Category: Business

Trade and Industry Minister Nevine Gamae has said that Egypt’s non-oil exports increased by 19 percent during the first five months of 2021.

In a statement on Sunday 20/6/2021, Gamae put the value of non-oil exports at 12.323 billion dollars up from about 10.375 billion during the same period in 2020.

The government is credited for that, said the minister, pointing to efforts to support the production and export sectors during the coronavirus pandemic.

She added that the economic reform program is the main pillar of achieving positive growth rates, especially where production projects are concerned. This translated into rises in exports and jobs, Gamae noted.

May exports tangibly increased by 50 percent on the same month in 2020, going up to 2.288 billion dollars from 1.5222 billion.

Egypt’s imports over the first five months of 2021 slightly upped by 10 percent, reaching 29.161 billion dollars compared with 26.422 billion during the same period last year, the minister further said.

According to Gamae, exports to the EU reached 3.885 billion dollars, followed by Arab countries with exports worth 3.719 billion dollars. Exports to Africa without Arab countries amounted to 661 million dollars and exports to the US reached 852 million dollars, she said. Gamae put the value of exports to other markets at about 3.206 billion dollars.

Source: State Information Service Egypt

Minister of Planning and Economic Development Hala El Saeed said on Sunday 20/6/2021 the ministry is done with the implementation of 585 projects in Cairo in the housing, electricity, transportation, irrigation, local development and education domains at a total cost of EGP 35.3 billion.

A “Citizen follow-up in the Governorates” report featured an inventory of ventures fully completed within the period between (2018/2019-2019-2020) and linked them to sustainable development goals.

The report sheds light on the State’s efforts to implement projects within the framework of the 2nd goal: “Eliminate hunger, provide food security, improved nutrition and promote sustainable agriculture”, the 4th goal: “Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all”, the 7th goal: “Ensuring universal access to modern, regular and sustainable energy services at an affordable cost” and the 9th goal: “Establishing resilient infrastructure, stimulating inclusive sustainable industrialization, and encouraging innovation.”

Meantime, efforts to attain the 11th goal of sustainable development: “Making cities and human settlements inclusive, safe, resilient and sustainable”, along with striking the 13th goal: “Take urgent measures to combat climate change and its impacts” figured high on the report.

A number of ventures carried out as part of local development programs were included in the report covering various sectors as (security, traffic, firefighting, providing essential equipment for local service units).

According to the minister, Cairo will restore more of its glory within the coming period as work is underway to put into effect a number of projects in the transport, tourism, archeology, public services and utilities spheres, in line with the great progress being achieved in projects implemented in new cities and the New Administrative Capital (NAC).

Source: State Information Service Egypt

Damascus, SANA- Local Administration and Environment Minister Eng. Hussein Makhlouf discussed with Iraqi Minister of Agriculture Eng. Mohammad Karim Al-Khafaji and the accompanying delegation means of developing relations and joint actions in the environmental domain, finding mechanisms for combating desertification and lack of rain due to the climate changes and finding necessary solutions in cooperation with the Arab Center for the Studies of Arid Zones and Drylands (ACSAD).

In a statement to journalists following the meeting, Makhlouf stressed that the two sides agreed on exchanging expertise in the field of protecting the environment, reducing pollution and desertification and activating the agreement signed with the Iraqi side in this domain in a way that serves the agricultural sector, particularly that the two countries are exposed to the same practices by the Turkish side which illegitimately cut off water and establish dams on the Euphrates and Tigris Rivers.

Makhlouf indicated the necessity of integration in the work between Syria and Iraq and finding joint solutions for tackling the sand dunes and enhancing work in the fields that lead to protecting the environment.

In a similar statement, Al-Khafaji expressed hope that the two side reach mechanisms for tackling the water shortage with the aim of preserving agriculture and preventing its deterioration.

Source: Syrian Arab News Agency

Aleppo, SANA- A delegation of Iraqi Industry Ministry on Saturday discussed with Chairman and members of Aleppo Chamber of Commerce means to enhance economic, industry, and trade relations through increasing trade exchange and overcoming obstacles in order to facilitate movement of transit goods, and approve customs duty exemptions for industrials and traders , in addition to establishing joint expos in the cities and the provinces in Syrian and Iraq.

Iraqi Minister of Industry and Minerals, Manhal Aziz al-Khabbaz affirmed the need for promoting the industry in the two countries and increasing the trade exchange , pointing out to the necessity of benefiting from the industrial expertise of Aleppo city , and cooperating in the fields of pharmaceutical and textile, leather, veterinary medicines and agricultural pesticides industries.

