Nokia eyes expanding operations in Egypt

HMD Global, the parent company of Nokia Mobile, reiterated its commitment to expand its operations in Egypt, according to a Cabinet statement on Sunday.

During a meeting with Egyptian Minister of Communications and Information Technology (CIT) Amr Talaat, HMD Global CEO John François Baril outlined plans to export 4 million phones annually to African markets by 2025, with 600,000 targeted for North Africa. Additionally, 2 million phones will be allocated for domestic consumption in Egypt.

Baril aims to establish Egypt as a regional hub for mobile manufacturing, focusing on increasing the percentage of locally made components. To achieve this, they will collaborate with the Egyptian Silicon Industries Company (SICO).

Egypt’s supportive environment and infrastructure attract global investments. HMD Global’s dedication signals Egypt’s potential as a key player in electronics manufacturing.

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Egypt approves $2m grant from AfDB for VICMED feasibility studies

Egypt has approved a $2 million grant from the African Development Bank (AfDB) to support the second phase of feasibility studies for the navigation corridor project between Lake Victoria and the Mediterranean (VICMED).

According to a decree issued by the Egyptian Presidency, the grant agreement has been approved, subject to ratification. The decision followed the endorsement of the Council of Ministers.

The House of Representatives approved the decree in a session held on 8 October 2024.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser

Egypt’s gold prices surge on Thursday

Egypt’s gold prices surged on Thursday, January 30, 2025, as of 1:25 pm CLT (11:25 GMT), compared to prices recorded on January 29, 2025, according to an electronic gold price platform.

Metal January 30th (EGP) January 29th (EGP) Change %
24 Carat 4,428.50 4,405.75 0.52
21 Carat 3,875.00 3,855.00 0.52
18 Carat 3,321.50 3,304.00 0.53
14 Carat 2,583.25 2,570.00 0.52
Gold Pound 31,000.00 30,840.00 0.52

It’s important to note that gold prices may fluctuate throughout the day. This information reflects the pricing data as of a specific time.

(1 United States dollar = 50.25 Egyptian pounds)

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama

Egypt, Kenya elevate relations to strategic partnership

Egypt’s President Abdel Fattah El-Sisi and his Kenyan counterpart, William Ruto, signed a joint declaration in Cairo to elevate relations between the two countries to the level of a comprehensive strategic partnership, the Presidency Spokesman announced on Wednesday.

The two parties agreed to bolster economic, trade, and investment cooperation, recognising significant opportunities for growth between the two nations. The further agreed to establish a joint Business Council to strengthen economic ties and explore new trade and investment opportunities in mutually significant sectors. The council is set to convene by the end of 2025.

The cooperation will span key sectors, including agriculture, manufacturing industries, water resource management, energy, telecommunications, information technology, and infrastructure. These sectors are expected to contribute to job creation, poverty reduction, and sustainable development.

Moreover, both countries acknowledged the importance of addressing trade barriers and procedural obstacles that hinder economic integration efforts across Africa. As part of this commitment, they pledged to intensify efforts to implement and finalise the African Continental Free Trade Area.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama

 

 

Egypt, Kenya trade reaches $567m in ’24

Egypt’s President Abdel Fattah El-Sisi received Kenyan President William Ruto on Wednesday to discuss cooperation frameworks and strengthen bilateral relations.

Trade exchange between the two countries reached $567 million in 2024, compared to $638 million in 2023, according to CAPMAS data. Egyptian exports to Kenya amounted to $307 million in 2024, down from $327 million in 2023, while imports from Kenya stood at $260 million in 2024, compared to $311 million in 2023.

Top Egyptian Exports to Kenya in 2024

The most significant Egyptian exports to Kenya included:

  • Paper and paperboard products worth $39 million
  • Electrical machinery and equipment worth $28 million
  • Various food preparations worth $26 million
  • Plastics and articles thereof worth $23 million
  • Iron and steel worth $22 million

Top Egyptian Imports from Kenya in 2024

Egypt’s main imports from Kenya were:

  • Coffee, tea, and spices worth $242 million
  • Fruits and edible nuts worth $6 million
  • Paper and paper products worth $5 million
  • Live trees and other plants worth $4 million

Remittances and Investments

Remittances from Egyptians working in Kenya reached $9.2 million in the 2023/2024 fiscal year, up from $7.6 million in 2022/2023. Meanwhile, remittances from Kenyans working in Egypt amounted to $1.2 million in 2023/2024, compared to $958,000 in 2022/2023.

Kenyan investments in Egypt rose to $558,000 in 2023/2024 from $146,000 in 2022/2023. However, Egyptian investments in Kenya declined to $453,000 in 2023/2024 from $10.5 million in 2022/2023.

Population Figures

The Egyptian mission estimated the number of Egyptians residing in Kenya at around 1,000 by the end of 2023.

Attribution: Amwal Al Ghad Enlgish

Subediting: M. S. Salama

Egypt reduces budgetary debt to 89% of GDP – FinMin

Egypt reduced the debt of budgetary entity to 89 per cent of GDP, while external debt declined by around $3 billion in 2023/24, Minister of Finance, Ahmed Kouchouk told members of Rotary Club, Nasr City, Shorouk, and 10th of Ramadan.

Kouchouk highlighted the government’s commitment to financial discipline through investment- and entrepreneurship-friendly policies to drive economic development. He explained that Egypt is implementing an ambitious strategy to improve debt indicators, contributing to a positive perception of economic reform among citizens.

The minister emphasised the role of private sector-led development in optimising resource management and strengthening financial indicators. He noted that the government is implementing stimulus programmes and initiatives to boost economic activity, enhance competitiveness, and support production and exports.

Kouchouk also stressed the importance of strong partnerships with the business community, based on trust, certainty, partnership, and commitment to rights and obligations. He added that expanding the tax base by incorporating new taxpayers would improve the government’s ability to fund essential public services.

Additionally, he reaffirmed the commitment to swiftly implementing the first phase of tax relief measures once the relevant incentive and facilitation laws are enacted.

The reforms will introduce a comprehensive and simplified tax system for small businesses, entrepreneurial activities, and professionals, with incentives, exemptions, and facilitations across all types of taxes, including income, VAT, stamp duty, and development fees. The framework also includes streamlined mechanisms for resolving tax disputes to create a stable and investment-friendly business environment.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama