Egyptian National and Strategic Development Projects: News and Updates

[Crocodile]

Egypt net foreign reserves rise to $42.524b after Eurobond sale

Reuters
16:00 March 4, 2018

Cairo: Egypt’s foreign reserves rose to $42.524 billion (Dh156 billion) at the end of February from $38.209 billion at the end of January, the central bank said on Sunday, helped by a recent Eurobond sale. Cairo’s foreign reserves have been climbing since the country secured a $12 billion three-year International Monetary Fund loan programme in 2016 as part of efforts to woo foreign investors and revive its ailing economy. Reserves had dropped to about $19 billion before Egypt signed the three-year IMF deal, with Egypt floating the currency and lifting capital controls to lure back investors.

http://m.gulfnews.com/business/econ...rise-to-42-524b-after-eurobond-sale-1.2182407

Egypt Foreign Reserves Surge to Record After Eurobond Sale

March 4, 2018, 8:22 AM EST

• International reserves reach $42.5 billion in February
• Recovery offers cash cushion as Egypt embarks on easing cycle

https://www.bloomberg.com/news/arti...-reserves-surge-to-record-after-eurobond-sale

 

[Gomig-21]

That's a ridiculous jump of over $4 billion in one month, Crocs. Wow.

 

[Crocodile]

That's a ridiculous jump of over $4 billion in one month, Crocs. Wow.

With this jump, it's reached its highest level on record since the early 1990s when Egyptian foreign reserve levels were first monitored.

 

[Gomig-21]

With this jump, it's reached its highest level on record since the early 1990s when Egyptian foreign reserve levels were first monitored.

At the same time, while much of it is well deserved, Sisi almost gets too much credit for all this great -- especially rapid -- economic growth and success but the teams he has appointed I think are what have been critical in much of this economic successes that we're seeing in the past 3+ years. Granted he's made these appointments to those critical positions, but those people he's appointed have come through in blazing fashion. One of them is Dr. Sahar Nasr who was sworn in as minister of Investment and International Cooperation. She had an interview with Bloomberg I posted earlier in this thread and listening to what she was saying it was almost like you knew this was a score, appointing her to that critical position and she's been responsible for a lot of this stuff happening.

35% increase in Egypt’s exports to Russia during 2017

Tarek Kabil, minister of trade and industry, announced that Egyptian commodity exports to the Russian market increased by 35% last year, reaching a value of about $504.6m compared to $374.1m in 2016.

He highlighted the great diversity of Egyptian export items to the Russian market, explaining that this diversity contributed to the enhancement of Egyptian exports to this important market.

This came in a press statement based on a report prepared by the Egyptian Commercial Office in Moscow about the development of Egyptian exports to the Russian market during 2017.

For his part, Egyptian Commercial Service (ECS) Head Ahmed Antar pointed out that the increase in the value of Egyptian exports to the Russian market during the last year was the result of increased vegetable and fruit exports by 39%, to reach about $375.5m and the increase of food product exports by 115%, to reach $21m.

He further mentioned that household appliance exports increased by 600%, amounting to about $28.3m, while medical industry exports rose by 48%, to about $10.5m.

“Egyptian exports to Russia include 35 items, mainly potatoes, oranges, engineering products, ceramics, food products, medical products, and furniture,” said Nasser Hamed, head of the Egyptian Commercial Office in Moscow.

https://dailynewsegypt.com/2018/03/03/35-increase-egypts-exports-russia-2017/?platform=hootsuite

 

[Crocodile]

At the same time, while much of it is well deserved, Sisi almost gets too much credit for all this great -- especially rapid -- economic growth and success but the teams he has appointed I think are what have been critical in much of this economic successes that we're seeing in the past 3+ years. Granted he's made these appointments to those critical positions, but those people he's appointed have come through in blazing fashion.

Well, I can't see even the most brilliant of technocrats being able to achieve much in an environment where you have glue- sniffing degenerates throwing their weekly Tahrir tantrums over the slightest perceived offence from the government or security forces while their Islamist cretin comerades turn the country into a medieval $hithole. All this nonsense had to be crushed first before any half-decent government official could do anything about the deteriorating situation. That's where Sisi steps in.

