Day: February 24, 2024

BETHLEHEM: Israeli colonists destroyed a barbed wire today surrounding an agricultural land in the area of Khlayel Al-Louz, located southeast of Bethlehem in the occupied West Bank, according to local sources.

Mohammed Aziz, a local Palestinian official, told WAFA that a group of colonists destroyed a barbed wire fencing around an 18-dunam agricultural land belonging to the Palestinia family of Sweis.

Recently, Israeli colonists have escalated their attacks on local Palestinians and their properties, involving the seizure of lands, hindering access, and setting up mobile homes.

Source: Palestine news and Information Agency – WAFA

NEW YORK: This morning, the Palestinian Detainees Affairs Authority and the Palestinian Prisoner’s Society identified the Palestinian prisoner who was announced dead yesterday in the Israeli prison of Ramla as Izz al-Din Ziyad al-Banna, 40, a resident of Gaza City.

In a joint press statement, the two organizations revealed that the late al-Banna suffered from mobility disabilities prior to his arrest, along with various illnesses. He had been arrested by the Israeli occupation forces from his home in Gaza City over two months ago during the ongoing Israeli aggression on the Gaza Strip.

According to the statement, the deceased prisoner underwent torture after his arrest, leading to a serious deterioration in his health. Sources among the detainees in Ramla prison reported that his condition critically deteriorated following his arrest, ultimately resulting in his death last Tuesday.

Surprisingly, the statement added, the Israeli prison administration did not announce his death at that time, amidst the ongoi
ng Israeli practice of enforced disappearance against Gaza detainees since October 7.

The two organizations expressed concern about the increasing number of martyrs in Israeli prisons after October 7, attributing it to torture, systematic retaliatory measures, and medical negligence.

They considered these incidents as part of the continuous Israeli genocide in Gaza and the all-out aggression against the Palestinian people.

Source: Palestine news and Information Agency – WAFA

GAZA: As the ongoing Israeli genocide campaign on the Gaza Strip enters its 141th consecutive day, dozens of civilians have been killed, and others injured, over the last few hours amid the relentless Israeli aerial and artillery bombardment.

WAFA correspondent reported casualties and injuries in a series of airstrikes by Israeli occupation forces targeting homes in the Al-Zaytoun neighborhood of Gaza City.

He said ambulances are facing significant challenges in transporting the wounded and the bodies of martyrs due to the indiscriminate Israeli bombardment and sniper fire.

The neighborhoods of Sabra, Tal al-Hawa, and Al-Daraj in Gaza City also experienced heavy artillery shelling, resulting in dozens of injuries.

Meanwhile, six civilians were killed and others injured as Israeli warplanes targeted several homes in Nuseirat, Bureij, and Deir al-Balah in central Gaza.

In southern Gaza, artillery bombardment on the eastern and western areas of Khan Yunis led to the killing of two individuals and injuries t
o others.

Simultaneously, Israeli occupation forces launched fire belts over the town of Khuza’a, east of Khan Yunis, destroying several homes – whose residents are now displaced – under the pretext of establishing a buffer zone, as reported by the Israeli organization B’tselem.

In Rafah, southern Gaza, Israeli fighter jets bombed two houses, resulting in the killing of five civilians and injuries to others.

In the meantime, Doctors Without Borders announced that Nasser Medical Complex remains besieged by Israeli tanks, highlighting the difficulties in evacuating patients for medical treatment at its field hospital.

The organization expressed concern over the Israeli occupation forces’ presence around Gaza’s hospitals, hindering access. It said a large number of medical personnel remain in Israeli detention.

It was also confirmed that residents and displaced individuals in the northern areas of Gaza are facing severe famine and a catastrophic health situation amid the Israeli military siege on the region
.

In a preliminary toll, the ongoing Israeli aggression on Gaza has resulted in more than 29,514 Palestinian fatalities, with approximately 69,616 wounded.

