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Tag: Egypt

  • Egypt sets up new fund to revive tourism industry

    Egypt sets up new fund to revive tourism industry

    Egypt has set up a new fund worth 5 billion Egyptian pounds ($267 million) to upgrade hotels, tourist resorts and Nile floating boats across the country as part of efforts to revive its ailing tourism industry.

    The new fund, which was announced by the Central Bank of Egypt (CBE) on Dec. 26, would finance maintenance and upgrades at hotels, tourist resorts and other tourism facilities with an interest rate of 10%. The CBE also decided to extend the grace period for tourism investors to pay their debts until 2018.

    Funds would also be offered to investors in accordance with a set of rules, including the investor’s level of seriousness and the benefits that will increase tourism flow to the country.

    The new measures came after a meeting between Central Bank Governor Tarek Amer and tourism investors in South Sinai during which perils of investment in the tourism sector were discussed. During the meeting, Amer promised to solve the problems Egyptian investors face in the tourism industry in order to give a push to the staggering sector.

    According to data released by the Ministry of Tourism, Egypt incurred monthly losses of 3.2 billion Egyptian pounds ($170 million) directly and indirectly after the downing of a Russian plane in the Sinai Peninsula in October 2015. Following the deadly incident, a number of foreign countries, including Russia, the UK and Germany, imposed travel bans on flights to the Red Sea resort town of Sharm el-Sheikh.

    Tourism experts say the new fund is an ambitious step to reinvigorate hotels that have not undergone maintenance and upgrades for six years as well as help them serve the expected return of tourism and travel flow to Egypt.

    “The new fund would enable hotels and tourist resorts to well receive tourist arrivals, which are forecast to increase in the coming period,” Hossam Akawy, a tourism expert and a member of the Tourism Investors’ Association in the Red Sea, told Al-Monitor.

    Germany, Denmark and Finland lifted their travel bans on flights to Egypt’s Sharm el-Sheikh last year.

    Akawy said that there are widespread expectations that the tourism industry would be back on its feet this year. “That is why hotels and tourist facilities need to get a face-lift,” he added.

    Russian Transport Minister Maxim Sokolov said last week that Russia would likely resume direct flights with Egypt in January, according to Russia’s TASS news agency. Sokolov added that the decision to resume flights will be made after Russian officials revise reports by Russian experts who have assessed Egyptian airport security. Since the Russian plane crash, Egypt has been putting in place tighter security measures at all its airports in order to draw tourists back to the North African country.

    In a phone conversation with Egyptian President Abdel Fattah al-Sisi late last month, Russian President Vladimir Putin said that his country intends to resume flights with Cairo in the very near future.

    Akawy said that the setting up of the fund came as a lifebuoy for owners of hotels and tourist resorts in the country, as banks had stopped funding the tourism sector due to instability and financing risks.

    In March 2016, the Egyptian Ministry of Tourism announced it would not allow the establishment of more tourism companies for a year due to declining tourism flow.

    Adel Salah Nagi, another tourism expert, said that the new fund is a positive move. However, he added that it should have included support to other aspects of the whole tourism system, including marketing and tour operators. “Tourism is not only about hotels. There are other areas that also need to be upgraded and developed, especially marketing and tour operators,” he told Al-Monitor.

    Nagi said that the government also has to further facilitate travel measures for tourists and launch direct flights with countries that Egypt is not directly connected with. He called upon the authorities to cancel the entry visa fees. On-arrival visa fees are estimated at $25.

    Tourism has long been a main contributor to the national income. Before the January 25 Revolution in 2011, one in 10 people in the workforce worked in the tourism sector and it generated approximately $12.5 billion in revenue.

    At its peak, Egypt boasted nearly 15 million tourists a year. By 2013, tourism numbers had fallen by one-third to under 10 million a year and have undoubtedly slumped further since as the 2015 downing of the Russian jet that had taken off from Sharm el-Sheikh prompted foreign holidaymakers to book their vacations elsewhere.

