Daily News Egypt https://ww.dailynewssegypt.com Egypt’s Only Daily Independent Newspaper In English Thu, 19 Sep 2019 22:59:51 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 IDB, Cairo governorate sign cooperation protocol to support, finance development, industrial projects in governorate https://ww.dailynewssegypt.com/2019/09/20/idb-cairo-governorate-sign-cooperation-protocol-to-support-finance-development-industrial-projects-in-governorate/ Thu, 19 Sep 2019 22:59:51 +0000 https://ww.dailynewssegypt.com/?p=708496 Protocol continuation of bank's vital development role to create good investment climate, support low-income citizens, says Maged Fahmy

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Chairperson and Managing Director of the Industrial Development Bank, (IDB), Maged Fahmy, and Governor of Cairo, Khaled Abdel Aal, signed a cooperation protocol to provide financing services that will serve the economy and citizens within the Cairo governorate.

The signing of the protocol is a continuation of the bank’s role in supporting the national economy and the efforts and objectives of the state in economic development, reflecting upon the life of Egyptian citizens and contributing to the welfare and prosperity of Egypt.

The protocol aims to provide banks with expertise and capabilities in financial support of various sectors, such as the delivery of gas to residential units, commercial enterprises and shops, while offering the lowest possible interest rate, and legalising their conditions in accordance with the rules and policies of the bank, with a repayment grace period of up to seven years.

This protocol comes after a series of successes achieved by the bank in a file supporting small and medium-sized enterprises (SMEs), and industrial projects in all fields, within various governorates of Egypt. This comes as a response to the instructions of the president of the republic to encourage local industry.

Fahmy said that the new protocol is a continuation of the bank’s vital development role to create a good investment climate, support low-income citizens, and reach different segments of society in order to lift the burden on the state and provide a decent life for the citizen.

In this context, the IDB is looking to provide the required support at a stimulating rate of return and simplify procedures to attract the informal segments, while providing new job opportunities. He noted that the bank has granted funding to 10,000 residential units and delivered gas to 175,000 residential units.

Executive Vice-Chairperson of the IDB, Hamdy Azzam, said that the protocol is an addition to a series of cooperation protocols with several authorities and governorates that will support and finance development, industrial projects, and SMEs.

He added that one of these initiatives is the construction of 1,000 factories, which is expected to create about 20,000 jobs.

Furthermore, he explained that the bank allocated EGP 7.5bn for this initiative through grants to SMEs, and other products with a price advantage, especially in the field of industrial and agricultural activities, most notably food processing.

Azzam pointed out that the bank’s role in this field comes in response to the state’s efforts to solve many problems of citizens, and to provide a stable life and suitable housing for a broad base of Egyptian society.

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German Intec wins consultant contract for construction of Zafarana solar power plant https://ww.dailynewssegypt.com/2019/09/20/german-intec-wins-consultant-contract-for-construction-of-zafarana-solar-power-plant/ Thu, 19 Sep 2019 22:45:59 +0000 https://ww.dailynewssegypt.com/?p=708482 Three companies, including Belectric, NARI Group Corporation, and Vikram Solar, technically qualified and two companies were excluded, one for technical reasons and the other withdrew.

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The New and Renewable Energy Authority (NREA) signed a contract to implement consultancy services for a solar power plant in Zafarana with the German company Intec.

NREA Chairperson, Mohamed El-Khayat, told Daily News Egypt that the German company was contracted after its technical and financial offers outperformed other bids in a tender put forward by the NREA. The company will carry out consultancy services and supervise the implementation of the photovoltaic cell plant in Zafarana with a capacity of 50MW.

He added that the German Development Bank(KfW) is financing the project with a soft loan of €50m, and is currently finishing the technical and financial analysis for the selection of the implementation contractor, which is expected to be completed by the end of December.

Three companies, including Belectric, NARI Group Corporation, and Vikram Solar, technically qualified and two companies were excluded, one for technical reasons and the other withdrew.

The project is expected to start production and operation in the fourth quarter of next year. This project is expected to contribute to the production of about 90m kW/h per year, achieving savings in fuel of about 18,000 tonnes of oil equivalent annually, and reduce emissions by 50,000 tonnes of carbon dioxide annually.

The Zafarana plant is the second project implemented by the NREA in the framework of its plan to diversify the mix of renewable energy projects with a total installed capacity of 1,375MW of wind power, 1,220MW of photovoltaic cell systems, and 2,830MW of hydro power with a total of 5,425MW, which were implemented through government agreements in addition to projects by the private sector.

The ministry of electricity aims to produce 20% of the country’s energy from new and renewable sources by 2022, and seeks to open the way for the private sector to invest in such projects.

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MTI to acquire new indirect stakes in Masary, Bee, to merge 2 companies in H1of 2020 https://ww.dailynewssegypt.com/2019/09/20/mti-to-acquire-new-indirect-stakes-in-masary-bee-to-merge-2-companies-in-h1of-2020/ Thu, 19 Sep 2019 22:38:40 +0000 https://ww.dailynewssegypt.com/?p=708493 Ebtikar increased its stake in Masary to reach 54.9% by acquiring 9.1%

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MM Group for Industry and International Trade (MTI) announced on Wednesday that Ebtikar–a leading investor in the Non-Banking Financial Services (NBFS) sector in Egypt (a joint venture between MTI and B Investments Holding)- has acquired 9.1% of the shares of Masary for a total transaction value of EGP 40m, thus increasing Ebtikar’s ownership from its current stake of 45.8% to 54.9%. The transfer of the shares was implemented and completed at the Egyptian Exchange.

Noteworthy, MTI holds a 52.9% stake in Ebtikar. Masary is a leading company operating in the electronic payments sector in Egypt with around 60,000 active points of sale (POS). This transaction will increase MTI’s ownership in Masary from its current ownership of approximately 35% to approximately 40%.

Investor Relations and Business Development Manager at MTI, Ashraf El-Ghannam, told Daily News Egypt that his company intends to acquire a new stake in both Masary and Bee companies (an indirect stake) within the next few months.

He added that the new acquisitions are part of the company’s plan to merge its e-payments platforms Bee and Masary during the first half (H1) of 2020, as the company is currently hiring an investment bank to manage the merger.

El-Ghannam said that the acquisition of new shares does not aim to reach 100% of the two companies, and that the merge does not require a certain share of the two companies.

He pointed out that the acquisition of 9.1% of the shares of Masary is to increase the company’s stake in Masary to 54.8% in order to obtain majority rights in the company, while the company holds a 60% stake in Bee company.

El-Ghannam stressed that MTI plans to focus on enhancing profitability by increasing contribution of high margin business lines.

MTI supports its core operations with a NBFS arm through its investment in Ebtikar. Ebtikar is jointly owned by B Investments and MM Group and invests in E-Payments by Masary which is an e-payment company with 80,000 POS, and Bee which is a pioneering tech company in payment solutions with 70,000 POS.

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TikTok marks massive success in Egyptian market  https://ww.dailynewssegypt.com/2019/09/19/tiktok-marks-massive-success-in-egyptian-market/ Thu, 19 Sep 2019 21:55:33 +0000 https://ww.dailynewssegypt.com/?p=708456 Egypt, Saudi Arabia, and the UAE are the most three important market for TikTok currently, says regional communication director

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Celebrating its huge success in Egypt, Tiktok – a social media video app – launched its first event in Cairo highlighting its achievements in the Egyptian market. The short-video platform has recently become one of the most popular applications in the Middle East and the world, leading the scene of personal vlogging.

TikTok hit the world in August 2018, offering users various options in the field of videography through a number of easy-to-use video-capturing and editing tools. It, further, offers users a wide range of filters and effects which adds on the entertainment element of the videos they bring out.

“As a very new platform, we have grown rapidly especially in Egypt. We have witnessed a tremendous growth at the 6-12 months,” Tiktok’s Regional Communications Director in Africa and the MENA, Gita Ghaemmagham, told Daily News Egypt.

Ghaemmagham highlighted that Egypt is among the three main countries in the Middle East, which witnessed the biggest interaction with the application, and growth market.

“Egypt, Saudi Arabia, and the UAE are the most three important market for us currently,” she pointed out. “Egyptians can easily express themselves through the app. That led us to -within a year- have a huge number of content creators, influencers, as well as normal consumers from different ages.”

