Dalia Farouk- Cairo Post: An Emirati investor has offered to provide $7.5 billion for the construction of a new oil power plant in Egypt capable of producing 3,960 megawatts a day.
Egyptian president Abdel Al-Sisi stated Tuesday that he has agreed with Russian President Vladimir Putin to establish a Russian industrial zone in the new Suez Canal Project.
“An important agreement was reached to establish cooperation between Egypt and the Customs Union [of Russia, Belarus and Kazakhstan],” said the Russian President. “And now we are looking at a possibility of creating a free trade zone.”
“Our talks have opened great prospects in this area. I hope that the creation of the Russian industrial zone in Egypt will become a component that will supplement the new Suez Canal project, which Egypt presented last week,” Sisi said.
Egypt launched a Suez Canal development project worth $4 billion earlier in August. The project envisages digging a new canal parallel to the original built 145 years ago with the aim of speeding up traffic along the existing waterway and boosting the country’s economy.
The Russian government also approved the Egyptian government’s proposal to begin negotiations regarding the establishment of a free trade zone between Egypt and the countries of the Customs Union, which include Russia, Belarus and Kazakhstan.
Dalia Farouk – Ahram Online
Egypt’s tourism ministry says it will initiate an international campaign in October to promote the country’s tourism sector, hit hard by three years of political turbulence.
First up is a decision by the foreign ministry to grant Indian tourists visas upon arrival, without having to apply at Egyptian embassies back home, Tourism Minister Hisham Zaazou said at a press conference.
EgyptAir, the national carrier, signed an agreement in July to launch a direct flight line between Cairo and New Delhi, while also adding three new lines to the existing four between Egypt and India.
The airline has previously allowed private airlines to run flights between New Delhi and Cairo to make up for the lack of options between the two cities.
Egypt’s tourism ministry says it will also work on reactivating cultural tourism from several European destinations including the United Kingdom, Germany, Italy and Russia – countries which contribute around 70 percent of the country’s tourism.
“We have convinced tour operators to direct their flights to Egypt in the middle of the tourism season,” said Zaazou, adding that the tourism sector is still facing “unprecedented challenges.”
Tourists visiting Egypt in June declined 20.5 percent as compared to the same period the year before, according to the ministry’s latest report.
Egypt’s tourism revenue sank by 41 percent to LE41.3 billion ($5.9 billion) in 2013 as compared to the previous year.
Telecom Egypt has announced a 11 percent growth in its net profit in the second quarter with $142.66 million. In an official statement today, the Fixed-line monopoly said that “every one of our business units has delivered revenue growth when compared to both the previous year and the previous quarter, allowing us to record the highest quarterly revenue result in the history of the company.”
According to Ahram newspaper, Telecom Egypt is waiting for the government to approve a unified license for mobile and landline services that would allow it to offer mobile services and boost earnings. It has been waiting to launch a new mobile operation that would complement its existing joint venture with Vodafone and rival the sector’s two other players.
GIB Egypt – AGENCIES
In a statement issued on Tuesday 12 August, Egypt’s Minister of Electricity, Mohamed Shaker, announced that the Ministry of Electricity and Renewable Energy has signed a LE310 million ($43.4 million) contract to develop a power plant. The plant is located in South Helwan, a suburb of Greater Cairo and forms part of the Ministry’s on going five-year plan, set to run until 2017, that aims to develop Egypt’s electric grid. This is crucial in order to secure a reliable power supply for Egypt, which continues to see a steady growth in demand for energy.
The project will be financed by several organisations, including the European Bank for Reconstruction and Development and the Kuwait Fund for Arab Economic Development. According to Shaker, the total investment in the project is expected to amount to LE12.5 billion.