    However, experts are upbeat about the outlook of Egypt’s tourism industry in 2017. According to data released by the Central Agency for Public Mobilization and Statistics, tourist arrivals jumped by 7% in October 2016 compared with a month earlier.

    Minister of Tourism Yehia Rashed said that 2017 would see a massive recovery in the Egyptian tourism sector as foreign airlines from the major markets, including Russia, the UK and Germany, are expected to resume flights to Egypt’s tourist attractions.

    Tourism revenues from those three markets, the minister added, represented more than 40% of the total tourism flow to Egypt in recent seasons.

    According to the Tourism Ministry data, Egypt attracted about 5.3 million tourists by the end of 2016 despite ongoing challenges.
    (www.al-monitor.com)

  • On Cue With Elon Musk, A Solar Power Company Blooms In The Egyptian Desert

    On Cue With Elon Musk, A Solar Power Company Blooms In The Egyptian Desert

    CAIRO—About a half-million solar panels were installed every day around the world last year, according to the International Energy Agency. Costs for solar photovoltaics are expected to drop by 25% by 2020, making solar — already competitive — cheaper than other forms of energy in many cases.

    Smart entrepreneurs will get ahead of that curve. In Cairo, I met the CEO and chief architect of a company, Karm Solar, that has been in the forefront of solar since 2011 — back when solar was in the doldrums. I first read about Karm Solar in Startup Rising, a book by U.S.-based venture investor Christopher M. Schroeder.

    Karm Solar has come a long way since then. Now that the company has recurring revenue that comes from its construction of solar power stations and sale of the power, Ahmed Zahran said he expects the company to be profitable this year. It’s the only company in Egypt with a license to do those installations; Karm then sells power to businesses. It also leases solar power installations, working with EFF Hermes Leasing to set up financing for customers.

    Karm Solar, which now has 52 employees, aims to raise $70 million from institutional investors this year. It’s a model of one method of scaling up: by diversification.

    Back in 2011, Ahmed Zahran, 36, couldn’t get his employer to invest in his idea for solar-powered water pumps. They seemed a no-brainer to him in the Egyptian desert, where there is a lot of water under the ground and plenty of sunshine on top of it.

    So he and about half a dozen co-founders, raised money from 20 angels, in increments ranging from $10,000 to $1 million. They looked for people who could give them advice as well as cash.

    “There is a gold mine of young professionals here,” said Zahran.

    The upshot of the advice and cash is that Karm Solar is now building a company for the long term, one that focuses on innovations and technology in the solar market. “In Germany, you have Siemens, in the United States your have General Electric, developing technologies, developing infrastructure,” he said.

    (www.forbes.com)

  • Critical film unnerves Egypt’s religious scholars

    Critical film unnerves Egypt’s religious scholars

    Egypt’s religious scholars are up in arms over a new film that takes on the nation’s sheikhs and mosque preachers.

    The film, called “Mawlana” (“Preacher”), has been screened at cinemas nationwide since Jan. 4. It has stirred up controversy among Islamic scholars who accuse its makers of tarnishing their reputation and call for it to be pulled from theaters.

    “Works that address religious texts should be reviewed by religious institutions before being made into films,”Shoukri el-Guindi, a member of the parliament’s Religious Affairs Committee, wrote on Facebook. “Inside these institutions, there are wise people who love their religion and their homeland, not ones who only follow their personal interests.”

    He said religious scholars should not be turned into film characters and that their sanctity must be respected, asking, “Will the public follow these religious scholars if they are portrayed as lustful figures … and hypocrites?”

    Starring Amr Saad and Dorra Zarrouk, the film tells the story of a mosque imam who becomes a celebrity TV host who issues fatwas followed by millions of people. The imam receives questions from his viewers during the show and then answers them in an eloquent but sarcastic manner. He ridicules a number of the fatwas issued in real life by a large number of Egypt’s Salafist preachers, especially during the yearlong rule of Islamist President Mohammed Morsi.

