Category: Business & Finance

Irrigation and Water Resources Minister Hani Sewilam has praised current good cooperation between the ministry and the United Nations Development Program (UNDP).

The minister’s remarks came during his meeting with Abdallah Al Dardari, Assistant Secretary-General and Director of the UNDP bureau for Arab states, to discuss means to boost future cooperation between both sides.

Sewilam shed light on the UNDP-supported project for ‘Enhancing climate change adaptation in the North Coast and Nile Delta Regions in Egypt.

The project is funded by a grant from the Green Climate Fund in cooperation with the United Nations Development Program at a value of USD 31.4 million. The project aims to protect the densely populated low-lying lands in the Nile Delta, the home of 25 percent of the Egyptian population, which have been identified as highly vulnerable to climate change induced sea-level rise.

The project will also support the development of an Integrated Coastal Zone Management Plan (ICZM) for the North Coast of E
gypt that links the plan for shore protection from sea-level rise with the national development plan of the coastal zones.

The minister also highlighted the importance of the international initiative to adapt to climate change (AWARe) that Egypt launched during the activities of the 2022 UN climate conference, COP27, noting that it will contribute to meeting Africa’s development requirements in the areas related to water resources and adaptation to climate change, and providing the necessary training to African cadres.

For his part, Al Dardari commended great efforts exerted by the Irrigation Ministry in different sectors, particularly efforts focused on upgrading water systems and adapting to climate change effects.

Source: State Information Service Egypt

The Parliamentary Finance Committee confirmed the continuation of coordination and communication between the federal government and the Kurdistan region to resume oil exports through the Turkish port of Ceyhan.

The Vice-Chairman of the Committee, Ikhlas Al-Dulaimi, said in a statement to the National Iraqi News Agency / NINA /, that ‘the general budget schedules approved by the House of Representatives are the ones approved by the government, and thus cancel any financial texts and paragraphs received outside of them,’ she indicated the existence of allocations for costs of oil production and transportation, worth 3 trillion and 800 billion dinars added to the general budget tables.’

She added, “If an agreement is reached between the federal government and the regional government to resume oil exports, the Federal Ministry of Finance and the Ministry of Oil and Natural Resources in the region will proceed to coordinate to find a mechanism to disburse these amounts and pay the dues of the oil companies.”

Sh
e explained, ‘The oil companies operating in the Kurdistan region are asking the region for sums of money for 6 months, and there are contracts signed between the two parties that are difficult to cancel, because they are giant foreign companies that will resort to the judiciary and sue the region and the federal government.’

Source: National Iraqi News Agency

The Parliamentary Finance Committee confirmed the continuation of coordination and communication between the federal government and the Kurdistan region to resume oil exports through the Turkish port of Ceyhan.

The Vice-Chairman of the Committee, Ikhlas Al-Dulaimi, said in a statement to the National Iraqi News Agency / NINA /, that ‘the general budget schedules approved by the House of Representatives are the ones approved by the government, and thus cancel any financial texts and paragraphs received outside of them,’ she indicated the existence of allocations for costs of oil production and transportation, worth 3 trillion and 800 billion dinars added to the general budget tables.’

She added, “If an agreement is reached between the federal government and the regional government to resume oil exports, the Federal Ministry of Finance and the Ministry of Oil and Natural Resources in the region will proceed to coordinate to find a mechanism to disburse these amounts and pay the dues of the oil companies.”

Sh
e explained, ‘The oil companies operating in the Kurdistan region are asking the region for sums of money for 6 months, and there are contracts signed between the two parties that are difficult to cancel, because they are giant foreign companies that will resort to the judiciary and sue the region and the federal government.’

Source: National Iraqi News Agency

Manama: Bahrain All Share Index has closed at 2,002.64 points, marking a decrease of 3.78 points below the previous closing.

This decrease was due to the drop in the financial sector and the real estate sector.

Bahrain Islamic Index has closed at 811.20 points, marking a decrease of 1.46 points below the previous closing.

Results indicated that 48 equity transactions took place with a volume of 192,160,866 worth BD 18,347,582.

Investors traded mainly in the financial sector representing %99.56 of the total value of securities traded.

Source: Bahrain News Agency

ManamaBahrain All Share Index has closed at 2,015.74 points, marking a decrease of 1.41 points below the previous closing.

This decrease was due to the drop in the communication services sector and the financial sector.

Bahrain Islamic Index has closed at 813.45 points, marking a decrease of 3.64 points below the previous closing.

