Localizing electric car industry is consistent with Egypt’s vision to reduce import bill

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President of the General Syndicate for Engineering, Metallurgical and Electrical Industries, Engineer Khaled Al-Feki, revealed that there are serious steps Egypt is taking to localize the traditional and electric car industry.

This comes within the framework of the directives of President Abdel Fattah Al-Sisi, to localize the industry locally, and thus significantly reduce the import bill.

Al-Feki, who is also a member of the Board of Directors of the Holding Company for Metallurgical Industries, added that Al-Nasr Automotive Company has a good plan to manufacture cars with a local component of no less than 45%, and this will increase gradually over the coming years until it is possible to build with the participation of an international company in Egypt to manufacture cars entirely inside Egypt, which represents an important shift. For the national industry, explaining that this matter will contribute to achieving suitable car exports to the African, European and other markets based on Egyptian trade agreements.

Al-Feki pointed out that Dr. Engineer Khaled Mohamed Shedid, Chairman of the Board of Directors of Al-Nasr Automotive Company, one of the Holding Companies for Metallurgical Industries, presented a clear vision towards manufacturing a traditional and electric Egyptian car in partnership with international companies during the company’s recent general assembly, which is a vision that is consistent with the vision of the Egyptian state and the directives of President Sisi to localize the industry.

The head of the General Union of Engineering Industries appreciated the government’s efforts towards reducing the import bill and seeking to manufacture more than 150 products that are imported by local companies, which contributes to reducing the import bill by about 40 billion dollars annually if they are manufactured locally.

Source:https://www.egypttoday.com/Article/3/127589/Localizing-electric-car-industry-is-consistent-with-Egypt-s-vision

Egyptian president discusses investment with Italy’s Danieli Group

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President Abdel Fatah al-Sisi received Wednesday Chairman and CEO of Italy’s Danieli Group Gianpietro Benedetti who stated that the company planned to expand its activities in Egypt.

That is by establishing green industrial complexes capitalizing on incentives offered by Egypt, recently-introduced advanced infrastructure, as well as regional and global trade agreements.

President Sisi told Benedetti that Egypt aims for the localization of different industries and technology, expressing hope that the Italian company, specialized in supplying equipment and physical plants to the metal industry, to also introduce training center for Egyptian workers.

The meeting was attended by Prime Minister Mostafa Madbouli, Minister of Planning and Economic Development Hala al-Said, Minister of Public Enterprise Mahmoud Essmat, and Chairman of the Arab Organization for Industrialization (AOI) Mokhtar Abdel Latif.

Source:https://www.egypttoday.com/Article/1/127607/Egyptian-president-discusses-investment-with-Italy-s-Danieli-Group

Egypt’s Sisi: Main goal of industry sector is meeting local market’s needs

“The [Egyptian] state’s biggest goal for the industry sector is to meet the needs of the Egyptian market,” said President Abdel Fattah El Sisi during the inauguration of the 2nd edition of the annual international exhibition for industry, on Saturday.

He added that Egypt seeks to support the industry sector to provide job opportunities, noting that the government also seeks to diversify the components of the local product in industries.

“We will work to establish industrial facilities, in which factories bear only the cost of the machines,” he said, noting that the government has established several industrial zones nationwide

Additionally, he said that the government will set up 100 schools for technical education nationwide to enhance the industrial sector.

“Students in schools must be taught that they are responsible for the success and development of institutions,” he continued.

President Sisi requests a minute of silence for the lives of civilian victims in Gaza, who were killed by Israeli non-stop airstrikes.

He highlighted that Qualifying the worker and increasing his awareness are important elements for bringing about a shift in the field of industry.

Source:https://www.egypttoday.com/Article/1/128083/Egypt%E2%80%99s-Sisi-Main-goal-of-industry-sector-is-meeting-local

Egypt to enhance export rates in 7 industrial sectors

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According to an Institute of National Planning report cited by local media, Egypt is actively working to boost its export rates in seven key industrial sectors.

These sectors include computer manufacturing, electronic and optical products, and metal industries.

The report also highlighted other sectors targeted for improvement, namely chemical products manufacturing, leather products, the paper and rubber industry, the plastics industry, electrical machinery and equipment, and the food, beverage, and tobacco products industry, as well as the clothing and textile industry.

