Category: Business & Finance

Prime Minister Mostafa Madbouly stressed that Egypt and Saudi Arabia have a strong investment partnership that contributes to achieving strong profitability for the two countries, noting that this partnership will be strengthened after signing the agreement to encourage and protect investment between the two countries.

This came during a meeting between Madbouly, during his visit that began on Sunday 15/9/2024 to Riyadh, with Saudi Minister of Investment Eng. Khalid Al-Falih to discuss a number of investment files of common interest.

The meeting was attended by Minister of Finance Ahmed Kouchouk, Minister of Investment and Foreign Trade Hassan Al-Khatib, Egypt’s Ambassador to Riyadh, Ambassador Ahmed Farouk and from the Saudi side, Ambassador of the Kingdom of Saudi Arabia to Egypt Ambassador Saleh bin Eid Al-Hussaini, and a number of officials from the Saudi Ministry of Investment.

Source: State Information Service Egypt

Bethlehem-Ma’an- The exchange rates against the shekel today were as follows:

Dollar: 3.70

Dinar: 5.23

Euro: 4.11

Source: Maan News Agency

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, met with Mr. Alessandro Fracassetti, Resident Representative of the United Nations Development Program (UNDP) in Egypt, to discuss strengthening cooperation, in the presence of the technical teams from both sides.

This comes within the framework of the ongoing meetings held with multilateral and bilateral development partners to discuss cooperation priorities post merging the Planning and Economic Development and International Cooperation portfolios. The focus of the meetings include enhancing economic development efforts through effective evidence-based policies, and creating integration between the country programmes and strategies of development partners, as well as the public investment spending priorities.

Egypt – UNSDCF 2023-2027

The meeting discussed joint programmes and projects within the Egypt – UN Sustainable Development Cooperation Framework 2023 – 2027, efforts to support priority sectors suc
h as health, food security, social protection, SMEs, innovation and digital transformation, addressing climate change, and other areas..

Moreover, they discussed the 2025 Human Development Report (HDR), the second version of the Sustainable Development Goals (SDGs) localization reports in the governorates that will be launched soon, enhancing South-South and Triangular Cooperation, the National Integrated Strategy for Financing SDGs in Egypt, and the National Initiative for Smart Green Projects.

During the meeting, Al-Mashat noted that the UNDP is one of the Government of Egypt’s main strategic partners across many areas that enhance comprehensive and sustainable economic development efforts; within the framework of the Egypt – UNSDCF 2023 -2027.

H.E. stressed the importance of a unified framework with development partners that combines the pillars of international cooperation, public investment and economic development.

National Integrated Strategy for Financing SDGs in Egypt

In the meeting, the Ministe
r discussed opportunities regarding the localization of SDGs, referring to the current preparations for launching the second phase of SDGs localization reports in the governorates. This aims to set quantitative targets for SDGs indicators at a governorate level, thus contributing to identifying development gaps for each governorate and determining priorities for the government. Work is currently underway to complete the second edition of the reports in cooperation with the UNDP.

Human Development Report

Al-Mashat pointed out the government’s commitment to publishing the Human Development Report 2025, as it helps identify development gaps and provides an objective view of the state of development in Egypt. To date, and as the first country in the MENA region, Egypt has 12 editions of the Human Development Report. This report represents a major pillar of cooperation with the UNDP to review and analyze development policies and issues in Egypt.

Structural Reforms to Empower the Private Sector

Al-Mashat emphas
ized the pillars of the structural reform program that the government is implementing in cooperation with local and international development partners, stressing that implementing these pillars contributes to enhancing economic development efforts.

They also discussed preparations for the Summit of the Future, to be held during the 79th session of the United Nations General Assembly this September, as well as arrangements for joint side events.

Moreover, Al-Mashat and Fracassetti discussed enhancing cooperation to accelerate the progress towards the SDGs, as well as supporting the Egyptian economy via several mechanisms that promote job creation, reduce unemployment, and reduce poverty rates, in response to the government’s priorities for human capital development. This is in addition to enhancing national capacities regarding the Carbon Border Adjustment Mechanism (CBAM), Carbon Taxonomy mechanisms, and other tools that enhance climate action on a national level.

The Minister reviewed the upcoming priorit
ies within the framework of the partnership with UNDP, stressing the importance of enhancing South-South and Triangular Cooperation, as the program represents an important regional platform to highlight Egypt’s leading experience in many fields.

Regarding the National Initiative for Smart Green Projects, Al-Mashat explained that the initiative is being implemented across governorates to unlock solutions and develop a map at the governorate level for smart green projects, achieve their sustainability, and attract investments and the necessary funding sources for them. H.E. emphasized the importance of cooperation to support the initiative in its next session, along with the importance of an in-depth view that can measure the impact of the initiative and its role in implementing the SDGs.