Results indicated that 93 equity transactions took place with a volume of 3,378,205 worth BD 879,872.

Investors traded mainly in the financial sector, representing 52.78% of the total value of securities traded.

Source: Bahrain News Agency

Oil prices closed, Monday, up about two percent at settlement, recording the highest level in two months, amid expectations of increased demand during the peak summer travel season in the Northern Hemisphere.

Brent crude futures rose $1.60, or 1.9 %, to reach $86.60 per barrel at settlement.

US West Texas Intermediate crude futures increased $1.84, or 2.3 %, to $83.38 at close.

This is the highest close for Brent crude since last April 30, and for US West Texas Intermediate crude since the 26th of the same month.’

Investors will focus on Federal Reserve Chairman Jerome Powell’s remarks on Tuesday today, followed by the minutes of the Council’s meeting regarding monetary policy the day after tomorrow, Wednesday, and the non-farm payrolls data in the United States scheduled to be issued next Friday

Source: National Iraqi News Agency

About 16,000 tons of goods were handled at the different Red Sea harbors on Tuesday, the Red Sea Ports Authority (RSPA) said.

In a statement, the RSPA said the imports included 6,500 tons of goods, 477 trucks and 292 cars, while the exports included 9,500 tons of goods, 452 trucks and 23 cars.

Safaga Port received three vessels, while one other set sail from the harbor, read the statement.

About 2,250 tons of goods and 295 trucks were handled at Nuweiba Port, the statement added.

Source: State Information Service Egypt

Prime Minister Moustafa Madbouli asserted that the North Coast of Egypt is one of the key icons that can attract direct foreign investments and is a global tourist destination.

In his speech during a conference declaring an investment partnership project between the state and the private sector, Madbouli said that the state is keen on making the North Coast the destination to focus on to enlarge the tourism sector and create a big number of hotel and tourism rooms in the region.

This was declared in Egypt Vision 2030 and the national strategic plan of Egypt which aim at doubling the number of tourists in Egypt, Madbouli said.

Madbouli said that the North Coast with its atmosphere and land nature will be one of the key places to become home to future generations.

Madbouli said there must be enough job opportunities for youth to encourage them to live in the North Coast so a group of major integrated projects were implemented including New Alamein city.

Madbouli also said that Ras el Hekma project, which i
s one of the biggest integrated developmental tourist real estate investment projects with the UAE, was declared.

Today we announce the South Med project on the western North Coast, he said.

Until 2030, Egypt is capable to attract at least double the number of tourists, he said.

South Med project along with New Alamein and Ras el Hekma are expected to attract millions of foreign tourism to Egypt, he said, adding that these projects will provide direct and indirect job opportunities and attract youth to live in the area.

Source: State Information Service Egypt

Oil prices rose in early trading on Monday, supported by expectations of a supply deficit resulting from peak fuel consumption in the summer and OPEC+ cuts in the third quarter, but adverse economic trends and increased production from outside the OPEC+ group limited the Gains.

Brent crude futures rose 16 cents, or 0.2%, to $85.16 per barrel by 00:32 GMT, and US West Texas Intermediate crude futures rose 17 cents, or 0.2%, to $81.71 per barrel.

The two crude oil prices rose about 6% in June, as the price of Brent at settlement reached more than $85 a barrel in the past two weeks after the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, significantly extended most of its oil production cuts until 2017. 2025.

In light of this, analysts expected a supply shortage in the third quarter, as demand for transportation and air conditioning equipment during the summer leads to a decrease in fuel stocks.

Source: National Iraqi News Agency

Minister of Foreign Affairs Sameh Shoukry received Ms. Anna Berdi, Director General of Operations at the World Bank, during her current visit to Egypt to discuss enhancing cooperation between Egypt and the World Bank.

the meeting discussed aspects of cooperation between the two sides, in the economic situation in the country.

He expressed his appreciation for the support provided by the World Bank to economic development efforts in Egypt, and his aspiration to expand this cooperation.

The official spokesman for the Ministry of Foreign Affairs explained that the meeting witnessed the exchange of visions on a number of priority issues, especially developments related to the crises taking place in the region, most notably the Gaza Strip and Sudan, and the humanitarian, economic and political situations and the challenges posed by those crises.

Shoukry was keen to brief the World Bank official on the Egyptian position on relevant regional issues, highlighting the positive role that Egypt plays in supporting a
nd strengthening peace and security in the region.

Source: State Information Service Egypt