Latest from Daily News Egypt
Daily News Egypt
a day ago
- Business
- Daily News Egypt
Egypt jumps to 9th in global FDI rankings as Africa sees rebound
Egypt's foreign direct investment (FDI) surged in 2024, making it the ninth-largest recipient globally and the main driver of a rebound in investment across Africa, according to a UN report launched in Cairo on Thursday. The World Investment Report 2025 from UN Trade and Development (UNCTAD) showed that Egypt's performance contrasted with a second consecutive annual decline in global FDI when excluding volatile financial flows. The global outlook for 2025 remains negative amid heightened investor uncertainty. FDI inflows to Africa rebounded by 75% in 2024 to $97bn, largely due to flows into Egypt. This increased the continent's share of global FDI to 6% from 4% the previous year, and its share of developing-country inflows to 11% from 6%. Egypt was identified as the primary driver of this turnaround, with a mega-project in urban development at Ras El-Hekma being a significant contributor. Globally, FDI rose 4% in 2024 to $1.5 trillion, but UNCTAD noted this headline figure was inflated by volatile flows through conduit economies. When these are excluded, global FDI registered an 11% decline. The report also found that investment in sectors related to the Sustainable Development Goals (SDGs) in developing countries fell by 25–33% across infrastructure, renewable energy, water and sanitation, and agrifood systems. Only the health sector saw growth, though from a small base. 'This year's findings call for renewed efforts to mobilize private investment for sustainable development, especially in economies facing structural constraints,' said Richard Bolwijn, Director of UNCTAD's Investment Research Branch. While Africa experienced an overall FDI rebound, the report detailed a mixed picture across the continent. Announced greenfield projects fell in both number, by 5%, and value, by 37%, in most countries. Cross-border mergers and acquisitions turned negative, resulting in net divestments of $1.5bn compared with net investments of $9.5bn in 2023. However, announced international project-finance deals in Africa increased in value by 15%, boosted by a megaproject in Egypt, even as the number of such deals dipped by 3%. In Egypt, which jumped from 32nd to 9th place among global FDI recipients, project-finance commitments doubled, supported by large-scale investments in energy and transport infrastructure. The country also defied the continent-wide decline in announced greenfield projects. The report identified North Africa, led by Egypt, as the main growth engine for FDI on the continent. The findings were presented at an event hosted by the Government of Egypt to mark the report's launch. 'In a year marked by shifting global investment patterns, Egypt's consistent presence on the investment landscape, as captured in the World Investment Report, comes as we double down on an ambitious reform agenda that places industrial production, exports, and foreign direct investment at the heart of our economic development model,' said Dr Rania Al-Mashat, Egypt's Minister of Planning, Economic Development & International Cooperation. 'Our focus remains clear: unleashing private sector potential through structural reforms that foster quality growth and resilience by driving job creation, boosting productivity and increasing value-added.' Eng Hassan Elkhatib, Minister of Investment and Foreign Trade, added: 'Egypt is writing a new investment narrative, coupling deep structural reforms and clear, predictable policies with a competitive, transparent business climate and a dynamic private sector. This vision reinforces Egypt's growing role in the regional and global investment landscape, transforming the country into a hub of opportunity and connectivity.' The report also examined policy trends, finding that the number of investment policy measures reached its second-highest level on record in 2024, at 174. Of these, 78% were favourable to investors, although many were shaped by geopolitical and industrial-policy objectives. In the digital economy, the report noted that investment is expanding rapidly but remains highly concentrated, with data centres and fintech attracting most of the flows and leaving significant regional gaps. The launch event in Cairo included a technical briefing on the report's findings and a discussion with representatives from the private sector, international organisations and academia.
Daily News Egypt
2 days ago
- Business
- Daily News Egypt
Opella Egypt Expands Youth Development Efforts with Second Cohort of UpGrads Internship Program.