Source: Palestine news and Information Agency – WAFA

GAZA: As the ongoing Israeli genocide campaign on the Gaza Strip enters its 141th consecutive day, dozens of civilians have been killed, and others injured, over the last few hours amid the relentless Israeli aerial and artillery bombardment.

WAFA correspondent reported casualties and injuries in a series of airstrikes by Israeli occupation forces targeting homes in the Al-Zaytoun neighborhood of Gaza City.

He said ambulances are facing significant challenges in transporting the wounded and the bodies of martyrs due to the indiscriminate Israeli bombardment and sniper fire.

The neighborhoods of Sabra, Tal al-Hawa, and Al-Daraj in Gaza City also experienced heavy artillery shelling, resulting in dozens of injuries.

Meanwhile, six civilians were killed and others injured as Israeli warplanes targeted several homes in Nuseirat, Bureij, and Deir al-Balah in central Gaza.

In southern Gaza, artillery bombardment on the eastern and western areas of Khan Yunis led to the killing of two individuals and injuries t
o others.

Simultaneously, Israeli occupation forces launched fire belts over the town of Khuza’a, east of Khan Yunis, destroying several homes – whose residents are now displaced – under the pretext of establishing a buffer zone, as reported by the Israeli organization B’tselem.

In Rafah, southern Gaza, Israeli fighter jets bombed two houses, resulting in the killing of five civilians and injuries to others.

In the meantime, Doctors Without Borders announced that Nasser Medical Complex remains besieged by Israeli tanks, highlighting the difficulties in evacuating patients for medical treatment at its field hospital.

The organization expressed concern over the Israeli occupation forces’ presence around Gaza’s hospitals, hindering access. It said a large number of medical personnel remain in Israeli detention.

It was also confirmed that residents and displaced individuals in the northern areas of Gaza are facing severe famine and a catastrophic health situation amid the Israeli military siege on the region
.

In a preliminary toll, the ongoing Israeli aggression on Gaza has resulted in more than 29,514 Palestinian fatalities, with approximately 69,616 wounded.

Source: Palestine news and Information Agency – WAFA

Tripoli: Russia reopened its Embassy in Tripoli on Thursday. After 7 months, the accreditation of the Russian Ambassador to Libya, Aydar Aghanin, was approved by the Presidential Council.

The reopening ceremony was attended by the First Deputy President of the High Council of State and Chairman of the Libyan-Russian Communication Committee, Dr. Masoud Obaid, accompanied by members of the Council, Dr. Hana Al-Arfi and Professor Ahlam Alwa, and the Chairman of the Joint Libyan-Russian Committee, the GNU Minister of Oil, Mohamed Aoun, and the GNU Minister of Culture, Mabrouka Toghi, a number of Libyan officials, and some Arab ambassadors.

According to the communication office of the Ministry of Oil and Gas, in his speech at the ceremony, Aoun stressed the depth of the relationship between the two countries, which was established in 1955, indicating that the reopening of the Russian Embassy is an important step that will strengthen the relations of friendship and cooperation between the two countries and that i
t is a strong message to the international community that Libya has become more stable and secure and that the GNU will provide all services to facilitate the work of the Russian diplomatic mission.

As Chairman of the Joint Libyan-Russian Committee, Aoun stressed that joint cooperation in the area of energy, oil, and gas is one of the most important aspects of cooperation between the two countries, commending the Russian Ambassador’s announcement in his remarks to open the consular section soon, as well as confirming the work to activate agreements concluded between the two countries.

For his part, Aghanin stressed the depth of the strong relationship between the two countries and the continuation of joint cooperation that serves the two countries.

‘We consider today an important day in the relationship between Russia and Libya, and that cooperation between the two countries is entering a new era, and on September 25, 2025, the Russian embassy will celebrate the 70th anniversary of Libyan-Russian relations
,’ Aghanin said.

‘Diplomacy is the best means of communication and dialogue between the countries to reach stability and common understanding, and peace and development are not options but a definite necessity,’ he added.

The Russian ambassador stated that the embassy is about to open a general consulate in Benghazi this year.