He expressed willingness to provide the necessary facilitations to increase the commercial flow between the two countries.

For his part , Chairman of Aleppo Chamber of Commerce , Fares al-Shihabi expressed the two sides’ keenness to set up an economic partnership , and a joint market, and form an economy force in the region by working hard to sign a protocol to activate the trade exchange and establish joint investments aimed at facing the great regional and international economic challenges.

Source: Syrian Arab News Agency

President of the Republic, General Michel Aoun, met with the Higher Representative of the European Union for Foreign Affairs and the Vice-President of the European Union, Josep Borrell, at Baabda palace and informed him of the government formation process, stressing the distinctive Lebanese situation.

The President thanked Mr. Borrell for the European Union’s interest in Lebanon and the aid presented during the difficult times covering of the Beirut port explosion and the crises that burden the Lebanese people, such as the Syrian displacement and Corona pandemic.

In addition, President Aoun asked Mr. Borrell to continue providing aid to Lebanon, pointing to the importance Europe’s assistance in recovering the smuggled money to European banks. President Aoun then stressed the importance of conducting forensic financial audit despite the obstacles placed to hinder the work to combat corruption, which is backed by a system that includes officials, politicians, economists, financiers and businessmen.

“The forensic financial audit is the first step required in the rescue initiatives and aid programs from the concerned countries and international bodies, without it reforms and the restoration of external confidence in the Lebanese financial reality cannot be achieved” the President indicated.

Then, President Aoun emphasized that “Lebanon welcomes any support provided by the European Union in the formation of the new government, which must be credible and capable of carrying out reforms based on constitutional principles, traditions and practices that have emerged for years which we want to be based on the foundations of national reconciliation”.

Afterwards, President Aoun pointed out that the support Lebanon seeks from the international community is not only in the humanitarian field, but also in development, reiterating Lebanon’s call for the return of displaced Syrians to their country, especially after the stable and secure situation in most of the Syrian territories, because Lebanon is no longer able to bear the repercussions of this displacement in all sectors.

For his part, Mr. Borrell assured President Aoun during the meeting, which was attended by a delegation that included members of the Commission and the European Mission in Lebanon, of the continued support of the European Union, focusing on the importance of forming a new government and launching talks with the International Monetary Fund, which would achieve the flow of European aid to support the Lebanese economy.

Borell’s Statement:

“Good morning,

I am very happy to be here in Lebanon again, because a couple of years ago I was here as Foreign Affairs Minister of Spain and I had also the honour to be received by the President of the Republic [Michel Aoun]. But this is my first visit to Lebanon as European Union High Representative.

Lebanon is a neighbour, and close, long-standing partner of the European Union. We are very concerned by the current economic and political crises that Lebanon is facing. I am here today to express, on behalf of the European Union, our solidarity and support to the Lebanese people, but also our concern to their political authorities.

We, in the European Union, are ready to do our part to provide continued support to Lebanon and to its people. In 2020, last year, we provided 333 million euros in assistance to Lebanon. This means almost one million euros every day. Together with the United Nations, we have established a framework to help the Lebanese people directly. We have several other instruments at our disposal to help the Lebanese government, and we are willing to mobilise them as soon as we see tangible progress on the necessary reforms.

We cannot provide this help without progress on the reform process. Reforms that the country needs to undertake to overcome the current crisis. So, let me be clear: we have the resources and the willingness to help more. But in order to help more, we need the process of reforms to continue, to accelerate and to be able to overcome the current situation. Let me put an? example, as soon as an International Monetary Fund (IMF) programme will be in place, we will be able to look at concessional lending and guarantees, provide trade measures and a macro-financial assistance programme. This will mean an important amount of money and measures that will help boost the Lebanese economy.

But I also want to pass a message of firmness to all Lebanese political leaders. A message on behalf of all the European Union and also of the Member States. The crisis Lebanon is facing is a domestic crisis. It is a self-imposed crisis. It is not a crisis coming from abroad or from external factors. It is a homemade crisis. It is a crisis done by yourselves. And the consequences for the population are very much dire: 40% unemployment rate and more than half of the population living in poverty. These are dramatic figures.