Opella Egypt is scaling up its commitment to youth empowerment, geared towards enhancing the local healthcare ecosystem with the return of its flagship internship initiative, UpGrads. Now in its second year, the structured, hybrid internship program is set to welcome around 100 students from across Egypt this summer, nearly doubling its inaugural cohort of 60 participants. At its core, UpGrads is designed to bridge the gap between academic learning and real-world experience. Over a six-week period starting on July 15, pharmacy students will engage in a well-defined learning journey that combines virtual classrooms, on-the-ground field training, and mentorship from industry professionals. Participants will explore diverse functions within Opella – focusing on sales operations – building practical skills while stepping into the real pace of the fast-moving consumer healthcare (FMCH) industry. As part of the program, students will be immersed in weekly virtual skill-building workshops, complemented by in-field rotations where they act as pharmacists, merchandisers, medical representatives, and marketeers. The program concludes with a formal certification, equipping participants to take confident steps into their future careers. 'At Opella, we believe growth starts with bold opportunity. UpGrads is more than an internship – it's a purpose-driven launchpad for the next generation of healthcare leaders. We're proud to extend this journey to more students this year, with a best-in-class curriculum rooted in learning, responsibility, and real-world impact.' Applications for participation in the program will continue until June 25. To apply, all candidates need to send their CV that includes name, address, phone number, year of study and e-mail address to [email protected] Strategic partnerships for a stronger healthcare future Opella's youth empowerment vision goes hand-in-hand with its commitment to building stronger, more collaborative healthcare ecosystems. UpGrads, which was launched last year and is now in its second year running, will begin again in July 2025. It sits alongside UpGrads Pro, a complementary program developed in partnership with the Egyptian Drug Authority (EDA). Through UpGrads Pro, the company continues to help pharmacy students in their final year with on-the-job exposure in sales and marketing, cross-functional placements, and guided mentorship, aligned with the national framework for the mandatory training year for pharmacy graduates (Ministerial Decision No. 967 of 2023). Since its inception, UpGrads Pro has supported 77 pharmacy students across various Egyptian universities as they complete their mandatory training year. Through the program, Opella ensures these students graduate with more than -just a degree – they leave with clarity, confidence, and career readiness. Together, these initiatives reflect Opella's ongoing commitment to youth capability building, workforce sustainability, and the broader mission of putting Health in Your Hands. In Egypt, Opella is rapidly shaping a new chapter in self-care with the vision of making it as simple as should be. Backed by a global mission and local ambition, our trusted brands, including Telfast, Doliprane, Bronchicum, Enterogermina, Maalox, Nasacort, Maxilase, Bisolvon and Buscopan, serve millions of consumers each year. Nationwide, Opella is investing in youth development, healthcare access, and digital engagement to meet real needs in real lives.
Daily News Egypt
2 days ago
- Business
- Daily News Egypt
Tourism in Times of Crisis: How Innovative Financing Can Make the Difference
As tensions escalate in the region amid the confrontation between Iran and Israel, the Egyptian government's formation of a 'crisis committee' led by the Prime Minister reflects its political and administrative preparedness. Yet alongside security, another equally vital front demands attention: the economic front, particularly sectors like tourism and entrepreneurship, which form the backbone of Egypt's real economy. Tourism in Egypt employs over 2.4 million citizens and contributes around 12% of the country's GDP. However, it is often viewed too narrowly—reduced to luxury hotels and famed archaeological sites. In reality, the sector thrives on the vitality of small and micro-enterprises: tour guides, family-run heritage guesthouses, local artisans, and digital service providers form the core of Egypt's tourism ecosystem. Moments of crisis test not only the resilience of the state but also the flexibility of its economic model and its ability to support vulnerable yet crucial sectors. This is where the 'Hafez' platform, launched by the Ministry of Planning and Economic Development and International Cooperation, proves its value. As a comprehensive digital gateway, it offers over 90 financial and technical services from 44 international institutions. With more than 18,000 entrepreneurs already engaged, Hafez presents real opportunities for financing, mentorship, and access to regional and global markets. Yet a platform alone is not enough. Its impact lies in how effectively it is deployed—to reach young entrepreneurs across Egypt's governorates, empower community-based tourism initiatives, and unlock underutilised destinations from Sohag to Nuweiba, from Delta villages to the oases of the Western Desert. Recent partnerships between the government and leading business councils—such as the Federation of Egyptian Industries, CEEBA, the British Chamber, the Egyptian Businessmen's Association, and the Young Businessmen's Association—signal important progress. But these efforts need to be bolstered with complementary tools: smart grants, flexible credit lines, responsive mentorship, and integrated promotional strategies tailored to times of crisis. If the Grand Egyptian Museum symbolises what Egypt can build over decades, then the Hafez platform—and the dynamic, inclusive vision it embodies—represents what Egypt can preserve in a moment. Crises are not merely stress tests; they are reflections. They reveal not only where our strengths lie but also what remains vulnerable. Egypt has no shortage of youth, creativity, or entrepreneurial spirit. What's needed now is greater confidence in the energy of its people—who must be recognised not just as beneficiaries of policy, but as co-creators of resilience and recovery. Rasha AlKady – Architect, Tourism and Entrepreneurship Strategist, and a Member of the Entrepreneurship Secretariat at the National Front Party
Daily News Egypt
2 days ago
- Business
- Daily News Egypt
Egypt's Agriculture Minister explores boosting development strategies, food security with global experts
