolic vote to show a pro-independence majority in the early days of the new government.” Labour Collapse and Pressure on Starmer The Scottish results compound a broader political crisis for Prime Minister Keir Starmer, whose Labour Party suffered heavy losses across the UK following a series of political setbacks, scandals, and mistakes. Starmer now faces nationalist governments across all the devolved nations: Scotland, Wales, and Northern Ireland. In a historic shift, Labour lost control of Wales for the first time in a century to the pro-independence party Plaid Cymru. In England, Labour lost hundreds of local council seats to the Reform UK party, led by Nigel Farage. The nationwide collapse prompted Scottish Labour leader Anas Sarwar to call for Starmer’s resignation. Sarwar stated that the voting outcome in Scotland “reflects the trends of the rest of the UK.” Traditional parties faced a widespread voter backlash. In Scotland, Reform UK won its first parliamentary seats, capitalising on voters turning away from the Conservative Party, which had governed the UK in Westminster for 14 years before being ousted by Labour. The Scottish Conservative leader accused Reform UK of “dividing the votes of independence opponents and handing gains to the SNP.” Prior to the election, Reform and Labour had been fiercely competing to become the largest opposition bloc in the Scottish Parliament. Green Gains and Minority Governance Despite the broader victory for the independence movement, the SNP is expected to form a minority government, making it reliant on the Scottish Greens or other parties to pass legislation. The Greens secured significant victories at the expense of the SNP. The party won a marginal seat in Edinburgh, unseating senior SNP figure Angus Robertson, and also captured the Glasgow constituency previously held by former First Minister Nicola Sturgeon. Sturgeon served as the figurehead of the independence movement for years, demanding a new referendum after the UK voted to leave the European Union—a move Scotland opposed. She marshalled support to end the three-century union with England and Wales but ultimately failed to secure another referendum, as successive Conservative prime ministers in London refused to grant permission. In the 2014 referendum, which followed an SNP majority win in the 2011 elections and an agreement with the UK government, Scotland voted 55% to 45% to remain within the United Kingdom. While recent opinion polls show growing support for secession, holding a legally binding referendum remains unlikely at present without the consent of the UK government. The post Pro-independence majority in Scottish Parliament revives referendum push as Labour suffers sweeping UK defeats first appeared on Dailynewsegypt .
9 May 2026
Putin says Russian forces are fighting NATO-backed aggression as Trump announces Ukraine ceasefire
Russian President Vladimir Putin said on Saturday that Russian forces in Ukraine are fighting “aggression backed by the North Atlantic Treaty Organisation (NATO)”, delivering his Victory Day address as US President Donald Trump announced a temporary ceasefire. Speaking on the 81st anniversary of the victory over Nazi Germany in World War II, Putin stated that Russia is developing modern weapons based on its combat experience. “Our cause is just, we are united and victory has been and will always be our ally,” Putin said, adding that the country’s fate “is determined by the people” regardless of technological changes in warfare. Ceasefire Announcements and Drone Strikes US President Donald Trump announced a ceasefire on Friday evening, stating the truce would be in effect from May 9 to 11. The announcement followed earlier diplomatic proposals. Putin had previously announced a unilateral ceasefire for May 8 to 9, which the Russian Defence Ministry said it expected Ukraine to observe. Ukrainian President Volodymyr Zelenskiy had separately proposed a ceasefire beginning May 5 or 6, contingent on Russia halting combat operations. Prior to the ceasefire announcements, authorities reported a continuation of aerial strikes involving hundreds of drones daily. On Friday, Russian officials reported drone attacks spanning from southern regions to the Ural Mountains, approximately 1,700 kilometres from the border. In Rostov-on-Don, a drone strike damaged an administrative building at the air traffic control centre. The incident paused operations at airports in 13 southern cities, affecting at least 14,000 passengers. In Moscow, a drone struck a residential building located roughly six kilometres from the Kremlin. Security Measures and Parade Adjustments The Kremlin implemented heightened security measures for this year’s Victory Day celebrations in response to the drone attacks. Russia issued a warning that it would target central Kyiv if attempts were made to disrupt the events, and the Russian Foreign Ministry recommended that foreign embassies evacuate their diplomatic staff and citizens from the Ukrainian capital. The Russian Defence Ministry announced last week that the May 9 parade would take place without heavy military equipment for the first time since 2007. Students from military colleges and youth institutions did not participate, though the scheduled air show proceeded. Several Russian cities, including Perm in the Urals, scaled back or cancelled their public events. Media accreditation for the parade was modified. According to Bloomberg, access was primarily granted to live broadcast channels, technical television crews, the Kremlin press pool, and international media that regularly cover the presidency. To facilitate security ahead of May 9, Russian authorities restricted mobile and fixed internet services in several cities. Following intermittent mobile internet outages in Moscow since May 5, state-controlled Sberbank advised customers to use ATMs and physical branches. A major taxi company also recommended clients book rides by phone and pay in cash. Following the parade, Putin is scheduled to meet with several international officials, including Slovak Prime Minister Robert Fico, Malaysia’s King Sultan Ibrahim Ismail, and leaders from Central Asian nations. The post Putin says Russian forces are fighting NATO-backed aggression as Trump announces Ukraine ceasefire first appeared on Dailynewsegypt .
9 May 2026
Israeli strikes kill man and daughter in Lebanon via consecutive drone hits as US-brokered peace talks approach
An Israeli drone targeted and killed a man and his 12-year-old daughter in southern Lebanon on Saturday with three consecutive strikes as they attempted to flee on a motorcycle, the Lebanese Health Ministry reported, marking a sharp escalation ahead of scheduled US-brokered peace talks between the two nations. Fatal Triple Drone Strike The Lebanese Health Ministry provided details of the incident, stating that the victims were a Syrian man and his daughter. After the initial strike, the pair managed to move away from the point of impact, but the drone re-targeted them a second time, killing the father instantly. The 12-year-old girl then fled approximately 100 metres before the drone conducted a third, direct strike on her. She was transported to the Nabih Berri Governmental Hospital in Nabatieh with severe injuries and underwent surgery, but later succumbed to her wounds. The ministry’s statement condemned the attack, describing it as “barbaric targeting and deliberate violence against civilians and children in Lebanon in an open series of serious violations of international humanitarian law.” Widespread Strikes and Direct Peace Talks The fatality occurred amidst a broader intensification of military activity in the region, which coincided with significant diplomatic announcements. On Friday, the US State Department announced that a new round of intensive talks between Lebanon and Israel is scheduled for May 14 and 15, hosted under United States auspices. Building on an April 23 round convened by US President Donald Trump, these negotiations aim to establish a framework for lasting peace, secure the full restoration of Lebanese sovereignty over its territory, and address Israel’s core security concerns, the US statement said. The US emphasised that comprehensive peace remains contingent on the complete disarmament of Hezbollah, which it designates as a foreign terrorist organisation. Lebanese sources indicated these will be the first “direct” negotiations following preparatory meetings held after a recent ceasefire announcement. Lebanon’s delegation, which includes current and former ambassadors Nada Hamadeh Mouawad and Simon Karam alongside a military representative, plans to address five key points: a definitive ceasefire, Israeli withdrawal from all Lebanese territory, release of prisoners, the return of displaced citizens, and deployment of the Lebanese Army. Continued Escalation and Casualties Despite the diplomatic track, the situation on the ground remained volatile. Earlier on Saturday, the Israeli military intensified airstrikes and issued evacuation warnings for towns in the Nabatieh and Tyre districts. A separate strike targeted a car near the Muhammad Saad Secondary School between Burj Rahal and Abbasiya in the Tyre district, resulting in three fatalities. Additional Israeli strikes hit a motorcycle in Haris in the Bint Jbeil district, as well as locations in Zrarieh (following an evacuation warning), Maaroub, Barish, Tayr Debba, and a home in Burj Rahal. An Israeli drone also struck the town of Mansouri. In Nabatieh, missiles targeted the university neighbourhood, while an Israeli Apache helicopter conducted a machine-gun sweep over the outskirts of Deir Siriane. In a statement, the Lebanese armed group Hezbollah said it had targeted a gathering of Israeli army vehicles in the town of Rachaf with artillery shells. Heightened Security in Russia Amid Drone Attacks and Surprise Ceasefire While the conflict intensified in the Middle East, parallel security concerns dominated the Victory Day commemorations in Russia. US President Donald Trump, who convened the upcoming Israel-Lebanon talks, unexpectedly announced on Friday evening a ceasefire for the Ukraine conflict to last from May 9 to 11. Prior to Trump’s announcement, mutual truce proposals had collapsed. Putin had previously announced a unilateral ceasefire for May 8 to 9, which the Russian Defence Ministry stated it expected Ukraine to observe. In response, Ukrainian President Volodymyr Zelenskiy proposed a ceasefire beginning May 5 or 6, offering an extension if Russia halted its combat operations. This year’s commemorations in Moscow were conducted under heightened security measures following a dramatic increase in Ukrainian drone attacks inside Russia. Russian officials reported a widespread drone offensive on Friday spanning from the south to the Ural Mountains, approximately 1,700 kilometres from the border. In a rare attack on Moscow, a drone hit a luxury residential building about 6 kilometres from the Kremlin. Another strike in Rostov-on-Don damaged the administrative building at the air traffic control centre, halting operations at airports in 13 southern cities and affecting at least 14,000 passengers. Russia had warned that it would target central Kyiv if any attempts were made to disrupt the Victory Day events. Scaled-Back Victory Day Parade As a consequence of the security situation, the May 9 Red Square parade was notably scaled back. The Russian Defence Ministry confirmed last week that the event would proceed without heavy military equipment for the first time since 2007. Students from military colleges and youth institutions did not participate, although the traditional air show was maintained. In his address to mark the 81st anniversary of the victory over Nazi Germany, Putin said, “fighters of the special military operation” are battling “aggression backed by the North Atlantic Treaty Organisation (NATO)”. He stated that Russia is developing modern weapons based on its combat experience and that the country’s fate “is determined by the people”. Several major Russian cities, including Perm, reduced their celebrations or cancelled them entirely this year. To enforce security, Russian authorities suspended mobile and occasionally fixed internet services in a number of cities, with Moscow experiencing intermittent mobile internet outages since May 5. This led state-controlled Sberbank to advise customers to use ATMs and physical branches. Following the parade, Putin was expected to meet with several international leaders, including Slovak Prime Minister Robert Fico, Malaysian King Sultan Ibrahim Ismail, and leaders from Central Asian nations. The cessation of hostilities announced by the US President went into effect on May 9. The post Israeli strikes kill man and daughter in Lebanon via consecutive drone hits as US-brokered peace talks approach first appeared on Dailynewsegypt .