The Ministry of Trade and Industry to conduct a study aimed at localizing ten industries. These industries include railway industries, textile industry, medical device industry, and food industry, as mentioned in the report.

The manufacturing industries sector plays a significant role in employment, with over 3.4 million workers engaged in various fields, according to the report. The food industries sector accounts for the largest share of employment, representing approximately 57 percent of the workforce, as indicated by the employment index.

In July, the Information and Decision Support Center (IDSC) reported a projected decrease in the non-oil trade deficit for the second quarter of 2023. The deficit is expected to be $7.5 billion, reflecting a 9.6 percent reduction compared to the previous quarter. This decline is primarily attributed to the decrease in the value of non-oil imports.

Source:https://www.egypttoday.com/Article/3/128260/Egypt-to-enhance-export-rates-in-7-industrial-sectors

Sports industry valued at $5B in 2023

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Sports industry is valued over $5 billion in 2023, policy advocate specialist, Phiwe Hlatshwayo, cited the global sports market report 2023.

Hlatshwayo affirmed that Africa’s sports industry has potential to drive economic growth and development.

She emphasized the transformative power of sports in shaping Africa’s future, elaborating that sports is a tool for social cohesion, equality, economic growth, and international cooperation.

Hlatshwayo highlighted during a speech, titled, “the business of sports in Africa” the economic impact of sports, citing examples like the 2010 World Cup in South Africa contributing significantly to the national GDP.

“The 2010 World Cup in South Africa contributed over $5 million to the national GDP. The 2010 World Cup also generated direct impact on labor with over that with 1000s of jobs being created through infrastructure construction, hospitality, which showed the potential for the business of sports to significantly shape Africa’s economic future,” she stated.

Hlatshwayo referred to the challenges, saying that the continent faces challenges such as lack of financing, and reliable data.

“It’s imperative that we gather pertinent data to inform decision makers bridge the talent management gap. Investing in sports education and training in schools is vital to identify and nurture young talent,” she said.

She concluded the speech by sports has the power to build hope, unity, and cohesion in Africa.

This came during a presentation on the second day of IATF2023 which is currently being held in Egypt from Nov. 9 to 15.

The IATF2023, which is the third edition of the Intra-African Trade Fair, provides a platform for businesses to access an integrated African market of over 1.3 billion people with a GDP of over $3.5 trillion created under the African Continental Free Trade Area, according to the African Union.

Source:https://www.egypttoday.com/Article/3/128371/Sports-industry-valued-at-5B-in-2023

Italian Mapei completes first phase of its $25M factory

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Italy’s Mapei invests about $25 million to establish a factory in Egypt with a production capacity of up to 100 thousand tons annually. This came during Prime Minister Mostafa Madbouly’s inspection of Mapei’s factory during his tour to visit factories on the 10th of Ramadan City and El Obour City.

The Regional Area Manager Middle East & East Africa at Mapei, Andrea Perini said that the factory extends over an area of 28,000-meters established on two stages with a total investments of 25 million dollars stating that the first stage of the factory was finished. The factory is scheduled to open next year.

Perini asserted that the factory employed 100 workers, highlighting that the production capacity of the factory is 100 tons annually.

Madbouly highlighted Egypt’s keenness to deepen local production and encourage and empower the private sector, pointing out that the Egyptian market is huge and encourages pumping investments in it.

Earlier this year, The Central Agency for Public Mobilization and Statistics (CAPMAS), said that the trade volume between Egypt and Italy increased in 2021 by 29 percent to reach $5.8 billion compared to $4.5 billion recorded in the previous year.

Moreover, Italian investments in Egypt increased by 40.3 percent during the first quarter of the financial year of 2021/22, reaching $448.8 million.

Source:https://www.egypttoday.com/Article/3/128595/Italian-Mapei-completes-first-phase-of-its-25M-factory

Saudi National Housing Co. joins Cityscape Global as founding partner

Saudi Arabia’s National Housing Co. has partnered with the Cityscape Global real estate exhibition in a bid to boost property activity in the Kingdom.

