The Group delivered a solid start to the first quarter of the financial year ending 31 December 2026,
achieving consolidated Net Sales of USD 40.4 million, representing a 21.7% y-o-y increase despite a
challenging political and macroeconomic environment. Consolidated net profit reported USD 1.5 million,
profitability was pressured with higher cost of goods sold during the period, it is worth highlighting that
profitability of Q1 2025 included one-off capital gain of USD 1.8 million. Meanwhile, CFG remains focused
on maximizing shareholder value by strengthening the resilience and adaptability of its business model,
expanding retail footprint, while reinforcing its positioning within global supply chains to capture emerging
opportunities.
Cairo, Egypt | 15 June 2026
Concrete Fashion Group for Commercial and Industrial Investments S.A.E (“Concrete Fashion Group” or “CFG” or the
“Group”), Egypt’s leading luxury apparel manufacturer, retailer, and exporter, announced today its audited financial
statements and operational results for the financial period ending 31 March 2026 (Q1 2026). During Q1 2026, the
Group achieved consolidated net sales of USD 40.4 million, up 21.7% y-o-y compared to USD 33.2 million in Q1 2025,
primarily driven by strong export activity despite a challenging operating environment. Further down the income
statement, the Group reported consolidated EBITDA of USD 7.4 million and a margin of 18.3%, compared to USD 9.4
million and a margin of 28.3% during last year, the EBITDA was weighted down by the impact of the inclusion of USD
1.8 million one-off capital gain booked in the previous year. CFG has also witnessed cost pressures, on the back of
higher labor costs of 32.8% y-o-y, since the implementation of minimum wages occurred during Q2 2025, alongside
an increase in the industrial expenses and transportation costs on the back of an increase in all utility prices y-o-y.
Adding to that cost of goods sold was impacted by changes in pricing dynamics. Consolidated net profit for Q1 2026
came in at USD 1.5 million, with a margin of 3.7% compared to USD 3.3 million and a margin of 9.9% in Q1 2025
affected by higher net financing costs on the back of FX losses during the period, as a result of the devaluation of EGP
against USD during March 2026 impacting closing exchange rates used on translating EGP balances as of 31 March
2026.

With reference to the published news that the company is working to complete logistics projects during 2026, most notably a logistics warehouse in Ain Sokhna, built on an area of ​​17,000 square meters, with an investment cost of EGP 110 million.



Please note that the mentioned investment cost pertains specifically to the Ain Sokhna land, including the price of the land and its development.

(QNA)-


The Qatar Stock Exchange (QSE) index closed Tuesday's trading session lower by 2.33 points, or 0.02 percent, reaching 10,551.42 points.
A total of 171,210,538 shares were traded during the session, with a total value of QAR 445,067,610.451 through 23,423 transactions across all sectors.
The shares of 29 companies advanced, while those of 21 other companies declined, with the shares of three companies remaining unchanged.
Market capitalization at the close of trading stood at QAR 637,228,505,239.866 compared to QAR 636,324,628,008.500 in the previous session

The Saudi Stock Exchange's main index closed today up 49.69 points, reaching 11,145.55 points, with trading valued at SAR 4.6 billion.

According to the Saudi Press Agency's daily economic bulletin for the Saudi Stock Exchange, 235 million shares were traded, with 115 companies seeing their share prices rise, while 141 companies experienced a decline.

The shares of Tabuk Agricultural Development Company, Bupa Arabia, Al-Tadawul Food Company, Liva, and Al-Saqr Insurance were the top gainers, while the shares of Saudi Cable Company, Budget Saudi Arabia, Nice One, Advanced Petrochemical Company, and Saco were the biggest losers. The percentage changes ranged between a gain of 5.80% and a loss of 4.53%. Americana, Saudi Aramco, Al Rajhi Bank, Petro Rabigh, and Anabeeb were the most actively traded stocks by volume, while Al Rajhi Bank, Saudi Aramco, Al Ahli Bank, ACWA Power, and Alinma Bank were the most actively traded by value.

The Saudi Parallel Market (Nomu) index closed today up 237.32 points at 23,221.15 points, with a trading value of SAR 15 million and a volume of over 3.2 million shares.