TikTok is currently one of the most downloaded mobile applications at the Google play and Apple store. It is available in 150 markets and 75 languages.

Despite not stating the exact number of TikTok users in Egypt, Ghaemmagham assured that it is growing massively leading to the increase of monetisation rate. She also explained that the music is the most used genre by the app users within Egypt.

“We are currently looking for ads, and to collaborate with the brands, in order to be able to connect them to their target audience,” she added. 

Throughout the event, Hany Kamel, TikTok’s Content Operations Director for North Africa, discussed the application’s efforts in promoting social causes, including tourism, in Egypt. 

As part of a global initiative #TikTokTravel, Egypt was one of among over 100 countries to be included in the campaign that saw users share over 400,000 videos of authentic travel moments that received a total of 1.7bn views. Using the hashtag of #No_Place_Like_Egypt, around 2,000 videos were streamed garnering 

16.8m views in eight days.

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Saudi Arabia announces joining International Maritime Protection Construct https://ww.dailynewssegypt.com/2019/09/19/saudi-arabia-announces-joining-international-maritime-protection-construct/ Thu, 19 Sep 2019 20:43:53 +0000 https://ww.dailynewssegypt.com/?p=708464 The IMSC plans to secure the Gulf region including the Strait of Hormuz, Bab Al-Mandab, the Sea of Oman, and the Arabian Gulf. The mission is already joined by Australia, Bahrain, and the United Kingdom.

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Saudi Arabia has joined the International Maritime Security Construct (IMSC), the coalition which is led by the United States aimed at protecting commercial shipping in the Gulf region, announced the Saudi Press Agency (SPA), citing an official source in the Saudi Ministry of Defence.

The SPA declared that the country joined the protection mission to counter the threats to the maritime navigation and global trade and to ensure global energy security.

The IMSC plans to secure the Gulf region including the Strait of Hormuz, Bab Al-Mandab, the Sea of Oman, and the Arabian Gulf. The mission is already joined by Australia, Bahrain, and the United Kingdom.

The coalition was formed by the United states, as a response to the attacks on several international merchant vessels in the Gulf this year. The attacks rocked world commodities’ trading and were blamed on Iran, in addition to Iran’s seizure of tankers in the region.

On Tuesday, representatives from member states of the IMSC, along with representatives from 25 additional countries, gathered on September 16 for a Main Planning Conference aboard HMS Cardigan Bay (K630).

According to the issued statement, in light of recent threats to international shipping, representatives reaffirmed their nations’ continued commitment to safeguarding freedom of navigation in the Arabian Gulf, the Gulf of Oman, the Red Sea, and the Straits of Hormuz and Bab al-Mandab, and discussed multinational efforts aimed at enhancing maritime security throughout key waterways in the region.

The IMSC task force is headquartered in Bahrain. Current members include the UK, Australia, the Kingdom of Bahrain, Saudi Arabia, and the US.

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Egypt launches its 2nd satellite Narescope-1 from Japan https://ww.dailynewssegypt.com/2019/09/19/egypt-launches-its-2nd-satellite-narescope-1-from-japan/ Thu, 19 Sep 2019 19:37:13 +0000 https://ww.dailynewssegypt.com/?p=708461 is scheduled to position the satellite in orbit by next November

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Egypt launched its second satellite, Narescope-2, type CubeSat, from Japan to the International Space Station. It is scheduled to position the satellite in orbit by next November. The satellite was tested and is 100% Egyptian manufactured, according to Chairperson of National Authority for Remote Sensing and Space Sciences, Mohamed Zahran.

Zahran said in interview with the state-run news agency MENA on Tuesday that the satellite was launched with the aim of enhancing the capabilities of the national space programme and that it possesses advanced technologies that allow Egypt to carry out space missions in order to contribute to achieving the goals of sustainable development, pointing out that the satellite is small, weighs one kilogram, and that its chronological age in space is one year.

He added that the Narescope-2 contains a relatively new imaging technology than the first satellite, Narescope-1, with high storage capabilities, noting that the space qualification and safety audits were conducted at the Kitakyushu University of Japan through an agreement to launch research satellites.

He explained that the launch of this satellite comes within the framework of the National Alliance of Knowledge and Technology in the field of space, funded by the Academy of Scientific Research and Technology. The programme includes the launch of three satellites of the CubeSat type, which were designed and implemented completely without the use of any foreign expertise, to develop the industry of local space technology, pointing out that the first CubeSat 1satellite was launched last July from the United States, and has picked up signals from the control station in Cairo.

As for the third satellite, Narescope-3, the chairperson noted that it is in the first phase of the Alliance project, saying that this satellite will be completed within six months and then be subject to space tests, space qualification, and safety review in preparation for the launch during the third quarter of 2020.

Zahran pointed out that the programme of the National Alliance for Knowledge and Technology in the field of space began in July 2017 with the participation of 10 local research and industrial bodies, and aims to implement and launch a set of Egyptian-made satellites, in cooperation with the various authorities.

“Egypt is taking unprecedented steps in the field of space technology and remote sensing techniques with strong support from President Abdel-Fattah Al-Sisi, believing in the importance of space science in achieving the sustainable development of the Egyptian state. Work is underway in the space city of New Cairo where “The satellite assembly and testing centre project’ is scheduled to be completed in May 2020” he explained during the interview.

He revealed the start of the implementation of the ‘Experimental Satellites’ project, in cooperation with Germany, to launch a series of four satellites in space, explaining that they are medium-sized satellites weighing between 50kg to 70 kg, with the aim of supporting the purposes of scientific research and development projects.

Regarding Egypt’s participation in the Arab Alliance Initiative to establish a satellite to serve development purposes in the Arab countries, Zahran said that the initiative was presented by the UAE at the Arab Summit held in Tunis last March to establish the Arab Group for Space Cooperation.

The establishment of Arab Group for Space Cooperation will be executed through working on Arab satellite project 81. This project will be supervised by Arab engineers from the Arab states that signed the above initiative.

Moreover, Zahran announced the start of the implementation of an educational project for school children to raise awareness of space science and remote sensing techniques in a simple way through education initiatives that will have researchers visit schools and explain space travel, the role of space in the developing world, the importance of satellites, and the how to manufacture them.

As for university students, he pointed out that student projects related to space technology before graduation are under the supervision of scholars, explaining that the educational satellite project for universities is the first of its kind that is produced by the efforts of Egyptian university students through their graduation projects, besides the technical and financial support of experts from the Egyptian space programme.

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Parliament expects draft law on freedom of information to counter rumours https://ww.dailynewssegypt.com/2019/09/19/parliament-expects-draft-law-on-freedom-of-information-to-counter-rumours/ Thu, 19 Sep 2019 19:25:40 +0000 https://ww.dailynewssegypt.com/?p=708440 Government is supposed to submit another draft law early October, says MP

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A member of Parliament’s Committee of Culture and Information said the committee will submit a draft law on freedom of information for discussion in the Parliament during its upcoming fifth and final round, set to begin in October.

MP Nashwa Al-Deeb said the draft law aims to confront spread of rumours on social media, asserting the citizens’ right to know the truth.

Al-Deeb said she believes that absence of such law contributed to spread of rumours and showed that media outlets lack credible source of information.

“Rumours are only created when the truth is hidden, thus they represent a real threat to national security,” Al-Deeb stressed.

“We need new media figures, as most of the current ones lost their credibility. We also need strong opposition newspapers, to make some balance,” she said.

Another member of the committee, MP Nader Mostafa, affirmed the necessity of fighting rumours through a clear legislation taking into consideration the developments in the media.

MP Youssef Al-Aqeed expected that the government to draft another law on the same topic and will be discussed and approved in the next round.

“Laws alone are not enough to solve this problem. We should work on raising awareness among citizens about this issue,” he said. Although these rumours have increased in the recent period, especially on President Abdel Fattah Al-Sisi, but the people still can differentiate between the true and fake news.