9 May 2026
Egypt’s external debt rises to $163.7bn in September 2025 despite improved indicators: CBE
Egypt’s external debt rose to $163.7bn in September 2025, an increase of $2.5bn, or 1.5%, compared with June 2025, according to the Central Bank of Egypt (CBE). The increase was mainly driven by fresh loan disbursements and exchange-rate movements, although valuation effects reduced the debt stock by approximately $48m. Long-term debt remains dominant By original maturity, long-term external debt continued to account for the largest share of Egypt’s obligations, reaching $128.9bn in September 2025, while short-term debt stood at $34.8bn. Measured by residual maturity, short-term debt totalled approximately $59.4bn during the same period. Long-term external debt declined by around $1.4bn compared with June 2025. Debt owed to multilateral institutions fell by $0.9bn to $43.9bn. Meanwhile, Egypt’s outstanding stock of international bonds, notes, and sukuk held by non-residents reached $28.4bn, down by $0.3bn from June. The portfolio included approximately $20.1bn in US dollar-denominated Eurobonds, €3.5bn-equivalent in euro-denominated Eurobonds, $2.4bn in US dollar sukuk, $911.8m in Samurai bonds denominated in Japanese yen, $676m in green bonds, $491.5m-equivalent in Panda bonds denominated in Chinese yuan, and $345.5m in sovereign notes. Rescheduled bilateral debt declined by $149.5m to $307m, while non-guaranteed private sector debt fell by $113.2m to $2.3bn, including $100m in green bonds and $499m in sustainability bonds. Buyers’ and suppliers’ credit eased by $53.1m to approximately $19.2bn. Long-term deposits held by Arab countries at the CBE remained unchanged at $9.3bn, including $5.3bn from Saudi Arabia and $4bn from Kuwait. Repurchase agreements (repo) stood at approximately $6.7bn, while other bilateral debt rose by $128.6m to $18.8bn. Short-term external debt increased by $3.9bn to $34.8bn in September 2025, with Arab countries’ deposits at the CBE accounting for around 31.9% of the total, equivalent to $11.1bn. US dollar remains Egypt’s main borrowing currency The US dollar continued to dominate Egypt’s external debt composition, accounting for $112.9bn, or 68.9% of total debt, in September 2025. The euro ranked second at $20.1bn, while other major currencies totalled $30.7bn. These included Special Drawing Rights (SDRs) at $14bn, the Chinese yuan at $5.9bn, and both the Kuwaiti dinar and Japanese yen at $3.7bn each, alongside $3.4bn in other currencies. IMF remains largest multilateral creditor Debt owed to multilateral institutions totalled $46.6bn in September 2025. The International Monetary Fund (IMF) alone accounted for 28.6% of these loans, equivalent to $13.3bn. This included $5.3bn under the Extended Fund Facility (EFF), $3.9bn linked to Egypt’s SDR allocation, $3.3bn under the new EFF arrangement, and $0.8bn under the Stand-By Arrangement (SBA). Other major multilateral creditors included the International Bank for Reconstruction and Development (IBRD) with $12.4bn, the European Investment Bank (EIB) with $3.6bn, the African Development Bank (AfDB) with $2.5bn, and the Arab Fund for Economic and Social Development (AFESD) with $2.2bn. Debt owed to Arab countries amounted to $40.3bn, led by Saudi Arabia with $15.4bn, followed by the UAE with $12bn and Kuwait with $6.3bn. Meanwhile, Egypt owed $19.1bn to six Paris Club members, including the United States ($5.4bn), Russia ($5.3bn), Japan ($2.8bn), France ($2.6bn), Germany ($2bn), and the United Kingdom ($1bn). Debt owed to China stood at $9.7bn. Government debt declines while banks’ debt rises By debtor sector, external debt owed by “other sectors” increased by $2.4bn to $22.1bn, representing 13.5% of total external debt, largely reflecting higher short-term trade credits. Banks’ external debt rose by $1.3bn to $23.5bn, accounting for 14.4% of total debt, driven by increased short-term borrowing. The Central Bank’s external debt edged down by $40.3m to $37.3bn, representing 22.7% of the total. Government external debt declined by $1.2bn to $80.8bn, equivalent to 49.4% of total external debt. Debt servicing pressures ease External debt service payments declined by $1.5bn year-on-year to $6.4bn during July-September 2025/26. The decrease reflected a $1.2bn reduction in principal repayments to $4.3bn, alongside a $0.3bn decline in interest payments to $2.1bn. Debt indicators improve despite rise in short-term obligations The ratio of external debt to GDP improved to 42.4% in September 2025, compared with 44.2% in June 2025. Short-term external debt by original maturity rose to 21.2% of total external debt, up from 19.2% in June, reflecting the faster pace of growth in short-term liabilities relative to overall debt. Its ratio to net international reserves increased to 70.2%, from 63.5%, indicating mounting pressure from near-term obligations despite the improvement in reserve levels. Short-term debt measured by residual maturity climbed to 36.3% of total external debt, compared with 33.8% previously, while its ratio to reserves rose to 119.9% from 112%. Meanwhile, external debt relative to exports of goods and services declined to 217.5%, from 223%, suggesting a gradual improvement in Egypt’s foreign-currency earning capacity relative to debt obligations. The annual debt-service ratio fell to 49.4% in September 2025, compared with 53.6% in June, while the debt-service-to-current-receipts ratio declined to 31.7% from 34.5%, reflecting easing repayment burdens. Reserves continue to strengthen Net international reserves (NIR) increased by $0.8bn during July–September 2025/26, compared with a $0.4bn rise during the corresponding period a year earlier, reaching $49.5bn by the end of September 2025. The reserves level covered 5.8 months of merchandise imports. The increase was driven by a $2.3bn rise in gold holdings, despite a $1.5bn decline in foreign currency holdings. According to the CBE, NIR climbed further to $52.6bn in January 2026, covering 6.1 months of merchandise imports. Banks’ foreign assets improve Banks’ net foreign assets increased by $4.9bn during July–September 2025/26, compared with a decline of $2.9bn in the same period a year earlier. Foreign currency deposits at banks rose by 2.1% to $63.6bn in September 2025, while local currency deposits increased by 6.5%. As a result, foreign currency deposits accounted for 25% of total deposits. The improvement in banks’ foreign asset position reflects stronger foreign currency liquidity conditions within the banking sector, supported by higher inflows and improved balance-sheet positions. Net external liabilities widen Egypt’s net international investment position (IIP) recorded net external liabilities of $298.8bn in September 2025, compared with $293.6bn in June. Claims on non-residents increased by $6.4bn, or 6.4%, to $106.5bn. This was mainly driven by a $4.3bn increase in other investments to $44.8bn, representing 42.1% of total external assets. Portfolio investment abroad rose by $1.3bn, or 45.3%, to $4.1bn, representing 3.8% of total assets. Reserve assets also increased by $0.6bn, or 1.3%, to $47bn, maintaining the largest share of total assets at 44.2%. Similarly, direct investment abroad rose by $176.6m, or 1.7%, to $10.6bn, accounting for 9.9% of total assets. On the liabilities side, obligations to non-residents increased by $11.7bn, or 3%, to $405.3bn. The increase was primarily driven by a $6.5bn rise in portfolio investment in Egypt to $56.8bn, representing 14% of total liabilities. Other investments expanded by $2.8bn, or 2.1%, to $134.7bn, accounting for 33.2% of liabilities. Foreign direct investment in Egypt also rose by $2.4bn, or 1.1%, to $213.8bn, representing 52.8% of total liabilities. Despite the increase in net external liabilities, Egypt’s negative net IIP-to-GDP ratio improved to 77.5% in September 2025, from 80.5% in June, reflecting stronger asset growth relative to GDP. At the same time, the liabilities-to-GDP ratio declined to 105.1% from 107.9%, while the assets-to-GDP ratio increased to 27.6% from 27.4%. The assets-to-liabilities ratio also improved to 26.3% in September 2025, compared with 25.4% three months earlier. The post Egypt’s external debt rises to $163.7bn in September 2025 despite improved indicators: CBE first appeared on Dailynewsegypt .
9 May 2026
“Enty El Aham” Expands Women’s Health and FGM Awareness Across Egypt
What began as a maternal health awareness initiative inside the maternity wards of Kasr Al-Ainy Hospital has evolved into a wider grassroots movement dedicated to women’s health, awareness, and the fight against female genital mutilation (FGM) in Egypt. The “Enty El Aham” (“You Are More Important”) initiative was founded more than a decade ago by Amr Hassan, Professor of Obstetrics and Gynecology at Cairo University, following years of direct engagement with women arriving at public hospitals with limited access to healthcare education and support. According to Hassan, those experiences revealed that women’s health challenges often extend beyond medical treatment, touching on awareness, dignity, and access to reliable information. “These experiences showed us that women’s health is not only about medical care, but also about awareness, dignity, and empowering women to make informed decisions,” Hassan said. Initially launched as a maternal health awareness effort, the initiative gradually expanded into broader community outreach programs involving young doctors, medical students, and youth volunteers working in underserved areas across Egypt. Over the years, “Enty El Aham” has organized medical caravans, awareness campaigns, and educational activities focusing on maternal healthcare, reproductive health, and the prevention of female genital mutilation, one of the most persistent social and health challenges affecting women and girls in parts of the country. The initiative also seeks to encourage young healthcare professionals to view medicine not only as clinical practice, but as a social responsibility tied to community development and women’s empowerment. According to Hassan, the project has collaborated with civil society organizations and international partners on programs promoting ethical healthcare practices and expanding access to health education. To make awareness campaigns more accessible to families and children, the initiative has adopted creative educational tools, including illustrated comics, children’s coloring books promoting healthy lifestyles, and interactive community activities designed to simplify complex medical concepts. Today, “Enty El Aham” has developed into a broader social movement linking healthcare professionals, youth leaders, and local communities through a shared mission of improving women’s wellbeing and strengthening awareness around critical health and social issues. Hassan said the initiative’s team is currently documenting its journey from a hospital-based awareness campaign to a nationwide grassroots movement focused on women’s dignity, healthcare access, and empowerment. The post “Enty El Aham” Expands Women’s Health and FGM Awareness Across Egypt first appeared on Dailynewsegypt .