Youm7-

The Egyptian stock market indices showed mixed performance at the close of trading on Tuesday, the middle session of the week. The main index declined due to downward pressure on leading stocks, most notably Commercial International Bank (CIB), Palm Hills Developments, and Eastern Company. Meanwhile, the EGX 70 and EGX 100 indices rose. Egyptian investors were net buyers, while Arab and foreign investors were net sellers. Trading volume reached EGP 10.1 billion, and market capitalization fell by EGP 6 billion to close at EGP 3.720 trillion.

The EGX 30 index declined by 0.5% to close at 52,047 points, while the EGX 30 Capped index fell by 0.37% to close at 63,931 points. The EGX 30 Total Return index also decreased by 0.48% to close at 24,266 points, and the EGX 35-LV index, which tracks low-volatility stocks, rose by 0.26% to close at 6,081 points.

Meanwhile, the EGX 70 Equal Weight index, which tracks small and medium-sized enterprises, increased by 0.23% to close at 15,483 points, and the EGX 100 Equal Weight index rose by 0.15% to close at 21,262 points. The Sharia index, however, fell by 0.38% to close at 5,810 points.

● More than 10,000 barrels per day added from Khalda Petroleum fields in two weeks using the latest technologies and integrated operating models

● General Petroleum Company achieves highest production rates since October 2024 and adds 1,500 barrels per day from Sinan to maximize production from mature fields

As part of the Ministry of Petroleum and Mineral Resources' strategy to increase domestic oil and gas production, the petroleum sector has succeeded in adding nearly 12,000 barrels per day of crude oil and condensates to the Western Desert region's production over the past two weeks. This includes more than 10,000 barrels per day from Khalda Petroleum Company's fields, in addition to approximately 1,500 barrels per day from the General Petroleum Company's fields in the Abu Sinan area.

The positive results at Khalda Petroleum Fields exemplify the success of the intensive investment programs implemented recently. This success follows the restoration of trust with investment partners and the gradual repayment of outstanding dues over two years. These measures have contributed to increased investment spending, accelerated drilling, development, and exploration activities, and transformed promising opportunities into actual production that supports the local market. Khalda Petroleum, a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Apache Corporation, achieved a significant production leap, adding more than 10,000 barrels per day (bpd) of crude oil and condensates in just two weeks. The company's production rose from 113,300 bpd on May 26, 2026, to approximately 123,500 bpd on June 8, 2026. This increase came after bringing five new wells online, including three development wells and two exploration wells, demonstrating the rapid success of the drilling and development programs. The results also confirm the company's efficiency in employing the latest technologies, digital solutions, and artificial intelligence to accelerate the development of discoveries and maximize production rates with the highest efficiency. In a related development aimed at maximizing production from state-owned assets, the General Petroleum Company achieved its highest production rates since October 2024, reaching a total output of approximately 74,500 barrels of oil equivalent per day, including nearly 61,000 barrels of crude oil. This reflects the success of intensive development programs, improved field operational efficiency, and accelerated production increase plans.

It is worth noting that the company achieved a new production addition from the Abu Sennan area in the Western Desert, which represents a distinguished model for maximizing the utilization of producing fields through the application of the latest technologies and Egyptian technical expertise. The GPF-1X exploration well has been brought online at a rate of approximately 1,500 barrels of crude oil per day, along with one million cubic feet of natural gas per day. Drilling results have shown positive indications of oil-bearing structures in other formations, including North Bahariya and Abu Rawash. Further testing and evaluation are planned for the coming period, which will support the potential for adding new reserves and increasing production rates. These results reflect the success of the Ministry of Petroleum and Mineral Resources' strategy to develop new discoveries and maximize the benefits from existing fields. This strategy involves expanding drilling and exploration activities, applying the latest technologies, and creating an attractive and stimulating investment environment to attract further investments, thereby supporting increased domestic production and reducing the import bill.

Madbouly: Expanding Renewable Energy Projects and Maximizing Their Contribution to the Energy Mix

Minister of Electricity: Supporting, Developing, and Modernizing the National Electricity Grid is an Ongoing Process to Increase its Capacity to Absorb Renewable Energy and Address Rising Loads

Minister of Finance: Supporting Efforts to Transition to Renewable Energy to Secure the Electricity Needs of Citizens and Investors

Minister of Planning and Economic Development: The Protocol Represents a Model of Integration Between the State's Financial and Investment Policies... and a Direct Strategic Investment in Infrastructure and National Projects

Prime Minister Dr. Mostafa Madbouly witnessed the signing ceremony of a protocol agreement to finance projects aimed at strengthening and developing the national electricity grid to accommodate renewable energy capacities.

