Egypt: The New Importer of Russian Goods.
Russian Export Center released documented statistics regarding Egypt’s record of Russian imports. This revealed that Egypt has outshined China in regards to the largest procurer of Russian goods, amounting to around $1.8 billion in terms of products in 2017. Food imports were around $1.73 billion net worth, accounting to nearly 44% increase in comparison to 2016. Egypt’s high consumption of bread stimulated the high rate of wheat imports which is around 80%.
Cyprus to Egypt Gas Pipeline Contract to be Signed Mid-2018.
Minister of Petroleum Tarek al-Mulla mentioned that during mid-2018, Egypt is expected to sign a contract with the European Union, EU, in hopes of constructing a Cyprus-to-Egypt gas pipeline. The EU will be the prominent recipient of the energy to be produced. Minister Mulla further explained that the main features of this collaboration is aspiring to make Egypt the core of the petroleum and gas market in order to safeguard its position as a key player in the energy industry.
Geely Chairman: Automotive Deals are to be Halted
Founder and Owner of China’s Geely (car manufacturer) Li Shufu
declares that no further purchases are to be proceeded in carmakers
after he had gotten up to 10% of Germany’s Daimler shareholding. Shufu continues to mention that the focus of the brand will be targeted towards the improvement of existing holdings. He, nevertheless, led a major procurement push on the global scale ever since 2010 through taking over the Swedish car manufacturer, Volvo, from Ford Motor Co. with a deal of around $1.8 billion.
First Egyptian Manufactured Phone: SICO
SICO, an Egyptian manufactured phone, has been officially launched as the first Egyptian phone with around 45% locally manufactured components. It has been indulged in around EGP 400 million investments. SICO is assembled at the company’s plant in New Assiut Park; an economic precinct for telecommunications and IT.
E-Commerce in Egypt is to Reach 2.7 billion USD by 2020
According to Payfort’s reports, e-commerce is expected to skyrocket its revenues in comparison to previous years. In 2014, this business sector was worth around 1.4 billion USD, led mainly by users whose ages range from around 26-35 years old. Given the large percentage of Egyptians who are under the age of 30 years old, the demand for online purchases and dependency on technology is deemed to increase by 2020 to around 2.7 billion USD.
Telecom Egypt and Orange Data Sign a Three Year Agreement Plan.
The brand new telecom network within the Egyptian industry, WE - Telecom Egypt Company, signed a commercial deal with Orange Data that is to remain in progress for three years. This agreement is expected to offer “infrastructure and transmission services” through the Egyptian based network. Accordingly, Orange Data will be provided with WE’s fixed internet services. This deal was signed by Telecom Egypt’s managing director and CEO Ahmed el-Beheiry and Orange Egypt for Telecommunications’ S.A.E. CEO Jean Marc Harion.