TOP NEWS | 29th of August, 2023
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Egyptian Pounds Exchange Rate
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Buying: 4.2274 | Selling: 4.2450
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British oil major BP to invest $3.5 bln in Egypt in 3 years: CEO
The British multinational oil major BP said its investment plans with partners in Egypt in the fields of search, exploration and development amount to $3.5 billion over the coming three years. BP CEO Bernard Looney reviewed the company’s investment plans with its partners in Egypt in a meeting with Egyptian President Abdel Fattah El-Sisi on Monday.
For his part, Sisi voiced appreciation for the company’s growing investments in the gas and petroleum exploration activities in Egypt in a way that enhance the country’s transformation to a regional hub for energy production and circulation. Sisi also stressed the importance that the state attaches to the participation of the global companies and the private sector in the fields of petroleum, gas and renewable energy.
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Drought-hit Panama Canal to restrict access for one year... Making Suez Canal the suitable alternative for large vessels ( Video)
ETC TV channel on Monday, explained that Climate change caused a lack of rain and a decrease in the water level in the Panama Canal, which links the Atlantic and the Pacific Oceans, forcing the Canal Authority to extend the restrictions it imposed two months ago on navigation for a full year, making the Suez Canal a safe alternative for the arrival of goods from Asia and China to America.
Engineer Wael Al-Kaddour, a global navigation expert and former vice-president of the Suez Canal Authority, says that with the intention of the Panama Canal Administration to extend the restrictions it imposed for a year, vessels with large tonnages will pass through the Suez Canal as the only alternative.
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زيادة رأسمال صندوق مصر السيادي إلى 12.5 مليار جنيه
Egypt’s sovereign fund TSFE increases issued capital to 12.5 billion pounds
Egypt’s sovereign wealth fund has raised its issued capital to 12.513 billion Egyptian pounds ($405 million), the official gazette said on Monday.
Founded in 2018, the Sovereign Fund of Egypt (TSFE) was set up with the aim of bringing in private investors to develop Egypt’s promising state-owned assets. To cover a broader range of investments, TSFE’s strategy relies on a multi-sectoral approach through affiliate subfunds and firms.
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بلتون للتأجير التمويلي بيك الباتروس للفنادق توقعان اتفاقية بيع وإعادة تأجير بقيمة 750 مليون جنيه
Beltone Leasing, Pickalbatros Hotels & Resorts Group ink EGP 750m sale-leaseback agreement
Beltone Leasing, a wholly owned subsidiary of Beltone Financial Holding, announced Monday a strategic partnership with Pickalbatros Hotels & Resorts Group, one of the largest hotel chains in Egypt and the MENA region.
The collaboration involves a sale-leaseback transaction of the renowned Laguna Vista Beach Resort in Sharm El Sheikh for EGP750m. The primary objective of this agreement is to provide working capital financing for Pickalbatros Hotels & Resorts Group.
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وزير الزراعة: الإفراج عن 167 ألف طن أعلاف بـ75 مليون دولار خلال أسبوع
Agriculture Min.: Releasing 167,000 tons of fodder with $75 million in a week
Minister of Agriculture and Land Reclamation El Sayed el Quseir, announced that during the period from 8/18/2023 to 8/24/2023, 167,000 tons of corn and soybeans, worth about $75 million, were released. He added that the release aims to provide quantities of corn and soy in the market, which are the basic ingredients for poultry feed, as well as farm animals.
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التموين: احتياطي القمح يكفي 4.6 شهرا
Moselhi: The strategic wheat reserve is sufficient for 4.6 months
Egyptian Prime Minister Moustafa Madbouli asserted the government’s utmost keenness on following up the provision of basic commodities in domestic markets at affordable prices amid the Russian-Ukrainian crisis and its different repercussions. That came at the premier’s meeting with Supply and Internal Trade Minister Ali Moselhi in the government’s HQ in New Alamein City on Monday to review efforts to provide main goods for citizens nationwide.