7 May 2026
Opinion | The Translation and Preservation of National Identity and Cultural Heritage in the Age of Globalization: A Perspective from Egyptian Cultural Institutions
In today’s world, where globalization is often applied in a uniform and single-minded way, a phenomenon understood largely in terms of erasing cultural boundaries, the role of translation emerges as the last vestige of soft power, perhaps even the only remaining means of protecting and re-presenting identity in a way that preserves its value within a changing global context. Translation is no longer merely a technical linguistic activity; it has become a conscious and complex cultural practice, tasked with confronting the challenge of our time: openness to the world while simultaneously defending cultural distinctiveness. This issue is more crucial than ever, occupying a central place in cultural discussions, given Egypt’s increasing openness to international cultural cooperation through exchange programmes, grants, and specialized seminars. These initiatives reflect an institutional orientation toward building partnerships based on knowledge and cultural interaction. In this context, translation has become the most important tool for reintroducing Egypt’s valuable cultural heritage into shared spaces, without reduction or distortion. This approach is clearly evident in the strategic vision of the Egyptian Ministry of Culture, which seeks to support cultural industries and enhance soft power by presenting Egyptian artistic and cultural heritage as an active entity capable of interacting with others, rather than merely a static inheritance. Hence, the focus is on translating arts and literature as dynamic mediums capable of faithfully presenting this heritage while respecting the diversity of cultural spheres to preserve its essence. Prof. Inas Abd-ElKhaleq Within the Academy of Arts, this role has been realized through the establishment of the Higher Institute for the Translation of Arts, Literature, and Artistic Media. Its vision prioritizes preparing specialized personnel capable of dealing with artistic texts as intricate semantic systems that transcend the limits of language to encompass culture, customs, traditions, image, sound, and performance. Translating a work of art is not a literal transfer but a re-creation of an aesthetic experience, requiring strong awareness of identity on the one hand and of the mechanisms of global reception on the other. Egypt’s prominent writers, such as Naguib Mahfouz, Taha Hussein, Yahya Haqqi, Youssef El-Sebai, and countless others, did not simply produce distinguished literary works. Their writings were literary studies and penetrating insights into the human psyche and its complexities, undoubtedly transcending local boundaries. This is precisely what the translator must convey: universal messages that can inspire all cultures and foster a broader understanding of the human experience. Similarly, Egypt’s timeless cinematic and theatrical heritage, with all its giants who transmitted world heritage to us and left their mark, deserves our utmost attention. We must retranslate it within the same global context that emphasizes the artwork’s cultural content, rather than focusing solely on the technicalities of dialogue, which are certainly open to multiple interpretations. Our cinematic heritage of comedic works from the 1940s and 1950s confirms this, as these films transformed comedy into a weapon of political defiance against occupation, inspiring audiences worldwide. Likewise, the realistic films of the 1990s, which reflected the early signs of globalization and foreshadowed our current situation, offered insightful artistic perspectives that interpreted and engaged with the world, rather than being confined to their own culture. Perhaps the greatest challenge today lies in transforming translation into an effective tool of soft power, consolidating Egypt’s cultural presence on the international stage, not only through artistic production but also through its accurate and conscious presentation, which respects its distinctive character and illuminates its richness and universality. In conclusion, translation is no longer a cultural choice but a tactical necessity imposed by the nature of the times. It is the means by which we reshape ourselves to the world and participate in forming a more balanced and pluralistic global discourse, a discourse that acknowledges and celebrates difference, rather than obliterating it. Prof. Inas Abd-ElKhaleq – Dean, Higher Institute of Art, Literature, and Artistic Media Translation The post Opinion | The Translation and Preservation of National Identity and Cultural Heritage in the Age of Globalization: A Perspective from Egyptian Cultural Institutions first appeared on Dailynewsegypt .
6 May 2026
Egypt, Romania explore deeper chemical, fertilizer trade cooperation
Egypt is intensifying efforts to expand its footprint in European markets, with the Chemicals and Fertilizers Export Council of Egypt (CEC) holding high-level talks in Bucharest to unlock new opportunities for Egyptian exports. The joint meeting, organized with the Egyptian Commercial Service, brought together the Export Council and the Bucharest Chamber of Commerce and Industry to discuss ways to boost bilateral cooperation and position Romania as a gateway to the wider EU market. The Romanian side was led by Iuliu Stocklosa, President of the Bucharest Chamber of Commerce and Industry, joined by senior officials Laurentiu Margarit (Marketing & Communication), Iliuță-Sorin Enache (Immigration Office), and George Petrusan, Head of the Romanian Commercial Office at the Embassy. Representing Egypt were Ali El-Zein, board member of CEC, Mohamed Mageed (Executive Director), Yehia El-Menshawy (Director of Business Development & International Cooperation), and Commercial Counselor Hassan Hariz. Ali El-Zein underscored Romania’s growing importance as a strategic market for Egyptian chemical and fertilizer exports, citing competitive pricing, strong quality standards, and compliance with EU regulations. Mohamed Mageed revealed that Egyptian chemical exports to Romania reached $220m in 2025, led by fertilizers ($165m), plastics ($37m), and intermediate chemicals ($15m). Other exports included glass, inks, paints, detergents, adhesives, and rubber products. “These figures reflect significant potential for further growth, particularly amid rising demand in the Romanian market,” Mageed noted. Yehia El-Menshawy emphasized that the meeting builds on prior coordination with Egypt’s commercial office in Bucharest, highlighting the council’s readiness to foster direct company-to-company connections and long-term partnerships. Romanian President Stocklosa pointed to the geographic proximity and improved logistics between Egypt and Romania as key drivers for expanding trade. He praised Egyptian products for their competitiveness and alignment with European standards. George Petrusan added that Egypt’s export council model offers a strong framework for facilitating business engagement, contrasting with Romania’s institutional trade structure, and supporting deeper cooperation. The meeting concluded with a shared commitment to continued coordination between Egyptian and Romanian partners, aiming to translate opportunities into concrete ventures and higher trade volumes in the near term. The post Egypt, Romania explore deeper chemical, fertilizer trade cooperation first appeared on Dailynewsegypt .
5 May 2026
Egypt condemns Khartoum Airport strike, warns of wider escalation
Egypt strongly condemned the drone strike on Khartoum International Airport, warning of its grave implications for Sudan’s stability and the wider region, the Foreign Ministry said Tuesday. The ministry described the attack as a “flagrant violation” of Sudan’s sovereignty and a direct threat to civilian infrastructure, calling it a dangerous escalation that risks worsening both the security and humanitarian situation. Cairo voiced concern over the growing frequency of such strikes, reportedly launched from outside Sudan, cautioning that they could expand the conflict’s scope and spill over into neighboring countries. The statement stressed that the escalation undermines ongoing regional and international efforts to secure a ceasefire and reduce tensions, including initiatives led by the United States, and further exacerbates the suffering of the Sudanese people. Egypt reaffirmed its support for Sudan’s unity and territorial integrity, rejecting foreign interference in its internal affairs and urging adherence to international law and the UN Charter. It also reiterated backing for initiatives aimed at containing the crisis, calling on all parties to pursue peaceful solutions to restore stability in Sudan. The post Egypt condemns Khartoum Airport strike, warns of wider escalation first appeared on Dailynewsegypt .
5 May 2026
Tensions escalate in Strait of Hormuz as diplomacy races to contain US-Iran crisis
Tensions between the United States and Iran have intensified in the Gulf, with both sides exchanging accusations over threats to shipping in the Strait of Hormuz, while regional and international diplomatic efforts accelerate to avert a broader confrontation. US President Donald Trump adopted a hardened tone, stating that Iran “has no real naval or air power” and describing the situation as a “small military engagement,” despite ongoing discussions about potential negotiations. Chairman of the Joint Chiefs of Staff Dan Kane announced the launch of “Project Freedom” to secure maritime transit through the strait, accusing Iran of threatening global shipping and weaponising supply chains. He said Iranian forces had targeted commercial vessels nine times and attacked US forces ten times since a ceasefire was declared. Kane added that US forces remain prepared to resume combat operations if ordered, calling on countries with strategic interests in the strait to contribute to safeguarding navigation, as Washington continues its maritime blockade on Iran. Iranian officials, however, insisted the crisis cannot be resolved through military means. Foreign Minister Abbas Araqchi said recent developments demonstrate that “there is no military solution,” noting that talks are progressing through Pakistani mediation. Meanwhile, Iran’s ground forces commander warned of “severe consequences” in the event of any miscalculation. Iranian Parliament Speaker Mohammad Baqer Qalibaf described the current situation in the strait as “unsustainable for the United States,” accusing Washington and its allies of undermining maritime security through the blockade. On the ground, US media reported that two American destroyers successfully transited the strait despite Iranian attacks involving boats, missiles and drones, without sustaining damage. Iranian media, by contrast, claimed US vessels had become stranded in southern waters, highlighting conflicting narratives and the difficulty of independently verifying developments. Iran’s Revolutionary Guards navy also reported seizing vessels in the area, while shipping data indicated a growing backlog of tankers awaiting clearance—underscoring disruptions in one of the world’s most critical energy corridors. Elsewhere, the United Arab Emirates said its air defences intercepted Iranian missiles and drones, while France and United Kingdom condemned the attacks and called for restraint and renewed diplomatic engagement. Regionally, Egypt has intensified diplomatic contacts with Gulf states and the United States in support of de-escalation efforts. Egyptian President Abdel Fattah Al-Sisi expressed solidarity with the UAE during a call with President Sheikh Mohamed bin Zayed, while Foreign Minister Badr Abdelatty stressed the need to sustain negotiations and warned of serious risks to regional and global stability. Saudi Arabia also voiced concern over the escalation, calling for restraint and supporting Pakistani mediation, while emphasising the importance of ensuring safe maritime navigation through the strait. At the international level, United Nations Secretary-General Antonio Guterres welcomed the extension of the ceasefire, describing it as an opportunity to reduce tensions, as countries including South Korea consider joining international efforts to secure vital shipping routes. The post Tensions escalate in Strait of Hormuz as diplomacy races to contain US-Iran crisis first appeared on Dailynewsegypt .
5 May 2026
SCZONE attracts record $7.1bn in annual investments, secures $1.8bn in two months
Chairperson of the Suez Canal Economic Zone (SCZONE), Walid Gamal El-Din, highlighted the zone’s expanding role as a global logistics and industrial hub during his participation in a conference organised by AHK Egypt. Held in New Cairo under the theme “Egypt: The Gateway to Global Trade – Connecting Continents Through Innovation,” the event brought together senior government officials, business leaders, international institutions, and logistics companies to discuss the future of global trade and supply chains. Gamal El-Din took part in the opening panel, “Current Challenges of the Logistics Sector,” where discussions focused on improving efficiency amid ongoing global disruptions. During the session, he said SCZONE is actively repositioning itself as an integrated industrial and logistics platform, capitalising on structural shifts in global supply chains. He revealed that the authority has attracted approximately $16bn in investments over the past three years and nine months. In the current fiscal year alone, investments have reached a record $7.1bn, including $1.8bn secured within the last two months. On the operational front, SCZONE reported strong growth in both revenues and cargo volumes. Container throughput at East Port Said Port rose sharply from 2.4 million TEUs in 2024 to 5.6 million TEUs in 2026, accounting for around 70% of Egypt’s transit trade. Meanwhile, Arish Port has been transformed from near inactivity into a functioning hub handling between 4.5 million and 5 million tonnes annually. Gamal El-Din also pointed to ongoing upgrades at Ain Sokhna Port, part of a broader national logistics corridor linking Sokhna to Alexandria, aimed at enhancing connectivity and streamlining the movement of goods across Egypt. He emphasised that these developments align with SCZONE’s strategy to localise industry, targeting priority sectors including renewable energy—particularly solar panels and cells—pharmaceuticals, metals such as aluminium, chemicals including phosphate fertilisers, as well as batteries and electric vehicles. Food processing and textiles also remain key focus areas. The chairperson noted that SCZONE offers a range of competitive advantages, including cost-efficient labour, reliable energy at competitive prices, strategic proximity to global markets, and access to multiple international trade agreements, all supported by advanced infrastructure. He added that the authority has successfully launched ship bunkering services across its ports in cooperation with relevant entities, and expects to close the current fiscal year with record revenues and a surplus, achieving growth exceeding 30%. This momentum is set to be further supported by the inauguration of new factories in the second half of the year. According to SCZONE, total investments in port development projects have reached approximately $1.675bn, including $1.516bn in executed contracts between July 2022 and April 2026, covering 14 projects. The strong performance reinforces SCZONE’s position as a strategic hub within global supply chains, strengthening Egypt’s role as a key gateway for international trade. The post SCZONE attracts record $7.1bn in annual investments, secures $1.8bn in two months first appeared on Dailynewsegypt .
