Egypt’s government introduced an electronic platform for the Automotive Industry Development Program (AIDP), promoting EV localization. The goal is to boost assembly, and manufacturing, and attract new investments. Policy amendments were finalized to offer financial incentives for replacing, converting, and financing clean energy-powered vehicles. The program will cover the assembly of passenger cars, SUVs, vans and microbuses as well as R&D centers, testing labs, and automotive software development centers that feed local production and assembly. Watch for more info: https://www.youtube.com/shorts/qxQTTaTHNGM
Author: Ola Noureldin
Real estate subtly influences every aspect of our lives: where we live, work, shop, and vacation. That gives the sector a critical role in promoting sustainability all along its value chain, from energy-saving building designs to environmentally friendly construction materials and methods. AmCham Egypt’s 2023 Real Estate Industry Insight looks at how developers are incorporating sustainability into their projects and business models as they navigate challenging economic conditions. To read the full report online, click here.
Egypt’s petroleum ministry launched an international bidding round on Monday for exploration in 23 open blocks, with the offer deadline set for February 25. The round includes 10 areas in Egypt’s Western Desert, two in the Eastern Desert, seven in the Gulf of Suez and four in the Red Sea, the ministry said. Egypt, the most populous Arab country, has sought to position itself as a regional energy hub. https://www.youtube.com/shorts/ukpZS481pMg
New “treasures and secrets” have been revealed at the site of a sunken temple off Egypt’s Mediterranean coast, the European Institute for Underwater Archaeology (IEASM) announced. An underwater archaeological team, led by French marine archaeologist Franck Goddio, has made further discoveries at the site of a temple to the god Amun in the ancient port city of Thonis-Heracleion in the Bay of Aboukir, the institute said. The team investigated the city’s south canal, where huge blocks of stone from the ancient temple collapsed “during a cataclysmic event dated to the mid-second century BC,” the institute said. https://youtu.be/dUURKxldLBs
The Suez Canal Economic Zone has announced the arrival of the first green fuel container ship in the world. The ship was received by East Port Said in the first voyage of the ship, belonging to the shipping line Maersk, to an Egyptian port overlooking the eastern Mediterranean. The ship is coming from Asia, passing by Africa, through Egypt, and then on to Europe. The container ship arrived at the port of East Port Said, which is ranked among the ten most important ports in the world, according to a World Bank report. This reflects the confidence of the shipping…
The Egyptian General Authority for Investment and Free Zones (GAFI) announced the creation of a new single-approval system for projects to encourage investments. The new single-approval system is issued within 20 days and covers licensing for construction, environmental requirements, civil defense, and other permits relevant to investment activities. Watch the video for more details. https://www.youtube.com/watch?v=L61lNITWmtU
Egypt’s private-sector minimum wage will rise by 11% in July after the National Council for Wages (NCW) decided to increase the threshold for the second time this year to support workers amid soaring inflation. The private-sector firms will have to pay their employees at least EGP 3,000 a month starting July 1, up from EGP 2,700, the Planning Ministry said. Three currency devaluations have helped to push inflation to a near-record high of 35.7% in June, placing pressure on low-income households. Watch the video for more details! https://www.youtube.com/watch?v=MSBpfJRzYHE
Egypt’s new FY 2023/24 budget took effect on July 1 with higher revenues and expenditures forecasted by the government. The government plans to increase revenues to EGP 2.1 trillion in FY 2023/24, a 41% rise from the expected EGP 1.5 trillion in the current FY 2022/23 Projected expenses for FY 2023/24 are EGP 2.9 trillion, a 33.8% increase from FY 2022/23. The budget deficit is projected to be EGP 824.4 billion, accounting for 7% of the GDP, slightly higher than the 6.4% estimated in FY 2022/23. The government aims for a primary surplus of EGP 295.6 billion in FY 2024/23,…
Climate change and the race to net zero are arguably the most significant challenges facing the construction industry. The building and construction industry is responsible for 40% of worldwide greenhouse gas emissions. Global Property Guide, a real estate data curation portal, found real estate prices in Egypt rose by nearly 58% between January 2022 and 2023. A significant portion of those increases is due to more expensive building materials. Published research from the Faculty of Engineering in Mansoura estimated 60% to 70% of the cost of low-income housing, which the developers usually sell at near-zero profit margins, is down to…
Green and sustainable finance—broadly defined as financial tools that support activities that address climate change and other environmental and social challenges—plays a critical role in realizing the UN Sustainable Development Goals (SDGs) and the Paris Agreement’s target of limiting global warming to 1.5 degrees Celsius. Such funding comes from the public and private sectors, including international financial institutions, central banks and financial regulators, banks and institutional investors. Among depository institutions, the financing of environmentally friendly projects has been dubbed ‘green banking.” The Central Bank of Egypt (CBE) issued guidelines for sustainable financing in Egypt’s banking sector in July 2021, based…