Source: Libyan News Agency

GAZA: As the ongoing Israeli genocide campaign on the Gaza Strip enters its 141th consecutive day, dozens of civilians have been killed, and others injured, over the last few hours amid the relentless Israeli aerial and artillery bombardment.

WAFA correspondent reported casualties and injuries in a series of airstrikes by Israeli occupation forces targeting homes in the Al-Zaytoun neighborhood of Gaza City.

He said ambulances are facing significant challenges in transporting the wounded and the bodies of martyrs due to the indiscriminate Israeli bombardment and sniper fire.

The neighborhoods of Sabra, Tal al-Hawa, and Al-Daraj in Gaza City also experienced heavy artillery shelling, resulting in dozens of injuries.

Meanwhile, six civilians were killed and others injured as Israeli warplanes targeted several homes in Nuseirat, Bureij, and Deir al-Balah in central Gaza.

In southern Gaza, artillery bombardment on the eastern and western areas of Khan Yunis led to the killing of two individuals and injuries t
o others.

Simultaneously, Israeli occupation forces launched fire belts over the town of Khuza’a, east of Khan Yunis, destroying several homes – whose residents are now displaced – under the pretext of establishing a buffer zone, as reported by the Israeli organization B’tselem.

In Rafah, southern Gaza, Israeli fighter jets bombed two houses, resulting in the killing of five civilians and injuries to others.

In the meantime, Doctors Without Borders announced that Nasser Medical Complex remains besieged by Israeli tanks, highlighting the difficulties in evacuating patients for medical treatment at its field hospital.

The organization expressed concern over the Israeli occupation forces’ presence around Gaza’s hospitals, hindering access. It said a large number of medical personnel remain in Israeli detention.

It was also confirmed that residents and displaced individuals in the northern areas of Gaza are facing severe famine and a catastrophic health situation amid the Israeli military siege on the region
.

In a preliminary toll, the ongoing Israeli aggression on Gaza has resulted in more than 29,514 Palestinian fatalities, with approximately 69,616 wounded.

Source: Palestine news and Information Agency – WAFA

Tripoli: Russia reopened its Embassy in Tripoli on Thursday. After 7 months, the accreditation of the Russian Ambassador to Libya, Aydar Aghanin, was approved by the Presidential Council.

The reopening ceremony was attended by the First Deputy President of the High Council of State and Chairman of the Libyan-Russian Communication Committee, Dr. Masoud Obaid, accompanied by members of the Council, Dr. Hana Al-Arfi and Professor Ahlam Alwa, and the Chairman of the Joint Libyan-Russian Committee, the GNU Minister of Oil, Mohamed Aoun, and the GNU Minister of Culture, Mabrouka Toghi, a number of Libyan officials, and some Arab ambassadors.

According to the communication office of the Ministry of Oil and Gas, in his speech at the ceremony, Aoun stressed the depth of the relationship between the two countries, which was established in 1955, indicating that the reopening of the Russian Embassy is an important step that will strengthen the relations of friendship and cooperation between the two countries and that i
t is a strong message to the international community that Libya has become more stable and secure and that the GNU will provide all services to facilitate the work of the Russian diplomatic mission.

As Chairman of the Joint Libyan-Russian Committee, Aoun stressed that joint cooperation in the area of energy, oil, and gas is one of the most important aspects of cooperation between the two countries, commending the Russian Ambassador’s announcement in his remarks to open the consular section soon, as well as confirming the work to activate agreements concluded between the two countries.

For his part, Aghanin stressed the depth of the strong relationship between the two countries and the continuation of joint cooperation that serves the two countries.

‘We consider today an important day in the relationship between Russia and Libya, and that cooperation between the two countries is entering a new era, and on September 25, 2025, the Russian embassy will celebrate the 70th anniversary of Libyan-Russian relations
,’ Aghanin said.

‘Diplomacy is the best means of communication and dialogue between the countries to reach stability and common understanding, and peace and development are not options but a definite necessity,’ he added.