5 May 2026
Egypt sets 2030 tourism goal: 300,000 hotel rooms through investment reform
Egypt is charting an ambitious course to expand its hospitality capacity to 300,000 hotel rooms by 2030, according to Mostafa Mounir, CEO of the Egyptian Tourism Authority (ETA). The initiative forms part of a broader strategy to restructure tourism investment and unlock the country’s vast potential as a global destination. Speaking at The Investor Conference, Mounir underscored the government’s prioritization of the tourism sector, with a particular focus on expanding hotel capacity and maximizing the value of Egypt’s unique tourism assets. He noted that the Authority is working under clear directives to ensure sustainable growth and development. The Authority’s efforts are concentrated in key tourism regions, notably South Sinai and the Red Sea, the latter serving as Egypt’s most significant tourism hub. Over the past 35 years, the Authority has added nearly 110,000 hotel rooms and more than 106,000 tourism housing units. Together, these account for approximately 250,000 units, nearly half of Egypt’s total hospitality capacity. Despite this progress, Mounir emphasized that current figures remain below Egypt’s true potential, given its globally competitive offerings. He revealed that the Authority is recalibrating the tourism investment framework, with a particular focus on addressing inefficiencies in tourism housing. A central pillar of the reform involves converting a portion of the 106,000 underutilized housing units into fully serviced, hotel-managed assets. This shift is expected to improve operational efficiency, boost investment returns, and integrate idle inventory into the formal tourism ecosystem. Linking these units to international hotel management systems and booking platforms would further enhance Egypt’s competitiveness and service quality. Mounir highlighted that existing infrastructure across tourism development zones is already equipped to support expansion without requiring substantial new land allocations. Many projects remain incomplete, offering significant opportunities to increase capacity within current masterplans. The strategy reflects Egypt’s broader vision to position itself among the world’s leading tourist destinations, delivering stronger returns for investors and improved experiences for visitors alike. The post Egypt sets 2030 tourism goal: 300,000 hotel rooms through investment reform first appeared on Dailynewsegypt .
5 May 2026
Industry minister engages Pharma Chamber to drive sector growth, boost exports
Egypt’s Minister of Industry, Khaled Hashem, held an extensive meeting with the Chamber of Pharmaceutical, Cosmetics and Medical Supplies Industries to discuss key challenges facing the sector and explore measures to strengthen its performance and export potential in the coming period. The meeting was attended by the Chamber’s chairperson, alongside board members, representatives of the Export Council for Medical Industries, and senior ministry officials. At the outset, Hashem emphasised that medical industries represent one of Egypt’s strategic priority sectors, encompassing pharmaceuticals, cosmetics, medical devices, dietary supplements, and veterinary products. He reaffirmed the ministry’s commitment to supporting the sector’s growth and enhancing its global competitiveness. He highlighted efforts to encourage pharmaceutical companies to expand local production of active pharmaceutical ingredients (APIs), positioning Egypt as a regional hub for the manufacturing and export of these critical inputs. Discussions focused on a number of key industry demands, including supporting manufacturers in obtaining European quality certifications to facilitate entry into Gulf and international markets. Participants also stressed the importance of upgrading production facilities, adopting advanced technologies, and improving access to financing from international institutions. Other priorities included streamlining procedures for obtaining local content certificates from the Industrial Development Authority and strengthening linkages between scientific research and industrial production to foster innovation within the sector. In response, Hashem directed enhanced coordination with relevant authorities to provide technical support for companies seeking internationally recognised certifications, particularly those accredited by European bodies. He added that such consultative meetings will be held regularly with industrial chambers to closely monitor sector needs and challenges, noting that the ministry will continue working with stakeholders to improve the regulatory and operational environment. For his part, El-Leithy described the pharmaceutical sector as one of Egypt’s most promising industries, with strong potential to significantly increase exports across regional markets. He underscored the importance of consulting the chamber prior to issuing decisions affecting the sector, in line with its advisory role under the law governing industrial chambers. The meeting reflects Egypt’s broader strategy to strengthen its industrial base, localise high-value manufacturing, and enhance the global competitiveness of its medical industries. The post Industry minister engages Pharma Chamber to drive sector growth, boost exports first appeared on Dailynewsegypt .
5 May 2026
Egypt’s economy demonstrates resilience amid successive global shocks
Egypt’s Minister of Planning and Economic Development, Ahmed Rostom, said the national economy has withstood five major external shocks over the past six years, each of which could have triggered a severe downturn, yet continued to deliver positive performance indicators. Speaking during a presentation of Egypt’s economic development plan at an American Chamber of Commerce conference, Rostom noted that implementation of several key initiatives will begin immediately following approval of the national investment plan, with further details to be announced in due course. He emphasised that the government is intensifying its focus on entrepreneurship by supporting start-ups and fostering a more enabling business environment. These efforts are being coordinated at the highest levels, under the supervision of the Deputy Prime Minister and in collaboration with relevant stakeholders. Rostom said these initiatives form part of a broader strategy to position Egypt among the leading economies in the Middle East and across emerging markets, driven by continued structural reforms and an expansion of the country’s productive base. In cooperation with international financial institutions, including the World Bank and the International Monetary Fund, the government has developed multiple economic scenarios for growth and inflation, allowing policymakers to adapt swiftly to evolving global conditions. He cautioned that sudden geopolitical developments, including regional conflicts and tensions, can trigger immediate disruptions in financial and commodity markets, with rapid spillover effects on the global economy. Ahmed Rostom, Egypt’s Minister of Planning and Economic Development Addressing the ongoing crisis in the Gulf, Rostom said it is likely to push energy and commodity prices higher both globally and domestically. He described the current global economic environment as more complex than the 2008 financial crisis, given its direct link to energy markets, unlike the earlier crisis which was largely concentrated in the United States and Europe and contained relatively quickly. Under the baseline scenario, global growth is expected to ease to 3.1%, down from 3.4% in 2025, before recovering slightly to 3.2% by 2027. Inflation is projected to reach around 4.4%, moderating to 3.7% over the same period. Rostom also highlighted sharp increases in global energy prices, noting that natural gas prices have surged by 160%, while food prices have risen by 2.5%. Under a more adverse scenario, oil prices could rise to between $110 and $150 per barrel, while natural gas prices may increase by as much as 200%. Food prices are also projected to climb by 5% in 2026 and 10% in 2027. He further noted that revenues from the Suez Canal have been significantly affected, alongside broader disruptions to regional supply chains, including the suspension of fertiliser and energy shipments. These pressures are contributing to rising production costs and inflationary trends. Despite these headwinds, international institutions continue to project sustained positive growth for Egypt, albeit at a more moderate pace. Credit rating agencies have also maintained Egypt’s outlook between stable and positive, reflecting continued confidence in the country’s economic reform trajectory. The post Egypt’s economy demonstrates resilience amid successive global shocks first appeared on Dailynewsegypt .
5 May 2026
FRA chief highlights strong potential to advance Egypt’s arbitration framework
Islam Azzam, Chairperson of Financial Regulatory Authority (FRA), said the country holds significant potential to further develop its arbitration framework, particularly as the authority expands the use of financial technology (FinTech) across non-banking financial activities in line with Law No. 5 of 2022. He emphasised the need to intensify awareness and education efforts, draw on international best practices, and strengthen coordination among legislative and regulatory bodies, financial institutions, and the legal community. Such steps, he noted, are essential to entrench arbitration as a primary mechanism for resolving investment disputes. Azzam made these remarks during a speech at the Egyptian Arbitration Day conference, organised by the Egyptian Centre for Arbitration and Settlement of Non-Banking Financial Disputes (ECAS), chaired by Marian Kaldas. The event brought together experts, specialists, and representatives from regulatory and judicial bodies as part of broader efforts to reinforce arbitration as an effective tool to support Egypt’s investment climate. He highlighted arbitration’s growing importance in enhancing the attractiveness of the investment environment, noting that advancing the field in Egypt would help resolve disputes more efficiently while reducing litigation burdens and associated costs. Azzam added that global economic developments have heightened the relevance of consensual dispute resolution mechanisms, including arbitration and mediation. International trends, he said, show a clear shift towards arbitration, with studies indicating that around 90% of companies prefer it as a primary method of dispute resolution, while approximately 60% favour combining it with other alternative mechanisms—reflecting rising confidence in such approaches. He further noted that arbitration plays a pivotal role in supporting investment environments, with some studies estimating its positive impact at more than 22% compared to traditional litigation systems in developing countries. This is attributed to several advantages, including faster dispute resolution, reduced disruption to investment activities, greater procedural flexibility, and significantly lower long-term costs—estimated by some researchers at up to 80%. These factors collectively enhance market attractiveness, support foreign investment inflows, and contribute to broader economic development. Azzam also pointed to a recent decision by the Prime Minister amending the statutes of ECAS, introducing rules for electronic arbitration that enable proceedings to be conducted remotely in a secure and confidential manner. The amendments also include an expedited arbitration system designed to accelerate dispute resolution for cases not exceeding EGP 25m. He affirmed that the FRA will continue to support the development of the regulatory and legislative framework governing non-banking financial activities, including dispute resolution mechanisms, while working to strengthen trust among market participants. This, he said, will help ensure the stability of financial transactions, expand financial inclusion, and enhance the overall attractiveness of the Egyptian economy. Egyptian Arbitration Day was organised by the Egyptian Centre for Optional Arbitration and Settlement of Non-Banking Financial Disputes, established under Presidential Decree No. 335 of 2019 in implementation of Article 10 of Law No. 10 of 2009 regulating non-banking financial markets and instruments. The event forms part of ongoing efforts to exchange expertise and highlight international best practices aimed at protecting market participants and expediting amicable dispute resolution, with the broader goal of positioning arbitration as a key pillar of Egypt’s investment landscape. The post FRA chief highlights strong potential to advance Egypt’s arbitration framework first appeared on Dailynewsegypt .
