Control Union Egypt LLC

Egypt’s budget deficit declines by LE 97B during FY2024/2025 The Ministry of Finance reported a significant reduction in Egypt's budget deficit during the period from July to October FY 2024/2025, with a decrease of approximately LE 97 billion. The deficit now stands at LE 453.2 billion, representing 2.6 percent of GDP, compared to LE 550.2 billion, or 3.9 percent of GDP, during the same period last year. A remarkable improvement in the primary surplus was also noted, reaching LE 130.2 billion compared to LE 43.6 billion in the previous fiscal year—a record-breaking figure that triples last year’s performance during the same timeframe. #egypt #budget #deficit #decline Read more: https://lnkd.in/daMqny7y

Egypt, Qatar strengthens economic cooperation, target growth in trade, real estate, tourism sectors Egypt and Qatar recently held a high-level meeting to discuss ways to enhance economic and investment cooperation, focusing on key sectors such as trade, real estate, manufacturing, tourism, and technology. The discussions highlighted Egypt’s willingness to support Qatari investments, particularly in the North Coast, where opportunities in real estate development were emphasized. Qatari firms were identified as potential key partners for expanding Egypt’s growing property market. The Egyptian government also presented opportunities for joint ventures in other regions, including collaborations with Egyptian construction firms active in Africa. #egypt #qatar #economic #cooperation Read more: https://lnkd.in/dSWBjwQx

Egypt reaffirms support for IOFS to advance food security initiatives Minister of Agriculture and Land Reclamation Alaa Farouk reaffirmed Egypt's commitment to supporting the Islamic Organization for Food Security (IOFS) in achieving its objectives and enhancing expertise and capacity-building among its member states. Farouk held discussions with IOFS Director General Berik Aryn on Wednesday during the World Food Summit in Abu Dhabi, focusing on areas of future cooperation between Egypt’s Ministry of Agriculture and the IOFS. The minister highlighted Egypt's efforts to ensure food security despite global challenges impacting food supply chains. He noted that Egypt has achieved self-sufficiency in certain strategic crops, exporting surplus produce to over 160 international markets. #egypt #food #security Read more: https://lnkd.in/dDcKpaA4

Egypt's tax revenues hit LE 560.7B in first 4 months of 2024 Egypt’s Ministry of Finance has revealed a significant increase in tax revenues, with a rise of 38.3 percent, reaching LE 560.7 billion during the period from July to October 2024, compared to LE 405.5 billion in the same period of 2023. This marks the highest growth in tax revenues in the past two decades, adding an impressive LE 155.2 billion to the national coffers. The surge in revenues was attributed to broad-based growth across all types of taxes, supported by the economic recovery, resolution of the foreign currency crisis, and the continued modernization of the tax system.   #egypt #tax #revenue Read more: https://lnkd.in/dXrkhef2

Egypt moving forward with several measures to fight climate change: World Bank Egypt is already moving forward with several measures to address climate change, the World Bank said in a recent report. In May 2022, Egypt launched its first National Climate Change Strategy (NCCC 2050), which includes a group of high-priority projects to be completed by 2030, the reports says. In its second NDC update, Egypt set bold emission reduction targets for the power sector, pledging to achieve 42 per cent of renewable energy in its generation mix by 2030, a target previously set for 2035, added the World Bank report, which highlighted the multiple benefits of climate action for Egypt. #egypt #climate #change Read more: https://lnkd.in/dhRZaznv

Egypt: FRA chief highlights importance of collaboration for decarbonization, sustainability Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), attended the launch of $500m in sustainability bonds issued by the Arab African International Bank (AAIB). These bonds, backed by investments from the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and British International Investment (BII), are part of an initiative to support Egypt’s transition to a green economy while fostering the growth of small and medium enterprises (SMEs). In his speech at the signing ceremony, Farid emphasized that the issuance of these sustainability bonds aligns with Egypt’s commitments under the Paris Agreement. #egypt #decarbon #sustainability Read more: https://lnkd.in/dWKbeY32

Egypt: Minister of Agriculture addresses World Food Security Summit in Abu Dhabi Egypt’s Minister of Agriculture and Land Reclamation, Alaa Farouk, stated that Egypt has taken significant steps to achieve food security and reduce the food gap in several strategic crops. Speaking at the World Food Summit in the United Arab Emirates, Minister Farouk addressed a ministerial dialogue session chaired by the UAE Minister of Climate Change. The session, attended by ministers and representatives of participating organizations, was moderated by Dr. Abdul Hakim El Waer, Assistant Director-General and Regional Representative for the Near East and North Africa at the Food and Agriculture Organization of the United Nations (FAO). #egypt #agri #food #security Read more: https://lnkd.in/dmThdXqs

Egypt's exports to Spain record €1.265B: Investment Minister Spain is the second-largest market for Egyptian exports, valued at €1.265 billion, with the total trade volume between the two countries reaching nearly €3 billion, according to Hassan El-Khatib, Egypt’s Minister of Investments and Foreign Trade. El-Khatib shared these insights during his meeting with Spain’s Ambassador to Egypt, Alvaro Iranzo. The meeting centered on strengthening and expanding bilateral economic relations across multiple sectors. El-Khatib underscored the historical and strategic ties between Egypt and Spain, highlighting the mutual commitment of both governments to deepening cooperation, especially in trade, investment, and industry. #egypt #spain #trade Read more: https://lnkd.in/dsWMy4hA

Egypt’s Finance Minister calls for fairer global economic system to support sustainable development Achieving sustainable development in developing and African nations requires substantial budgets and collective efforts to deliver tangible results, according to Egypt’s Minister of Finance, Ahmed Kouchouk. Speaking at the 8th session of the eighth session of UNCTAD’s Intergovernmental Group of Experts on Financing for Development, he highlighted that high financing costs remain the primary obstacle to implementing sustainable development programs. #egypt #sustainable #economy Read more: https://lnkd.in/dDR5vdfP

Egypt aims to attract more Korean investments, enhance public procurement system Egypt’s Minister of Finance, Ahmed Kouchouk, highlighted the country’s ongoing efforts to improve the efficiency of its public procurement system with the support of Korean expertise. Speaking at a high-level seminar in collaboration with the Korea International Cooperation Agency (KOICA), Kouchouk emphasized that the initiative is designed to boost competition, generate financial savings, and expand the private sector’s involvement in Egypt’s economic activities.  #egypt #korea #investment Read more: https://lnkd.in/dghCrseY