Latest news with #StateOwnershipPolicy
See - Sada Elbalad
11 hours ago
- Business
- See - Sada Elbalad
Iranian Missiles Hit Israel's Stock Exchange Building
Taarek Refaat An Iranian missile strike hit the Israeli Stock Exchange on Thursday, injuring at least 15 people, including two in critical condition, according to Israel's national emergency medical service. The attack marks a sharp escalation in the ongoing conflict between Iran and Israel. Preliminary figures from Israeli health authorities later revised the number of wounded to at least 50, following what officials described as a "massive and coordinated missile barrage" across multiple Israeli cities. Citing Iranian sources, The Economic Times reported that the strike also targeted an Israeli army command center, an intelligence facility, and a military coordination hub. The full extent of the damage is still being assessed. In a related development, Soroka Medical Center in Be'er Sheva reportedly halted admissions after sustaining structural damage from an Iranian missile, according to Israeli media outlets. The attack was met with immediate retaliation. The Israeli Air Force launched a pre-dawn offensive, deploying 40 fighter jets in a coordinated strike on several high-value targets across Iran, including the Arak heavy water reactor, a known component of Iran's nuclear infrastructure. The Iranian and Israeli governments have yet to release full casualty figures or comprehensive damage assessments, but analysts warn that the reciprocal strikes are pushing the region toward a wider military confrontation with potentially global implications. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
See - Sada Elbalad
12 hours ago
- Business
- See - Sada Elbalad
Egypt Rises to 9th Globally in FDI Inflows amid Record $47 Billion Surge
Taarek Refaat Egypt has made a dramatic leap in the global investment landscape, ranking 9th worldwide in foreign direct investment (FDI) inflows for 2024, according to the World Investment Report released by the United Nations Conference on Trade and Development (UNCTAD). FDI into Egypt surged to $47 billion last year, up from just $10 billion in 2023—catapulting the country from 32nd place to the top 10 globally. The report credits this extraordinary 373% increase primarily to mega-deals and landmark projects, particularly the Ras El Hekma coastal development initiative. The United States retained its position as the world's leading destination for FDI, followed by Singapore, Hong Kong, China, Luxembourg, Canada, Brazil, and Australia. Egypt was the only African and Arab country to appear in the global top 10. A joint statement by Egypt's Ministries of Investment, Planning, and International Cooperation—released in collaboration with UNCTAD—highlighted the broader regional momentum, noting that FDI to Africa rose by 75% in 2024, reaching $97 billion, up from $55 billion in 2023. Egypt led the continent in FDI growth, followed by Ethiopia, Côte d'Ivoire, Mozambique, and Uganda. Despite Egypt's exceptional performance, the UNCTAD report paints a more cautious global picture: total FDI flows worldwide fell by 11%, from $1.67 trillion in 2023 to $1.5 trillion in 2024. This decline was driven largely by a 22% drop in FDI to advanced economies, amid rising geopolitical tensions and tighter monetary policies. Developing countries managed to maintain stable inflows overall, while the least developed countries (LDCs) saw a 9% increase, signaling selective resilience. Interestingly, the number of new investment projects worldwide increased slightly by 3%, reaching 19,356, suggesting that while capital volumes are down, investor appetite for greenfield projects remains intact. Economists say Egypt's performance reflects a broader strategic shift toward large-scale, state-backed development projects aimed at transforming the country into a regional investment hub. Whether this momentum can be sustained will depend on regulatory clarity, infrastructure readiness, and macroeconomic stability. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
See - Sada Elbalad
12 hours ago
- Science
- See - Sada Elbalad
SpaceX Starship Explodes on Test Stand in Texas
Taarek Refaat An uncrewed prototype of SpaceX's Starship rocket exploded on the launch pad at the company's Starbase facility in Texas during pre-flight preparations late Wednesday, dealing another setback to Elon Musk's ambitions of interplanetary travel. A video circulating online shows a massive fireball engulfing the stainless steel rocket as it stood on the test stand, followed by towering plumes of flame and smoke lighting up the night sky. In a statement, SpaceX confirmed that the vehicle suffered a "major anomaly" during preparations for what would have been its 10th test flight. The company said no one was injured and that local residents were not at risk. The cause and full extent of the damage remain unclear, but the incident adds to a growing list of challenges facing the Starship program — a centerpiece of both NASA's Artemis initiative to return astronauts to the Moon and Musk's long-term vision of colonizing Mars. Just last month, a Starship test vehicle broke apart mid-flight after losing control due to a fuel leak — the third consecutive failure in the current phase of testing. SpaceX has yet to conduct a fully successful orbital mission of the spacecraft. Musk has repeatedly described Starship as a breakthrough platform capable of delivering satellites, cargo, and eventually humans to the Moon and Mars. He has said he plans to launch an uncrewed mission to Mars by 2026, potentially carrying autonomous Tesla-made robots as part of a precursor mission. But the repeated failures raise questions about timelines, funding priorities, and internal decision-making at SpaceX. Industry observers are watching closely to see how Musk will adjust course — both technically and strategically — to restore momentum. 'Starship is a bold engineering challenge, but delays like these signal the immense complexity of scaling up reusable deep-space transport,' said one aerospace analyst. As SpaceX races to meet NASA deadlines and fend off growing competition from rival space programs, the Starship explosion is a stark reminder of the risks inherent in pushing the frontiers of human spaceflight. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