5 May 2026
Egypt urges global cooperation to secure water resources at Istanbul forum
Egypt’s Minister of Water Resources and Irrigation, Hani Sewilam, warned that global water challenges are intensifying under the combined pressures of climate change and rapid population growth, calling for stronger international cooperation to secure water resources. According to the ministry, Sewilam attended the opening session of the Fifth Istanbul International Water Forum and will take part in a ministerial roundtable, alongside bilateral meetings with officials from several countries. He stressed that the forum comes at a critical moment as water systems face mounting strain, urging integrated approaches to build resilience. Sewilam underscored that transboundary cooperation is essential, emphasizing adherence to international law, trust, and mutual benefit without causing harm. The minister highlighted the need to embed water issues within the global climate agenda and strengthen multilateral collaboration. He pointed to the 2026 UN Water Conference as a pivotal opportunity to advance the global water agenda, noting Egypt’s role in chairing one of its interactive dialogues. “Water security is no longer a national issue alone but a shared responsibility tied to sustainable development,” Sewilam said. On the sidelines of the forum, he met Senegal’s Minister of Water and Sanitation, Cheikh Tidiane Dièye, to discuss cooperation ahead of Senegal’s co-hosting of the 2026 UN Water Conference. Sewilam emphasized the importance of coordination between Egypt and Senegal in international water and climate forums to achieve practical outcomes. He praised Senegal’s leadership of the African Ministers’ Council on Water (AMCOW) and reaffirmed Egypt’s commitment to working with African partners to advance water and climate priorities, including the implementation of Africa’s Water Vision 2063. The post Egypt urges global cooperation to secure water resources at Istanbul forum first appeared on Dailynewsegypt .
5 May 2026
Cryptocurrencies reshape monetary policy, challenge central banks
Digital currencies are reshaping the global financial landscape and imposing unprecedented challenges on monetary policy, according to leading experts who gathered at a seminar hosted by the Egyptian Center for Economic Studies (ECES). The event underscored how cryptocurrencies and central bank digital currencies (CBDCs) are no longer marginal phenomena but central issues that policymakers must confront. The seminar featured Harald Uhlig, professor of economics at the University of Chicago; Yehia Aboul Fotouh, deputy chief executive of the National Bank of Egypt; Amr Mostafa, head of treasury and capital markets at the bank; and economic expert Omar El Shenety. The discussion was moderated by Abla Abdel Latif, the centre’s executive director and director of research. Abdel Latif explained that the seminar was part of the centre’s mission to address emerging economic issues attracting global attention. Digital currencies, she said, have become one of the most significant developments in the financial system, sparking debate across governments, banks, and academia. Uhlig provided a sweeping overview of global developments. He noted that Bitcoin remains the most visible cryptocurrency but is only one among thousands of digital assets, collectively valued at around $2.6trn. This sheer scale, he argued, makes digital currencies impossible to ignore. Yet their defining contradiction, fixed supply paired with extreme volatility, poses analytical challenges. Economic models suggest Bitcoin’s price follows a “risk adjusted martingale,” meaning today’s price is the best predictor of tomorrow’s, adjusted for risk. He pointed out that Bitcoin currently trades near $78,000, with projections suggesting it could reach $521,000 within five years. Such forecasts highlight both the extraordinary opportunities and the profound risks inherent in the market. Uhlig warned that stablecoins pegged to the US dollar could exert pressure on central banks, forcing them to adjust policy frameworks and potentially limiting their independence. Around 70% of central banks worldwide are studying the issuance of their own digital currencies, he said, reflecting recognition of their importance. He contrasted approaches: the United States is cautious, relying on private sector stablecoins, while the European Union is advancing legislation to establish a digital euro. Uhlig cautioned that CBDCs could trigger “disintermediation” if individuals choose to hold funds directly with central banks, bypassing traditional banks. This would challenge the structure of the financial system and require a fundamental rethink. He emphasized that central banks face a complex trade off: maintaining trust in the currency, ensuring system efficiency, and preserving price stability–objectives that are difficult to achieve simultaneously. Aboul Fotouh distinguished between digital currencies and cryptocurrencies, stressing that Egypt’s banking system is undergoing digital transformation but cryptocurrencies remain legally prohibited. He cited barriers including volatility, liquidity risks, and weak investor protection. “Who would users turn to in cases of fraud or loss?” he asked. Despite these risks, Aboul Fotouh highlighted opportunities. Cryptocurrencies and blockchain could enhance financial inclusion, reduce the cost and time of cross border transfers, and improve efficiency in trade finance. He stressed the importance of capacity building and financial literacy to ensure the market can absorb these tools responsibly. Mostafa emphasized that cryptocurrencies are still used primarily for speculation rather than payments, raising doubts about their suitability as currencies. He argued that the future lies with stablecoins and CBDCs, which combine efficiency and ease of use with regulatory clarity and user trust. He warned that insufficient regulation remains a major challenge, particularly for investor protection, and said central banks should only engage through regulated instruments. El Shenety observed that cryptocurrency use is expanding among younger groups despite the absence of regulation. He argued that integrating these activities into the formal system would enhance oversight and protect users. He noted that valuations are driven less by fundamentals than by behavioral factors and investor expectations, explaining their volatility. The seminar also explored macroeconomic implications, including effects on inflation, money velocity, reserve asset potential, and international settlements. Experts debated whether digital currencies could serve as reserve assets or play a role in global trade settlements, while acknowledging the uncertainty surrounding their long term trajectory. Abdel Latif urged the Central Bank of Egypt to adopt a proactive approach. She argued that waiting for international experiences to mature would leave Egypt behind. Engagement, she said, does not mean excessive risk but rather studying and applying CBDC models that offer secure, regulated alternatives. Providing official tools would encourage users to shift from informal practices to more stable channels, enhancing efficiency and resilience. She stressed that rapid technological advances, including artificial intelligence, underscore the pace of global change. Digital currencies, she argued, are no longer marginal or temporary but an economic reality requiring preparedness. The real challenge lies in building institutional capacity, not rejecting innovation. Think tanks, she added, play a vital role in fostering informed debate and equipping policymakers with knowledge. The seminar concluded with consensus that the world is moving toward a hybrid financial model combining traditional systems with modern technologies. Policymakers must balance innovation with stability, developing flexible regulatory frameworks capable of accommodating rapid transformation. The post Cryptocurrencies reshape monetary policy, challenge central banks first appeared on Dailynewsegypt .
5 May 2026
Engineering Export Council expands global reach via Automechanika 2026
The Engineering Export Council of Egypt (EECE) is intensifying efforts to strengthen the global presence of Egyptian firms by promoting participation in Automechanika Frankfurt 2026 and Automechanika South Africa 2026, part of a broader strategy to unlock new markets and boost sector exports. The council joined a workshop and seminar in Cairo organized by Messe Frankfurt, which spotlighted opportunities at the world-renowned Automechanika exhibitions. The session guided Egyptian companies on how to maximize their engagement in major international trade fairs and leverage Automechanika’s platform, one of the leading global events for the automotive industry and aftermarket services. The exhibitions provide unparalleled opportunities for networking with top manufacturers and distributors worldwide. Discussions highlighted the profound transformation underway in the global automotive industry, driven by artificial intelligence, the shift toward electric vehicles, and the rise of connected and software-defined cars. Sustainability requirements are also reshaping the sector, underscoring the need for Egyptian firms to adapt quickly to remain competitive in export markets. Participants reviewed new features of the Frankfurt edition in 2026, including a strategic partnership with the German Association of International Motor Vehicle Manufacturers to strengthen the automotive aftermarket sector. The exhibition will also launch the HighTech4Mobility Forum, addressing cutting-edge topics such as vehicle lifecycle management, autonomous driving, and cybersecurity. The seminar further spotlighted emerging opportunities in new markets, notably with Automechanika’s expansion into Southeast Asia. The inaugural Automechanika Indonesia 2026, scheduled for September, is expected to tap into one of the region’s largest automotive markets, with its aftermarket sector projected to reach approximately $64bn. Mai Helmy, Executive Director of EECE, said the council is actively preparing Egyptian companies for international competition by offering technical and promotional support, while enhancing their readiness to participate in specialized global exhibitions. She emphasized that participation in Automechanika events provides a vital opportunity for Egyptian firms to explore the latest technological innovations and forge strong business partnerships, ultimately driving growth in Egypt’s engineering exports. Automechanika South Africa 2026 will run from October 27 to 29, with broad international participation expected from companies across the automotive and aftermarket sectors. The post Engineering Export Council expands global reach via Automechanika 2026 first appeared on Dailynewsegypt .
5 May 2026
Opinion | The Illusion of an End: Washington’s Strategy of Managing War without Fighting
In Washington, every word is weighed carefully. When Donald Trump announced that “military operations have ended,” it was less a straightforward assessment than a tactical move amid a complex political landscape. This declaration was essentially an effort to sidestep the War Powers Resolution, which requires the administration to explain any extended military involvement to Congress. What appears to be an “end of war” is, in reality, a legal rebranding of the situation. In the US, three main forces are pulling in different directions. First, Congress, both chambers, wants to avoid another endless war in the Middle East, especially since the public is weary of long, costly interventions. Second, the military establishment knows that any direct clash with Iran would not be quick or clean; it would likely open multiple fronts from the Gulf to Iraq and possibly beyond. Third, there is the electoral angle, in which every military choice is tied to the president’s image with voters, who are increasingly sensitive to fuel prices and economic security. What we are seeing now is not truly a “withdrawal” but more a game of brinkmanship. The US administration is trying to maintain deterrence without slipping into war. The ongoing naval presence in the Strait of Hormuz and the constant threat of military action are balanced by the opening of a limited negotiating channel, a careful mix of pressure without escalation. On the flip side, Iran is keenly reading the US stance. It knows Washington is not seeking a full-blown war, but it also cannot afford to appear as though it is backing down. Tehran is advancing calculated negotiating proposals while holding its regional influence. It is banking on time: the longer tension lingers without actual conflict, the more domestic pressure will build on the US administration. Dr. Marwa El-Shinawy Insights from Washington think tanks, such as the Brookings Institution and the Council on Foreign Relations, highlight a complex concern. Their analyses do not describe an “end of conflict,” but rather a “repositioning phase.” The general view is that both sides have entered a sort of tactical truce, which seems more about buying time than building peace. On the economic front, the situation is trickier than it appears. Any disruption to oil flows through the Gulf would hit the US market hard. With inflation still a serious issue at home, the administration cannot afford a military operation that might send prices soaring. Energy stability thus becomes a key, albeit hidden, factor in every decision made. Forecasts center around three main scenarios. First, the maintenance of the current situation, neither war nor agreement, which seems most likely in the short term, as it meets the minimum interests of both sides. Second, the possibility of a limited diplomatic breakthrough, perhaps through indirect mediation, leading to a longer period of calm but without a real solution. Third, and most dangerous, is a miscalculation, an ill-timed strike or incident in the Gulf, that could quickly reignite the conflict, given the already charged atmosphere. The irony is that all parties claim they do not want war, yet their actions keep the possibility alive. This is not so much a contradiction as a reflection of today’s international politics: managing risks rather than eliminating them. In the end, what is unfolding is neither the end of escalation nor a clear beginning, but rather a state of limbo managed with extreme precision from Washington, where every phrase is as carefully calculated as military actions. The real question now is not whether the war has ended, but: How long can the United States maintain this tenuous balance before it is disrupted, either by choice or by chance? Dr. Marwa El-Shinawy – Academic and Writer The post Opinion | The Illusion of an End: Washington’s Strategy of Managing War without Fighting first appeared on Dailynewsegypt .