    The filmmakers say it tells the story of Egypt’s 120,000 mosque imams. The work is based on a novel written by Ibrahim Essa, a journalist and TV host who recently ran afoul of the government for his continual criticism. The novel, also called “Mawlana,” was shortlisted for the International Prize for Arabic Fiction, the “Arabic Booker,” in 2012.

    The film is being screened at more than 60 movie theaters across Egypt. So far, it has taken in 6 million Egyptian pounds ($318,000).

    However, some people say the film aims to strip reverence and respect from Islamic scholars.

    “It is made with the sole aim of removing this reverence and respect from the scholars of Al-Azhar,” Mansour Mandour, a senior official from the Religious Endowments Ministry, which controls the nation’s mosques, wrote on Facebook. Nonetheless, Mandour added, the film shows how security agencies tried to control some sheikhs and used their vulnerabilities to force them to serve their interests during the reign of former President Hosni Mubarak.

    The film coincides with calls for Al-Azhar and other Egyptian religious institutions to spearhead the reform of religious discourse, made in the past two years by President Abdel Fattah al-Sisi, who believes that the move will help his country fight religious extremism and terrorism.

    “Renewing religious discourse must, however, preserve the values of true Islam, but also eliminate sectarianism and address extremism and militancy,” Sisi said in a 2015 speech at Al-Azhar.

    A large number of nationally minded writers have joined him. Some of these writers tend to criticize Al-Azhar’s curricula, accusing it of nurturing extremism.

    Essa is one of these writers. He believes that reform should not be the job of Al-Azhar alone, but of all Egyptians, including the intellectuals.

    Essa is out of the TV business now after his show was banned. Some people say he paid dearly for speaking out.

    “Mawlana,” he said, brings to light the contradictions in the mosque-preaching business.

    The film’s director Magdi Ahmed Ali said most of those who criticized the film were motivated by their hatred of Essa, not by faults they found in the film. “I didn’t find any real criticism of the film,” Ali told Al-Monitor. “I only heard views critical of Essa himself and his views.” He said some people had criticized the film without even watching it.

    The film, Ali said, sheds light on extremism and tries to show a lack of connection between it and the Islamic religion itself. He described this extremism as a “real danger” facing Egyptian society. “The film also shows that religion is sometimes misused by politicians,” Ali said. “Anyway, the people who watched the film understand its message.”

    Ali, who also wrote its script, reported receiving phone calls from a large number of the nation’s well-known preachers to congratulate him on the film’s success.

    Leading film critic Magda Khiralla praised “Mawlana,” saying it should be viewed as a work of art, not as a platform for issuing fatwas.

    “The film only talks about moderate Islam through the character of a young yet open-minded sheikh who tries to shatter misconceptions about the Islamic religion through logical dialogue,” she told Al-Monitor. “Controversy over the film is expected only from those who view themselves as angels and persons without fault.”

    (CENTRE for RELIGIOUS PLURALISM in the MIDDLE EAST)

  • Egyptian museums achieve revenues of EGP 45m in 2016

    Egyptian museums achieve revenues of EGP 45m in 2016

    The Ministry of Antiquities’ affiliated museums have achieved total revenues of $45m with 974,400 visitors in 2016.

    According to a statement by the ministry’s museums division, the museums achieved the highest revenues in December, recording EGP 6.8m with 117,000 visitors, while the lowest revenue reached was $1.7m in June with 21,800 visitors.

    Minister of Antiquities Khaled El-Anany told Daily News Egypt that the number of visits of museums and archaeological sites has increased during the recent months starting from October which coincide with the winter season, when the tourist flow increases in Egypt.

    The museums’ total revenue in January reached EGP 2.8m with 72,400 visitors, compared to EGP 4m in February with 125,000 visitors.

