Egypt receives 14 bln USD from UAE as 2nd payment of investment deal: cabinet

STORY: Egypt receives 14 bln USD from UAE as 2nd payment of investment deal: cabinet SHOOTING TIME: file DATELINE: May 16, 2024 LENGTH: 00:00:45 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the cabinet headquarters 2. various of Egyptian PM speaking 3. various of U.S. dollars STORYLINE: Egypt has received 14 billion U.S. dollars from the United Arab Emirates (UAE) as the second payment of a 35-billion-dollar investment deal signed in February to develop Ras Al-Hekma, a new resort city on Egypt's northern coast, the Egyptian cabinet said Wednesday. During a cabinet meeting, Egyptian Prime Minister Mostafa Madbouly confirmed the receipt of the payment, which he said would "contribute to pumping more dollar resources," according to a statement released by the cabinet. In early March, Egypt announced the receipt of 15 billion U.S. dollars from the UAE as the first tranche of the 35-billion-dollar deal. The sum included 5 billion received in late February, another 5 billion received in earl

Fitch Ratings upgrades Egypt's outlook to positive amid economic reforms

STORY: Fitch Ratings upgrades Egypt's outlook to positive amid economic reforms SHOOTING TIME: File footage DATELINE: May 5, 2024 LENGTH: 00:00:55 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. file footage of the Central Bank of Egypt STORYLINE: Global ratings agency Fitch upgraded Egypt's outlook from stable to positive on Friday. The ratings agency revealed the key drivers behind the positive outlook include reduced external vulnerability as Egypt has seen a significant reduction in near-term external financing risks, attributed to the Ras El Hekma deal with the United Arab Emirates (UAE), the adoption of a flexible exchange rate, and tighter monetary policies. Xinhua News Agency correspondents reporting from Cairo. (XHTV)

Egypt's net foreign reserves rise in March

STORY: Egypt's net foreign reserves rise in March SHOOTING TIME: File footage DATELINE: April 4, 2024 LENGTH: 00:01:06 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the River Nile in Cairo 2. various of the Central Bank of Egypt 3. various of an accountant counting banknotes 4. various of banks in Cairo STORYLINE: Egypt's net foreign reserves rose to 40.361 billion U.S. dollars in March from 35.311 billion U.S. dollars in February, the central bank said on Wednesday. Egypt's net international reserves surged to their highest level in about two years following a lucrative investment deal with the United Arab Emirates. In February, Egyptian and Emirati investors signed a historic deal to build a multi-billion new state-of-the-art city of Ras El Hekma as a new massive urban, business and tourism center in the country's North Coast. Xinhua News Agency correspondents reporting from Cairo. (XHTV)

Egyptian president says large USD flows enable government to liberalize exchange rate

STORY: Egyptian president says large USD flows enable government to liberalize exchange rate SHOOTING TIME: March 9, 2024 DATELINE: March 10, 2024 LENGTH: 00:01:39 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the televised educational seminar (Courtesy of the Egyptian Presidency) STORYLINE: Egyptian President Abdel-Fattah al-Sisi said on Saturday that the government's decision to liberalize the exchange rate came after securing a large amount of U.S. dollars. There are large cash flows that will support the currency exchange market in Egypt, Sisi said during a televised educational seminar. He noted that around 45-50 billion dollars in new financing have been injected through the multibillion-dollar Ras Al-Hekma development investment deal with the United Arab Emirates, an eight-billion-dollar loan agreement with the International Monetary Fund and agreements with the European Union. "Things have begun to improve," Sisi said, adding that the cash available in Egypt enabled the gove

Egypt, UAE sign deal to develop new city on Egypt's northern coast

STORY: Egypt, UAE sign deal to develop new city on Egypt's northern coast SHOOTING TIME: Feb. 23, 2024 DATELINE: Feb. 24, 2024 LENGTH: 00:02:59 LOCATION: Cairo CATEGORY: POLITICS SHOTLIST: 1. various of the signing ceremony 2. various of Egyptian Prime Minister Mostafa Madbouly speaking 3. various of the signing ceremony STORYLINE: Egypt and the United Arab Emirates (UAE) signed a deal on Friday to build a new city on Egypt's northern coast, with the aim of boosting tourism, investment and foreign currency reserves. The agreement, signed by Egypt's Housing Minister Assem El-Gazzar and UAE's Investment Minister Mohamed Al Suwaidi at Egypt's New Administrative Capital, will develop Ras Al-Hekma, a 170-square-kilometer area west of Alexandria. Egyptian Prime Minister Mostafa Madbouly, who attended the signing, said the project would be carried out by Egypt's New Urban Communities Authority and Abu Dhabi Development Holding Company, and would inject 35 billion U.S. dollars of foreign direct investment into t

Chinese initiatives greatly boost global development, says Egyptian expert

STORY: Chinese initiatives greatly boost global development, says Egyptian expert DATELINE: June 25, 2023 LENGTH: 00:01:49 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Egypt, China and the expert 2. SOUNDBITE 1 (Arabic): AHMED AL-SAEED, Chairman of Egypt's Bayt Al-Hekma Cultural Group 3. various of BRI projects 4. SOUNDBITE 2 (Arabic): AHMED AL-SAEED, Chairman of Egypt's Bayt Al-Hekma Cultural Group STORYLINE: An Egyptian expert has said Chinese initiatives greatly promote global development and help the world restore its balance. He said more countries are putting confidence in the initiatives that brought tangible fruits without any political strings attached. SOUNDBITE 1 (Arabic): AHMED AL-SAEED, Chairman of Egypt's Bayt Al-Hekma Cultural Group "China believes that when development happens in each country, all reach the level of a win-win situation. There are a large number of Chinese projects that are expanding in the world. These projects benefit many countries and offer them genuine de

Translated Chinese books gain popularity at Egypt's largest book fair

STORY: Translated Chinese books gain popularity at Egypt's largest book fair DATELINE: Feb. 7, 2023 LENGTH: 00:02:19 LOCATION: Cairo CATEGORY: SOCIETY SHOTLIST: 1. exterior shots of the Egypt International Exhibition Center 2. people visiting the Cairo International Book Fair 3. SOUNDBITE 1 (Arabic): ABDEL-RAHMAN IBRAHIM, Egyptian student 4. SOUNDBITE 2 (Arabic): NOURA GAMAL, Egyptian student 5. books at the fair 6. SOUNDBITE 3 (Arabic): AHMED AL-SAEED, CEO of Bayt Al-Hekma 7. people visiting the book fair STORYLINE: Decorated with Chinese-style red lanterns, the pavilion of translated Chinese books saw a big turnout of book lovers at the 54th edition of Cairo International Book Fair (CIBF), the largest book fair in the country. The pavilion of Bayt Al-Hekma Cultural Group, a publishing house mainly devoted to the Arabic translation of Chinese books as well as Chinese language learning books and courses, displayed during the fair about 1,000 book titles in Arabic and English on Chinese culture, history,