10/11/2023
Weekly News Roundup 🎙
Don't miss our top weekly news stories:
1. Egyptian PM announces plans to engage the private sector in managing and operating the country's airports.
2. Egypt's Ministry of Electricity Implements One-Hour Daily Power Cuts as Gas Supplies Improve from Leviathan Field, Addressing Load-Shedding Amidst Rising Temperatures and Ensuring Essential Service Exemptions.
3. ChatGPT is now officially accessible in Egypt.This official availability eliminates the need for prior access restrictions in the country.
4. The Egyptian Ministry of Electricity plans to issue USD 700 million in green bonds in 2023 to finance environmentally friendly projects. The International Finance Corporation will advise and potentially underwrite the issuance, with OECD support, aligning with the government's goal to increase green project investments by 50% by 2025.
5. The Ministry of Petroleum announced that fuel prices will increase with 80-octane gasoline rising to EGP 10 per liter, 92-octane to EGP 11.50, and 95-octane to EGP 12.50; diesel prices remain unchanged at EGP 8.25.
6. Egypt unveils plans for a vast 2,250km high-speed rail network connecting over 80 cities at speeds of up to 250kph, with routes spanning from Ain Sokhna to Marsa Matrouh and 6th of October City to Abu Simbel. The initiative aims to significantly reduce travel times, boost connectivity with neighboring nations, and support trade and tourism, while generating jobs and promoting sustainable development.
7. Ismailia is set to host Egypt's inaugural green food centers, strategically positioned near ports and agricultural zones. In collaboration with the French Development Agency and the private sector, these centers aim to optimize the value chain, minimize food losses, and foster year-round availability, competition, and transparency in trading.
8. EGX plans to launch a real estate exchange system within four months, focusing initially on non-residential vacant registered properties. The move aligns with Egypt's efforts to organize the real estate sector, complemented by a national electronic database approved by the Cabinet in August 2023.
9. Abu Dhabi Ports Group is finalizing a 30-year agreement with the Egyptian government to manage Safaga Port, part of a broader partnership with the Suez Canal Economic Zone. The multi-purpose terminal at Safaga will be the first internationally operated port in Upper Egypt, set to begin operations in Q2 2025.
10. Saudi Arabia extends its 'Investor Visitor' e-visa globally, allowing individuals from all countries to explore investment opportunities in the Kingdom. The digital platform facilitates visa applications without embassy visits, with recent expansions including holders of tourist or business visas from various countries and residents in GCC nations.