Emirates NBD has published Purchasing Managers’ Index for the Egyptian private economy. PMI is definitely positive and Emirates NBD assumes that is is positive mark for the entire economic agenda pushed by Egypt and the creditors, IMF and the World Bank.
Austerity programs tailored in IMF to curb subsidies for the poor and thus to lower the pressure on the troubled economy of the state. And as electrical bills are climbing, gas prices are soaring and overall cost of living is jumping. Poor families and even middle class felt these measures very well. But was that helpful to control the debt?
Egypt seems to be an exact place for solar energy projects and this is exactly the case. Sun energy is abundant, precipitation and cloudiness is next to zero and the deserts are vast and empty. Will solar plants solve the problem of the power hungry industry and population? We have some doubts about it.
British Petroleum company and the Egyptian General Petroleum Corporation signed the oil and natural gas exploration and production agreement. The total cost of the agreement is about $46 millions. It allows BP to explore and build production facilities at the Eastern Ramadan area in the Gulf of Suez.
Natural gas for the household has grown as much as 75 percent by the decree of the government. It has been done ‘in a string of measures aimed at reforming the economy’ while IMF pushes the government to end the subsidies for the poor.
You would not believe what is one of the most valuable material we export to the World. It is sand. And despite it is abundant and cheap to get the export of sand is not doing any good for the economics of Egypt. It does not require skilled workforce, it does not produces added value. It is as simple as to dig it in one place and throw it to the other. Egyptian sand is vital for the glass industry, quite developed in the ARE. Weren’t it better to supply the sand to our glass companies to export glass instead of sending it raw?
General Authority for Supply Commodities (GASC) has announced that tender to buy an unspecified amount of wheat will be held on next Monday. Shipment for it should be accomplished Sept. 1-10.
Joseph Kaiser, CEO and chairperson of German electronics manufacturing giant Siemens, said that the Egyptian market has many promising investment opportunities, pointing out that Egypt is one of the most countries that witnessed high growth rates in the past four years, as well as developments in infrastructure, education and transport fields.
Our country had achieved more than 25% surplus in electricity for recent years. Egypt has added 25,000 megawatts (MW) of new power stations to the national electricity grid during the period from June 2014 to June 2018, resulting in a 25 percent surplus of the capacity of electricity, said the Head of Administrative Control Authority Mohamed Erfan on Tuesday. This came in his speech during the inauguration of four national megaproject in the electricity sector.