The event, scheduled from Sept. 10 to 13 at the Riyadh Exhibition and Convention Center in Mulham, will be held under the patronage of the Ministry of Municipal and Rural Affairs and Housing, the Saudi Press Agency reported.

This partnership highlights the National Housing Co.’s commitment to the growth and development of the real estate sector in Saudi Arabia.

The company will occupy the largest pavilion in the exhibition, covering an area of 2,000 sq. meters, showcasing key projects that have contributed to increasing the real estate supply in the Kingdom. These include the Khuzam suburb and the Al-Fursan suburb.

The pavilion will also provide access to investment opportunities and the latest regulatory technical solutions through advanced technical systems.

Real estate development partners of the National Housing Co. will also participate in the exhibition, the SPA report added.

The event will bring together exhibitors from the real estate industry, and is set to attract those seeking investment opportunities in the sector.

It will feature projects related to Saudi Vision 2030 and host panel discussions on urban transformations, real estate opportunities, and innovations in architecture, design, and city planning.

Additionally, the exhibition will include major developments shaping the Kingdom’s real estate future, attracting thousands of potential real estate buyers, sector experts, and over 2,000 investors.

There will also be over 350 exhibitors and more than 250 international and local speakers who will share their views and experiences within the sector.

Saudi Arabia’s housing demand is expected to increase by more than 50 percent by 2030, reaching 153,000 houses, up from 99,600 houses in 2021.

Source:https://www.arabnews.com/node/2367196

Share of digital payments in Saudi Arabia hits 62%, says SAMA official

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Egyptian presidential spokesman Ahmad Fahmi has said that Italian energy major Eni is planning to invest $7.7 billion in the country.

The announcement was made after Egyptian President Abdel Fattah El-Sisi met with Eni’s CEO Claudio Descalzi, where he lauded the firm’s activities in his country.

The meeting was also attended by Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla and senior Eni officials.

In August, El-Sisi revealed that Egypt will receive a $3.5 billion investment from UK multinational oil and gas company BP over the next three years.

During the meeting with BP CEO Bernard Looney, the president highlighted Egypt’s desire to strengthen cooperation with the company, including in emissions reduction, energy transition and green hydrogen production.

In August, a report from Knight Frank had suggested that sovereign wealth funds in the Middle East region could inject as much as $120 billion into Egypt over the next few years.

In its report, Knight Frank noted that major global powers including Saudi Arabia, the US, the UK, the UAE, South Korea, and China have renewed their investment interests in the African continent, especially after the recovery from the pandemic.

Acquisition

Affirming Egypt’s potential as a prospective investment destination, the UAE’s Global Investment Holding Co. has agreed to buy a 30 percent stake in tobacco manufacturer Eastern Co. for $625 million.

According to a statement from Egypt’s Cabinet published on Facebook, Global Investment Holding will also provide Eastern Co. with $150 million for the purchase of raw materials for manufacturing.

It is not clear whether this $150 million was an additional amount or was included in the $625 million purchase price.

The Cabinet statement added that this deal is a part of the government’s efforts to increase private investments in various sectors.

The Egyptian government had previously promised the International Monetary Fund that it would roll back the state’s involvement in the economy and allow private companies a much greater role as part of a $3 billion, 46-month financial support package, signed in December.

Wheat deal

Egypt’s state grains buyer bought about a half-a-million tons of Russian wheat in a private deal, four traders told Reuters, succeeding in negotiating lower prices than those offered in the more traditional tenders.

One of the world’s biggest importers of wheat, Egypt last year started shifting toward direct purchases instead of tenders after the war in Ukraine disrupted its buying.

The General Authority for Supply Commodities bought about 480,000 tons of Russian wheat from trading firm Solaris on Friday, at a price of about $270 a ton on a cost and freight basis, the traders said.

GASC was not immediately available for comment.

Traders have told Reuters the price could possibly be below an unofficial floor set by Russia’s government to control domestic wheat prices.

Other Russian wheat suppliers submitted offers on Friday at a free-on-board price of $265 per ton, believing it to be the set price floor, and a C&F price that exceeded $270 per ton.