Moselhi said the country’s strategic wheat reserve is sufficient for 4.6 months, which, he added is a very good stockpile. As for cooking oil, he said its reserves are sufficient for 6 months, adding that the General Authority For Supply Commodities (GASC) bought 125,000 tonnes of oil through an international tender.
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بدء أعمال اللجنة الاقتصادية للمجلس الاقتصادي والاجتماعي العربي
ECOSOC's economic committee meetings kick off in Cairo
The economic committee of the Arab Economic and Social Council convened here on Monday in preparation for the 112th session of the Arab Economic and Social Council (ECOSOC), due to convene on Thursday at the Arab League premises. The committee will discuss the agenda of the 112th session of ECOSOC and the follow-up of the council's decisions during its previous session.
The committee will also probe preparations for the Fifth session of the Arab Economic and Social Development Summit, due to be held in Nouakchott, Mauritania, in November, as well as the the Greater Arab Free Trade Area (GAFTA) and the progress achieved in establishing the Arab Customs Union.
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وزير المالية: شرم الشيخ أصبحت أيقونة المؤتمرات العالمية في الجمهورية الجديدة
Maait: Sharm El Sheikh became “icon” of int’l conferences
Minister of Finance and Egypt’s governor to the Asian Investment Bank Mohamed Maait has described the Egyptian Red Sea resort of Sharm El Sheikh as the icon of the international conferences after hosting many international gatherings such as the Climate change (COP27) conference last year.
A statement issued by the minister on Monday said Egypt dedicates its heavy weight in serving international meetings such as the annual meetings of the Asian bank.
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الرئيس التنفيذى لأكوا باور: الشركة تضخ 10 مليارات دولار في القطاع الأخضر في مصر
Saudi energy giant ACWA Power to pump $10bn into Egypt’s green sector: CEO
Egypt is set to receive a major boost in its renewable energy capacity, as ACWA Power, a leading Saudi Arabian energy company, announced its plans to invest $10bn in the country by 2026. The company, which is the world’s largest private water desalination company, has already invested $2.5bn in Egypt, and has five projects in the country, all in the renewable sector. The company’s CEO, Marco Arcelli, told Daily News Egypt that the company is aiming to capture a 50% share of the Egyptian renewable energy market by 2026. Daily News Egypt interviewed Arcelli to find out more about the company’s plans, latest updates, and projects in the pipeline.
DN: What is ACWA Power’s expansion plan strategy during 2023?
MA: ACWA Power, a Saudi Arabian energy company, is planning to grow its footprint in renewable energy, especially in solar and wind power, in existing markets such as Saudi Arabia, Morocco, Egypt, China, and CIS/ Central Asia. The company is also exploring emerging opportunities in water desalination in water-stressed areas such as Morocco, Egypt and other North African countries. The company is working with local partners and talents, as well as Chinese EPC contractors, to develop large-scale projects at low levelized costs. The company is also the first one to step into green hydrogen, a promising clean energy source.
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For the results of the 28th of August matches please click here
To learn about the upcoming Football matches on the 29th of August click here
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New Developments Point to the Future of X
While Elon Musk’s “everything app” vision is still too far out on the horizon for almost anybody else to make out, we are beginning to get some more indicators as to where X is headed, in regards to facilitating payments and banking, as well as advanced video-optimization features. Read more
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Meta Launches Beta Test of Horizon Worlds on Mobile Devices
The next stage of Meta’s metaverse push is coming, with Meta now inviting people to apply to join the beta test for Horizon Worlds on mobile devices, which will provide another access point into its VR social environment. Read more
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A Comparison of the Features of Threads and X [Infographic]
Can Threads become a genuine Twitter alternative, as Twitter continues to transform into X, and Elon Musk’s “everything app” vision?
While it saw massive take-up early on, Threads has clearly lost momentum of late, as it works to add in new features to capitalize on its opportunity. Read more
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Today's Temperature: 35˚/ 24˚- Cairo
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