The protocol agreement was signed by Eng. Mahmoud Esmat, Minister of Electricity and Renewable Energy, Mr. Ahmed Kouchouk, Minister of Finance, and Dr. Ahmed Rostom, Minister of Planning and Economic Development, to provide EGP 60 billion in funding to support the Egyptian Electricity Transmission Company, enhancing its financial and operational capabilities. Following the signing, the Prime Minister highlighted efforts to expand renewable energy projects and maximize their contribution to the energy mix, in line with the state's strategy for transitioning to a green economy and achieving sustainable development. He emphasized the continued implementation of projects to strengthen and develop the national electricity grid, including transmission, distribution, and distribution networks, to accommodate the planned additions from renewable energy projects.

Engineer Mahmoud Esmat affirmed that supporting and strengthening the national electricity grid, along with ongoing development and modernization programs, is a continuous and evolving process. This aims to enhance the grid's capacity to absorb new renewable energy generation and meet the increasing energy demand within the framework of the state's sustainable development plan, as well as address rising loads and consumption rates. He explained the importance of grid support projects to ensure sustainability, continuity, and stability of the electricity supply, and to improve the quality of services provided. He noted the acceleration of solar and wind energy projects and the streamlining of timelines to reach a 45% renewable energy share by 2028. He emphasized securing the necessary electricity for all uses, particularly major development projects, as a cornerstone of the reconstruction and development plan. The Minister of Finance affirmed the government's commitment to supporting the transition to renewable energy, including efforts to develop the electricity grid infrastructure. This support aims to ensure a sustainable supply of electricity for citizens and investors and to boost investment across various productive, industrial, and export sectors.

The Minister of Planning and Economic Development stated that this protocol exemplifies the integration of the state's fiscal and investment policies. He emphasized that allocating 60 billion Egyptian pounds to support the electricity transmission network is not merely sectoral financing, but a direct strategic investment in infrastructure and national projects. These projects are crucial for attracting foreign and domestic investment and for stimulating the private sector as a key partner in development.

Settlement of Financial Interlinkages Between the National Investment Bank and Water Companies Worth EGP 62.2 Billion, and Resolution of Debts Owed by the General Authority for Reconstruction and Agricultural Development Amounting to EGP 133.5 Billion as of End-December 2025

Prime Minister Madbouly: We will continue efforts to resolve financial interlinkages and address longstanding historical issues.

Minister of Finance: A strong start to structural reforms and the settlement of financial interlinkages that ensures the optimal utilization of state assets.

Development of financing structures, improvement of the performance of national companies and entities, and enhancement of their operational efficiency to achieve sustainable development goals.

Minister of Agriculture and Land Reclamation: Ongoing efforts to advance agricultural development, achieve self-sufficiency, and increase export rates.

Minister of Planning and Economic Development: What we witnessed today represents a pivotal milestone in joint government coordination under the direct supervision of the Prime Minister and a significant step driven by political will to close a file that burdened the economy for decades. These settlements will ease pressure on the state budget and help recover state assets.

Minister of Housing, Utilities, and Urban Communities: An important step within the state's efforts to address financial interlinkages among government entities.

As part of the coordination and integration among various state institutions to resolve historical financial interlinkages between the National Investment Bank (NIB) and government entities, and in implementation of the directives of President Abdel Fattah El-Sisi, Prime Minister Dr. Mostafa Madbouly witnessed the signing of two framework agreements this evening to settle historical financial obligations dating back, in some cases, to the 1980s. The total value of these settlements amounts to approximately EGP 196 billion, contributing to the restoration of financial balance for national entities and reducing pressure on the state budget.

The first framework agreement, aimed at resolving financial interlinkages between the National Investment Bank and the subsidiaries of the Holding Company for Water and Wastewater, was signed by Mr. Ahmed Kouchouk, Minister of Finance; Eng. Randa El-Menshawy, Minister of Housing, Utilities, and Urban Communities; and Dr. Ahmed Rostom, Minister of Planning and Economic Development.

Under this agreement, debts owed to the National Investment Bank by the subsidiaries of the Holding Company for Water and Wastewater, amounting to EGP 62.2 billion as of the end of December 2025, will be settled.

The second framework agreement, aimed at resolving financial interlinkages between the National Investment Bank, the General Authority for Reconstruction and Agricultural Development Projects, and the Egyptian Agricultural Authority, was signed by Mr. Ahmed Kouchouk, Minister of Finance; Mr. Alaa El-Din Farouk, Minister of Agriculture and Land Reclamation; and Dr. Ahmed Rostom, Minister of Planning and Economic Development.

