Author: Egypt Independent
The Egyptian Minister of Supply and Internal Trade, Ali al-Moselhi, announced that private sector companies will soon be able to list their commodities on the Egyptian Mercantile Exchange (EMX) with certain conditions during the second half of this year. During the Egyptian-European Investment Conference, Moselhi mentioned that the government will provide a significant platform for the private sector to showcase their goods on EMX, while the government will also offer a balanced quantity of goods. Since the end of last year, the trading of wheat, corn, and sugar on EMX was halted. Moselhi attributed this decision to speculative activities and…
The month of July brings 10 official days off for employees in Egypt, both in the public and private sectors, following the June 30 Revolution holiday. All employees will receive paid leave in compliance with labor laws. Public holidays in July 2024 The official agenda on the Egyptian Presidency’s website lists the following paid holidays for workers in July 2024: Friday, July 5 (weekend) Saturday, July 6 (weekend) Sunday, July 7 (the Hijri New Year 1446 AH) Friday, July 12 (weekend) Saturday, July 13 (weekend) Friday, July 19 (weekend) Saturday, July 20 (weekend) Thursday, July 25 (instead of Tuesday, July…
Adel Sadawi, a member of the Egyptian Council for Foreign Affairs and former Dean of the Institute for Research and Strategic Studies on Nile Basin Countries, voiced concerns over Ethiopia’s announcement of its intent to carry out the fifth filling of the Grand Ethiopian Renaissance Dam between July and September. Sadawi labeled this move as intransigence that poses a significant danger to the people of Egypt and Sudan. He criticized Ethiopia for crossing red lines by unilaterally filling the dam without cooperation with downstream countries, emphasizing the potential threat this poses to Egypt’s water security. Sadawi urged the Egyptian government…
Egyptian Prime Minister Mostafa Madbouly revealed a sudden technical malfunction at a gas field in a “neighboring country” resulted in increased power cuts in Egypt due to a decline in fuel supplies to power plants. The field was out of service for 12 hours but is now back to full operation. The specific location and company of the affected gas field were left unanswered, stirring speculation that it could be in Israel. Egypt’s imports of Israeli gas saw fluctuations following the Gaza war in October, but reached record levels in the first quarter of 2024. Gas Imports Surge During January-March…
The Egyptian government has decided to delay the scheduled electricity price hike for two months, with the new prices set to take effect no later than September 1st. This move was made in response to the ongoing power cuts caused by a shortage of natural gas, which has sparked public outrage. In an effort to address the crisis, Prime Minister Mostafa Madbouly announced that the power cuts would soon be coming to an end, with a significant amount of funding allocated to ensure the availability of fuel for power plants. The decision to postpone the price hike was made to…
The Dean of the Faculty of Medicine at Ain Shams University, Tarek Youssef, revealed the latest updates on the Ain Shams University Hospital and Heliopolis Medical City project. He outlined that the medical city project consists of three main components and is scheduled for completion by the end of 2025. Youssef discussed the focus areas of the project, including infrastructure and safety upgrades, renovation of old buildings, and construction of new facilities like emergency hospitals and a blood bank. The government is also working on enhancing hospital self-resources through economic treatments and expanding medical services for a fee. Ultimately, the…
The Egyptian government is taking urgent steps to end the power outage crisis following the end of July. Cabinet spokesperson Mohamed al-Homosany announced that Egypt will import 300,000 tons of diesel to handle any emergency increases in consumption, costing US$180 million. Prime Minister Mostafa Madbouly outlined a plan to provide the fuel needed for power plants and to import more natural gas, allocating one billion dollars for this purpose. The goal is to eliminate load-shedding for the rest of the summer. The first batch of fuel is set to arrive at the beginning of July, with power outages reduced to…
Egyptian Prime Minister Mostafa Madbouly has announced new measures to reduce power outages in the country, as part of efforts to rationalize electricity consumption. Most shops will now close at 10 pm, with supermarkets remaining open until 1 am starting next week. This plan is estimated to cost one billion dollars and includes the arrival of 300,000 tons of diesel shipments costing $180 million at the beginning of next week. Madbouly stated that load shedding will continue for three hours per day until the second week of July, with electricity outages expected to stop by the third week. The recent…
Coca-Cola HBC – Egypt, a subsidiary of Coca-Cola International, has filed a complaint with the Egyptian government over the stoppage of Carbon dioxide production in Abu-Qir Fertilizers Company factories. According to Cairo 24 news website, the company stated that the interruption in carbon dioxide supply would force Coca-Cola’s five factories to cease operations, impacting 6,500 workers and leading to production halts in various beverage and soft water companies across the country. The potential consequences of the carbon dioxide shortage include significant losses for the industry, particularly during the summer season, and disruptions to export contracts due to insufficient product availability.…