The Lebanese leadership must take its responsibility and adopt the necessary measures without more delay: a government must be formed and key reforms implemented immediately. We cannot understand that nine month after the designation of a Primer Minster, there is still no Government in Lebanon. Only an urgent agreement with the International Monetary Fund will rescue the country from a financial collapse. In order to avoid a financial collapse, Lebanon needs an agreement with the International Monetary Fund. There is no time to waste. You are at the edge of a financial collapse.

I have just had a moment ago a frank exchange with His Excellency President [of the Republic of Lebanon, Michel] Aoun on these matters and I will continue my discussions with other members of the Lebanese leadership, notably with Prime Minister-designate [Saad] Hariri, with Caretaker Prime Minister [Hassan] Diab and with Speaker of the House [of Representatives, Nabih] Berri.

Let me insist. We stand ready to assist, if this what you want. But if there is further obstruction to solutions to the current multi-dimensional crisis in the country, we will have to consider other courses of action, as some Member States have proposed. The Council of the European Union has been discussing options, including targeted sanctions. Of course we prefer not to go down this route and we hope that we will not have to. But it is in the hands of the Lebanese leadership.

I also want to say a few words on the refugees in Lebanon ahead of the World refugee day, tomorrow. We are going to talk about refugees and we have to praise the Lebanese for all this, for the strong support that the Lebanese people have provided to the refugees. Ahead of the World refugee day tomorrow we have to praise this effort and we are very much aware of the burden the refugee population has placed on Lebanon, notably those that came from neighbouring Syria. Lebanon has been a place of refuge for people fleeing a savage conflict, for the sake of humanity. From the beginning, the European Union has provided substantive support, to both the refugees and the hosting communities and we are ready to do more. We are ready to support more Lebanon, Jordan, Turkey, the countries that are receiving and taking care of the refugees.

Also, on that matter, we trust that the Lebanese authorities will continue to respect the principle of non-refoulement. We will continue providing support for refugees and for Lebanese communities hosting a large part of the refugee population. Let me underline that the economic crisis Lebanon is currently facing is the result of mismanagement, and not linked to the presence of refugees. It is not fair to say that the crisis in Lebanon comes from the presence of refugees.

Another consideration on the Lebanon resources. Despite the brain drain triggered by the crisis, Lebanon has precious human capital. Human capital is the most important capital. And Lebanon can count on it. I am looking forward to my meeting with various activists and civil society organisations -not only with the political leadership and institutions, also with activists and civil society- to listen to their take on the current situation and discuss ways of supporting their efforts.

I think that Lebanon has a vibrant civil society and thanks to this vibrant civil society and to all Lebanese who each day fight for the future of their country, thanks to that, I am convinced there is a way out of the crisis”.

Source: National News Agency

The CEO of the Information Technology Industry Development Agency (ITIDA) Amr Mahfouz received Friday Iraqi Minister of Communications Arkan Shihab, where they discussed boosting cooperation in the communication and information technology field.

Mahfouz underscored the full readiness of the ITIDA to boost joint cooperation with Iraqi companies and institutions, praising the deep-historic ties between Cairo and Baghdad.

During the meeting, Mahfouz briefed Shihab on the strategic pillars of ITIDA and its programs.

For his side, Shihab hailed the role of ITIDA in building the IT and digital capabilities in Egypt, expressing his desire to cooperate with the ITIDA to benefit from its potentials.

Source: State Information Service Egypt

Damascus, Damascus and its countryside’s Chamber of industry held discussions on Thursday with an Iraqi Industry delegation the about the investment opportunities between two countries and means to overcome the existing difficulties related to the flow of export of Syrian goods to Iraq.

Participants in the meeting that was held at Damascus Chamber of Industry discussed the next strategic steps to build real partnerships that serve the industrial sector between the two countries, in addition to issues of trade exchange and sharing the industrial expertise.

Members of Iraqi delegation proposed investment opportunities at the Iraqi industrial sector in light of the presence of about 40,000 suspended or partially destroyed industrial facilities in need of rehabilitation and re-operation with the availability of labor and raw materials, in addition to thousands of opportunities to establish new factories in partnership with the public and private sectors.

Minister of Industry Sabbagh said in a press statement that today’s meeting was held to discuss prospects for joint cooperation between two countries and to develop the industrial sector in the interest of Syria and Iraq.