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Netanyahu’s bloc appears to fail in winning majority in repeat poll  https://ww.dailynewssegypt.com/2019/09/19/netanyahus-bloc-appears-to-fail-in-winning-majority-in-repeat-poll/ Thu, 19 Sep 2019 19:20:36 +0000 https://ww.dailynewssegypt.com/?p=708446 PM made no victory claim in a post-election speech 

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Israel’s Prime Minister Benjamin Netanyahu appeared to fail in securing a majority in the Twelfth Knesset according to initial results in the repeat general elections in five months.

With 92% of the votes counted, results showed that Netanyahu’s Likud party got only 31 seats, while his rival Benny Gantz’s centrist Blue and White alliance has 32, according to Israeli media. 

The results also showed that Labor-Gesher got 6, and Democratic Union had 5. 

With such results, Netanyahu’s bloc of right-wing and ultra-Orthodox parties is expected to get 55 seats, while the centre-left bloc would head with 56 of 120 seats. 

Any prime minister needs a majority of 61 seats in parliament to form a government. 

Netanyahu delivered a speech on Wednesday to his Likud party, saying that he will wait for the official results of the election. He insisted that he would form “a strong Zionist government.” 

To strengthen his situation in the elections, Netanyahu vowed last week to annex parts of the occupied West Bank if he returned to office this week. He announced that he intends to impose “Israeli sovereignty over the Jordan Valley and northern Dead Sea.”

On Tuesday, six million Israelis headed to the polling stations to cast their ballots with voter turnout reaching 60%, according to Israeli media, compared to 61.3% in April’s vote and less than 62.4% in the 2015 election. 

The September election is the second in five months as Netanyahu failed to form a coalition following April’s election. 

Netanyahu still faces “dangerous” charges of bribery, fraud, and breach of trust in three cases pending a final hearing. 

Netanyahu’s Likud National Liberal Movement is a right-wing party established in 1973. He has been in power since 2009, besides another term from 1996 to 1999.

Meanwhile, Gantz, Netanyahu’s strongest rival, formed the centrist Blue and White alliance with a promise to unite the country from the division which took place in recent years. 

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Al-Sisi directs government to focus on human, social development https://ww.dailynewssegypt.com/2019/09/19/al-sisi-directs-government-to-focus-on-human-social-development/ Wed, 18 Sep 2019 22:15:14 +0000 https://ww.dailynewssegypt.com/?p=708414 “GDP rate has increased in past FY to reach 5.6%,” says CBE Governor

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President Abdel-Fattah Al-Sisi met on Tuesday with Prime Minister Mostafa Madbouly, Central Bank Governor, Tarek Amer, Minister of Finance Mohamed Moeit, and Deputy Minister of Finance for Financial Policies, Ahmed Kouchouk, to follow up on indicators of economic performance.

According to a statement from the presidency, spokesperson Bassam Radi said the meeting dealt with following-up on economic and financial performance indicators for the current year 2019-2020.

During the meeting, the president directed the government to continue to focus on human and social development, through continuing the reform and development of education and health systems, which the statement claimed are witnessing an unprecedented increase in their allocations. 

He also directed the government to continue to exert efforts to reduce public debt and budget deficit, and provide a stable environment which enhances confidence in the performance and ability of the Egyptian economy to attract investments.

The president stressed the need to reflect on the improvement of economic performance on the quality of public services, and benefit all community segments of development returns, especially lower income people.

The Governor of the Central Bank explained during the meeting there has been an increase in foreign currency cash reserves, currently standing at about $ 45bn. 

Amer also pointed out that financial indicators showed a significant improvement in the performance of the economy, which has achieved positive results since the beginning of the implementation of the comprehensive economic reform programme.

“The Gross domestic product rate has increased in the past fiscal year (FY) to reach 5.6%,” Amer said, adding that the Central Bank is planning to achieve 6% growth during the current year, which reflects -in his opinion- the direct positive results which touches citizens’ lives and living standards.

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UAEIIC leads discussions with Egyptian government to boost Emirate FDIs in Egypt https://ww.dailynewssegypt.com/2019/09/19/uaeiic-leads-discussions-with-egyptian-government-to-boost-emirate-fdis-in-egypt/ Wed, 18 Sep 2019 22:07:26 +0000 https://ww.dailynewssegypt.com/?p=708437 UAE, LAS to promote sharing knowledge programmes with Japan, says Saleh

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The UAE International Investors Council (UAEIII) actively led a round of discussions with the Egyptian government to further boost the Emirate’s foreign direct investments (FDIs) to the Egyptian market, Advisor to the UAE Emirate Minister of Economy, Mohammed Saleh Shelwah said.

“UAEIII’s representatives visited Egypt recently and met with senior officials at the ministry of investment and international cooperation (MIIC). As I know, Emirate investments to Egypt are increasing and will continue to,” Saleh told reporters during the fifth session of the ArabJapanese economic forum, held on 9 September 2019.

The Egyptian government took serious steps to further improve the investment climate and ensure the stability of the market, encouraging foreign investors to increase their investments, Shelwah asserted, praising the MIIC’s attention to issues that investors operating in Egypt might face.

Interestingly, the UAE’s FDIs to Egypt stood at $558m over the first three quarters of fiscal year 2018/19, according to the latest statistics of the Central Bank of Egypt.

“We enjoy long-standing unique brotherly relations with Egypt, and we will continue to,” Shelwah mentioned, adding that UAE investors are keen on investing in production sectors, particularly agriculture production fields.

Furthermore, Shelwah told Daily News Egypt that the UAE is coordinating with the League of Arab States (LAS) to promote sharing knowledge programmes with the Japanese government in the fields of industry, trade, and technology, adding that LAS member states enjoy a large number of young people looking to learn.

Japan’s three key trade partners in the Arab region are the UAE, Saudi Arabia, and Egypt. Shelwah noted that the Arab-Japan trade exchange has reached $111bn in 2018, with a positive outlook.

Notably, the ArabJapanese economic forum held working sessions, attended by Arab and Japanese officials, and representatives of institutions from both sides to discuss cooperation and review investment opportunities in energy, the environment, and infrastructure.

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Egypt’s Cabinet approves US grant to develop railways, tractors, locomotives https://ww.dailynewssegypt.com/2019/09/19/egypts-cabinet-approves-us-grant-to-develop-railways-tractors-locomotives/ Wed, 18 Sep 2019 22:02:07 +0000 https://ww.dailynewssegypt.com/?p=708434 The grant aims to recruit consultants to help the National Railways of Egypt in transforming the current shipping business unit into a separate firm with administrative autonomy and has commercial relations with other units of the railway.

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Egypt’s cabinet approved numerous decisions including the approval of a draft decision of the president of the republic on a grant agreement between the ministry of investment and international cooperation and the European Bank for Reconstruction and Development (EBRD) on the programme for the renewal of locomotives and assistance in the establishment of a railway freight transport company of the National Authority for Egypt Railways with cost of €940,000.

The grant aims to recruit consultants to help the National Railways of Egypt in transforming the current shipping business unit into a separate firm with administrative autonomy and has commercial relations with other units of the railway.

The cabinet also approved the presidential decree on a grant agreement between the ministry of investment and international cooperation and the EBRD on the Locomotive Renewal Programme worth 555,343.

The grant aims to recruit consultants to help set up the project implementation unit for the purchase of up to 100 new tractors for the Egyptian National Railways. The unit’s task includes the preparation of technical specifications, all aspects of procurement, contract management, and disbursement.

Meanwhile, the cabinet approved the presidential resolution on the fourth amendment of the Grant Assistance Agreement between Egypt and the US on Egyptian-American Cooperation for Science and Technology.

The fourth amendment aims to provide a new sum of $4m as a contribution from the US Agency for International Development (USAID) to strengthen the scientific and technological capabilities of the Egyptian and American sides, beside expanding relations between the scientific and technological communities in both countries, as well as to promote scientific and technological cooperation for peaceful purposes, and to provide opportunities for exchange.

It also aims to afford ideas, information, skills, and techniques of common interest between the two countries, in addition to supporting projects, researches, studies and surveys, workshops, conferences, and symposiums between the two sides, as well as working on restructuring the technology deployment and expansion systems, while providing an appropriate role for the private sector.

Moreover, the cabinet approved on Wednesday during a meeting headed by Prime Minister Mostafa Modbouly the president’s draft decision on the second amendment to the grant agreement between Egypt and the United States on improving the health outcomes of the target groups, signed in Cairo on August 4, 2019.