The agreement provides for the settlement of debts owed to the National Investment Bank by the General Authority for Reconstruction and Agricultural Development, amounting to EGP 133.5 billion as of the end of December 2025, in addition to debts owed by the Egyptian Agricultural Authority amounting to EGP 306 million as of the end of March 2025.

Following the signing ceremony, the Prime Minister reaffirmed the government's commitment to completing the resolution of financial interlinkage files and addressing longstanding issues among government entities and institutions. He noted that these efforts would create greater opportunities for modernization and capacity building across these entities, ultimately enhancing the quality of services provided to citizens in various vital sectors.

The Minister of Finance emphasized that the close coordination among state institutions, reflected in the signing of these important agreements, represents a strong step forward in structural reforms and the settlement of financial interlinkages. He stated that these efforts will ensure the optimal utilization of state assets through improved financing structures, enhanced performance of national companies and entities, and greater operational efficiency in support of sustainable development objectives.

Kouchouk added that continuous coordination is taking place with all agriculture-related entities to remove obstacles and support genuine agricultural development opportunities, particularly in light of the government's strategy to expand cultivated land and reshape Egypt’s agricultural map.

In the same context, the Minister of Agriculture and Land Reclamation highlighted the ongoing efforts to advance agricultural development, achieve self-sufficiency, increase agricultural production, promote agro-industrial activities, and expand agricultural exports in line with Egypt’s sustainable development strategy and economic objectives.

For his part, the Minister of Planning and Economic Development stated that today's achievement marks a pivotal milestone in joint government coordination under the direct supervision of the Prime Minister. He stressed that these major settlements contribute significantly to macroeconomic stability, maximize the utilization of state resources and assets, and send a strong signal of confidence to the business community and investors that the government is serious about resolving longstanding financial issues.

Dr. Ahmed Rostom further emphasized the Ministry's commitment to accelerating efforts to close this file, enabling the National Investment Bank to restore its financial balance and continue fulfilling its vital role as one of the Egyptian state's key investment and development arms supporting economic and social development plans.

He also noted that intensive discussions are continuing to resolve any remaining financial interlinkages involving other entities.

Concluding his remarks, Rostom explained that the agreements signed today cover strategic sectors that are of the highest priority for Egypt's national security, particularly agriculture, food security, and drinking water. He stated that these settlements remove financial burdens that have constrained these sectors for decades and open new opportunities for growth and improved service delivery to citizens.

Eng. Randa El-Menshawy affirmed that the signing of the debt settlement agreement between the National Investment Bank and the subsidiaries of the Holding Company for Water and Wastewater represents an important step in the state's efforts to address financial interlinkages among government entities. She noted that it will contribute to strengthening financial discipline, improving the financial positions of the entities concerned, and enhancing the efficiency of managing state-owned resources and assets.

The Minister of Housing, Utilities, and Urban Communities added that this settlement serves as a model of coordination and integration among state institutions. She reaffirmed the Ministry's commitment to developing the drinking water and wastewater sector and improving the performance of the Holding Company's subsidiaries.

She noted that settling these financial obligations will strengthen the company's ability to fulfill its responsibilities within this vital sector, ensuring the sustainability and quality of services provided to citizens while contributing to the achievement of Egypt's urban and economic development goals nationwide.

Youm7-

Statistics: Egyptian Exports to G7 Countries to Rise 15.6% in 2025 (June 15, 2026, 10:26:57 PM)

Data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Monday showed that the value of Egyptian exports to the G7 countries is expected to reach $11.1 billion in 2025, compared to $9.6 billion in 2024, representing a 15.6% increase.

Italy Leads the Way

Italy topped the list of G7 countries importing the most from Egypt in 2025, with exports valued at $4.1 billion. The United States followed with $2.7 billion, then the United Kingdom with $1.6 billion, Germany with $1.2 billion, France with $1.1 billion, Canada with $197.5 million, and finally Japan with $63 million.