Ongoing Portfolio

The Minister also discussed developments in the ongoing development cooperation portfolio between ministries and national entities in Egypt and the UNDP, which includes 45 projects and programmes under imp
lementation in: climate action, adaptation and mitigation, SMEs, digital transformation and ICT, governance and institutional capacity development, and the health sector.

South-South and Triangular Cooperation

The meeting highlighted the efforts of the Ministry of Planning, Economic Development and International Cooperation and the UNDP to exchange development expertise and experiences within the framework of South-South and Triangular Cooperation, in a way that enhances the capabilities of developing countries and stimulates the use of successful development practices, as the two sides launched Cairo South-South Development Academy (CSSDA). The academy is the first integrated entity in the Middle East and Africa region as part of the Global South-South Development (GSSD) Academy; a global platform that facilitates the exchange of experiences, development solutions and knowledge documentation among countries of the South in various fields.

Source: State Information Service Egypt

The Ministry of Oil announced today, Saturday, that the Deputy Prime Minister for Energy Affairs, Minister of Oil Hayan Abdul-Ghani has recovered and his health condition is stable in the United States.

The ministry said in a statement today, Saturday: “The Deputy Prime Minister for Energy Affairs, Minister of Oil Hayan Abdul-Ghani suffered a health problem during his visit to the United States, as a result of which he was admitted to the hospital.”

The ministry confirmed that the minister has recovered and his health condition is stable, and he will return to the homeland to carry out his usual duties.”

Source: National Iraqi News Agency

Agriculture and Land Reclamation Minister Alaa Farouk had a meeting with Japan’s Ambassador to Egypt Oka Hiroshi and a delegation of the Japan International Cooperation Agency (JICA).

They discussed ways to boost special ties between Egypt and Japan, lauding their growing agricultural cooperation in the past years.

The Agriculture Ministry said in a statement on Saturday that the meeting also reviewed the implementation progress of some technical cooperation projects funded by the Japanese side.

Both sides voiced keenness to foster future cooperation in different fields, particularly agricultural and hydroponic technologies domains.

Source: State Information Service Egypt

Prime Minister Mohammed Shia Al-Sudani participated today, Saturday, in the dialogue seminar held in the capital Baghdad under the title (Development Road – Opportunities and Development), in the presence of an elite group of economic experts, investors, businessmen and media outlets.

A statement of the media office of the prime minister said that “al-Sudani pointed out, in his speech during the seminar, the need to intensify research and explanations regarding the Grand Faw Port and Iraq’s Development Road projects and the opportunities they will provide, as they are a basic gateway to economic growth in Iraq and the region, and an important pillar for expanding the non-oil economy.

Al-Sudani stressed that the quadripartite agreement between Iraq, Turkey, Qatar and the UAE constitutes the axis of operating the Development Road, but the project is open to positive partnership with all those wishing to contribute to this international development effort, stressing that the global economy today has become dep
endent on the main corridors for trade, manufacturing and integration, and the Development Road project will be an important axis of these international corridors.

al-Sudani referred to the industrial cities that will be established along the road, starting from the industrial city in Faw, which will transform Iraq from a country landlocked in commercial and industrial routes to an open country, through its contribution to expanding Iraq’s maritime effectiveness, and raising the importance of its ports, most notably the Grand Faw Port.

The symposium included many axes related to the strategic development road project, including the economic and developmental feasibility of the project, which constitutes one of the future paths of the Iraqi economy, and how Iraq will move through it to become a new major player in the international shipping and transport arena, in addition to the thousands of job opportunities the project will provide, mechanisms for developing partnerships with the private sector, and the c
hallenges facing the partnership between the government and the private sector.

Source: National Iraqi News Agency

Prime Minister Mohammed Shia al-Sudani stressed that Iraq relies on oil as the only source to cover its expenses, which have begun to increase.

The Prime Minister said during his participation in a dialogue seminar on the development path and available investment opportunities that it is necessary to think correctly to activate sectors supporting oil.

He added that: The development road project needs more study and clarification.

He continued that “we have started establishing the development road project and implementing it,” indicating that “the development road project will transform Iraq into an open country.”

The Prime Minister continued: We have natural materials that have not been exploited in industries.

He added: We have approached the World Bank to start implementing the development road from Basra to Mosul, indicating that the agreement with international companies is a positive indicator with international partnership.

Al-Sudani stressed that: Capital finds an opportunity in Iraq amid securi
ty and political stability, indicating that Iraq is on the right path today.