In a similar statement, the Iraqi Minister pointed out to the efforts exerted by the two countries to reach an agreement in the trade and industrial sectors

Source: Syrian Arab News Agency

Damascus, Prime Minister, Hussein Arnous, and Iranian Minister of Roads and Urban Development, Head of the Iranian-Syrian Joint Economic Committee, Mohammad Eslami, discussed on Thursday means to enhance cooperation in the fields of economy, investment, trade, transport, construction, infrastructure and agriculture, and to accelerate the implementation of joint projects in the interest of the two friendly countries and peoples.

Arnous affirmed the need to build on the deep-rooted historical relations between the two countries and their joint stances in confronting the forces of aggression and terrorism to find broader horizons for cooperation in a way that contributes to face the unjust economic siege imposed on the peoples of the two countries.

For his part, Eslami affirmed his country’s continued support for Syria in the phase of reconstruction and building what has been destroyed by terrorism and achieving economic development.

He hoped that joint projects that include the rehabilitation of infrastructure in a number of regions would be implemented, in addition to carrying out projects in several sectors according to the priorities and needs specified by the Syrian government.

Minister Eslami added that that the Syrian people sent a message to the whole world, through their massive participation in the presidential election, that affirm their adherence to their independent national decision and their rejection of foreign interference in the affairs of their country.

The two sides agreed to find joint mechanisms and activate transport operations between both countries and to benefit from the experiences of the Iranian side in the field of implementing construction projects and exchanging goods and commodities needed by two countries’ markets.

They agreed to establish joint structures to advance process of implementing and completing bilateral projects, as well as achieving the legal procedures for the long-term joint economic cooperation document for the benefit of the economies and the development process of the two countries.

In a relevant context, Minister of Economy and Foreign Trade, Muhammad Samer Al-Khalil, head of the Syrian side to the Syrian-Iranian Joint Economic Committee, and Minister Eslami discussed means of cooperation, enhancing economic relations and trade exchange, and activating the terms of the agreements signed between the two countries, within a meeting held at the building of the Ministry of Economy.

Minister Islami stressed that Syria lives an important strategic condition in light of the political and military victories that have been achieved thanks to the steadfastness of the state and the people and the support of the axis of resistance.

He added that the success of the presidential election, which witnessed a wide popular turnout requires accelerating efforts that serve the reconstruction and prosperity of the economy, calling for the need to remove major obstacles in front of activating the terms of signed agreements.

For his part, Minister al-Khalil considered that the meeting with the Iranian side is a good opportunity to discuss all that is good for the relations between the two countries, pointing out to the great achievement that has been achieved during the last period at the level of joint preparations and agreements.

Source: Syrian Arab News Agency

Damascus, Minister of Industry, Ziyad Subhi Sabbagh has discussed with his Iraqi counterpart, Manhal Aziz al-Khabbaz means to enhance industrial and economic relations and to establish partnerships in order to uplift the industrial sector in Syria and Iraq in a way that would achieve industrial integration and would serve the interests of the two brotherly countries.

During the meeting with the Iraqi Minister and the accompanying delegation in Damascus on Wednesday, Minister Sabbagh affirmed the deep-rootedness of the brotherly relations binding the two countries and the necessity to develop industrial cooperation, especially as the industrial sector in both countries has been damaged which entails solidarity and coordination for uplifting it, and pushing the production wheel to meet the needs of the Syrian and Iraqi peoples of various commodities.

Sabbagh, invited his Iraqi counterpart to work with the Ministries and competent authorities in Iraq to overcome the difficulties facing the exportation of Syrian products to the Iraqi market and their flow in the Iraqi markets.

For his part, the Iraqi Minister said that the visit aims to find consensus formulas for all tackled issues and to go ahead in a joint industry, in addition to expanding trade exchange between the two countries and finding a work mechanism to achieve integration and settle a real industry between the two countries.

The Minister noted that most of factories in Iraq, especially in the domain of pharmaceutical and textile industries have stopped due to the war, calling on Syrian businessmen and industrialists to work for establishing partnerships with their Iraqi counterparts and to benefit from the Syrian expertise in manufacturing goods and training cadres to upgrade the Iraqi industrial sector and to establish joint factories.

Chairman of the Syrian Federation of Chambers of Industry Fares al-Shihabi affirmed the readiness of Syrian industrialists to work and cooperate with their Iraqi counterparts, and to provide Iraq with high-quality Syrian products, in addition to establishing a joint market to sell the Syrian-Iraqi goods.

The two delegations agreed to organize workshops and to form specialized committees from both sides in every field in order to come up with fruitful results during the days of the visit.