Statistics: Egyptian Exports to G7 Countries to Rise 15.6% in 2025 (June 15, 2026, 10:26:57 PM) Major commodity groups exported to the G7 countries in 2025:

• Fuels, mineral oils, and their distillation products: $2.2 billion

• Ready-made garments: $1.8 billion

• Vegetables and fruits: $982 million

• Fertilizers: $758 million

• Aluminum and aluminum products: $571 million

• Plastics and plastic products: $489 million

Egyptian imports from the G7 countries reached $25.4 billion in 2025, compared to $20.3 billion in 2024, representing an increase of 25.1%. The United States topped the list of G7 countries exporting to Egypt in 2025, with imports from the US reaching $13 billion. Germany followed with $4.5 billion, then Italy with $3 billion, France with $1.8 billion, the United Kingdom with $1.7 billion, Japan with $934.5 million, and finally Canada with $357.5 million.

Main commodity groups imported from G7 countries in 2025:

• Fuels, mineral oils, and their distillation products: $8.4 billion

• Machinery, electrical equipment, and mechanical appliances: $3.4 billion

• Cars, tractors, and bicycles: $2.2 billion

• Oilseeds, oilseeds, and medicinal plants: $2.1 billion

• Pharmaceutical products: $1.4 billion Statistics indicate that the value of trade between Egypt and the G7 countries will reach $36.5 billion in 2025, compared to $29.9 billion in 2024, representing an increase of 22.1%.

Investments between Egypt and the G7 countries

The value of G7 investments in Egypt reached $10.1 billion during the 2024/2025 fiscal year, compared to $9.2 billion during the 2023/2024 fiscal year, an increase of 10.45%.

The United States ranked first among G7 countries investing in Egypt during the 2024/2025 fiscal year, with investments totaling $3.3 billion. It was followed by the United Kingdom with $2.9 billion, Italy with $2.5 billion, France with $767.1 million, Germany with $446.3 million, Japan with $191.5 million, and finally Canada with $60.2 million.

Meanwhile, Egyptian investments in G7 countries reached $6.7 billion during the 2024/2025 fiscal year, compared to $6.3 billion during the 2023/2024 fiscal year, representing an increase of 5.57%.

Italy topped the list of G7 countries in terms of the value of Egyptian investments during the 2024/2025 fiscal year, with investments totaling $2.6 billion. This was followed by the United Kingdom at $1.7 billion, the United States at $1.6 billion, France at $398.1 million, Germany at $347.5 million, Japan at $78.4 million, and finally Canada at $34 million.

Remittances between Egypt and the G7 countries: Data from the Central Agency for Public Mobilization and Statistics (CAPMAS) revealed a significant increase in remittances from Egyptians working in the G7 countries, reaching $4.8 billion during the 2024/2025 fiscal year, compared to $3.2 billion during the 2023/2024 fiscal year, representing a 52.1% increase.

The United States topped the list of G7 countries in terms of remittances from Egyptians working there during the 2024/2025 fiscal year, with remittances totaling $3.1 billion. This was followed by the United Kingdom with $1.1 billion, Germany with $212.8 million, Italy with $158.4 million, Canada with $113.6 million, France with $99.7 million, and finally Japan with $8.7 million.

Remittances from G7 workers in Egypt also reached $192.3 million during the 2024/2025 fiscal year, compared to $133.4 million during the 2023/2024 fiscal year, representing an increase of 44.2%.

The United States ranked first in the value of remittances from G7 workers in Egypt during the 2024/2025 fiscal year, with remittances totaling $84.7 million. This was followed by the United Kingdom with $62.3 million, France with $17.7 million, Germany with $10.6 million, Canada with $8.3 million, Italy with $7.3 million, and finally Japan with $1.4 million.

The number of Egyptians residing in G7 countries, according to the mission's estimates, reached 3.2 million by the end of 2024.

Youm7-

As part of the ongoing monitoring of activities and projects in the natural gas sector, Minister of Petroleum and Mineral Resources, Karim Badawi, visited the Egyptian Natural Gas Holding Company (EGAS), where he held an extensive meeting with the company's leadership, chaired by Managing Director, Eng. Sayed Selim, to review the progress and implementation plans of ongoing strategic projects across various sectors of the natural gas industry.

During the meeting, the Minister reviewed the implementation status of current projects and the progress achieved, as well as available investment opportunities and the challenges associated with project implementation. He emphasized that the current phase requires accelerating the pace of work and intensifying efforts to support the state's plans to increase domestic natural gas production and maximize the utilization of petroleum resources.

The Minister directed that all necessary support and facilitations be provided to expedite the implementation of investment projects and to work on removing all obstacles that may affect completion rates, ensuring the achievement of production and development targets and maximizing the state's economic returns.