He said: Iraq will enter the gas market after investing in several fields.

The Prime Minister continued that Iraq is the best corridor in the communications and optical cable file.

He added that: We concluded the Faw investment refinery contract and it was activated.

He said that we will repeat the experience of the sixties and seventies to work in the private sector.

He explained that the railway designs for the development road project have been fully completed.

He pointed out that the third meeting of the Ministerial Council on the development road will be held next November.

The Prime Minister said: We have started preparing a study on forming an authority to manage the development road project.

Source: National Iraqi News Agency

The Arab Monetary Fund praised the plans of the Central Bank of Iraq to enhance economic and financial stability.

The Director General of the Arab Monetary Fund, Fahd bin Mohammed Al-Turki, said during the activities of the “Electronic Payment Conference towards Financial Stability in Iraq”, which was launched today, Saturday, in the capital, Baghdad, that “digital transformation is an important factor for the growth of the banking sector, and with the increase in digitalization, the use of artificial intelligence that contributes to uncovering banking fraud emerges.”

He saw that “the various regulatory capabilities played a fundamental role in creating the digital regulatory environment to motivate banks and financial institutions to employ modern technologies towards digital transformation and banking services and enhance their efficiency and reduce risks, including cybercrimes.”

He added that “the regulating legislation, electronic financial transfers, digital financial consumer protection and anti-mone
y laundering requirements must achieve a balance between stimulating digital transformation on the one hand and managing and reducing risks on the other hand,” indicating that “the good design of payment systems and ensuring environmental control between them and their interconnection with other systems such as credit systems would enhance the efficiency of digital transformation and economic growth opportunities.”

Turki stressed that “digital transformation is a key factor in reshaping the banking sector in the Arab region, and governments and central banks can play a role in supporting digital transformation by creating digital regulation. This is evident from investing in digital infrastructure and addressing cybersecurity challenges, which helps create an environment that promotes innovation and growth in the banking sector.” The Director General of the Arab Fund praised the announcement by the Central Bank of Iraq to work on many of these aspects, which makes the existence of a tight regulatory framewor
k of paramount importance to enhance digital innovation, as governments should focus on equal opportunities and ensure that regulations are consistent to reduce risks. Investing in digital infrastructure would also stimulate digital banking services that help enhance access to banking services and products for the population using the financial system and those not using the financial system.

‘There is still a digital gap between developing and developed countries, which limits the spread of digital payments in some regions, in addition to reliance on technology without creating alternative systems, which makes digital payments vulnerable to disruption in the event of any technical problems,’ he added, noting the Central Bank Governor’s talk about investing in infrastructure represented by the extensive use of mobile phones, especially in remote areas, and developing agency networks that meet the need for individuals to conduct withdrawal and deposit operations at the local and regional levels, distributing
the scope of digital identity, including electronic fingerprint systems, and expanding open application program interfaces that are available to the public so that developers can access software that represents property rights so that new applications can communicate and interact with each other.’

Source: National Iraqi News Agency

The activities of the “Electronic Payment towards Financial Stability in Iraq” conference were launched in the capital, Baghdad, today, Saturday, under the patronage of Prime Minister Mohammed Shia Al-Sudani, and jointly organized by the Prime Minister’s Office, the Association of Private Banks and the Central Bank of Iraq, and in the presence of government officials and Arab and international parliamentary and banking figures.

Source: National Iraqi News Agency

Oil prices fell at settlement, Friday evening, after production resumed following Hurricane Francine and data showed a weekly increase in the number of oil rigs in the United States.

Brent crude futures fell 36 cents, or 0.5%, to $ 71.61 per barrel at settlement, and US West Texas Intermediate crude futures fell 32 cents, or 0.5%, to $ 68.65 per barrel.

Oil futures ended the week higher following huge gains related to the hurricane earlier in the week, thus halting a series of losses.

Brent recorded an increase of about 0.8% since the settlement of last Friday’s session, thus ending a series of weekly losses that lasted 3 weeks, while US crude gained about 1.4%.

Official data as of Thursday showed that Hurricane Francine had shut down about 42% of oil production in the Gulf Coast region, which pumps about 15% of U.S. output.

Both the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency this week cut their demand growth forecasts, citing economic difficulties in Chi
na, the world’s largest oil importer.

Data from the U.S. Energy Information Administration showed that U.S. oil inventories rose last week amid growing crude imports and shrinking exports, while fuel demand weakened.

Investors are now looking ahead to the Federal Reserve’s two-day policy meeting next week. A rate cut is widely expected.

Source: National Iraqi News Agency