 

[Gomig-21]

A good look at the new ports they're building and the extent of the size of these things is truly remarkable. Although Egypt had a few ports including Port Said, this is the way it should've been done decades ago but it's never too late and the Suez Economic Zone is shaping up to be the middle eastern shipping hub. One of these new ports they just built has a 2.4 kilometer long unloading dock!

https://twitter.com/x/status/970619343905148928

 

[Gomig-21]

Yep, probably should delete those last two posts and put the first one in the appropriate thread wherever that discussion was taking place.


With the crown prince MbS' current visit to Egypt, this news is fitting.

Central Agency for Mobilization and statistics: Egypt's exports to Saudi Arabia increased to 1.5 billion dollars in 2017, the most important of which are fruits, vegetables, electrical appliances, iron and steel.

https://twitter.com/x/status/970712149227114496

 

[Jamaal Yelmaaz]

Wrong topic bro

Yeah...Thanks for informing

 

[The SC]

At the same time, while much of it is well deserved, Sisi almost gets too much credit for all this great -- especially rapid -- economic growth and success but the teams he has appointed I think are what have been critical in much of this economic successes that we're seeing in the past 3+ years. Granted he's made these appointments to those critical positions, but those people he's appointed have come through in blazing fashion. One of them is Dr. Sahar Nasr who was sworn in as minister of Investment and International Cooperation. She had an interview with Bloomberg I posted earlier in this thread and listening to what she was saying it was almost like you knew this was a score, appointing her to that critical position and she's been responsible for a lot of this stuff happening.

35% increase in Egypt’s exports to Russia during 2017

Tarek Kabil, minister of trade and industry, announced that Egyptian commodity exports to the Russian market increased by 35% last year, reaching a value of about $504.6m compared to $374.1m in 2016.

He highlighted the great diversity of Egyptian export items to the Russian market, explaining that this diversity contributed to the enhancement of Egyptian exports to this important market.

This came in a press statement based on a report prepared by the Egyptian Commercial Office in Moscow about the development of Egyptian exports to the Russian market during 2017.

For his part, Egyptian Commercial Service (ECS) Head Ahmed Antar pointed out that the increase in the value of Egyptian exports to the Russian market during the last year was the result of increased vegetable and fruit exports by 39%, to reach about $375.5m and the increase of food product exports by 115%, to reach $21m.

He further mentioned that household appliance exports increased by 600%, amounting to about $28.3m, while medical industry exports rose by 48%, to about $10.5m.

“Egyptian exports to Russia include 35 items, mainly potatoes, oranges, engineering products, ceramics, food products, medical products, and furniture,” said Nasser Hamed, head of the Egyptian Commercial Office in Moscow.

https://dailynewsegypt.com/2018/03/03/35-increase-egypts-exports-russia-2017/?platform=hootsuite

She has just signed an agreement with KSA during the first day of MBS visit to create a Saudi-Egyptian investment fund worth $10 billion..

 

[Gomig-21]

She has just signed an agreement with KSA during the first day of MBS visit to create a Saudi-Egyptian investment fund worth $10 billion..

I read that earlier, bro, incredible. $10 billion to build another megacity that will enhance Saudi & Egyptian tourism and relations along with many other things.

 

[The SC]

I read that earlier, bro, incredible. $10 billion to build another megacity that will enhance Saudi & Egyptian tourism and relations along with many other things.

There is a 1000 square km area in Sinai reserved for development within the NEOM Saudi project.. I think this $10 billion is an investment fund on its own for other projects..

 

[Gomig-21]

There is a 1000 square km area in Sinai reserved for development within the NEOM Saudi project.. I think this $10 billion is an investment fund on its own for other projects..

I thought it was to develop a new megacity in that 1000 square km area in the Sinai?

Saudi Arabia and Egypt agree $10bn deal to develop economic zone
Cairo to provide 1,000 sq km in Sinai region for cross-border project that will include a megacity.

https://www.ft.com/content/9daa783e-2079-11e8-a895-1ba1f72c2c11

 

[The SC]

I thought it was to develop a new megacity in that 1000 square km area in the Sinai?

Saudi Arabia and Egypt agree $10bn deal to develop economic zone
Cairo to provide 1,000 sq km in Sinai region for cross-border project that will include a megacity.

https://www.ft.com/content/9daa783e-2079-11e8-a895-1ba1f72c2c11

The Saudi Crown Prince said that it would be about 1,000 kilometers inside South Sinai. The project is very ambitious. The Kingdom is aiming to enter Egypt and Jordan as partners in it, and we will turn to friends and partners to deal with situations we can not handle.