See - Sada Elbalad
a day ago
- Business
- See - Sada Elbalad
Hamahami Discusses Ways to Boost Egypt's Gold Jewelry Exports with Industry Manufacturers
Waleed Farouk Dr. Hamdy Hamahami, Head of the Egyptian Assay and Weights Authority, held an extensive meeting with representatives of the Gold and Precious Metals Division at the Federation of Egyptian Industries to explore mechanisms for enhancing Egypt's exports of gold jewelry and addressing the challenges facing manufacturers in this vital sector. The discussions focused on developing the legislative and regulatory framework to facilitate export procedures and open new international markets for Egyptian gold products, especially amid growing regional and global competition in the industry. Dr. Hamahami affirmed the Authority's commitment to supporting local industry and strengthening cooperation with manufacturers and artisans to increase exports and contribute greater value to the national economy. He also noted that the coming period will see a modernization of operational systems, particularly in hallmarking and pricing methods, to align with international standards. For their part, division representatives highlighted the key obstacles facing exporters, especially regarding customs procedures and certification processes for export-ready gold products. They emphasized that Egypt's gold market has the potential to achieve major breakthroughs if the right investment climate is provided and support mechanisms are activated. Both sides agreed to maintain ongoing coordination in the coming period and to work on developing a clear action plan to boost the global competitiveness of Egyptian gold jewelry, in line with the state's goals to increase foreign currency revenues and expand non-oil exports. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
See - Sada Elbalad
2 days ago
- Business
- See - Sada Elbalad
Foreigners Pour Billions into Egyptian T-bills despite Regional Tensions
Taarek Refaat Foreign investors injected approximately 12 billion Egyptian pounds into treasury bills on Wednesday, defying market expectations amid ongoing geopolitical tensions between Israel and Iran. The surge in foreign demand signals renewed confidence in Egypt's economic stability, even as the broader region faces uncertainty. The sharp influx of foreign capital came as a surprise to market observers following heavy foreign sales on Monday and Tuesday, which amounted to 6 billion and 23 billion pounds, respectively. On Wednesday alone, foreigners purchased over 16.2 billion pounds in Egyptian treasury bills, while selling just 4.6 billion pounds. Mahmoud Nagla, Executive Director of Money Markets and Fixed Income at Al Ahly Financial Investment Management, said the uptick in foreign trading of short-term government debt reflects opportunistic strategies by investors seeking quick, secure returns in a volatile environment. 'These aren't exits,' Nagla explained to Al Arabiya Business. 'Foreign investors are actively rotating positions to lock in gains based on interest rate and exchange rate movements.' He added that the relative de-escalation between Iran and Israel—without direct involvement from new parties—has helped calm investor concerns about spillover effects on Egypt's economy. However, he cautioned that broader regional escalation remains a risk. Currency and Risk Sentiment Remain Resilient The Egyptian pound has depreciated by roughly 2% against the U.S. dollar since the latest regional conflict erupted, with the dollar now trading around 50.8 pounds. Despite the modest decline in the local currency, Egypt's five-year credit default swaps (CDS) — a key measure of sovereign risk — have remained stable near 520 basis points, their lowest since February. 'This reflects improving investor confidence,' Nagla noted, attributing the stability in Egypt's sovereign risk profile to several factors: the disbursement of the final tranche of the International Monetary Fund loan, gradual interest rate cuts by the central bank, and continued implementation of structural economic reforms. Cautious Optimism Amid Uncertainty While short-term foreign trading is expected to continue in the secondary market, volumes may remain modest, dependent on currency and interest rate dynamics. Analysts warn that should the regional conflict intensify or expand, Egypt could still face indirect economic pressures, including on tourism, trade, and external financing. Nevertheless, for now, Egypt appears to be reaping the benefits of macroeconomic stabilization efforts and disciplined fiscal reforms, which have helped reassure investors during a period of heightened regional volatility. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