5 May 2026
Egypt opens first premium tax services centre in New Cairo to simplify investor procedures
Egypt opened its first premium tax services centre in New Cairo on Tuesday evening, marking the start of a nationwide rollout aimed at simplifying procedures for investors and widening the country’s tax base. Prime Minister Mostafa Madbouly inaugurated the facility at the SODIC administrative centre, accompanied by Finance Minister Ahmed Kouchouk. Madbouly stated that the government aims to create a real partnership with the business community by implementing further tax reforms and facilities, which will help foster a stable and attractive business environment that meets the needs of local and international investors. The prime minister noted that the government targets the establishment of several premium tax centres across the country to provide efficient, fast, and easy services. He added that the overarching goal is to build a fair, simplified, and stimulating tax system to achieve economic growth and stability. Finance Minister Ahmed Kouchouk emphasised the ministry’s commitment to raising taxpayer satisfaction through these new centres, highlighting the enhancement of digital transformation and the launch of electronic services to change the tax reality for the better. He stated that the ministry seeks to widen the tax base and gain the trust of the business community through further tax facilitations. Addressing tax authority employees directly, Kouchouk said, “Every simplified procedure done today will translate into more trust and partnership tomorrow. Simplify and make things easy, as much as you can.” He added that the ministry cares about periodically measuring feedback from the tax community to ensure the continuous development of services, noting that they are always ready to hear any ideas for development and innovation to provide additional premium services to the taxpayer. Rasha Abdel Aal, Head of the Egyptian Tax Authority, announced that two new premium tax service centres will open soon in New Alamein and Sheikh Zayed. She stated that the authority targets providing highly premium services to permanent and compliant taxpayers, thereby driving the shift towards a customer service culture. The inauguration was also attended by Ramy Youssef, Assistant Minister of Finance for Tax Policies, and Ibrahim Sarhan, Chairman and Managing Director of e-finance. Khaled Abdel Ghani, CEO of eTax, stated that his company has highly efficient and skilled teams providing technical support and flexible engagement with the business community. He said eTax looks forward to providing more advanced, distinct, and stimulating services to attract new taxpayers to voluntarily widen the tax base. Abdel Ghani also pointed to the introduction of a mobile application for electronic tax services, alongside a call centre to evaluate performance levels. Regarding the specific operations of the New Cairo centre, Abdel Ghani noted it offers expedited services without wait times. These include voluntary registration for taxpayers, data amendment, renewing and issuing replacements for lost or damaged tax cards, certificate issuance, and simplified registration. The facility manages electronic invoice and receipt services, encompassing registration, portal activation, resending invitations, coding of goods and services, point-of-sale registration, and visit requests. Furthermore, the centre offers technical support for all digital tax systems and the real estate tax system, including registration, declarations, and payments, as well as services for the real estate transaction tax application regarding registration, submission, and payments. The post Egypt opens first premium tax services centre in New Cairo to simplify investor procedures first appeared on Dailynewsegypt .
5 May 2026
Egypt’s transit trade grows 35% in first quarter of 2026, finance minister says
Egypt’s transit trade volume increased by 35% in the first quarter of 2026 compared to the same period last year, Finance Minister Ahmed Kouchouk said, as the government prepares to introduce new facilities to further boost the sector. Speaking at a logistics conference organised by the German-Arab Chamber of Industry and Commerce, Kouchouk announced that a package of tax and customs facilities will be presented to the House of Representatives in the coming weeks. The package includes 40 measures designed to simplify procedures for investors, drive trade movement, and reduce customs release times. To facilitate cross-border trade and benefit from infrastructure developments, exceptional customs facilities have already been implemented, Kouchouk said. These include clearing transit shipments at ports without the need for Advance Cargo Information (ACI) pre-registration. The government is also providing diverse alternatives to cash guarantees to reduce financial burdens on investors, aiming to maximise transit trade and transform Egypt into a global logistics hub. “We are committed to enhancing governance and protecting our borders and citizens, and we will not allow the entry of goods that do not conform to specifications,” Kouchouk said. He added that an updated, mechanised database detailing all customs regulations will be published electronically within days. The ministry is also developing an advanced risk management system aligned with international standards to enhance pre-clearance operations. Ahmed El Sewedy, chairperson of the German-Arab Chamber of Industry and Commerce, said the business community is optimistic about Egypt’s investment opportunities, noting that investment procedures have improved and the current infrastructure stimulates growth. The post Egypt’s transit trade grows 35% in first quarter of 2026, finance minister says first appeared on Dailynewsegypt .
5 May 2026
Egypt, World Bank explore pharma localisation, healthcare cooperation
Egypt’s Ministry of Health has discussed with the World Bank Group, including the International Finance Corporation (IFC), ways to deepen cooperation in the healthcare sector, with a focus on localising pharmaceutical production and improving service quality. Health Minister Khaled Abdel Ghaffar met with a World Bank delegation to review initiatives aimed at strengthening pharmaceutical supply chains and delivering high-quality healthcare services. Discussions covered expanding local manufacturing capacity for medicines, vaccines, and biologics, alongside improving regulatory frameworks and encouraging private sector participation. The meeting also examined national infrastructure readiness, coordination mechanisms among relevant entities, and the role of logistics and central storage systems. Officials highlighted the capabilities of Egypt’s state-owned vaccine producer VACSERA and ongoing technology transfer projects with international partners. Abdel Ghaffar stressed that Egypt’s strong scientific base, research capacity, and strategic geographic location position the country as a regional hub for pharmaceutical manufacturing and exports. Talks further addressed strengthening primary healthcare, improving maternal and child health, and reducing unnecessary caesarean sections. Cooperation on Egypt’s universal health insurance programme was also discussed as a cornerstone of healthcare reform. Both sides affirmed that the partnership represents an opportunity to enhance healthcare quality and support sustainable development in Egypt and across the wider region. The post Egypt, World Bank explore pharma localisation, healthcare cooperation first appeared on Dailynewsegypt .
4 May 2026
Egypt, Tanzania push for Nile Basin inclusivity, reject unilateral actions
Egypt and Tanzania welcomed positive developments in consultations aimed at restoring inclusivity to the Nile Basin Initiative (NBI) and rejected unilateral actions concerning the river, the Egyptian foreign ministry said on Monday. The statements followed a telephone conversation between Egypt’s Minister of Foreign Affairs, Emigration and Egyptian Expatriates, Badr Abdelatty, and Tanzanian Foreign Minister Mahmoud Thabit Kombo. Discussing water security, Abdelatty emphasised the importance of cooperation and integration on the Nile River to achieve mutual benefit. He highlighted the necessity of adhering to a spirit of consensus and brotherhood to restore inclusivity to the NBI in accordance with international law. The two ministers also reviewed the Julius Nyerere dam project in Tanzania, which is being implemented by Egyptian companies. Kombo commended the efficiency and expertise of the Egyptian firms executing major developmental projects, including the dam. Both diplomats noted the project as a significant development in advancing bilateral ties and shared economic, investment, trade, industrial, and developmental interests. Addressing wider regional developments, particularly in the Horn of Africa and the Great Lakes region, Abdelatty and Kombo stressed the importance of supporting national state institutions. They affirmed the need to respect the unity, sovereignty, and territorial integrity of states, rejecting any measures that could compromise stability or undermine national institutions. The ministers agreed on the importance of adopting comprehensive approaches to address the continent’s security and developmental challenges, committing to enhanced bilateral and multilateral coordination to support shared interests, stability, and development. The post Egypt, Tanzania push for Nile Basin inclusivity, reject unilateral actions first appeared on Dailynewsegypt .
4 May 2026
Hormuz flashpoint: US-Iran clash over shipping control deepens
Tensions in the Strait of Hormuz, one of the world’s most vital energy corridors, have escalated sharply as the United States and Iran exchanged accusations over control of the waterway and freedom of navigation. Washington announced a significant military buildup to secure commercial shipping, while Tehran insisted that all maritime movement must be coordinated with its forces. The confrontation has raised fears of disruption to global energy supplies and heightened concerns about regional stability. US Treasury Secretary Scott Bessent declared that Iran does not control the strait, asserting that the United States has “full control” over the passage. He urged international partners to increase pressure on Tehran, framing the dispute as a test of international resolve. US Central Command reinforced this position, reporting that two US-flagged commercial vessels transited the strait safely and denying Iranian claims of attacks or blockades. In a move underscoring Washington’s determination, Central Command announced the deployment of around 15,000 troops, more than 100 aircraft, and guided-missile destroyers as part of an operation to restore freedom of navigation in the strait, through which roughly a quarter of global seaborne oil trade passes. Iranian military officials countered with equal force, insisting that security in Hormuz is “fully under the control” of its armed forces. The commander of Iran’s Khatam Al-Anbiya central headquarters warned that any threat would be met with a “harsh response,” while the Islamic Revolutionary Guard Corps (IRGC) cautioned shipping companies against ignoring directives, vowing to intercept vessels that fail to comply with its protocols. The escalation comes amid conflicting accounts of maritime incidents in the strait. Iran’s military claimed its naval forces issued warnings to US destroyers approaching the strait and fired warning shots using missiles and drones after the vessels ignored alerts, holding Washington responsible for any consequences. The US military flatly denied that its ships had been targeted, highlighting the conflicting narratives that have become a hallmark of the crisis. The fallout has reverberated across the Gulf. The United Arab Emirates initially warned citizens of a “potential missile threat” before later declaring conditions safe. Qatar and Egypt condemned an attack on a UAE tanker, describing it as a violation of international law and freedom of navigation, and warning of its impact on global energy security. Egypt’s foreign ministry emphasized that targeting commercial vessels represents a “serious threat to regional stability and global energy supplies,” while Qatar rejected the use of the strait as a pressure tool and called for it to be reopened unconditionally. Meanwhile, maritime security reports indicated that container ships had come under fire, and Iran’s IRGC claimed to have seized three vessels, underscoring the risks despite efforts to sustain a ceasefire. Diplomatic efforts are underway to prevent further escalation. Pakistan’s foreign minister discussed developments with his Iranian counterpart, stressing the need for de-escalation. Russia signaled readiness to propose new initiatives for a Middle East free of weapons of mass destruction, linking the Hormuz crisis to broader regional security concerns. As global concern mounts, the dispute over Hormuz has become more than a bilateral clash; it is a test of international diplomacy, energy security, and the fragile balance of power in the Gulf. The post Hormuz flashpoint: US-Iran clash over shipping control deepens first appeared on Dailynewsegypt .