    The museums’ total revenue in March recorded EGP 3.6m with about 111,700 visitors, compared to EGP 3.5m with 68,000 visitors.

    The revenues declined gradually, to record EGP 2.9m in May with 51,600 visitors, until they dropped to EGP 1.7m in June with 21,800 visitors.

    The museums’ revenues in July were EGP 2.8m with about 84,000 visitors, and EGP 3m in August with 80,000 visitors.

    The museums’ total revenue in September recorded EGP 3m with about 76,000 visitors, compared to EGP 4.2m in October with 70,900 visitors.

    The revenues jumped in November recording EGP 5.7m with 94,700 visitors, and continued its growth to EGP 6.8m in December with a total of 117,000 visitors.

    The number of the museums affiliated to the Ministry of Antiquities is 31 across the country, including 21 open-air museums and eight under-development museums, as well as two closed museums.

    The closed museums are El-Arish and Beni Suef museums, while the ministry is still developing the Greek Roman museum, the Port Said museum, the Ahmed Orabi museum, the Tanta museum, the museum of Tanis, Rommel Cave museum, Mohamed Ali museum in Shubra, and the Royal Vehicles museum in Bulaq.

    The ministry has opened three museums in the second half of 2016 after finishing their development, including Farouk Corner museum, which was opened in August; Mallawi museum, opened in September; and Kom Oshim museum, opened in November.

    (www.dailynewsegypt.com)

  • Hundreds of coffins to be restored in Egyptian conservation project

    Hundreds of coffins to be restored in Egyptian conservation project

    Egypt will restore hundreds of coffins dating back thousands of years to the time of the pharaohs as part of an American-Egyptian project to preserve and document one of the world’s oldest civilisations, a director of the project said.

    The conservation effort, funded by a US grant, will restore more than 600 wooden coffins that date to various eras of ancient Egypt and which are currently stored at the Egyptian Museum in Cairo.

    “There has been no other project like this worldwide, with this number of coffins being documented or restored,” said head of the museum’s restoration department, Moamen Othman.

    Egypt was awarded the conservation grant worth $130,000 (£105,000), in December 2015. That project is part of a larger US-Egypt treaty signed in 2016 to curtail illicit trafficking of the country’s rich cultural heritage.

    Antiquities theft flourished in Egypt in the chaotic years that immediately followed its 2011 uprising, with an indeterminate amount of heritage stolen from museums, mosques, storage facilities and illegal excavations.

    Global interest in Egypt’s pharaonic era remains high. The hunt for the resting place of the lost queen Nefertiti grabbed international headlines in 2015, though the search has yet to bear fruit.

    The gilded ancient relics and resting sites of the pharaohs were once the cornerstone of a thriving tourism sector, a vital source of foreign currency, that has suffered setbacks since the uprising that toppled Hosni Mubarak in 2011.

    The Ambassador’s Fund for Cultural Preservation (AFCP), a US programme founded in 2001, has been responsible for the conservation and restoration of countless ancient sites, museums and artefacts around the world.

    The fund previously helped Egypt to conserve a mausoleum in historic Cairo and an ancient temple in upper Egypt.

    “One of the main goals of the project is to ensure that the [Egyptian] Museum has a full inventory of the objects and understands their conservation needs so that the coffins can be made available for research by scholars but also for the public,” AFCP programme director Martin Perschler said.

    “It means that in the long run more people here in Egypt and people from around the world will have the opportunity to discover and appreciate the full range of heritage and of history within this single collection of coffins.”

    (www.theguardian.com)

  • Moody’s expects economic growth for Egypt by 4% in 2017

    Moody’s expects economic growth for Egypt by 4% in 2017

    CAIRO, Jan 16 (Aswat Masriya) – Moody’s Investor Service expects that Egypt’s economy will grow by 4% in 2017, and the growth rate will increase 4.5% in the following year.

    Moody’s attributes this potential increase to private consumption and foreign investments which will push forward economic development in Egypt, in a report published on Sunday.