Alaa Farouk, Minister of Agriculture and Land Reclamation, held high-level discussions with Mafa Chipeta, former international expert in agricultural strategy and policy formulation at the UN Food and Agriculture Organization (FAO), and Baboucarr Manneh, Director General of the Africa Rice Center (AfricaRice). The talks centred on advancing Egypt's agricultural development strategies and fostering deeper partnerships and investment across African countries. The meeting, also attended by Saad Moussa, Supervisor of External Agricultural Relations, examined ways to enhance Egypt's agricultural policies in the face of global sectoral challenges, while leveraging available opportunities and resources to achieve sustainable agricultural growth at the national and regional levels. Minister Farouk reaffirmed Egypt's strategic vision for achieving food security and sustainable development by raising crop productivity, improving farmers' livelihoods, and boosting the competitiveness of Egyptian agricultural products in global markets. He emphasised the importance of leveraging international expertise to meet these goals. Farouk also underlined Egypt's strong commitment—guided by the directives of President Abdel Fattah El-Sisi—to strengthening cooperation with African countries, highlighting the continent as a natural extension of Egypt's development agenda. He noted that integration and coordination across African states are essential to realising shared development objectives. As part of this vision, Farouk announced the formation of a specialised committee comprising members of both the House of Representatives and Senate, alongside leading investors, scientists, and experts, to explore mechanisms for encouraging Egyptian investment in agricultural projects across Africa. He welcomed the collaboration of the international experts present in shaping the committee's strategy and implementing actionable recommendations. The Minister also stressed Egypt's ongoing efforts to promote private sector engagement in development, noting recent reforms to enhance the country's agricultural investment climate. During the meeting, AfricaRice Director General Baboucarr Manneh outlined the centre's structure and mission. Headquartered in Abidjan, Côte d'Ivoire, AfricaRice includes 28 African member states. He revealed plans to organise a scientific and investment forum in Cairo later this year, in partnership with Egypt's Ministry of Agriculture and Land Reclamation and other regional and international bodies. The forum will aim to establish a mechanism for expanding rice cultivation and agricultural investment across Africa while transferring Egypt's extensive expertise in rice production to support food security efforts continent-wide. Minister Farouk directed the External Agricultural Relations Department to coordinate closely with AfricaRice on the initiative. Mafa Chipeta commended Egypt's efforts in agricultural development and shared key international insights on designing and implementing strategic agricultural policies. He stressed the importance of innovation, sustainability, climate adaptation, private sector empowerment, and community engagement, along with improving yields of key strategic crops. The talks also addressed other pressing themes, including the promotion of climate-smart agriculture, development of agricultural value chains, support for smallholder farmers, sustainable resource management, and the adoption of modern technologies to boost production efficiency. All parties agreed on the vital importance of continued technical cooperation and knowledge exchange between Egypt's Ministry of Agriculture and international institutions. These efforts aim to craft forward-looking, comprehensive agricultural policies that can meet sustainability and food security goals for Egypt and beyond. The meeting reflects the Ministry's continued commitment to drawing on global expertise and strengthening international partnerships to support sustainable agricultural development across Egypt and the wider African continent.
Daily News Egypt
2 days ago
- Business
- Daily News Egypt
Egypt PM warns of higher oil prices from regional war after 1st Crisis Committee meeting
Egypt's Prime Minister Mostafa Madbouly on Wednesday warned that a continuation of the current regional conflict could lead to higher petroleum prices and potential shortages, after chairing the first meeting of a newly formed 'Crisis Committee' to manage the fallout. The committee was established to monitor the repercussions of the military escalation between Israel and Iran. Madbouly stated he had directed ministers to prepare for various scenarios to handle the consequences. 'The continuation of the current war could lead to a rise in petroleum prices, and there could even be a crisis in their availability,' Madbouly said in a press conference following the meeting. 'If the current crisis continues, it could drag the region into a regional war.' He added: 'We have no choice but to work on all scenarios, and I pray to God there are no worse scenarios.' While addressing the external threats, Madbouly also sought to reassure the public about the domestic economic situation, stating that strategic commodity reserves were secure and that the government was working to ensure market stability. 'Things are stable, and we will stand against any attempt to create a crisis out of nothing,' he said, adding that strategic goods were at their 'highest levels of security.' On the energy front, he announced that two new petroleum fields in the Western Desert are set to come into service next month, which will help boost local production. He acknowledged that temporary measures had been taken to reduce pressure on the national gas system, including briefly halting operations at some gas-powered factories. He said the government was in communication with these factories to mitigate the effects and offer compensatory incentives. Madbouly assured the public that the gas issue would be fully resolved before the end of the current month with the arrival of new regasification vessels. 'The solutions we are working on will secure the state from any future stoppage in supplies,' he said. Regarding electricity, Madbouly stated that there was no load shedding 'at this stage,' but he noted that power cuts due to transformer failures could occur as summer temperatures rise. The first meeting of the 'Crisis Committee' was attended by a host of senior officials, including the ministers of industry, finance, planning, electricity, petroleum, and foreign affairs, as well as the central bank governor and representatives from the ministries of defence and interior, general intelligence, and the administrative control authority. The prime minister's office said the committee was formed to monitor developments 'on a moment-by-moment basis' and to deal with any emerging situations.