4 May 2026
Al-Sisi, OECD chief discuss reforms, expanding private sector role
Egyptian President Abdel Fattah Al-Sisi met on Monday with the Organisation for Economic Co-operation and Development’s (OECD) Secretary-General Mathias Cormann in Cairo to discuss strengthening economic cooperation and advancing Egypt’s reform programme, with a particular focus on boosting private sector participation and attracting investment. According to the Egyptian presidency, Al-Sisi expressed appreciation for ongoing cooperation with the OECD, especially through the country programme launched in 2021. He underscored the importance of expanding partnership in areas such as investment, competitiveness, and governance to support Egypt’s economic and institutional reforms. Al-Sisi outlined efforts to enhance the private sector’s role by improving regulatory and institutional frameworks and encouraging both domestic and foreign investment. He also highlighted the government’s prioritisation of social protection within its reform agenda, citing housing initiatives that have benefited around 350,000 families with more than 300,000 housing units, alongside healthcare programmes and the “Decent Life” initiative targeting over 50 million citizens. The president noted Egypt’s proactive measures in managing global crises, pointing to a $10bn decline in Suez Canal revenues due to disruptions in Red Sea shipping linked to the Gaza conflict. He also stressed that Egypt hosts around 10 million foreign nationals displaced by regional conflicts, who receive services comparable to those provided to Egyptian citizens. Cormann praised Egypt’s role in promoting regional stability and the resilience of its economy amid global challenges. He affirmed the OECD’s interest in deepening cooperation and building on the country programme to support Egypt’s economic growth and sustainable development. The post Al-Sisi, OECD chief discuss reforms, expanding private sector role first appeared on Dailynewsegypt .
4 May 2026
Opinion | Chokeholds of Civilisation
The British National Archives recently declassified a significant tranche of Foreign Office files from the 1956 Suez Crisis, and the timing is as blunt as the documents themselves. These papers—specifically the FO 371 and PREM 11 series—do more than fill in the blanks of the past; they chart thalassocracy under strain. Initially scheduled under the standard thirty-year release rule, the Suez-related files were held back in successive review cycles on grounds of continued sensitivity, reflecting how unresolved the political afterlife of the crisis remained within the British political system. The newly declassified material reframes the political geometry of the war itself. It highlights the United States’ refusal to support Britain and France in the Tripartite Aggression of 1956—a decisive rupture that helped collapse the operation before it could achieve its objectives. That earlier American stance juxtaposes sharply with its present posture: Washington now criticises the lack of coordinated British and French backing in its war on Iran, even as it operates within far more entangled systems of alignment than it once rejected. Across both moments, Israel remains a constant denominator—and, in the view of some, instigator—equally active in 1956 and today. US President Donald Trump’s continued assertions over the strategic control of the Panama Canal reflect the same fixation: chokepoints are never just geography; they are leverage. The documents further expose a fracture between Britain and France over how the operation itself should be recorded. The clandestine Sèvres Protocol of 22 October 1956 set out the mechanics of a coordinated attack on Egypt, yet both sides deliberately avoided producing a single formal document that would constitute legal proof of intent. The objective was not operational secrecy but documentary absence—preserving the narrative that intervention was aimed at restoring peace rather than executing a premeditated assault. Their plan entailed allowing Israel to invade Sinai, which would be defended by Egypt, before issuing an ultimatum to Egypt and Israel to withdraw from the Canal zone (whether Israel reached the Canal or not). Upon Egypt’s expected refusal, British and French forces would attack Egypt as a so-called peacekeeping mission under the pretext of protecting the Suez Canal. That logic extended into constitutional evasion. The arrangement bypassed the procedural requirements of democratic systems, where declarations of war typically require parliamentary approval. Instead, it operated through a framework designed to avoid formal classification as war altogether—a structure that bears uncomfortable echoes in contemporary debates around modern military action, including American operations justified as limited engagements rather than declared war in the classical sense. Stripped of the grand rhetoric that usually accompanies diplomatic history, the files reveal a grim reality. A striking memo details a frantic effort by the British Foreign Office to bypass Egyptian customs and financial regulations by smuggling massive quantities of hard currency into the country via diplomatic bags. These pouches, traditionally reserved for official correspondence and protected by international immunity, were repurposed to fund covert operations and sustain an unaccountable shadow apparatus of influence—an attempt to sabotage the consolidation of Egyptian unity. Nadine Loza London’s 1956 actions aimed to undermine Egypt’s financial and political leverage precisely at the moment it moved to reclaim control over the Canal. Alongside financial operations, British and French aircraft dropped Arabic-language leaflets over Egyptian cities and villages—a crude attempt to broadcast defeat to a nation they hoped would collapse. In the recently aired Suez: 24 Hours That Broke the British Empire documentary, historian Alex von Tunzelmann describes this as a coordinated campaign of psychological warfare, noting the messaging was designed to convince Egyptians that resistance was futile and that abandonment was inevitable. Messages such as “we have the weapons to crush you” and “no one will help you” were designed to fracture morale at the precise moment sovereignty was being reasserted. Despite the scale of this elaborate scheme, including covert financial transfers and intensive propaganda efforts, Egyptian society responded with cohesion around its leadership and sustained resistance throughout the conflict. The endurance of that response became central to the national narrative that followed, particularly in Port Said, where the confrontation assumed its most heroic form: a population that refused erasure under the most brutal foreign-coordinated military, financial, and psychological pressure. The Suez Canal, at the centre of the 1956 Tripartite Aggression, is not merely a transit route but a foundational triumph carved from the nation’s bedrock into global maritime geography. A world increasingly adrift finds in it a point of stability, even as shipping routes are forced to adjust, and global trade absorbs the cost of rerouting around Africa. The Suez Canal Authority’s expansion of the southern sector reflects this logic. Deepened channels and the widening of this passage are not cosmetic infrastructure projects, but long-term assertions of logistical investment—designed to secure competitive advantage in a global market marred by disruptions. The Egyptian spirit and determination of 1956 remains alive in these efforts, steered forward under the leadership of President Abdel Fattah el-Sisi as the Canal is further developed and its economic zone draws investment across vital industries. April 25, Sinai Liberation Day, marking the 1982 consolidation of Egypt’s full territorial recovery, stands as a vital chapter in our story. Yet, it is the approaching milestone of November 2026—the seventieth anniversary of the 1956 victory—that offers the most significant moment for reflection. It is not only an anniversary of resistance, but a celebration of the strong will and perseverance that continue to define the nation. As we mark seventy years, we recognise this victory as a lasting symbol of national strength, anchoring us as we navigate the complexities of shifting global currents. Nadine Loza is a development strategist, opinion columnist, and Founding Director of the Egypt Diaspora Initiative. The post Opinion | Chokeholds of Civilisation first appeared on Dailynewsegypt .
4 May 2026
Egypt’s economic growth accelerates to 5.3% in first half of year, planning minister says
Egypt’s economic growth reached 5.3% in the first half of the current fiscal year, marking a broad and accelerating recovery across six consecutive quarters, Minister of Planning and Economic Development Ahmed Rostom said. Growth rose from 2.4% in fiscal year (FY) 2023/24 to 4.4% in FY 2024/25, before hitting the 5.3% mark in the first half of the current year, Rostom stated. He attributed the expansion to strong performances in key strategic sectors, primarily industry, trade, construction, communications, and tourism. The current economic performance reflects a shift towards a more resilient and diversified growth model, supported by a comprehensive reform agenda and proactive policy responses, the minister said. He noted that the economy’s resilience is underpinned by ongoing fiscal and monetary reforms, as well as efforts to advance technological transformation, promote entrepreneurship, and improve the governance of public investments. Diversifying sources of growth across industry, agriculture, and services has enhanced the economy’s capacity to absorb external shocks, Rostom added. Looking ahead, Egypt’s objective in the next phase is to consolidate this recovery into a more sustainable and inclusive growth trajectory. This includes deepening private sector participation, localising industry, increasing export capacity, and advancing both digital and green transitions, with a focus on competitiveness and fiscal discipline, he outlined. Rostom’s remarks were made during a panel discussion titled “Enhancing Economic Growth, Competitiveness, and Supporting the Private Sector in the Digital Age.” The session was part of a high-level conference organised by the Ministry of Planning and Economic Development, in cooperation with the Organisation for Economic Co-operation and Development (OECD), to conclude the first phase of the Egypt-OECD Country Programme. The Country Programme comprises 35 projects implemented in joint coordination with 20 Egyptian government institutions and entities. Rostom said the collaboration has established constructive interaction and continuous knowledge exchange with OECD experts, allowing Egypt to adapt international best practices to serve national development targets. Capacity-building programmes provided by the initiative have supported development partners within national institutions, deepened the data and knowledge base, enhanced good governance, and bolstered transparency, he added. The conference was attended by Prime Minister Mostafa Madbouly and OECD Secretary-General Mathias Cormann. Alongside Rostom, the panel featured Minister of Investment and Foreign Trade Mohamed Farid Saleh; Egypt’s Minister of Industry Khaled Hashem; Director of the OECD Centre for Tax Policy and Administration Manal Corwin; and Hoda Baraka, Advisor to the Minister of Communications and Information Technology for Technological Skills Development and National Coordinator for Artificial Intelligence. Participating via video conference were Nicola Pinaud, Deputy Director of the OECD Directorate for Financial and Enterprise Affairs, and Jerry Sheehan, Director of the OECD Directorate for Science, Technology and Innovation. The post Egypt’s economic growth accelerates to 5.3% in first half of year, planning minister says first appeared on Dailynewsegypt .