The Russian ambassador stated that the embassy is about to open a general consulate in Benghazi this year.

Source: Libyan News Agency

Muscat: Her Highness The Honourable Lady Assayida Ahd Abdullah Hamad Al Busaidi, Spouse of the Sultan of Oman, today congratulated male and female teachers on the occasion of Omani Teacher’s Day.

The greetings message reads as follows: ‘We are pleased to congratulate teachers, both male and female, in our dear country on the occasion of the celebration marking Omani Teacher’s Day, which fallson 24 February.

We value teachers’ central role in the educational process and their abundant contribution in grooming future cadres, empowering them with useful knowledge, sound values and sciences, so that they could in turn contribute to the service of the nation.

We wish teachers success in accomplishing their important mission. We also extend our deep thanks to the administrative bodies and all personnel operating in the field of education. We appreciate their tangible efforts in upgrading the education system.

We wish that the endeavours of all be crowned with success.

Many happy returns of the occasion.’

Sou
rce: Oman News Agency

GAZA: As the ongoing Israeli genocide campaign on the Gaza Strip enters its 141th consecutive day, dozens of civilians have been killed, and others injured, over the last few hours amid the relentless Israeli aerial and artillery bombardment.

WAFA correspondent reported casualties and injuries in a series of airstrikes by Israeli occupation forces targeting homes in the Al-Zaytoun neighborhood of Gaza City.

He said ambulances are facing significant challenges in transporting the wounded and the bodies of martyrs due to the indiscriminate Israeli bombardment and sniper fire.

The neighborhoods of Sabra, Tal al-Hawa, and Al-Daraj in Gaza City also experienced heavy artillery shelling, resulting in dozens of injuries.

Meanwhile, six civilians were killed and others injured as Israeli warplanes targeted several homes in Nuseirat, Bureij, and Deir al-Balah in central Gaza.

In southern Gaza, artillery bombardment on the eastern and western areas of Khan Yunis led to the killing of two individuals and injuries t
o others.

Simultaneously, Israeli occupation forces launched fire belts over the town of Khuza’a, east of Khan Yunis, destroying several homes – whose residents are now displaced – under the pretext of establishing a buffer zone, as reported by the Israeli organization B’tselem.

In Rafah, southern Gaza, Israeli fighter jets bombed two houses, resulting in the killing of five civilians and injuries to others.

In the meantime, Doctors Without Borders announced that Nasser Medical Complex remains besieged by Israeli tanks, highlighting the difficulties in evacuating patients for medical treatment at its field hospital.

The organization expressed concern over the Israeli occupation forces’ presence around Gaza’s hospitals, hindering access. It said a large number of medical personnel remain in Israeli detention.

It was also confirmed that residents and displaced individuals in the northern areas of Gaza are facing severe famine and a catastrophic health situation amid the Israeli military siege on the region
.

In a preliminary toll, the ongoing Israeli aggression on Gaza has resulted in more than 29,514 Palestinian fatalities, with approximately 69,616 wounded.

Source: Palestine news and Information Agency – WAFA

Tripoli: Russia reopened its Embassy in Tripoli on Thursday. After 7 months, the accreditation of the Russian Ambassador to Libya, Aydar Aghanin, was approved by the Presidential Council.

The reopening ceremony was attended by the First Deputy President of the High Council of State and Chairman of the Libyan-Russian Communication Committee, Dr. Masoud Obaid, accompanied by members of the Council, Dr. Hana Al-Arfi and Professor Ahlam Alwa, and the Chairman of the Joint Libyan-Russian Committee, the GNU Minister of Oil, Mohamed Aoun, and the GNU Minister of Culture, Mabrouka Toghi, a number of Libyan officials, and some Arab ambassadors.

According to the communication office of the Ministry of Oil and Gas, in his speech at the ceremony, Aoun stressed the depth of the relationship between the two countries, which was established in 1955, indicating that the reopening of the Russian Embassy is an important step that will strengthen the relations of friendship and cooperation between the two countries and that i
t is a strong message to the international community that Libya has become more stable and secure and that the GNU will provide all services to facilitate the work of the Russian diplomatic mission.