The visit of Iraqi minister and the accompanying delegation will continue for several days, and it will include meetings with ministers and chambers of industry in Damascus and Aleppo and many other preparations.

Source: Syrian Arab News Agency

Baghdad- Iraqi Minister of Industry and Minerals, Manhal Aziz al-Khabbaz and Syrian Ambassador in Baghdad, Sattam Jadaan al-Dandah have discussed the bilateral relations and industrial cooperation between Syria and Iraq.

Iraqi Ministry of Industry and minerals said in a statement to SANA reporter in Baghdad, “the two sides stressed the importance of historic relations and intellectual and social convergence between the two brotherly countries.”

That statement noted that Syria is a deep-rooted country in the fields of industry and agricultural and it has advanced experiences in the field of spinning, fabric and cotton industry.

Khabbaz expressed desire for preparing a working paper between the two countries in the industrial field, calling for continued coordination between the two countries to develop the reality of Iraqi industry, especially that the Iraqi government pays great attention to the industrial, agricultural, and trade sectors.

It added that the two countries are in need to exert serious efforts to uplift the industrial and agricultural sectors.

For his part, Ambassador al-Dandah drew attention to the desire of the Syrians to establish complementary projects between the two countries in the industrial field, in addition to protecting domestic products, stressing that Syria has a significant experience in various industrial fields and wishes to develop them.

Source: Syrian Arab News Agency (SANA)

Diaa Rashwan, the chairman of the State Information Service (SIS) and the Egyptian Syndicate of Journalists, said Tuesday that Egypt is committed to its international obligations, as well as international law.

Egypt is firm on countering money laundering and terrorism financing, Rashwan said in statements to ON TV channel earlier today.

He was commenting on an Egypt assessment report by the Middle East and North Africa Financial Action Task Force (MENAFATF).

He added that the Money Laundering and Terrorist Financing Combating Unit (MLTFCU) was established in 2002 and has since been working in accordance with UN Security Council (UNSC) standards and in cooperation with a wide range of financial intelligence agencies.

This unit also works with bodies concerned inside Egypt to counter money laundering operations that intertwined with criminal cases, Rashwan noted.

Source: State Information Service Egypt

Manama, Bahrain Bourse (BHB) announced supporting the national campaign against fraud launched by Bahrain Association of Banks (BAB) to promote the awareness of several electronic fraud operations targeting financial services.

During the campaign, awareness messages under the hashtag (#Be_Alert) will be communicated through diverse digital channels directed at all segments of financial services users in the Kingdom of Bahrain to help combat fraudulent activities and curb its spread.

Chief Operating Officer of Bahrain Bourse, Mrs. Narjes Jamal commented: “Financial knowledge is one of Bahrain Bourse’s core strategic pillars and is part of our year-round financial literacy awareness. Taking part in the national campaign against fraud attempts complements our efforts in raising awareness on important topics in the financial industry with a focus on the capital market. The national campaign against fraud aims to ensure that markets remain robust and serve to protect market integrity and ensure investor protection while contributing to the development of a more transparent capital market.”

“We aim to equip current and prospective investors with the right knowledge and confidence to make informed investment decisions. Incidents of fraud are on the rise, targeting a diverse set of age and income groups, and this has been more apparent during the COVID-19 situation. Hence, the best approach for any investor is to equip themselves with sufficient financial knowledge, research all prospective investment opportunities soliciting an IPO participation or securities trading, and ensure that relevant parties are licensed by the Central Bank of Bahrain and authorized by Bahrain Bourse,” Mrs. Jamal clarified.

Dr. Waheed Al Qassim, CEO of Bahrain Association of Banks “BAB”, praised Bahrain Bourse’s support for this campaign, affirming the significance of its role in promoting the campaign to shareholders in 43 listed companies on Bahrain Bourse, including 17 financial institutions under the ‘Commercial Banks’ Sector and ‘Investments’ Sector.

“BAB is keen to join all efforts to maintain the development and reliability of financial transactions in the Kingdom of Bahrain, especially since the digital transformation of the banking sector and the application of online solutions has led to an increase in the complexity, quality, and size of global financial fraud and cybercrime,” Dr. Al Qassim said.

The campaign is launched in partnership with the Central Bank of Bahrain, General Directorate of Anti-corruption and Economic and Electronic Security at the Ministry of Interior, the Telecommunications Regulatory Authority, and the Ministry of Industry, Commerce, and Tourism, and members of BAB.

Source: Bahrain News Agency