The Saudi Crown Prince said that under the project, people will enter into Egypt and Saudi Arabia without a passport and will extend to Sharm el-Sheikh. The project aims to turn 50 islands into resorts and we have started to establish tourist facilities..

He revealed that «one of the agreements signed yesterday related to the environment and the preservation of coral reefs in the Red Sea, and the Egyptian side has experience in preserving the coral reefs», adding that «the project of the King Salman Bridge will be realised soon, and we will begin to study plans to establish it».

The Egyptian Ministry of Investment and International Cooperation: The establishment of an Egyptian-Saudi fund in the amount of 16 billion dollars to pump Saudi investments in a number of governorates of Egypt..

 

[The SC]

Ten international companies are implementing the high-speed train, which connects between the cities of Ain Sukhna on the Red Sea to Alamein on the Mediterranean Sea at a speed of 250 km / h.

https://twitter.com/x/status/973682895029264384

The Minister of Electricity is launching the largest project in the world to generate electricity from solar energy in Bennab, Aswan Governorate, and aims to generate about 2000 megawatts, equivalent to the production capacity of the High Dam.

https://twitter.com/x/status/973623351284523009

New administrative capital - a dream come true.. Work continues day and night until the work reached the third residential area neighboring the eighth and sixth neighborhood of the stage of interior finishes for residential units.

https://twitter.com/x/status/973521656642789376

 

[Gomig-21]

Ten international companies are implementing the high-speed train, which connects between the cities of Ain Sukhna on the Red Sea to Alamein on the Mediterranean Sea at a speed of 250 km / h.

Hopefully this way there will be less train collisions and derailments. Those happen far too often in Egypt. It's something they need a complete revamping and modernizing.

Trade volume between China, Egypt reached $10.8bn in 2017, Song says

Egypt is important country in China’s One Belt One Road Initiative

Chinese Ambassador to Egypt Song Aiguo said Monday that the trade volume between China and Egypt reached $10.8bn in 2017, and Egyptian exports to China increased by 300%, with agricultural products performing particularly well.

“Egypt is a very important country in the Chinese One Belt One Road Initiative,” said Song. “March is a very important month for both China and Egypt. In Egypt, the presidential election is to be held at the end of the month, while China holds the annual session of the Chinese highest legislative body, the National People’s Congress (NPC) and China’s top political advisory body, the Chinese People’s Political Consultative Conference (CPPCC), has started its annual sessions in Beijing recently.

At a press conference at the Chinese Embassy in Cairo, Song explained that Chinese direct investments to Egypt leapt to $260m in 2017, and China ranked the sixth largest investor in the local market, pointing out that Chinese investors focus on the industrial sector.

“The financial cooperation developed very well between both countries and there are important results in this regard. The Chinese Development Bank, collaborating with other Chinese financial institutions, signed a number of contracts with Egyptian partners in the past two years,” said the ambassador. “The cooperation in the field of infrastructure is very fruitful. A Chinese company is implementing the first electric train in Egypt in 10th of Ramadan city, which is expected to facilitate movement between that city and the New Administrative Capital.”

He also added that the Chinese company TEDA invested about $100m in the field of infrastructure in the Chinese-Egyptian cooperation zone in the Suez region, while Jushi Group invested about $600m.

Chinese trade with the Arab world increased by 11.2% in 2017, reaching $191bn, while Chinese investments in Arab states increased by 25.6%, reaching $630m in the first half of the past year, added Song.

The Chinese ambassador further added that his country will organise the second edition of the African Cooperation Forum, in September 2018, to discuss news ways of boosting cooperation with Africa in light of the One Belt One Road Initiative and the UN 2030 and African 2063 agendas for development. “We are looking for a pivotal Egyptian role in this forum, especially as Egypt will top the upcoming summit of the African Union in 2019.”

Song said that his country stands with the Palestinian people and their right to establish their independent state in the framework of a two-state solution based on the 1967 border lines. “Eastern Jerusalem should be the capital of Palestine, which also should have sovereignty over its territories,” said the Chinese ambassador. He expressed China’s support for the Arab peace initiative.

President Abdel Fattah Al-Sisi visited China four times in the past three years, while Chinese President Xi Jinping paid an historical visit to Egypt in early 2016 to boost relations between the two countries.

https://dailynewsegypt.com/2018/03/14/egypt-important-country-chinas-one-belt-one-road-initiative/