As Chairman of the Joint Libyan-Russian Committee, Aoun stressed that joint cooperation in the area of energy, oil, and gas is one of the most important aspects of cooperation between the two countries, commending the Russian Ambassador’s announcement in his remarks to open the consular section soon, as well as confirming the work to activate agreements concluded between the two countries.

For his part, Aghanin stressed the depth of the strong relationship between the two countries and the continuation of joint cooperation that serves the two countries.

‘We consider today an important day in the relationship between Russia and Libya, and that cooperation between the two countries is entering a new era, and on September 25, 2025, the Russian embassy will celebrate the 70th anniversary of Libyan-Russian relations
,’ Aghanin said.

‘Diplomacy is the best means of communication and dialogue between the countries to reach stability and common understanding, and peace and development are not options but a definite necessity,’ he added.

The Russian ambassador stated that the embassy is about to open a general consulate in Benghazi this year.

Source: Libyan News Agency

Muscat: Her Highness The Honourable Lady Assayida Ahd Abdullah Hamad Al Busaidi, Spouse of the Sultan of Oman, today congratulated male and female teachers on the occasion of Omani Teacher’s Day.

The greetings message reads as follows: ‘We are pleased to congratulate teachers, both male and female, in our dear country on the occasion of the celebration marking Omani Teacher’s Day, which fallson 24 February.

We value teachers’ central role in the educational process and their abundant contribution in grooming future cadres, empowering them with useful knowledge, sound values and sciences, so that they could in turn contribute to the service of the nation.

We wish teachers success in accomplishing their important mission. We also extend our deep thanks to the administrative bodies and all personnel operating in the field of education. We appreciate their tangible efforts in upgrading the education system.

We wish that the endeavours of all be crowned with success.

Many happy returns of the occasion.’

Sou
rce: Oman News Agency

The Egyptian National Dialogue sessions on the economic axis will kick off on Monday at the National Training Academy (NTA), member of the dialogue council Gamal El Keshkey announced on Saturday 24/02/2024.

In comments to Youm7, Keshkey added that the sessions will be attended by representatives from the government and economists.

The sessions will last for four days starting from Monday to Thursday this week, he said, noting that the economic situations that touch the citizens come at the top of the discussions.

The recommendations will focus on issues associated with the state’s budget, inflation, social justice, and investments.

On February 11, 2024, the Board of Trustees of the Egyptian National Dialogue, headed by General Coordinator Dr. Dhia Rashwan, received the executive plan submitted by the government regarding the recommendations of the first phase of the dialogue sessions.

The plan includes the proposed executive procedures, the proposed time frame for implementation, performance monitoring i
ndicators for implementation, and the initial assessment of the feasibility of implementation procedures.

President Abdel Fatah al-Sisi had announced launching a national dialogue on the country’s economic status saying that there was a need for a ‘thorough national dialogue’ on the Egyptian economy.

Egypt is facing harsh conditions on its Western, Eastern, and Southern borders, President Sisi affirmed saying, ‘I understand the amount of economic pressure on Egyptians, the tough circumstances, and price hikes. Yet, I trust the resilience of the Egyptian people in the face of crises that impact our lives and economy.’

Source: State Information Service Egypt

Chairman of the African Cooperation Committee at the Federation of Egyptian Industries (FEI) Sherif El Gabali stressed on Saturday 24/02/2024 the importance of boosting the private sector’s role in increasing investments and enhancing trade between Egypt and Rwanda in a way that will help boost economic cooperation between the two countries to achieve sustainable development in the region.

El Gabali said, in his meeting with the acting chairman of Rwanda’s Private Sector Businessmen Association, that this meeting aims to activate investments between the two countries as well as the cooperation protocol signed between the FEI and the association.

Gebali added that the association is a key partner in achieving these targets and enhancing cooperation in many fields such as agriculture, industry, technology, tourism and financial services.