    The report, which forecasts the economic progress for the Levant and North African countries, also said that the weak government performance, internal challenges, and geopolitics remain a threat to its dominant debts.

    The report expects that the report expects that trade deficits will reach 7.5%, but will improve in the following year by going down to 6%.

    “Meanwhile, Egypt maintains its position as the strongest economic assessment in the region; which not only reflects its significance but also its growth prospects compared to other countries,” the report read.

    Deputy director Elisa Parisi-Capone said the abundance of foreign funding through IMF loan programmes which are followed by 4 out of 5 countries in the Levant and North Africa bolsters Moody’s credit expectations for the region, in an official statement.

    (en.aswatmasriya.com)

  • Belarus to assemble tractors in Egypt’s Alexandria

    Belarus to assemble tractors in Egypt’s Alexandria

    An official ceremony to open a modernized plant to assemble Belarus tractors took place in Alexandria, Egypt, BelTA has learned. The company used to assemble tractors of other producers before. However, the production stopped over time and the plant was abandoned. Last year Belarus reached an agreement with private Egyptian companies to refit the production line at the company with a view to start assembling Belarus tractors. “The modernization of the plant will make it possible to export the goods which will be produced in Egypt. The terms of the free economic zone provide an opportunity for healthy competition in neighboring regions. I think that in a two years’ time it will be an exemplary production facility in our friendly country, Egypt,” MTZ Director General Fyodor Domotenko said.
    In his words, Minsk Tractor Works has undertaken commitments to provide engineering support to the company as a producer of all types of farming equipment. Apart from that, Belarus is ready to train specialists for the plant in Alexandria free of charge.
    The company’s current capacity is 2,000-2,500 tractors a year. There are plans, however, to increase it to 5,000 vehicles a year in the future. At least 30% of the goods will be bound for export. The commissioning of the Belarusian-Egyptian manufacturing facility was an important event for Alexandria, with the local authorities, representatives of the Egyptian ministries and economic zones attending the official opening ceremony.

    (eng.belta.by)

  • Zohr, Atul, North Alexandria fields to start production this year: Petroleum Ministry

    Zohr, Atul, North Alexandria fields to start production this year: Petroleum Ministry

    Minister of Petroleum Tarek El-Molla said that the gas fields of Zohr, Atul, and North Alexandria will start the first phase of production this year.

    El-Molla added in a statement that starting production in these fields will have a positive impact on increasing the production of gas and reducing the gap between production and domestic consumption in Egypt.

    Egypt imports petroleum products worth about $700m per month, at a time when the country is suffering from the scarcity of hard currency.

    Saudi Aramco stopped supplying Egypt with petroleum products since October, despite the agreement between Egypt and Saudi Arabia stating that the latter will secure Egypt’s requirements for petroleum products for five years.

    Italy’s Eni discovered the Zohr field, the largest natural gas field in the Mediterranean Sea, in Shorouk offshore concession back in August 2015.

    A memorandum of understanding was signed on the development of the Atul exploration during the Egypt Economic Development Conference in Sharm El-Sheikh.

    The Atul field was discovered in March 2015 and has proven reserves of 1.5tn cubic feet of gas and 31m barrels of condensates, according to the Ministry of Petroleum.

    El-Molla said during the general assembly of the Belayim Petroleum Company (Petrobel) that the large investments of foreign partners in research, exploration, and production works, especially in the deep Mediterranean waters, confirm the tremendous opportunities available in the Mediterranean region.

    Chairperson of Petrobel, Atef Hassan, said in a statement that the company approved investments worth $834m in the current fiscal year (FY) 2016/2017 to intensify exploration, drilling, and development activities of discovered fields in the Nile Delta and the Gulf of Suez.

    Hassan said that these investments have increased oil and gas production rates of the company’s fields by 30% and they also contribute to conducting new explorations.

