Mohamed Samir

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Latest by Mohamed Samir


Egypt targets 4% deficit by 2022: El-Garhy

Egypt’s Minister of Finance Amr El-Garhy said that his ministry aims to reduce the budget deficit to 4% by 2022, while continuing the economic reform programme, according to state-owned Middle East News Agency. El-Garhy’s statement came on the sidelines of the launch event of the “system of tax returns, discount, and collection, with the activation …

Mohamed Samir

EGP 942bn investments in government’s development plan for FY 2018/19

The government’s economic and social development plan for fiscal year (FY) 2018/19 includes total investments of EGP 942bn. The new plan marks a 46% increase compared to FY 2017/18. The plan was revealed by Prime Minister Sherif Ismail during a cabinet meeting on Thursday. Ismail explained that it is the largest investment plan in Egyptian …

Mohamed Samir

Sarah Francis’ Dead Dog wins CineGouna award at Beirut Cinema Platform 

CineGouna Platform presented award to Dead Dog by Sarah Francis at Beirut Cinema Platform (BCP). The award will guarantee the film’s automatic selection as part of CineGouna Springboard. “El Gouna Film Festival aims to support Arab filmmakers and Arab cinema through the CineGouna platform; therefore, we are excited to be supporting Beirut Cinema Platform through …

Mohamed Samir

Amid moderate voter turnout, Al-Sisi heads toward second term victory

Egyptians continued to cast their ballots in the 2018 presidential election which kicked off on Monday. Citizens across the country voted amid tight security. Over 11,000 polling stations nationwide will again open from 9:00 am to 9:00 pm Wednesday. Voting started to a slower turnout on Tuesday, as authorities urged people to turn out and …

Mohamed Samir

Egyptian court bans ride-hailing apps Uber, Careem

Egypt’s Administrative Court issued a verdict on Tuesday to bar ride-hailing services Uber and Careem from operating in the country, saying they violate Egyptian law. The court verdict will go into effect immediately, but it can be appealed before Egypt’s Higher Administrative Court. Careem, on their official Facebook page, said that the company has not …

Mohamed Samir

Ration cards will not be withdrawn from those with income over EGP 2,500: IDSC

The cabinet’s think tank, the Information and Decision Support Centre (IDSC), denied the validity of reports on several websites and social network news pages that the government intends to withdraw ration cards from citizens whose income reaches EGP 2,500 or more. The IDSC explained, in a report clarifying the facts issued on Tuesday, that it …

Mohamed Samir

Moody’s AFP

Moody’s ranks Egypt’s 1st movable collateral registry as credit positive for banks

Moody’s Investors Service announced on Sunday that Egypt’s first movable collateral registry, which was launched by the Financial Regulatory Authority last Sunday, is credit positive for Egyptian banks. The newly launched collateral registry will inform banks’ credit decisions and improve their ability to secure movable collateral, such as a borrowers’ machinery, inventory, patents, and crops, …

Mohamed Samir

Abla: Where parts are greater than the sum 

When you ask for directions to Kerdasa, buried deep in the outskirts of Giza, the answer can fill two pages of a notebook. “You drive along one side of the Nile Corniche, go over a bridge, turn right, go up and up along a single-track road” and after several kilometres think, “where is this place?” …

Mohamed Samir

Developing Egypt’s natural gas network essential for economic activity

Projects to develop and improve the efficiency of Egypt’s national natural gas network are currently underway as gas transmission is essential for various economic and domestic activities across Egypt, said Minister of Petroleum Tarek El-Molla El-Molla explained that these developments are necessary to meet the increase in consumption and to accommodate the changes occurring in …

Mohamed Samir

Cyprus faces unprecedented Turkish intransigence, arrogance: Cypriot presidential commissioner

Cyprus’s presidential commissioner, Photis Photiou, said that Cyprus faces the intransigence of Turkey and its unprecedented arrogance, in addition to flagrant violations of international laws relating to Cyprus’s sovereign rights in its exclusive economic zone. Photiou’s remarks came during a press conference on Sunday, where he explained that his country will continue efforts to find …

Mohamed Samir

Egypt receives final $1bn tranche of World Bank loan

Egypt has received the third and final $1bn tranche of the $3bn World Bank loan on Wednesday, according to Minister of Investment and International Cooperation Sahar Nasr. Nasr added that Egypt has received another $150m from the Group of Seven (G7), in addition to receiving $250m from Germany and $170m from France, to fund the …

Mohamed Samir

Egypt looks to raise local wheat price by EGP 15-20 per ardeb

Egypt plans to raise the price of wheat bought from local farmers by EGP 15-20 per ardeb (0.15 tonnes) or around EGP 100 per tonne, in the next season, an Egyptian government official told Reuters on Tuesday. The official added that the price of wheat in the next season will be calculated based on average …

Mohamed Samir

Sudanese ambassador to return to Cairo on Monday

Sudan will resend its ambassador back to Egypt on Monday, two months after withdrawing him for consultations, Sudanese Foreign Minister Ibrahim Ghandour said on Saturday, according to Reuters. Earlier in January, Abdel-Mahmoud Abdel-Halim, Khartoum’s ambassador to Cairo, was withdrawn for consultations, amid tensions following Sudan’s decision to lease the Red Sea island Suakin to Turkey. …

Mohamed Samir