He noted that Rwanda has invited Egypt to take part in the Rwanda International Exhibition which will be held in July with an Egyptian pavilion that will display different E
gyptian industries with the aim of increasing industrial export to Rwanda and a number of neighboring countries such as Uganda, the Democratic Republic of Congo and Burundi.

Source: State Information Service Egypt

Chairperson of the National Council for Women Maya Morsi discussed with Belarusian Ambassador in Cairo Sergey Terentiev mechanisms for supporting bilateral cooperation in the field of women empowerment.

Morsi said she is looking forward to promoting further cooperation with Belarus in the coming period to capitalize on its distinguished expertise in cultivation and the use of modern technology in this vital sector.

She added the country can benefit from experts from Belarus to transfer its experiences to Egypt and to rural women to boost its contribution in this regard.

The Belarusian diplomat welcomed cooperation with NCW in women empowerment.

Source: State Information Service Egypt

El Arish International Airport received Saturday 24/02/2024 two humanitarian aid aircraft from the United Arab Emirates (UAE) for the people of Gaza.

A source at the airport said the plane is loaded with 44 tons of medicine and medical supplies, flour, electrical devices and 12 barrels of fuel.

Source: State Information Service Egypt

Minister of Environment Yasmine Fouad Saturday 24/02/2024 held a meeting with representatives of the Organization for Economic Cooperation and Development (OECD) to review its report on Egypt’s policies of green growth.

The minister praised cooperation with the OECD, noting that the environment sector is deemed one of the key sectors that has faced several challenges, especially following the outbreak of coronavirus (COVD-19).

She reviewed progress achieved in the environment sector since the establishment of the ministry and enacting the environment law and its amendments, including the inclusion of the biodiversity, wastes and climate sectors to the new environment law.

The minister highlighted the establishment of the Waste Management Regulatory Authority to regulate the processes of waste management nationwide.

She touched on the Egypt’s Sustainable Development Strategy (SDS) that seeks involving sustainability criteria into state’s plans and budget, making 100 percent of state’s projects green ones b
y the year 2030.

Renewed reform efforts helping to promote private sector activity and investment would help boost growth, which is currently slowing amid high domestic inflation, and would support the creation of more high-quality jobs, according to the OECD report.

The first OECD Economic Survey of Egypt projects GDP growth to ease to 3.2% in fiscal year 2023/24, before increasing gradually to 5.1% by fiscal year 2025/26.

Egypt has ample scope to increase private sector activity and productivity, according to the Survey.

Source: State Information Service Egypt

The European Bank for Reconstruction and Development (EBRD) is providing a financing package of US$50 million (pound 46 million) to Banque du Caire (BDC), one of Egypt’s largest banks, to scale up support to micro, small and medium-sized enterprises (MSMEs) in the country, of which US$10 million (pound 9.2 million) is earmarked for women entrepreneurs, EBRD said on its website.

The credit line to BDC will help to increase access to finance for MSMEs in Egypt and expand its outreach to new clients across the country.

Under the EBRD’s Women in Business (WiB) program, BDC will allocate up to US$10 million (pound 9.2 million) to women-owned or led enterprises, with the aim of alleviating the financing gap for those enterprises and boosting their competitiveness.

The WiB loan will be complemented by an EBRD-funded technical cooperation package that will provide beneficiaries with advisory and capacity-building services. The package will also support BDC in testing and rolling out new WiB products to better meet
the needs of women-led MSMEs, improving access to finance.

The agreement was signed at the EBRD’s headquarters in London in the presence of Jrgen Rigterink, EBRD First Vice President and Head of Client Services Group, and Tarek Fayed, BDC Chairman and CEO.

Jrgen Rigterink said: ‘The EBRD is delighted to sign this facility with BDC, reinforcing our strong and strategic partnership. We are very pleased to further support MSMEs, a key segment of the Egyptian economy, and foster inclusion by encouraging lending to women-led businesses.’