The Minister also stressed the importance of adopting innovative and unconventional solutions and leveraging the latest global technologies and practices to enhance performance efficiency, improve the investment environment, and strengthen the competitiveness of the Egyptian gas sector.

The Minister affirmed his full support for EGAS as the state's primary arm in managing and developing natural gas activities. He noted that natural gas is a cornerstone of Egypt's energy system and a crucial driver for attracting investments, supporting economic growth, and maximizing the added value to the national economy.

Attracting Investments to Exploration Activities

The Minister also stressed the importance of continuing to attract investments to exploration, production, and development activities, and accelerating the development of new discoveries. This should be done in parallel with expanding natural gas transportation and distribution projects and developing infrastructure, thus supporting the state's strategy to solidify Egypt's position as a regional hub for gas trading and distribution, and meeting the increasing energy demand resulting from the expansion of national projects and comprehensive development plans.

For his part, Eng. Sayed Selim, the company's Managing Director and CEO, and his deputies reviewed EGAS's efforts in managing and developing the natural gas system, and its future plans to support exploration and production activities and infrastructure development. They affirmed their full commitment to implementing the pillars of the Ministry of Petroleum and Mineral Resources' strategy, working to increase production rates and achieve the highest levels of operational efficiency, while adhering to project timelines and applying the highest standards of occupational safety, health, and environmental protection.

Youm7-

Minister of Industry Khaled Hashem announced that industrial land will soon be offered under a lease-to-own system for the first time. The offering and licensing will begin with small and medium-sized enterprises (SMEs) wishing to expand into targeted industries, thus easing the burden of land purchase costs for small manufacturers.

Speaking at a seminar at the Egyptian Center for Economic Studies today, Hashem explained that the land will be available for 21 years with rent payments starting from day one. Ownership will be available every seven years for those wishing to operate within the targeted industries.

Addressing the Crisis of Struggling Industries
Regarding struggling or stalled industries, the Minister stated that he is currently working to resolve this issue. However, the lack of a comprehensive inventory is one of the obstacles the Ministry is addressing by contacting the governorates to obtain accurate data.

He added, "We are developing a new program to connect struggling factory owners with those seeking industrial land. Expert appraisers will work to reach a fair agreement that satisfies both parties. We will also launch an initiative to provide capital financing for new entities."

Youm7-

Minister of Industry Khaled Hashem affirmed that the ministry adopts a strategic vision based on scientific principles and meticulous analysis to define industrial targets. He emphasized that the goal is not merely to reach $100 billion in exports, but rather to achieve genuine industrial development that ensures an improved trade balance and addresses import gaps.

During a seminar at the Egyptian Center for Economic Studies, Hashem stated that analyses have revealed a situation requiring immediate intervention, as 12 out of 13 export councils are suffering from a negative trade balance. He pointed out that continuing exports at the same pace without increasing the local component means importing production inputs at a value exceeding the targeted export value. This necessitates focusing on the priorities of the 80/20 rule to achieve the greatest economic impact by concentrating efforts on specific sectors.

Targeted Industrial Sectors

Hashem added that the industries the state will prioritize fall into five main categories: priority industries, including automobiles, textiles and ready-made garments, electrical equipment, electronics, and food industries; basic industries, including iron and steel, fertilizers, building materials, and mining; enabling industries, which focus on manufacturing automation and energy, such as solar panels, wind turbines, and water treatment plant equipment; complementary "feeder" industries, which aim to replace imports of goods worth hundreds of millions of dollars, such as conveyor belts ($250-450 million annually), castings, and electrical wiring harnesses; and finally, recycling industries, which serve all other industrial sectors.

Feeder Industries and Exceptional Support

The minister explained that the coming period will witness intensive support for feeder industries (at the primary, secondary, and tertiary levels), including active pharmaceutical ingredients (APIs), automotive components, and electrical appliances. He emphasized that the difference in dealing with these sectors is that the ministry will take proactive measures by targeting major players. International and local companies in these fields will be offered special incentives to encourage them to establish their production facilities in Egypt.

Khaled Hashem stressed the need for transparency regarding existing obstacles, noting that the first step towards reform is acknowledging the shortage of skilled labor in sectors such as automotive and developing mechanisms to improve it. He also pledged to resolve licensing issues at the Industrial Development Authority and address conflicting regulations, stating, "As someone who came from the private sector, I experienced bureaucracy firsthand. Now, we are working to transform the strategy from mere slogans into an action plan with practical implementation."