The amendment aims to afford a new sum of $10m and $50,000 as a contribution from the USAID to continue supporting the Egyptian government’s efforts in enhancing the quality of family planning and reproductive health services, as well as improving health behaviours.

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Oil loses $5 a barrel after Aramco’s announcement of restoring full production https://ww.dailynewssegypt.com/2019/09/18/oil-loses-5-a-barrel-after-aramcos-announcement-of-restoring-full-production/ Wed, 18 Sep 2019 21:45:33 +0000 https://ww.dailynewssegypt.com/?p=708431 Market to face oil glut in coming period, prices to fall under $60: Source

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Oil prices rapidly declined in global markets, where they lost about $5 per barrel after the announcement of the Saudi Energy Minister of the restoration of full production of  Aramco faster than expected after the terrorist incident.

A source in the petroleum sector told Daily News Egypt that Saudi Arabia was able to curb the sudden rise of oil in the markets after it jumped to about $69 a barrel compared to $60 before the incident. On Monday, the attack on the Saudi oil giant Aramco’s processing facility in Abqaiq lead to a surge of more than 14%. The hike is equivalent to the 1991’s Gulf War.


Saudi Minister of Energy, Prince Abdulaziz Bin Salman, said Aramco will regain full production by the end of this month. The attacks, which were claimed by Iran-backed Houthi rebels in Yemen, immediately led to the disruption of 5.7 million barrels of crude production per day.

Prince Abdulaziz bin Salman said that 11m barrels per day will be produced by the end of September and 12m barrels per day by the end of November.

The source added that the markets will become more stable after the control of the Aramco incident, making the price of oil ranging between $60 and $64 per barrel this month.

He expected oil prices to fall below $60 a barrel by the beginning of next month due to the glut of supply from exporting countries in more quantities than consumption in the world market.

He pointed out that Egypt was not affected by the sudden rise in oil prices because it has hedging contracts against the rise in oil prices on the world market, to secure the market needs of petroleum and crude oil.

The oil price rally fuelled by attacks on production facilities in Saudi Arabia is not sustainable, Commerzbank said on Wednesday, while lowering its 2020 price forecasts, citing deteriorating fundamentals including slowing demand growth.

The bank lowered its Brent forecast for next year by $5 to $60 per barrel while keeping its 2019 outlook unchanged at $65. It also reduced its 2020 forecast for WTI to $57 from $62. Commerzbank forecast WTI to average $58 this year.

The Saudi Energy Minister met with the Chairperson of Saudi Aramco Yasir Al-Rumayyan, and Chief Executive Engineer Amin Al-Nasser, and a number of other officials. During the meeting, they discussed developments in the Saudi oil production after the attacks.

Saturday’s attacks shocked supply, lifting oil prices by about 20% during Monday’s trading.


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Pompeo discusses Aramco attack’s consequences with Bin Salman in Jeddah  https://ww.dailynewssegypt.com/2019/09/18/pompeo-discusses-aramco-attacks-consequences-with-bin-salman-in-jeddah/ Wed, 18 Sep 2019 21:39:43 +0000 https://ww.dailynewssegypt.com/?p=708426 France sends experts to join investigations on attack

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The United States’ embassy in the UAE announced on Wednesday that the US Secretary of State Mike Pompeo met with the Saudi Crown Prince Mohammed Bin Salman in Jeddah on Wednesday to discuss the latest attack on Saudi oil facilities.

In a series of tweets on its official account on Twitter, the US mission in the UAE said that the meeting comes as part of Pompeo’s trip to the Gulf region, particularly Saudi Arabia and the UAE. 

His meeting with Bin Salman aims to confront the “Irani aggression” and coordinate with partners in Saudi Arabia and the UAE to combat the Iranian intervention in the region. Following his visit to Saudi Arabia, Pompeo will meet the Emirati Crown Prince Mohammed Bin Zayed in the UAE to discuss regional and bilateral issues.

On Friday, drones attacked two Aramco facilities in Abqaiq and Khurais causing fires which were put out by Saudi security forces. As a result of the attacks, oil production in Abqaiq and Khurais were knocked out temporarily and estimates show that 50% of the company’s production had been interrupted.

The Houthi movement claimed responsibility for the attacks, but the US insists on accusing Iran of being behind the attack which has a wide impact on the international oil trade. Iran denied the US’s allegations and announced on Monday that it would cooperate with the United Nations to restore stability in Yemen. 

The US claimed that it has evidence about the location of where the drones that attacked the Saudi facilities were launched from within Iranian soil. 

On Wednesday, Iranian President Hassan Rouhani said that the US’s allegations against Iran aim to pressure Iran by “defaming” it, in addition to the economic pressures on Iranian people. 

The attack received international reaction, one of these latest reactions came from the French presidency on Tuesday night expressing the intention to send experts to Saudi Arabi to take part in the investigations against the Aramco attack. 

Meanwhile, the US Department of State warned American citizens of travelling to Saudi Arabia. The department warned US citizens in Saudi Arabia particularly from using the Abha airport without the permission of the chief of the US mission to Saudi Arabia. 

Abha airport is a frequent target for attacks by the Houthi movement in Yemen which is supported by Iran which launches drone and missile attacks on Saudi territories from time to time.

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Nine terrorists killed in security raid in El-Obour, 15th May cities https://ww.dailynewssegypt.com/2019/09/18/nine-terrorists-killed-in-security-raid-in-el-obour-15th-may-cities/ Wed, 18 Sep 2019 20:59:04 +0000 https://ww.dailynewssegypt.com/?p=708424 One leader of ‘Liwa Thawra’ terrorist movement among terrorists

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Nine terrorists were killed in a fire exchange with police forces during raids in El-Obour and 15th May cities, Egypt’s Ministry of Interior said on Wednesday.

The statement revealed that a leader in the ‘Liwa Al-Thawra’ (Revolution Brigade) terrorist movement known as Khalf Al-Dahshory was among them.

The leader was involved in two assassinations of Brigadier-General Adel Ragaie and targeting a police ambush in Menoufiya governorate.

Security forces seized from among the terrorists six automatic weapons, two cartridges, a quantity of RSALT and nitrates, a set of electrical circuits, an explosive device, and two bomb structures.

Ragaie was shot dead in front of his house in Obour City, 35km north-east of Cairo in October 2016.

At that time, ‘Liwa Al-Thawra’ claimed responsibility for the assassination in a tweet saying that they shot him in the head and took his weapon.

The group released a video in November revealing the details of the assassination as well as showing alleged violations by army forces, accusing Ragaie of being responsible for killing hundreds and detaining thousands.

Moreover, on Tuesday, Minya’s Criminal Court issued life sentences to 11 defendants and 15-year prison terms to 106 others in a mass trial for offences related to an attack on a police station in 2013.

The court also sentenced 30 others to prison terms of between three and five years. The defendants are facing charges of joining an outlawed group, inciting violence, and vandalism of public and police institutions.

The convicted were charged in relation to the storming of Samalout police station in Minya and the setting of a court building and administrative prosecution headquarters on fire, following the dispersal of the Islamist protest camps at the Rabaa and Nahda squares in August 2013.

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Al-Sisi meets Sudan’s PM Hamdok in Cairo to bolster bilateral cooperation  https://ww.dailynewssegypt.com/2019/09/18/al-sisi-meets-sudans-pm-hamdok-in-cairo-to-bolster-bilateral-cooperation/ Wed, 18 Sep 2019 19:40:54 +0000 https://ww.dailynewssegypt.com/?p=708420 Both agreed on continuing coordination until Sudan restores its critical rule in Africa

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Egypt’s President Abdel Fattah Al-Sisi received on Wednesday Sudan’s Prime Minister Abdalla Hamdok in Cairo, during the latter’s first visit to an Arab country since he took office, according to the Egyptian presidency’s spokesperson.  

Hamdok also met with Egypt’s Foreign Minister, Sameh Shoukry; Minister of Electricity and Renewable Energy, Mohamed Shaker; and Minister of Finance, Mohamed Moeit. 

Al-Sisi stressed his support to Sudan in a manner that meets the aspirations of the Sudanese people and helps the country to go past this significant period. 