Source:https://arab.news/8phj7

How Saudi Arabia is boosting food security by pursuing agricultural self-sufficiency

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Considering some 90 percent of Saudi Arabia’s territory is largely desert and ill-suited for farming, few might expect the Kingdom to be the site of a new agricultural boom designed to boost domestic crop production and reduce dependence on imported foodstuffs.

As large swathes of the Arab world struggle with food insecurity and supply-chain disruptions, the Kingdom’s initiatives, investments and technological innovations are redefining what it means to achieve self-sufficiency in many food items across one of the world’s most arid regions.

Today, Saudi Arabia has achieved complete self-sufficiency in the production of dates, fresh dairy products and table eggs, according to figures from the General Authority for Statistics’ Agricultural Statistics Publication.

These figures also show that Saudi Arabia produces more than enough of these three food items to meet local demand — 124, 118, and 117 percent, respectively — meaning it has excess capacity for export.

The Kingdom has also made progress in growing potatoes, meeting 80 percent of local demand. Domestic poultry comprises 68 percent, tomatoes 67 percent, red meat 60 percent, carrots 50 percent, fish 48 percent and onions 44 percent.

Improving food self-sufficiency has required the Kingdom to navigate the twin obstacles posed by climate change, bringing with it new record temperatures and soil degradation, and water scarcity, amid depleted rainfall and limited natural freshwater reserves.

Jamal Al-Saadoun, CEO and vice chairman of the Red Sea Farms Cooperative, or Tamala, an initiative aimed at developing agriculture in the Red Sea region, told Arab News the Kingdom reached its level of food self-sufficiency “through planning and over a long period.”

Saudi Arabia’s journey to food self-sufficiency started in the 1980s. During that decade, Riyadh “began developing agricultural plans and focusing on important sectors and products such as dairy, dates, poultry and table eggs,” said Al-Saadoun.

It was supported by investors, assisted by consultations and boosted by a good domestic market for homegrown products. Some of these goods were even exported to the Kingdom’s neighbors, demonstrating the oil-rich country’s potential to become an exporter of foodstuffs rather than a mere importer and consumer.

Now Saudi agri-businesses and investors have adopted modern technologies to improve quality and yields, learning and exchanging best practices with counterparts in the industry around the world.

“The presence of many technical companies inside the Kingdom and regular participation in international exhibitions by the Ministry of Agriculture” are giving Saudis in the agricultural sector opportunities to meet specialists and learn about the latest technologies in their field, said Al-Saadoun.

Several economists have sought to emphasize the importance of food self-sufficiency in the face of chronic food insecurity, especially in countries that rely heavily on imports for domestic consumption.

As the global food system becomes more interconnected, the risk of food insecurity is on the rise. In this century alone, the importance of food self-sufficiency became evident during the 2007-08 world food price crisis.

More recently, destabilizing events such as the COVID-19 pandemic and the Russia-Ukraine conflict have again underlined the importance of food security and the need for many countries to pursue self-sufficiency to avoid price inflation and shortages.

Driven by the need to achieve self-sufficiency in keeping with its food-security strategy, the Saudi government has invested in modern desalination technologies and advanced irrigation techniques.

Such investments enable it to utilize its water reserves more effectively and avoid unnecessary wastage, particularly given its limited natural freshwater resources, especially groundwater.

Across most of the Arabian Peninsula, there is precious little rainfall and much of what there is runs off into desert sand or quickly evaporates.

An area covering more than 1,000,000 square miles contains almost no perennial rivers or streams, and the Kingdom’s southern section is covered by one of the largest deserts in the world.

Saudi Arabia occupies about 80 percent of the Arabian Peninsula and is one of its driest countries. Water resources are scarce and climate conditions severe. The conditions cause groundwater salinization, which is a common problem affecting the Kingdom’s agricultural sector.

As part of its investment in desalination technologies, Saudi Arabia has built plants along its coastlines that convert sea water into freshwater, which is then used for irrigation and other agricultural needs.

In addition to reducing the use of its freshwater reserves, this process has made it possible to cultivate crops in drier, water-scarce regions, potentially giving the Kingdom more arable land for agriculture.

To prevent the exploitation of aquifers, Riyadh has also imposed strict regulations against groundwater extraction. By taking these proactive measures, Saudi Arabia is working to sustain and preserve this vital resource.