The minister concluded his remarks by emphasizing that the ministry aims to build industries from scratch in technological sectors such as electronics, while simultaneously developing the pharmaceutical sector, which currently exports $1.3 billion annually, and expanding the food industry. All of this will be based on a scientific methodology that ensures the sustainability of industrial growth.

Youm7-

Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone, witnessed today at the Authority's headquarters in the New Administrative Capital the signing ceremony for a contract with the Turkish company "Zhejiang Hongda" for a textile manufacturing and processing project in the Qantara West Industrial Zone, which falls under the Authority's jurisdiction. The project's investment cost is $20 million, and it occupies an area of ​​60,000 square meters. It will create approximately 500 direct job opportunities and is expected to export 70% of its production. The contract was signed by Dr. Mustafa Sheikhou, Vice Chairman of the Suez Canal Economic Zone for Investment and Promotion, and by Malian Lin and Abdelmalek El-Dabi, the company's owners.

On the sidelines of the signing ceremony, the Chairman of the Suez Canal Economic Zone stated that the Qantara West region is witnessing rapid growth in attracting direct investment from several countries, particularly in priority sectors such as textiles and ready-made garments, food industries, and logistics. He noted that the number of actual projects in the Qantara West industrial zone has reached 53 to date, encompassing industrial, service, and logistics projects. The total investment cost of these projects amounts to $1.48 billion, providing approximately 69,000 direct job opportunities. These projects occupy a total area exceeding 3.42 million square meters.

Targeting a reduction in imports

As Walid Gamal El-Din explained, every new project in the sectors targeted for localization in the Qantara West Industrial Zone represents a direct reduction in the import bill and an increase in Egyptian exports abroad, in addition to meeting the needs of the local market and neighboring regional markets. He emphasized that the Suez Canal Economic Zone is keen to provide all forms of support to investors and industrial developers, and is working to complete all infrastructure and facilities projects according to the planned time rates, and in line with the demand for investment in the industrial zones and seaports affiliated with the Authority.

Youm7-

Minister of Industry Khaled Hashem affirmed that achieving $100 billion in exports is not an end in itself, nor is it unattainable. However, a clear strategy is essential to achieve this target by deepening domestic industries, thus eliminating the need to import components worth $130 billion to reach the $100 billion export goal.

During a seminar held today by the Egyptian Center for Economic Studies, Hashem stated that Egyptian exports closed last year at $48 billion. He indicated that identifying targeted sectors is the only viable path to achieving the export target by 2030.

On Monday, June 15, Dr. Badr Abdel-Aty, Minister of Foreign Affairs, International Cooperation, and Egyptians Abroad, met with Ms. Nadia Calviٌo, President of the European Investment Bank (EIB), at the bank's headquarters in Luxembourg.

During the meeting, Minister Abdel-Aty emphasized the importance Egypt attaches to its comprehensive strategic partnership with the European Union, and the crucial role the EIB plays in supporting this partnership at both the development and investment levels. He commended the partnership between Egypt and the bank, noting that Egypt is the EIB's largest country of operations outside the European Union.

The Foreign Minister affirmed the Egyptian government's commitment to continuing the implementation of its economic and structural reform program, which aims to improve the investment climate and enhance the resilience of the Egyptian economy in the face of current regional and international challenges. He also highlighted the significant importance of the food security support project funded by the bank, and its contribution to strengthening the capacity to address global challenges related to supply chains. Minister Abdel-Aty commended the bank's contribution to financing infrastructure projects, particularly in the transport, water, and sanitation sectors. He highlighted the bank's pivotal role in supporting and implementing the NOVI program, a leading national platform that strengthens the linkages between the water, food, and energy sectors, and contributes to mobilizing concessional financing and supporting efforts to transition to a green economy.

The Foreign Minister also emphasized the importance of maximizing the benefits of the European Investment Bank's regional center in Cairo and its role in supporting regional cooperation. He expressed his aspiration to enhance joint cooperation in the coming phase in several areas, including green transformation projects and financing health and housing projects.

Minister Abdel-Aty, the bank's president, and the European Commissioner for the Mediterranean witnessed the signing ceremony of the government agreement for the electricity grid development project in Egypt, as well as the agreement for the "Development of a Multi-Vaccine Production Plant for VACSERA," which represents the first cooperation project between Egypt and the bank in the health sector.