    He added that the company adopted investments worth $630m and about $214m under the approved budget for the next FY in order to continue intensifying exploration activities and develop fields.

    (www.dailynewsegypt.com)

  • Egyptian Omar Samra Becomes First in the World to Climb Three Mountains in Antarctica

    Egyptian Omar Samra Becomes First in the World to Climb Three Mountains in Antarctica

    Egyptian adventure icon and mountaineer Omar Samra fulfilled a personal dream of his after climbing three mountains in Antarctica that had never before been ascended.

    “It has always been a dream of mine to climb a mountain that has never been climbed before. And doing so in remote Antarctica was an even greater privilege,” wrote Samra, the first Egyptian to climb Mt. Everest, on Instagram.

    “In the end I exceeded my own wildest expectations by doing three first ascents and six new routes.”

    However, that was not all. Samra was then given the honor to name all three of what he called “beautiful peaks standing tall and untouched, side by side, for millions of years”.

    The three peaks were named Mount Teela (at 1,661 metres), Mount Marwa (at 1,729 metres), and Mount Samra (1,790 metres). Mount Marwa is named after his late wife who passed away after giving birth to their daughter, Teela.

    “To me they represent the eternal, grace and purity,” explains Samra. “[F]or this reason I decided to name them Mount Samra, Mount Marwa and Mount Teela, after my family name and the two greatest loves of my life. May we always be together.”

    (egyptianstreets.com)

  • How ‘Careem’ Hopes to Unite Egyptians After Cairo Cathedral Terror Attack

    How ‘Careem’ Hopes to Unite Egyptians After Cairo Cathedral Terror Attack

    As a wave of sorrow and despair overtook the nation last week after a bomb was set off inside the St. Mark’s Cathedral in Cairo, many were wondering how they can help. Unfortunately, many of these thoughts were ultimately ephemeral. However, for Wael Fakharany, Managing Director of the car service application Careem, the thought of helping actually materialized into something real.

    Fakharany set up an urgent meeting with the highest ranking Coptic figure in Egypt: Pope Tawadros II. According to an article written by Fakharany himself, Careem is launching a very simple initiative. The transportation network company is going to donate one Egyptian Pound from every Careem ride in the entirety of Egypt to a collective fund aimed at aiding the families of those who were injured or deceased as a result of the attack.

    The latest initiative by Careem comes after it had decided to offer free rides to anyone travelling to a hospital to donate blood for the victims of the deadly terrorist attack.

    For Careem, free rides for blood donation, which Uber also provided afterwards, was not enough.

    “We felt we were in a position to do more. We felt like we had access to tools that would enable us to do more than just give our blood,” explains Fakharany in his blog post on Medium, adding that he managed to set up a one-on-one meeting with the head of the Coptic Orthodox Church.

    “We wanted to use the tool we had at our disposal — Careem — in order to provide an umbrella and a banner under which Egyptians could unite and come together as one nation to help out,” explains Fakharany, continuing that the simple act could raise millions of Egyptian Pounds.

    “Pope Tawadros II blessed my proposition and told me that we had his full support to go forward with what I had proposed to him,” writes Fakharany.

    “I want every Egyptian to help us in this very simple way. Just ride a Careem between now and December 31st.”

    Now as much as this initiative raises the question of whether the Fakharany-led Careem is launching this initiative to increase ridership and profits or not, we must acknowledge one thing: Fakharany and Careem are using the platform they have to make a difference. This initiative, regardless of all other aspects, epitomizes a company using the tools at its disposal to give back to the community and to encourage unity in a time of disunity; this initiative is what corporate social responsibility means.

    Regardless of Careem and its initiative, the private sector in Egypt has the power to make a difference. This is especially the case when one takes into consideration that Egypt is a developing country that is, without a doubt, in need of all the social benefits that the private sector can provide the community with.

    In a time of political, economic and social distress, will the private sector follow in Careem’s footsteps and make use of its platform to help our country, or not?

    (www.crpme.gr)