The National Aeronautics and Space Administration (NASA) released on July 12 unparalleled images captured by the James Webb Telescope to preview its capabilities. The $10 billion telescope has been under development for three decades. Its infrared lens allow scientists to see the universe from a new perspective. Webb will preview the universe as far as 13.5 billion years ago, around 300 million years after the Big Bang. However, NASA said it could possibly see as far as 100 million years after the expansion. The first batch consisted of five images of the Carina Nebula, Stephan’s Quintet, Southern Ring Nebula, Deep…
Author: Nour Eltigani
ExxonMobil predicts energy demand to increase by 15% between 2022 to 2050 globally, the company’s Europe President Philippe Ducom said at the American Chamber of Commerce in Egypt (AmCham Egypt) oil and gas committee webinar on June 29. While the energy demand will decrease in developed economies and the demand in emerging economies will increase, the global average will ultimately rise, Ducom highlights. AmCham Egypt’s oil and gas committee hosted Ducom to discuss “Advancing Climate Solutions: The ExxonMobil Strategy” as part of its international corporate leadership series. Key highlights ● The demand for ExxonMobil products went down by 20% due…
Following the success of its first edition, “Forever is Now” contemporary art exhibition returns for its second edition from October 27 to November 30, 2022. The exhibition, curated by Art d’Egypte, will host 10s of national and international artists including JR, Natalie Clark, Jwan Yosef, and eL Seed. In its last edition, “Forever is Now” saw over 500 thousand visitors in the span of 4 weeks, and over one billion people live-streamed the exhibition online. The exhibition plays a vital role in reviving Egypt’s tourism by promoting Egyptian culture to the international community, Amb. Omar Selim assistant to the Minister…
The United Nations Framework Convention on Climate Change (UNFCCC) on June 24 opened the registration for parties to the convention and observer states to attend COP27 in Sharm El-Sheikh, to be held November 6-18. Parties are government bodies from the convention’s 197 member states. Observer states include the United Nations (UN) and its specialized agencies, intergovernmental organizations (IGOs), and non-governmental organizations (NGOs). Organizations should have applied for observer status admission by August 21, 2021. Observer states have to receive admission from the Conference of the Parties (COP) before registering their representatives to attend the convention, according to the UNFCCC website.…
The Egyptian Natural Gas Holding Company (EGAS) and oil and gas giant Chevron Corporation on June 20 signed a memorandum of understanding (MoU) to transport, import, liquefy and export East Mediterranean gas from offshore fields through Egypt, Egypt’s Petroleum and Mineral Resources Ministry said in a statement. If an agreement is finalized, gas can be available for use in Egypt’s local market or converted to liquefied natural gas (LNG) and exported, the ministry said in a statement. Egypt’s Minister of Petroleum Tarek El Molla stressed that the Eastern Mediterranean region is collaborating to develop its natural gas reserves, and decarbonize…
The global gold market is experiencing fluctuation as part of the economic impact of the Russia-Ukraine War, losing nearly 13% of its value. Higher yields on US treasury bonds decreased the demand for gold and thus reduced the global price of the shiny metal said consultant and CEO of Sky International Group Walid Soliman. The volatility is reflected inversely in the Egyptian market. For many in Egypt, gold is a primary investment to hedge inflation. “It is the safest long-term investment. I haven’t taken on any job that would provide me with social insurance so basically, Gold coins are my…
The 29-year-old New Cairo-based Mohamed Ismail drives through Starbucks at Emarat Misr gas station to pick up his morning coffee as he begins his work commute towards Downtown Cairo. With the rise of the global health crisis in early 2020, restaurants worldwide were forced to shut down their dining rooms to mitigate the spread of the coronavirus. As a result, consumers’ safety precautions heightened and began opting for drive-thrus more frequently as the pandemic and its aftershock continued to shape their feelings towards dine-ins. This change in consumer behavior drove food chains to transition toward a drive-thru model – a…
Since 2017, Egypt’s venture capital (VC) investments have been hitting new records with a 168% increase in 2021, Magnitt’s data shows. This year, VC investments are expected to double, but how does this reflect on emerging and established green startups in Egypt as the climate crisis becomes more urgent than ever? VC investments in Egyptian startups amounted to $491 million in 2021 with more than half of the investors coming from outside the MENA region. Despite the surge in investment, local green startups struggle to secure funding from local investors. Analysts attribute this to the lack of scalability and unclear…
Egypt saw its highest inflation rate in almost two and a half years in April, and analysts expect it to remain high throughout 2022. As the country wrestles with the global turmoil of the Russia-Ukraine war and lingering global supply chain disruptions, the Central Bank of Egypt (CBE) is trying to find the right balance of interest rates to contain the spiraling prices. The Monetary Policy Committee (MPC) of the CBE decided on May 19 to raise interest rates for the second time since March by 200 basis points, bringing the overnight deposit rate, overnight lending rate, and the rate…
Egypt holds the record for the highest number of hydrogen projects in the Middle East and North Africa with nine upcoming plants, half of which are green hydrogen projects, the government’s Information and Decision Support Center (IDSC) revealed, citing the Organization of the Petroleum Exporting Countries (OPEC). Green hydrogen is hydrogen obtained by splitting water using electrolysis. This process produces hydrogen as a stand-alone element, later harnessed as energy, and oxygen, dispersed into the air. Green hydrogen is an alternative to non-renewable fuel resources that exacerbates climate change by emitting CO2 and greenhouse gasses, whereas hydrogen emits water. As part…