The Kingdom has achieved notable self-sufficiency in various crops, especially those requiring modern technologies, largely thanks to its integrated water management system. This approach has noticeably reduced the water consumption needed for agriculture from 86 percent to 70 percent.

Saudi authorities are also exploring the option of localized vertical-farming technologies and hydroponics — the science of growing plants without soil and with limited amounts of water.

These innovations boost the domestic cultivation of essential crops, such as wheat, barley and dates, and simultaneously reduce reliance on foreign sources for these staples.

Despite these successes, the Kingdom still relies heavily on imports for much of the food consumed by the Saudi public. However, authorities recognize that the Kingdom cannot achieve complete food self-sufficiency by remaining dependent on the international market.

Consequently, over the summer, the Kingdom’s Agricultural Development Fund approved funding for small farmers in greenhouse vegetable production, fish and shrimp farming, and poultry breeding. Under this scheme, farmers were loaned $400 million in funding to support what many call “local-for-local” goods.

Al-Saadoun of Tamala highlighted the government’s support for agricultural cooperatives and initiatives to develop agriculture and livestock farming with a view to employ modern technologies, sustainable irrigation systems and organic farming practices.

Such initiatives include developing agricultural and livestock farming in the Red Sea region. In recent years, multiple centers for agricultural development have emerged throughout the coastal area, with small local farms adopting more advanced practices to boost yields.

Companies and associations like Tamala are playing a crucial role in helping such farmers transition to modern and sustainable farming methods. They aim to facilitate the development of high-quality produce while conserving vital resources.

Although Saudi Arabia is boosting local production, this does not mean it is turning its back on foreign imports. Rather, the Kingdom is diversifying its sources of food to guard against future systemic shocks.

Indeed, in a 2017 paper, “Food self-sufficiency: Making sense of it, and when it makes sense,” published by the journal Food Policy, the author argues that “policy choice on this issue is far from a straightforward binary choice between the extremes of relying solely on homegrown food and a fully open trade policy for foodstuffs.”

Saudi Arabia’s experience is a striking example of a country vigorously pursuing its goal of achieving food self-sufficiency and tackling food insecurity in an unpredictable and uncertain world.

Source:https://www.arabnews.com/node/2367371/saudi-arabia

Tunisia’s bad economy hits coeliac sufferers with rice shortage

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For Siwar Derbeli a national rice shortage is not just another inconvenient symptom of Tunisia’s stretched national finances but a source of hunger because the coeliac disease she suffers from means it is one of the few staples she can comfortably eat.
Shortages of imported goods sold at subsidised rates have been increasing in Tunisia since last year, with wheat, sugar, cooking oil and dairy products periodically disappearing from supermarket shelves along with some medicines.
Although rice is not the most common staple in Tunisia, where bread, pasta and couscous are more frequently eaten, its lack of gluten makes it indispensable for the country’s estimated 100,000 people with coeliac disease — an autoimmune condition that prompts a dangerous response to gluten.

“You come home and can’t find the basic food you need to eat. It’s a very unfortunate situation,” said Derbeli, 18.
Her mother, Hasna Arfaoui, was cooking Derbeli’s evening meal with expensive gluten-free pasta that is hard to afford for Arfaoui, an unemployed widow with three children who used to work as a cleaner.
“We have been facing difficulties with her diet, and it has been very tiring for us. The specialized food she needs is expensive and we often struggle to afford it. Basic ingredients like rice are missing,” she said.

The government has denied that shortages are due to the crisis in public finances, with talks for a foreign bailout stalled and credit ratings agencies warning that Tunisia may default on sovereign debt.
However, economists, political analysts and Tunisia’s influential labor union have all said the government is delaying or stopping imports of subsidised goods to help cope with a $5 billion budget deficit despite public hardship.
Monji ben Hriz, president of the Tunisian Association for Coeliac Disease, said no ship was due to offload rice until December and that state-held stocks had already run out.
Some privately imported rice is available, but at a much higher cost that is prohibitive for many Tunisians.
“People are now enduring real difficulties sourcing rice and there are those who have changed their diet for this reason, jeopardizing their health,” he said.

Source:https://arab.news/zk77b