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Egypt Independent
24-05-2025
- Business
- Egypt Independent
Sisi ratifies final accounts for FY 2023–2024 budgets of several authorities
CAIRO, May 22 (MENA) – President Abdel Fattah al-Sisi has ratified laws approving the final accounts for the budgets of several government entities for the 2023–2024 fiscal year. The approved budgets include those of the National Institute for Governance and Sustainable Development with LE231,083,980, the National Authority for Quality Assurance and Accreditation of Education with LE79,570,302, the Cairo International Stadium Authority with LE162,944,450, and the University Support and Development Authority with LE1,256,680,366. Additionally, the president ratified final accounts for the Grand Egyptian Museum, totaling LE10,735,845,612, the National Academy for Training, amounting to LE407,748,708, the General Authority for Tourism Development, with LE3,696,610,325, and the Prison Manufacturing and Production Fund, recording LE775,144,524. The laws were published in the Official Gazette. (MENA)
Egypt Independent
22-03-2025
- Egypt Independent
Huge fire in Qalyubiya car garage devours 15 vehicles
A massive fire broke out in a car garage in the Hawd al-Henna area of the city of al-Khosoos, Qalyubiya on Thursday. Firefighters were quickly able to control the blaze, preventing it from spreading to neighboring homes. The material losses resulting from the fire amounted to approximately LE10 million. The burned vehicles included 15 private and transport vehicles, as well as three tricycles. Initial investigations revealed that the garage was located on approximately 1,000 square meters of land owned by the Ministry of Endowments and rented to an individual who used it as a private parking space for residents of the area, parking their cars there for a monthly or daily fee. The Qalyubiya Security Directorate received a report from residents of the massive fire, with thick smoke billowing across the city. The Civil Defense forces dispatched 22 fire engines and four strategic water tanks to the site of the fire. The Khosoos ambulance station was also notified, and the electricity and gas supply to the area was cut off by the relevant authority. A case was filed on the incident to take the necessary measures, with the Public Prosecution Office conducting the investigations.
Egypt Independent
04-03-2025
- Automotive
- Egypt Independent
Egypt's car market hit by overpricing
Owing to weak purchasing power and increasing concerns about rising car prices, overpricing (selling a commodity for more than its market value) has returned to the market with certain brands reaching up to LE60,000 in additional costs. Supply and Demand Policy A member of the Automotive Division of the Chambers of Commerce, Alaa al-Sabaa, explained that balanced demand for cars will appear in the second half of the year. He noted that the scarce supply in some types of cars is what causes the selling price to be overinflated, in addition to the increase in demand. With the application of reservation lists at car manufacturer dealers, which are subject to market fluctuations and continuous price changes based on the dollar price, car dealers resort to raising prices to compensate for what they spend on customs to allow vehicles to enter the country. Assuming the currency value remains stable and the exchange rate does not change during the coming period, Sabaa expects the car market to witness a major breakthrough and a decline in car prices. Effects of rising car prices Car prices are subject to supply and demand, and in some cars the value of the added increase ranges between LE10,000-30,000. In light of the confusion caused by the suspension of import operations, agents of international companies determine the value of the increase based on the price of the US dollar against the Egyptian pound. Since June and July, the dollar has taken an upward curve that began with a jump to LE47 after the local currency was floated in March and lost about 60 percent of its value. As a result of inflated car prices, many citizens have turned to motorcycles as a means of transportation at an affordable price. Edited translation from Al-Masry Al-Youm
Egypt Independent
16-02-2025
- Entertainment
- Egypt Independent
Court sentences Egyptian director Mohamed Sami to two months in prison
A court has sentenced Egyptian director Mohamed Sami to two months in prison over assaulting the manager of a car maintenance center, the state-run Al-Ahram newspaper reported on Saturday. The Sheikh Zayed Misdemeanor Court in Giza ruled to imprison Sami following a brawl which occurred because 'the director accused the workers at the center of damaging his car.' The court also ruled to fine the manager of the maintenance center LE5,000. A fistfight broke out between Sami and the manager of a car maintenance center in Sheikh Zayed, after the director accused workers of damaging his car, which was estimated to be worth LE10 million (about US$200,000). The manager of the maintenance center said during investigations that Sami brought his car in and asked for window tinting films to be installed. However, when he came to receive his vehicle he then accused the workers of having damaged his car, causing a verbal altercation to break out. The manager added that he intervened to put an end to the argument and tried to explain that the car was not damaged, only for Sami to punch him in the face and injure his eye. Sami is supervising the direction of two projects for this upcoming Ramadan drama season, which include 'Esh Esh' starring his wife, actress Mai Omar, along with Maged el-Masry and Hala Sedky, and the series 'Sayed el-Nas' starring Amr Saad and Elham Shaheen.
Egypt Independent
13-02-2025
- Egypt Independent
Court issues new verdict in Amr Diab slapping case
An Egyptian appeals court has decided to reserve its verdict in the case of singer Amr Diab being accused of slapping a young man at a concert. The court has set February 26 as the date for announcing its decision. A misdemeanor court previously fined Diab LE200 (approximately four US dollars) and ordered him to pay LE10,000 in compensation for assaulting the victim, Saad Osama, at a wedding Diab was performing at. During Wednesday's hearing, Diab's lawyer argued for his acquittal, claiming that his actions were in self-defense and did not exceed the necessary boundaries. The defense cited articles in the penal code that permit the use of force to repel a physical assault. The defense also argued that the victim was slow to report the incident and exploited it for fame, adding that Diab's reaction was natural in response to the assault, which negates the charge of premeditation. The New Cairo Prosecution Office decided to refer Osama to the misdemeanor court on charges of assaulting Diab at the same event held in a Cairo hotel.