Tarek Fayed said: ‘We take pride in our strategic partnership with the EBRD. BDC is committed to supporting entrepreneurs, especially women entrepreneurs, and empowering them at all levels. The EBRD financing will support projects in regions outside the capital city, capitalizing on BDC’s geographical presence, especially in Upper Egypt, which accounts for about 55 percent of BDC’s microfinance customer base, of which women and youth comprise 35 percent and 40 percent respectiv
ely.’

Egypt is a founding member of the EBRD. Since the start of the Bank’s operations there in 2012, the EBRD has invested over pound 11 billion in 174 projects in the country. The EBRD’s areas of investment include the financial sector, agribusiness, manufacturing and services, as well as infrastructure projects such as power, municipal water and wastewater services, and contributions to the upgrade of transport servicesý.

Source: State Information Service Egypt

Prime Minister Mostafa Madbouli said the development project of Ras El Hikma city on the North Coast is the biggest foreign direct investment deal in Egypt’s history.

In a press conference held at the New Administrative Capital on Friday 23/02/2024, the premier added the project comes within the framework of Egypt’s 2052 Urban Development Plan.

Madbouli stated the 2052 Urban Development Plan includes developing the cities of El Alamein, Ras El Hikma, El Negila, Sidi Barrani, Jarjoub, Matrouh and Sallum to accommodate millions of people and provide millions of job opportunities for Egyptian youth.

The Prime Minister explained the project is implemented as per the same mechanism pursued by the New Urban Communities Authority with all real-estate developers and the private sector.

He noted the project, carried out in partnership with the UAE, is aimed at developing Ras El Hikma city, which extends on an area of 170 million square meters.

The Prime Minister went on to say that the Abu Dhabi Developmental Hol
ding Company will set up Ras El Hikma company as a joint stock company in which Egypt will be a partner.

The project will encompass residential districts, prestigious international hotels, tourist resorts, expansive entertainment venues, and service facilities such as hospitals, schools and universities, Madbouli said.

It will also include administrative and service buildings, a free economic zone for information technology industries and logistics hubs, and a central business district that would house global companies, the prime minister added.

The project will comprise as well a large marina for tourist yachts and ships, Madbouli said.

“We expect the new city to attract 8 million tourists to Egypt upon completion,” he noted.

The Prime Minister pointed out that the State will get 35% of the project’s profits.

He said the UAE side will invest nearly USD 150 billion throughout all phases of the project, adding that USD 35 billion will be injected into the national economy within the next two months, whic
h is the largest sum in foreign direct investment in the history of the country.

He stated this large sum will contribute to solving the economic crisis facing the country and to boosting the business chances of Egyptian real estate companies, logistics companies and factories that will be tasked with providing raw materials and construction materials for this big project.

Madbouli stressed that the State is committed to compensating, in cash and in kind, residents of Matrouh living on the land allocated for the Ras El Hikma project.

All residents of this area have been counted and all buildings and agricultural lots have been sorted, the premier said, noting that new residential complexes along the coast will be established to relocate the citizens.

This way the residents will continue to live in the same area they have been living in, Madbouli said, adding they will also benefit from the development process in the area.

Egypt is completely open to foreign direct investments and welcomes ventures that w
ould help achieve integrated development on its lands, create jobs for youth and give the Egyptian economy a shot in the arm, the prime minister told reporters.

Madbouli thanked the UAE for this partnership, which sends a message of confidence in Egypt and the promising opportunities it offers.

The Prime Minister said that the success of global economies is judged by their ability to lure foreign direct investment through asset purchases.

He said the State earnestly seeks to enhance the partnership with the private sector and attract further foreign direct investments to provide hard currency and bridge the gap between revenues and expenditures.

PM Madbouli underlined the US dollar liquidity provided through this project will assist in stabilizing the foreign exchange market and curbing high inflation, in addition to strengthening the country’s position on the world tourism map.

He added the State made a quantum leap in improving the investment climate in the past two years, citing the introduction of se
veral legislative amendments and a wide package of incentives for supporting the industrial sector.

Source: State Information Service Egypt