4 May 2026
Suez Canal economic zone investments hit $7.1bn so far this fiscal year, chairperson tells OECD
Investments in Egypt’s Suez Canal Economic Zone (SCZone) have reached $7.1bn so far in the current fiscal year, up from $4.4bn during the previous financial year, the authority’s chairperson said on Monday. The economic zone has succeeded in drawing a total of $16bn in investments from 28 countries over the past three years and nine months, SCZone Chairperson Walid Gamal El-Din stated during a meeting with Mathias Huber Paul Cormann, Secretary-General of the Organisation for Economic Co-operation and Development (OECD). Detailing the zone’s rapid industrial expansion during the talks at the authority’s Sokhna headquarters, Gamal El-Din noted that 172 factories are currently under construction. He added that the number of operational factories within the SCZone has now reached 205, following the inauguration of the National Egyptian Railway Industries Company (NERIC) plant in the East Port Said industrial zone by President Abdel Fattah Al-Sisi last Thursday. That milestone came one week after the prime minister inaugurated nine new factories representing total investments exceeding $180m, the chairperson noted. Cormann’s official visit to the SCZone, which took place on the sidelines of the conclusion of the Egypt-OECD Country Programme, aimed to discuss enhancing joint cooperation and leveraging international expertise to support economic development and improve Egypt’s investment climate. Several SCZone leaders attended the discussions. Gamal El-Din emphasised the importance of the visit in strengthening cooperation frameworks with the OECD, highlighting the value of utilising the organisation’s expertise to develop economic policies and improve the business environment in alignment with Egypt’s sustainable development goals. The chairperson stated that the SCZone represents an integrated developmental model based on the synergy between industry, logistics, and ports. He outlined the authority’s strategic vision, which focuses on infrastructure development and creating an attractive investment climate through simplified procedures and competitive incentives, reinforcing its position as a leading regional and international hub. Following the meeting, the OECD delegation conducted an inspection tour of Sokhna Port to review ongoing development works and advanced infrastructure projects designed to enhance the port’s operational efficiency. The tour also included a visit to the Air Liquide Alexandria plant for medical and industrial gases, allowing the delegation to observe successful industrial operations and the supporting elements the SCZone provides for investment growth across various sectors. Current cooperation between the SCZone and the OECD encompasses multiple areas, including the review of port operation policies and the development of tax systems to improve the business environment. The partnership also extends to enhancing infrastructure governance and financing mechanisms to support sustainable development efforts and raise the efficiency of projects within the economic zone. The post Suez Canal economic zone investments hit $7.1bn so far this fiscal year, chairperson tells OECD first appeared on Dailynewsegypt .
4 May 2026
Opinion | Dialogue without illusion: Rethinking engagement with Israel
We are, in one way or another, bound to engage with others, across borders, cultures, and political divides. Yet the paradox of our time is that such engagement has become more ethically complex than ever. Dialogue is no longer a self-evident virtue; it is a contested space shaped by questions of legitimacy, power, and meaning. In recent years, interaction across divides has become routine. In international conferences, academic settings, and cultural initiatives, encounters between politically distant actors are now expected. But the real question is no longer whether we meet; it is what that meeting means. In the Egyptian case, this question becomes particularly sensitive when it involves engagement with Israel, where the political intersects with the historical, and the practical with the moral. Is dialogue simply human communication? Or is it implicitly read as acceptance of the status quo? The problem lies not in the encounter itself, but in the framework through which it is understood. A casual exchange does not resolve structural conflict, nor does it produce reconciliation. Confusing human interaction with political meaning is what creates the ambiguity. Within this tension, three common illusions emerge. The first is the illusion of “inevitable normalisation” in relation to Israel, the belief that engagement is only a matter of time, that history moves in one direction, and that resistance is futile. This is not realism, but intellectual surrender disguised as pragmatism. It assumes, simplistically, that power has been decisively settled, not only materially, but civilizationally. The second is the illusion of total rejection: dismissing all forms of engagement, even academic or human, as unacceptable. While morally clear, this position often leads to intellectual isolation. It neither produces understanding nor builds policy; instead, it reduces reality to an unworkable binary: total acceptance or total refusal. The third, and perhaps most dangerous, is the illusion of “neutral dialogue”: the belief that engagement can occur outside context, as if power does not matter and reality does not impose itself, even in a case as complex as the relationship with Israel. This illusion empties dialogue of its substance. There is no dialogue without context, and no interaction without a balance of power. What is needed, then, is to redefine dialogue, not as a moral reflex, but as a strategic tool. Dialogue produces narratives, narratives generate legitimacy, and legitimacy reshapes power. This is, in essence, the governance of meaning. From this perspective, the question is not whether to engage, but how. I think that meaningful engagement must rest on three conditions. First, parity: there is no dialogue from a position of symbolic weakness. One must enter with the capacity to articulate one’s own narrative, not merely respond to others. Second, clarity: no grey zones. Informal or off-the-record interactions may seem convenient, but they often create more confusion than understanding. Third, conditionality: no engagement without expectations. Dialogue that demands nothing and is tied to no form of change, even gradual, is not dialogue; it is implicit acceptance. These conditions are not easy to meet, particularly in unstable political environments where trust is limited. Without them, dialogue becomes either an empty gesture or a strategic liability. A more uncomfortable truth remains: part of the problem lies not only with the “other,” but with us. Too often, we enter these spaces, including engagement with Israel, without the capacity to produce strong knowledge, coherent narratives, or convincing alternatives. As a result, we operate within frameworks defined by others. This reveals the deeper nature of the conflict: it is not only about territory or politics, but about who defines reality itself. Who shapes interpretation? Whose narrative prevails? In this context, withdrawal is not a solution. Nor is unconditional engagement a rational choice. Both, in different ways, leave the field of meaning to others. In the Egyptian-Israeli context, this balance is particularly difficult, but all the more necessary. The alternative is harder, but essential: conscious engagement. Engagement that understands power without surrendering to it, and opens to interaction without abandoning its conditions. Dialogue is not an end in itself. It is a tool, one that can be used for understanding or for distortion, depending on how it is deployed. The problem is not dialogue itself, but those who enter it without conditions. Between naïve engagement and absolute rejection lies a narrow but decisive space, one that requires discipline rather than impulse, and a cool mind rather than inflamed emotion. In a divided world, and perhaps most clearly in engagement with Israel, this may be the only form of dialogue worth pursuing. Dr Ramy Galal is a governance and institutional reform specialist focusing on state capacity, accountability, and the design of effective public institutions. His work examines how institutional arrangements shape policy outcomes and government performance, particularly in emerging and middle-income contexts. He also engages with the concept of governance of meaning as an analytical lens for understanding how authority, narratives, and interpretation influence policy environments. He is an Assistant Professor and a former Senator, bringing a combination of academic expertise and hands-on experience across both legislative and executive domains. He previously served as an advisor and official spokesperson for Egypt’s Ministry of Planning and Economic Development, with direct involvement in policy design, government decision-making, and implementation processes at the center of government. He holds a PhD from Alexandria University, a master’s degree from the University of East London, and a diploma in public administration from the University of Chile. The post Opinion | Dialogue without illusion: Rethinking engagement with Israel first appeared on Dailynewsegypt .
4 May 2026
Pharco Pharmaceuticals plans EGP 1.5bn investments to expand production, exports
Pharco Pharmaceuticals is planning to invest around EGP 1.5bn next year, up from approximately EGP 1.15bn in 2025, as part of its strategy to expand production capacity and strengthen its presence in both domestic and export markets, according to Chairperson Sherine Helmy. Helmy said the company is prioritising improvements in product quality alongside the expansion and diversification of its production lines. This year, Pharco allocated about EGP 650m to upgrade manufacturing facilities without increasing capacity, in addition to EGP 500m to establish a new eye-drop production line aimed at boosting exports. The company is also advancing a major regional expansion, with a pharmaceutical plant under development in Saudi Arabia, located west of Medina. The facility will span 62,000 sqm and involve investments of around $150m. The project is being financed in part by the Saudi Industrial Development Fund and implemented in partnership with Ashmore Investment. Production is expected to begin in early 2028, with output primarily targeting Gulf markets. According to Helmy, Saudi Arabia currently accounts for roughly 50% of Pharco’s exports, which reach more than 50 countries worldwide. The company also holds a 30% stake in Batterjee Pharma, further supporting its footprint across the Gulf and wider Middle East. Looking ahead, Helmy highlighted Africa as a key growth market, particularly in light of upcoming regulatory changes under the World Trade Organization Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). He noted that 2033 will mark the expiry of exemptions granted to least developed countries, which currently allow the production or import of generic medicines without patent approval. These changes could significantly affect access to affordable medicines across parts of Africa. Helmy added that Egypt and other middle-income countries have been fully compliant with TRIPS since 2005, limiting the production of patented drugs without authorisation. In contrast, least developed countries have benefited from temporary flexibilities, particularly in the pharmaceutical sector. In response, Pharco is planning to establish an integrated pharmaceutical manufacturing network across Africa, including local production of raw materials, to enhance drug availability and ensure long-term supply stability. Separately, the company recently signed a cooperation protocol with the Egyptian Ophthalmological Society and the Egyptian Society for the Glaucomas under the “Nour Einak” initiative. The programme aims to support glaucoma patients through intraocular pressure screening, public awareness campaigns, and the development of a digital patient follow-up system, with a focus on underserved communities. In another development, Thailand’s Food and Drug Administration has approved Ravidasvir as a treatment for hepatitis C virus (HCV), following clinical and regulatory processes involving institutions such as King Chulalongkorn Memorial Hospital and the Bamrasnaradura Infectious Diseases Institute. Pharco said the approval supports broader efforts to expand access to antiviral treatments in international markets. The post Pharco Pharmaceuticals plans EGP 1.5bn investments to expand production, exports first appeared on Dailynewsegypt .
4 May 2026
CID offers 31 ready-to-operate units in Robbiki Leather City
Cairo for Investment and Development Company (CID) has launched a new offering of industrial units in the third phase of Robbiki Leather City, comprising 31 ready-to-operate production units and five service shops, as part of efforts to boost investment in Egypt’s leather manufacturing sector. The offering includes six factories of 2,000 sqm each, 10 factories of 1,000 sqm, and 15 smaller workshops of 121 sqm. These units are designated for finished leather production and complementary activities. The five service shops, each measuring 20 sqm, are intended to support on-site operations, including retail outlets, showrooms, and food services. Nahed Youssef, Chairperson of CID and Head of the Industrial Development Authority, said the offering aligns with ongoing efforts to localise industry and expand investment opportunities in strategic sectors. She noted that the units are fully serviced and designed to meet a range of investor needs within one of Egypt’s specialised industrial zones. Applications will be open from 5 to 25 May 2026, exclusively via the company’s online portal. The units are offered under an ownership model with flexible payment terms, including a 25% down payment, a one-year grace period, and instalments of up to five years at a 10% interest rate. Incentives are also available for upfront payments. Youssef added that investors may apply for multiple units within the same offering, supported by streamlined allocation procedures and accelerated delivery timelines. CID is also coordinating with several banks—including the National Bank of Egypt, Banque Misr, Export Development Bank of Egypt (EBank), and QNB—to provide optional financing solutions for machinery, production lines, and working capital. Mahmoud Moharram, CEO and Managing Director of CID, said the offering allows investors to benefit from the integrated infrastructure of Robbiki Leather City, which is designed in line with environmental and industrial safety standards and includes training centres and permanent exhibition spaces. Located in Badr City, the leather hub lies close to Cairo and the New Administrative Capital, with access to key ports such as Suez and Port Fouad. The area is also connected to modern transport networks, including the Light Rail Transit, supporting the efficient movement of goods and labour and enhancing export potential. The post CID offers 31 ready-to-operate units in Robbiki Leather City first appeared on Dailynewsegypt .
4 May 2026