Moreover, the president asserted his keenness to continue coordination with Sudan until the country restores its critical rule in the Middle East and Africa. 

Al-Sisi and Hamdok also addressed bilateral cooperation in various fields and agreed on the speedy implementation of the projects of electricity interconnection and the railway project between both countries. 

For his part,  Hamdok praised the Egyptian efforts in maintaining the security and stability of Sudan, aspiring to benefit from the Egyptian expertise in development projects and economic reforms, according to the Egyptian presidency.   

Hamdok, a prominent economist, was sworn into office last month as the head of a transitional government in Sudan, following months of negotiations between military and opposition leaders.

On the other hand, the French Foreign Minister, Jean-Yves Le Drian, visited Egypt and met with Al-Sisi and Shoukry. They discussed regional and international issues of common interest including the situation in Libya, Yemen, Syria, and Sudan.

This meeting followed Le Drian’s visit to Sudan where he met with Hamadok, Sudan’s Minister of Foreign Affairs, Asma Abdallah, and head of the Transitional Military Council, Abdel Fattah Al-Burhan. 

Le Drian said that France will push for removing Sudan from the US list of state sponsors of terrorism. He also announced that his country provided €60m worth aid to the Sudanese authorities.

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Lack of clarity over tax policies for e-commerce platforms hinder investments https://ww.dailynewssegypt.com/2019/09/18/lack-of-clarity-over-tax-policies-for-e-commerce-platforms-hinder-investments/ Wed, 18 Sep 2019 19:28:00 +0000 https://ww.dailynewssegypt.com/?p=708417 Environment surrounding e-commerce activity developed rapidly within 1 year, says Moharram & Partners Managing Partner

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Country Manager at OLX Egypt, Dina Gobran, said that the lack of clarity over tax policies for e-commerce platforms contributes to the disruption of investments earmarked for such activities.

Last month, the Ministry of Finance held a meeting with Facebook representatives in light of the company’s response to the ministry’s call to review the best tax applications related to online services and e-commerce. Facebook has experienced varying outcomes, both positive and negative, in this field, all over the world, and looks to ensure the implementation of a clear and consensual mechanism, specifically in Egypt.

During the E-Commerce Summit 2019, Gobran added that the steps and procedures for issuing the new draft law to regulate social media in Egypt must be completed, in addition to the issuance of specific definitions of online platforms including their responsibilities.

She called on the state to help in integrating the informal economy in order to digitally transform entities and companies participating in the grey economy.

For his part, Managing Partner at Moharram & Partners | Public Affairs & Strategic Communications, Moustafa Moharram, said the government should reassure investors on the stability of the regulatory framework governing e-commerce and ensure there is no double taxation on companies operating in the sector.

Moharram added that the environment surrounding e-commerce activity has developed rapidly within one year, with much of the legislative structure of the telecommunications sector completed.

He explained that this is being completed through the law of e-commerce, which regulates the e-commerce market, which has had a clear impact through cooperation sessions between the government and international companies such as Facebook, Google, and other large companies.

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Global E-Learning market predicted to reach $252bn by 2020 https://ww.dailynewssegypt.com/2019/09/18/global-e-learning-market-predicted-to-reach-252bn-by-2020/ Wed, 18 Sep 2019 19:01:37 +0000 https://ww.dailynewssegypt.com/?p=708411 Egypt is currently obtaining highest capabilities in E-Learning

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The global E-Learning market is predicted to reach $252bn by 2020, but it appears that many of the current education technology (EdTech) solutions are maybe solving the wrong problem, according to Co-Founder and COO of Noon Academy, Aziz Alsaeed.

During the E-Commerce Summit 2019 on Tuesday, Alsaeed said that after years of bootstrapping, Noon decided it was time to raise funds.

“We pitched to more than 45 investors and VCs, but we were rejected. To be honest, I am very grateful to those rejections for the learnings we had from them,” he added. “I think by 2030 the number of students will outgrow the number of teachers and schools,” he continued.

However, Alsaeed believed that schools motivate students more than e-learning, pointing out that e-learning is not alternative to schools because studying is not just studying curricula.

He disclosed that Noon Academy provides social education platforms for students to have the option to choose their teacher and curricula. “We have mentors to advise students where and what to study according to their skills,” he added.

Meanwhile, Co-founder and CEO at ACT Microschools, Seif Abou Zaid, said that online learning substitutes direct learning and is an alternative to people who are deprived from education and also people in remote areas.

Abou Zaid added, “We digitise education and train teachers and education stakeholders on new techniques because education is a highly regulated industry.”

Founder and CEO of Dars, Noor Boodai, said, “We do supplementary education materials for what teachers do and we work on advancing education in the Arab world by providing up-to-date educational content, state-of-the art on-demand delivery technology, and easy access to both.”

She added that her startup believes that accessing good, engaging, relevant, and up-to-date education should be as easy as turning on your phone or TV.

Project Arab with an E is a large and ambitious project to transform the academic content used in K-12 education systems across the Arab world. Our goal is to move schools and students from relying on static and paper-based content, to benefiting from engaging, interactive, and mobile content that is accessed from any online and offline device, she elaborated.

Panellists said that Egypt is currently obtaining the highest capabilities in E-Learning and that the government will be able to apply it after preparing the suitable educational content.

Additionally, they confirmed that E-Learning has been able to break many of the barriers to education for youth and students, opening the doors of many areas of education that education in general lacks, in addition to being able to break the physical barriers in learning for many young people.

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Private-public cooperation key to achieve digital transformation: E-Commerce https://ww.dailynewssegypt.com/2019/09/18/private-public-cooperation-key-to-achieve-digital-transformation-e-commerce/ Wed, 18 Sep 2019 18:30:09 +0000 https://ww.dailynewssegypt.com/?p=708396 Shell Lubricants pays great attention to setting digital strategy in line with business strategy, says El-Sheikh

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Participants in the first session of E-Commerce summit 2019, held on Tuesday, agreed on the importance of private-public cooperation to achieve digital transformation plans, asserting that Egypt is a good market compared to the Middle East and North Africa region in terms of people using smartphones.

The session, entitled “Public and private collaboration on e-commerce and the digital transformation roadmap”, was moderated by Hussein Mohieldin, CEO of Robusta.

“Digital transformation became a critical must,” Amal El-Sheikh, chairperson and managing director, Shell Lubricants Egypt, said during her participation in the session, noting that her company is paying great attention toward setting a digital strategy in line with setting the company’s business strategy.

Digital strategy is very important as it assures the quality of operations and data, in addition to its positive impact on consumer experience, El-Sheikh explained, adding that her company focuses on three main pillars in its digital strategy.

“We conduct assessments which make us define where we are in the digital transformation market. We also have a 10-year road map to develop our digital skills, in addition to promoting digital solutions to strengthen the information database,” El-Sheikh clarified.

Another participant Hoda Mansour, managing director of SAP, said the e-commerce market in Egypt is rapidly increasing, asserting that the number of young Egyptians who use smartphones or access technology are very huge when compared to the Middle East and North Africa region.

“We are an international company that is keen on boosting its cooperation with the Egyptian government, big companies, and startups,” Mansour added. SAP is in direct and continuous cooperation with startups to ensure that they have the needed technical support, she continued.

On the other hand, Walid Gad, chairperson of the Chamber of Information Technology and Telecommunications (CIT), said the chamber includes about 1,200 companies that are playing an important role in digital transformation with a strong social commitment.

“We are implementing serious steps toward digital transformation and we want to ensure that nobody’s left behind,” Gad stressed, noting that Egyptian companies are offering a wide range of services in all aspects of digital transformation.

“Egyptian companies have the capabilities to boost innovation if they had the needed support from the top leadership. Digital transformation is not a goal itself, but the final goal is a happier society,” Gad highlighted.

Moreover, Chairperson of the Information Technology Industry Development Agency (ITIDA), Hala El Gohary, said ITIDA fully supports Egyptian startups to expand their businesses, asserting that cooperation with the private sector is a core pillar of the agency’s work as it provides the market with new technologies.

El Gohary said ITIDA offered support for 19 startups working in the field of e-commerce over the past six years.

She added that the startups that have been incubated constitute 16% of the total number of startups that have received support from ITIDA during the same period.

ITIDA embraces startups through the Technology Innovation and Entrepreneurship Centre, where approximately 20 startups are hosted each year, and financial and technological support is provided.

Furthermore, the session moderator said that cooperation between the private sector and the public sector is important for digital transformation, concluding that the E-Commerce summit received the needed support from the Ministry of Communication and Information Technology.

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ITIDA adopts new strategy to support Egypt’s e-commerce https://ww.dailynewssegypt.com/2019/09/18/itida-adopts-new-strategy-to-support-egypts-e-commerce/ Wed, 18 Sep 2019 18:24:19 +0000 https://ww.dailynewssegypt.com/?p=708408 “We supported 19 Egyptian startups through building capacity programmes,” says El Gohary

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The Information Technology Industry Development Agency (ITIDA) adopted a strategy that aims to introduce the latest technologies of e-commerce in Egypt, Chairperson of ITIDA, Hala El Gohary, said during her inaugural speech at the E-Commerce Summit 2019, on Tuesday.

ITIDA’s strategy seeks to encourage the digital exports of Egyptian companies, she asserted, noting that her agency supported 19 Egyptian startups working in the e-commerce sector over the past period.

“We have supported 19 startups through development and capacity building programmes in various aspects of e-commerce, especially data analysis,” El Gohary noted.

E-commerce has a good opportunity in the local market which is growing rapidly, taking into consideration that Egypt is the first Arab county in terms of numbers of internet users, El Gohary said.

“We support the e-commerce market indirectly, through cooperating with other government entities to enhance the business climate so as to encourage more companies to start new businesses,” El Gohary said.

Several regulatory reforms have been taken recently to attract more investments and boost governance of the private sector to achieve more revenues, El Gohary concluded.

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MCIT to introduce Electronic Transactions Law; begins community dialogue in month  https://ww.dailynewssegypt.com/2019/09/18/mcit-to-introduce-electronic-transactions-law-begins-community-dialogue-in-month/ Wed, 18 Sep 2019 18:16:52 +0000 https://ww.dailynewssegypt.com/?p=708395 Providing safety for citizens, ensuring obligations of e-commerce companies in new law: Hegazy

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The Ministry of Communication and Information Technology (MCIT) is preparing to introduce the E-Transactions Act as an alternative to the E-Commerce Law. The MCIT will begin community dialogue sessions with relevant government agencies, e-commerce companies, and financial institutions.

Chairperson of the legislative committee at the MCIT, Mohamed Hegazy, said that the Electronic Transactions Law is currently being prepared as an alternative to the E-Commerce Law, which has been at the receiving end of much controversy within the government.

Hegazy added that there will be a number of sessions for community dialogue with government agencies concerning the E-Transactions Law, which e-commerce companies and financial institutions will attend within the month.

He pointed out that the government is focusing on several axes during the development of the law, including safety levels for citizens, as well as the importance of the obligations that e-commerce companies must follow.

Furthermore, he stressed that the laws against information crimes, and the protection of personal data will support the Electronic Transactions Law during the development of the preliminary articles.

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British PM Johnson entitled to shutdown Parliament, top lawyer says https://ww.dailynewssegypt.com/2019/09/18/british-pm-johnson-entitled-to-shutdown-parliament-top-lawyer-says/ Wed, 18 Sep 2019 17:09:50 +0000 https://ww.dailynewssegypt.com/?p=708404 Lawyer representing the British government said the suspension of parliaments previously had clearly been employed when governments wanted to pursue a particular political objective

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LONDON, Sept. 18 (Xinhua) — British Prime Minister Boris Johnson is entitled to suspend the Parliament, even if it is for political reasons, the lawyer representing the UK Government said Tuesday in the Supreme Court.

The highest legal chamber in Britain had ended the first day of a three-day hearing before 11 of the country’s most senior judges rule whether Johnson was entitled to prorogue, or suspend the House of Commons for five weeks.

Opposition politicians and campaigners for Britain to remain in the European Union contend that Johnson acted unlawfully when he won Royal Assent from Queen Elizabeth II to shut down the parliament.

The highest court in Scotland agreed, and concluded Johnson had acted unlawfully.

But barrister Lord Keen, representing the British government told the Supreme Court that the decision over the suspension was not one for the law courts.

He said the suspension of parliaments previously had clearly been employed when governments wanted to pursue a particular political objective, saying they were entitled to do so.

Even so, Keen gave a clear undertaking that the prime minister will respond by all necessary means to the decision of the Supreme Court when it issues its ruling.

Left unanswered was whether Johnson could suspend parliament a second time if the court’s decision goes against him.

Keen told the judges he is not able to answer that question, adding: “That would be a decision for the prime minister.

He added: “If the court finds that the advice of the prime minister to the Queen about prorogation was unlawful, the prime minister will take the necessary steps to comply with any declaration made by it.”

Even though the judges made it clear the case they are hearing will not be a judgement on whether Britain should stay in the European or leave, protestors from either side of the Brexit argument vented their feelings outside the court house in London.

In her opening statement, Lady Hale, President of the Supreme Court, said she and the 10 judges hearing the case with her, would endeavour to address the serious and difficult questions of law.

As one of the leading appellants in the case, businesswoman and campaigner Gina Miller, was leaving the court, one protestor shouted “traitor” at her.

Earlier in day one of the hearing, Lord Pannick, representing Miller, told the judges parliament had been prorogued to silence MPs in the run-up to Brexit.

Pannick said Johnson suspended the British Parliament to avoid the risk of MPs frustrating or damaging his Brexit plans. There was strong evidence, he argued, that Johnson saw MPs in the House of Commons as an obstacle and wanted to silence them.

Pannick said the effect of the suspension was to take Parliament out of the game at a pivotal moment in British history.

Day two of the hearing Wednesday will hear more legal arguments about Johnson’s decision to suspend for five weeks the British Parliament in a case that has major implications on the relationship between the judiciary and the executive government.

Political commentators said Tuesday that if the court rules against Johnson it will be the first time in modern history that a British prime minister has been judged to have misled parliament.

Away from the battle in the courtroom Johnson spoke on the phone Tuesday with German Chancellor Angela Merkel, Downing Street reported.

They spoke about Johnson’s meeting Monday with EU Commission President Jean-Claude Juncker.

Johnson also held a meeting of his cabinet Tuesday to update his senior ministers on Brexit. The Daily Telegraph reporter Johnson told his ministers he was confident he would be able to strike a deal with Brussels.

Meanwhile, a YouGov poll Tuesday showed Johnson’s popularity has increased by five points since he moved into 10 Downing Street.

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Lenovo targets 40% market share in gaming laptops, 35% across all PCs in Egypt: Rony Mezeraani https://ww.dailynewssegypt.com/2019/09/18/lenovo-targets-40-market-share-in-gaming-laptops-35-across-all-pcs-in-egypt-rony-mezeraani/ Wed, 18 Sep 2019 15:27:10 +0000 https://ww.dailynewssegypt.com/?p=708363 Lenovo unveils Legion Y540, L-340 gaming laptops

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Lenovo is number one when it comes to global PC Market laptop markets, and targets 40% of the niche gaming market in Egypt, Rony Mezeraani, general manager for Levant, Egypt, North Africa (LENA) and West Africa, told Daily News Egypt on Tuesday.

Mezeraani’s statement came during an official launch event for the latest addition of the company’s growing line-up of gaming laptops. Lenovo unveiled the Legion Y540 and the IdeaPad L340 gaming laptops.

The two laptops feature advanced graphic cards: GeForce RTX 2070 in the Legion Y540, and GeForce RTX 1650 for the L340.

According to Ola Eldib, consumer and commercial country manager Egypt and Levant at Lenovo, the Legion Y540 boasts a revolutionary cooling system, called cold front technology, that maintains the laptop’s temperature, with much less noise than other cooling technologies.

“Gaming laptops aren’t exclusive for gamers, they are also for architects and engineers who require high graphic performance to run professional software,” Mezeraani elaborated.

In regard to Lenovo’s market share of laptops and PCs, Mezeraani told DNE that in LENA and West Africa region, the company has around 23.5% market share, and they target to increase it to 35% in the near future.

For Egypt, the company’s market share for laptops and PCs stands at above 20%, and they hope to bring it up to 35%, “Egypt is one of our strategic markets, we see a great potential in the country,” Mezeraani stressed.

When it come to the company’s data centre business, he elaborated that Lenovo is strongly positioned in the Egyptian market, and that they have around 500 clients.

Mezeraani revealed that there will be other products in the pipeline, that will be revealed in January 2020 during the Consumer Technology Association event in Las Vegas.

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Baltim production increases to 100m scf/day https://ww.dailynewssegypt.com/2019/09/18/baltim-production-increases-to-100m-scf-day/ Wed, 18 Sep 2019 15:23:37 +0000 https://ww.dailynewssegypt.com/?p=708365 The ministry of petroleum said in a statement that the remaining five wells in the field will be developed during the second quarter of next year.

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Italian company Eni increased production of its first well in the Baltim South-West gas field to about 100m cubic feet per day (scf/day) instead of 50m scf/day during the past week. This is a move to increase the company’s production rates and compensate for the natural decline of wells.

The ministry of petroleum confirmed in an official statement yesterday, which was published by Daily News Egypt in its 12 September issue, the gradual production of the first well in the Baltim field.

A source at the Egyptian Natural Gas Holding Company (EGAS) told DNE that the Baltim field contains about six gas wells with an average production of between 75 and 100m scf/day, bringing the total production of the project to 500m scf/day.

The ministry of petroleum said in a statement that the remaining five wells in the field will be developed during the second quarter of next year.

Eni has extended an 18 km, 26-inch offshore line, and 25 km, 26-inch onshore line, and manufactured and installed the offshore production platform within the development work of the Baltim South-West gas field three months ahead of schedule.

The Baltim field is located in Nooros area in the shallow waters of the Nile Delta, 12 km from the coast and 10 km from the Nooros field with an initial production rate of about 100m scf/day through a new offshore production platform connected to the Abu Madi onshore gas station through a 44 km long pipeline.

Tarek El-Molla, Minister of Petroleum and Mineral Resources, received a report on the executive status of the Baltim gas field project and the development of the first well as well as the development timetable.

Noteworthy, the discovery of natural gas in the region of South Baltim, east of the Nile Delta, was announced in June 2016, and is located near the Nooros field, which currently produces more than 1bn scf/day.

British Petroleum holds a 50% stake in the South Baltim development contract, while Eni, through its subsidiary Italian Egyptian Oil Company (IEOC), owns the other 50%. The well was drilled by Petrobel, a joint venture between IEOC and the Egyptian General Petroleum Corporation (EGPC).

The statement of the ministry of petroleum highlighted dividing the production between the EGPC and the contractor (ENI and BP), according to the production sharing ratios set by the oil agreements.

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Financial inclusion of Egyptian women increases to 27% in 2018: Minister of Planning https://ww.dailynewssegypt.com/2019/09/18/financial-inclusion-of-egyptian-women-increases-to-27-in-2018-minister-of-planning/ Wed, 18 Sep 2019 15:05:14 +0000 https://ww.dailynewssegypt.com/?p=708357 During the Arab International Women's Forum on Tuesday, Al-Saeed said the Egyptian government is always keen to direct 50% of finance activities to women.

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Egypt’s Minister of Planning, Hala Al-Saeed, said the number of women financially included in Egypt has increased to 27% in 2018, 18 percentage points higher than 2012.

During the Arab International Women’s Forum on Tuesday, Al-Saeed said the Egyptian government is always keen to direct 50% of finance activities to women.


She asserted that the gender gap in the international labour force still exists, ranging between 12% in the Organisation for Economic Co-operation and Development (OECD) countries to 40-50% in the Middle Eastern economies.


“Over the past decade, our region has taken great steps in health, education, and to all issues related to gender equality,” she asserted.

In regard to Egypt, the Minister stated that Egypt’s government has taken great steps toward increasing the representation of women within both the public sector and within the general society.


Al-Saeed added that the number of employed women in the public sector has risen from 19% to over 26%.

She explained that for the first time in the Egyptian history, there are eight female ministers in the cabinet, revealing that the portfolios and duties of these women is what makes the government and society continue to function; they are working within the core of the government and the heart of the economy.

She also mentioned that the number of female members in the Egyptian parliament increase to 15%, up from only 2% in 2012.


“Women’s economic empowerment is at the heart of Egypt’s vision, which aims to provide the equal participation with men in all fields,” Al-Saeed asserted.

She said that Egypt aims to increase women’s engagement in the workforce from below 25% to 35%, while dropping the unemployment rate among females.


In that context, she mentioned that the female unemployment rate in Egypt has dropped from 24% in 2011-2017 to 19% in 2018.

“However, women still face barriers to achieve their potentials,” Al-Saeed said.


In fact, over a half of job seekers are now women. Even the most conservative estimates suggest that if women have equal participation in the labour force, the income will increase by 25%.


In her concluding statement, the Minister asserted that gender equality is at the heart of sustainable development in any country. It is an issue at the core of the UN Sustainable Development Goals. It is the most sensible policy. 

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Trade, investment ministers inaugurate $40m Farm Frites factory in 10th of Ramadan https://ww.dailynewssegypt.com/2019/09/18/trade-investment-ministers-inaugurate-40m-farm-frites-factory-in-10th-of-ramadan/ Wed, 18 Sep 2019 15:01:25 +0000 https://ww.dailynewssegypt.com/?p=708360 “We aim to increase our potato exports to over 65%, business volume to over $130m this year,” says Seddik

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Farm Frites Egypt, a pioneer company in frozen food products, inaugurated its latest factories in the 10th of Ramadan City on an area of 9,300 sqm with investments estimated at more than $40m.

The Minister of Trade and Industry, Amr Nassar; the Minister of Investment and International Cooperation, Sahar Nasr, and the Managing Director of Farm Frites Egypt, Ahmed Seddik, witnessed the inauguration ceremony.

In his speech, Nassar said the food industry is one of the most important sectors in the national economy, securing the citizens’ needs of food and providing more than a million job opportunities for young people. He pointed out that the sector’s exports amounted to $1.826bn during the first seven months of this year, against $1.699bn in the same period last year, an increase of 7.5%.

The minister added that Egypt exports food products to Saudi Arabia, Libya, Jordan, the United States, Yemen, the United Arab Emirates, Iraq, Morocco, and Kuwait.

For her part, Sahar Nasr said the expansion of the Dutch company in Egypt demonstrates the improvement of the investment environment in Egypt, noting that the Netherlands has the second largest FDIs in Egypt, registering $10bn through 648 companies.

Meanwhile, Farm Frites’ Ahmed Seddik said, “We have been working in the Egyptian market for more than 30 years and believe that Egypt has many components that make it an important export centre. It led us to establish our new factory where we aim to increase the company’s exports in the coming period for more than 65% of our production in different flavours, where the potato market in Egypt is promising and growing strongly. It is an integrated market and there is diverse consumption patterns. We at Farm Frites strive to keep pace with this development by providing everything that achieves our customers’ wellbeing and helps them develop their consumption patterns.”

Seddik told Daily News Egypt that the company’s volume of business will exceed $130m this year, compared to $90m last year.

Furthermore, he noted that the company relies on 20,000-feddan potato farms this year, adding that the company needs 100,000 feddan.

The new plant’s production capacity reached 50,000 tonnes, bringing the total production capacity of Farm Frites to 150,000 tonnes.

“We started our investments in Egypt with a capital of $2.5m that has since increased by opening a new factory in the 10th of Ramadan City with investments of $40m,” he concluded.

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Youth tops CIB’s priorities: Abaza https://ww.dailynewssegypt.com/2019/09/18/youth-tops-cibs-priorities-abaza/ Wed, 18 Sep 2019 14:56:07 +0000 https://ww.dailynewssegypt.com/?p=708355 “We seek to keep pace with banking developments in the world,” says bank’s CEO

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The Commercial International Bank – Egypt (CIB) places youth at the top of its priorities, the bank’s CEO and board member, Hussein Abaza, stressed.

He told Daily News Egypt that the bank is keen to provide the best products to young people, including youth accounts, in addition to sponsoring conferences that support them.

Abaza affirmed CIB’s keenness to keep abreast of the global developments in the field of financial technology (fintech), whether by introducing new services and products or improving the bank’s current services.

He also stressed the bank’s interest in helping the state achieve financial inclusion, pointing out that fintech is one of the most important ways that can help in achieving this goal.

With regard to the new services the bank plans to offer in the market in the coming period, Abaza said that CIB always has something new to offer, and there are several products already under study, but he refused to disclose them at the moment.

As part of its interest in youth, the CIB revealed the details of its sponsorship of two of the world squash tournaments in cooperation with IEvents on Sunday: 2019-2020 PSA Women’s World Championship and PSA Men’s Platinum.

The bank has allocated $615,000 in prizes for the two tournaments, including $430,000 for the women’s championship and $185,000 for the men’s championship.

The two tournaments are scheduled to be held at the foot of the pyramids from 24 October to 1 November 2019.

According to Abaza, the sponsorship of the squash tournaments comes within the framework of the bank’s social responsibility. He stressed that the CIB sponsors squash players in their various stages to maintain Egypt’s leadership in the game.

Furthermore, he explained that the bank’s sponsorship of this game goes over several stages, in cooperation with the Darwish Squash Academy. It involves sponsoring the Egyptian Squash Association to help as many as possible talents to play in international tournaments which would improve their performance.

According to Abaza, the most difficult stage in the lives of young squash players is the period before achieving a global ranking, especially for men, as players have to travel abroad and participate in small tournaments until they can reach a world ranking, which is costly for young players.

To overcome this problem, the bank decided to launch seven small championships in Egypt, with a total prize value of each tournament under $7,000, under the supervision of the Professional Squash Association, which qualifies players to participate in major tournaments without incurring the high costs of traveling abroad.

“The bank sponsors 10 of the best squash players in the world, including five men and five women: Ali Farag, Raneem El Welily, and Tarek Momen. We, at CIB, are proud to support them, as they are like ambassadors of Egypt abroad. They also proved their excellence in squash and other good aspects that the CIB appreciates and aims to spread,” Abaza said.

He concluded that holding the two tournaments at the Giza Pyramids area is also part of the bank’s efforts to promote tourism.

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Israelis vote in repeat election can shake Netanyahu’s 10-year domination of politics https://ww.dailynewssegypt.com/2019/09/18/israelis-vote-in-repeat-election-can-shake-netanyahus-10-year-domination-of-politics/ Wed, 18 Sep 2019 13:23:54 +0000 https://ww.dailynewssegypt.com/?p=708351 Israeli Prime Minister Benjamin Netanyahu facing battle for political survival in closely fought election

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Israelis started voting Tuesday in an unprecedented repeat election that will decide whether long-time Prime Minister Benjamin Netanyahu stays in power despite the corruption charges against him.

Netanyahu, the longest serving leader in Israeli history, is seeking a fourth consecutive term in office, and fifth overall. But he faces a stiff challenge from retired military chief Benny Gantz, whose centrist Blue and White party is running even with Netanyahu’s Likud.

Both parties could struggle to form a majority coalition with smaller allies, forcing them into a potential unity government.

Netanyahu has tried to portray himself as a statesman who is uniquely qualified to lead the country through challenging times. Gantz has tried to paint Netanyahu as divisive, offering himself as a calming influence and an honest alternative.

Tuesday’s vote marks their second showdown of the year after drawing even in the previous election in April.

But Avigdor Lieberman, his mercurial ally-turned-rival, refused to join the new coalition, citing the excessive influence it granted the ultra-Orthodox Jewish parties. Without a parliamentary majority, Netanyahu dissolved parliament and called a new election.

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Italy arrests 3 men including 2 Egyptians for torturing migrants in Libya https://ww.dailynewssegypt.com/2019/09/18/italy-arrests-3-men-including-2-egyptians-for-torturing-migrants-in-libya/ Wed, 18 Sep 2019 13:22:11 +0000 https://ww.dailynewssegypt.com/?p=708352 The three captors, aged between 24 and 27, include two Egyptians and one Guinean man, have been accused of torture, kidnapping, and mistreating dozens of people.

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Italian authorities arrested three people suspected of raping and torturing migrants in a detention centre in north-west Libya on Monday, according to the Italian news agency AKI.

The three captors, aged between 24 and 27, include two Egyptians and one Guinean man, have been accused of torture, kidnapping, and mistreating dozens of people.

The migrants detained in the former military base of Zawiya on the Libyan coast, said that they had recognised their former jailers among residents of a migrant registration centre in Italy’s Sicily, said the testimony collected by Italian prosecutors. The head of the detention centre was the most ruthless powerful Libyan man named Ossama.

The victims, who were held in Libya since July 2018, reported that the kidnappers kept them in the detention centre until their relatives paid for their freedom. Those who do not pay, were sold as slaves or killed.

The violence against the migrants included systematically raping women, beating men with rifle butts, wooden poles, rubber hoses and whips and having electric shocks applied to their body parts. Italian police had also confirmed inhumane living conditions in the centre, saying that the migrants were “subjected to systematic atrocities, including repeated and constant physical violence.”

The migrants described the centre as a prison surrounded by high walls and guarded by armed men, where people were separated according to their sex or ethnic group.

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Tutankhamun Opera finalised following Opera Aida play https://ww.dailynewssegypt.com/2019/09/18/tutankhamun-opera-finalised-following-opera-aida-play/ Wed, 18 Sep 2019 11:55:52 +0000 https://ww.dailynewssegypt.com/?p=708344 The opera is to depict the life of Tutankhamun as the youngest pharaoh to rule Egypt, focusing on the dramatic events that changed his life from an early age until his death.

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Veteran archaeologist Zahi Hawas, announced the finalising of the script of the Tutankhamun Opera, planned to be the opening show of the Grand Egyptian Museum (GEM) in 2020.

The former minister of antiquities stated that the show is planned to be featured as the gala Opera Aida show, adding that it will also be performed on 22 November 2022 at Luxor’s Valley of the Kings, in celebration of the centennial discovery of the young king’s tomb.

The opera is to depict the life of Tutankhamun as the youngest pharaoh to rule Egypt, focusing on the dramatic events that changed his life from an early age until his death.

The GEM is expected to open by the end of 2020, according to state-media outlet, Al-Ahram Online. It is planned to have the whole collection of Tutankhamun’s monuments displayed, which were discovered in his burial chamber in 1912, and were never displayed before.

Hawas previously explained that the opera recites the historical timeline of the young pharaoh, since he was a little child who was born and raised by his step-mother, Nefertiti.

It tells the story of Nefertiti, the jealous step-mother who does not want Tutankhamun to rule after his father, to the extent of requesting one of Egypt’s enemies to kill Tutankhamun.

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Egypt’s top prosecutor orders arrest of former Italian Consul over smuggling ancient antiques https://ww.dailynewssegypt.com/2019/09/18/egypts-top-prosecutor-orders-arrest-of-former-italian-consul-over-smuggling-ancient-antiques/ Wed, 18 Sep 2019 11:52:27 +0000 https://ww.dailynewssegypt.com/?p=708347 He also ordered referral of other suspects in same case to Criminal Court

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Egypt’s Prosecutor General, Nabil Sadek, ordered on Tuesday the arrest of former Italian honorary Consul in Luxor, who is accused of smuggling thousands of Egyptian artefacts inside diplomatic containers to Italy last year.  

Fugitive Ladislav Otakar Skakal, and other Egyptian suspects are accused of smuggling 21,855 Egyptian antiques spanning different eras of Egyptian civilization, to Italy in 2018. The Consul’s name was added to the security watch list. 

Sadek also ordered the referral of other suspects in the same case to the Criminal Court. 

The antiques included pottery, thousands of ancient coins, parts of coffins, as well as artefacts of Islamic civilization. 

Investigations revealed that Skakal smuggled the antiques inside diplomatic containers from Alexandria port with the assistance of other Egyptian suspects including the official of a shipping company for the sake of trafficking. 

Italian authorities seized the antiques at the port of Salerno and informed Egyptian authorities. 

Other antiques were also found inside the Consul’s house in Cairo and in a bank vault he was renting.

Following communications between the prosecution’s office and Italian judicial authorities, Egypt managed to restore the smuggled antiques in July 2018. 

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