Egypt projects 4% growth in 2025 amid strong economic reforms

Egypt projects 4% growth in 2025 amid strong economic reforms
Session titled “The Regional Economic Outlook of 2025,” (AN photos)
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Updated 13 February 2025
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Egypt projects 4% growth in 2025 amid strong economic reforms

Egypt projects 4% growth in 2025 amid strong economic reforms
  • Results of fiscal discipline, says economy minister Rania Al-Mashat
  • Increased capital inflows, foreign direct investment being recorded

DUBAI: Egypt is likely to record 4 percent growth at the end of 2025, the nation’s Planning and Economic Development Minister Rania Al-Mashat said at the World Governments Summit on Wednesday.

In a session titled “The Regional Economic Outlook of 2025,” Al-Mashat, presented an optimistic view of Egypt’s trajectory amid global challenges.

Panelists during the session addressed disruptions Egypt has faced, notably the 70 percent decline in Suez Canal revenues.

In addition, they highlighted geopolitical tensions stemming from President Donald Trump’s recent threats to displace Palestinians to Egypt and Jordan.

Despite these challenges, Al-Mashat emphasized Egypt’s resilience and strategic economic measures.

“At the outset, macroeconomic stability is a necessary condition for growth and private sector engagement,” she said.

She detailed Egypt’s home-grown program with the International Monetary Fund since March 2024, focusing on fiscal consolidation, reducing domestic debt, stringent public investment discipline, and tighter monetary policy to control inflation.

These measures have restored macroeconomic stability, leading to increased capital inflows and foreign direct investment.

Al-Mashat reported 3.2 percent growth in the first quarter of the 2024/2025 fiscal year, with notable performance in the manufacturing sector, signifying stronger integration with global value chains.

However, she stressed that macroeconomic stability alone was insufficient without structural reforms aimed at increasing competitiveness, private sector involvement, and promoting the green transition.

Egypt has attracted nearly $4 billion in renewable energy investments over the past year, positioning itself as a regional energy hub.

“Agility and resilience are key,” she noted, projecting a 4 percent growth rate by year-end, despite global headwinds such as inflationary pressures and monetary policy shifts.

Al-Mashat concluded by emphasizing Egypt’s proactive stance in financing for development, including domestic resource mobilization, debt swaps, and concessional finance for the green transition, all vital for Egypt’s economic future.


Egypt unveils first ancient royal tomb since Tutankhamun

Egypt unveils first ancient royal tomb since Tutankhamun
Updated 11 sec ago
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Egypt unveils first ancient royal tomb since Tutankhamun

Egypt unveils first ancient royal tomb since Tutankhamun
The tomb, discovered near the Valley of the Kings in Luxor in southern Egypt, belonged to King Thutmose II of the 18th dynasty
Thutmose II was an ancestor to Tutankhamun himself

CAIRO: Egypt’s antiquities authority says it has found the ancient tomb of King Thutmose II, the first royal burial to be found since the famed discovery of Tutankhamun’s tomb in 1922.
The tomb, discovered near the Valley of the Kings in Luxor in southern Egypt, belonged to King Thutmose II of the 18th dynasty, who lived nearly 3,500 years ago.
Thutmose II was an ancestor to Tutankhamun himself, and his half-sister and queen consort was Pharaoh Hatshepsut.
Her giant mortuary temple stands on the west bank of the Nile at Luxor a few kilometers (miles) from where the tomb of Thutmose II was found.
Although preliminary studies suggest its contents were moved in ancient times — leaving the tomb without the iconic mummy or gilded splendour of the Tutankhamun find — the antiquities ministry on Tuesday called the discovery “one of the most significant archaeological breakthroughs in recent years.”
It has been excavated by a joint Egyptian-British mission, led by the Supreme Council of Antiquities and the New Kingdom Research Foundation.
The tomb’s entrance was first located in 2022 in the Luxor mountains west of the Valley of the Kings, but was believed at the time to lead to the tomb of a royal wife.
But the team then found “fragments of alabaster jars inscribed with the name of Pharaoh Thutmose II, identified as the ‘deceased king’, alongside inscriptions bearing the name of his chief royal consort, Queen Hatshepsut,” confirming whose tomb it was, the ministry said.
Shortly after the king’s burial, water flooded the burial chamber, damaging the interior and leaving fragments of plaster that bore parts of the Book of Amduat, an ancient mortuary text on the underworld.
Some funerary furniture belonging to Thutmose II has also been recovered from the tomb in “the first-ever find” of its kind, according to the ministry.
It quoted mission chief Dr. Piers Latherland as saying the team will continue its work in the area, hoping to find the tomb’s original contents.

Six migrants drown off Turkiye’s Aegean coast

Six migrants drown off Turkiye’s Aegean coast
Updated 3 min 15 sec ago
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Six migrants drown off Turkiye’s Aegean coast

Six migrants drown off Turkiye’s Aegean coast
  • The incident took place before dawn just south of the seaside resort of Izmir
  • “The bodies of six lifeless illegal immigrants were fished out of the water,” Interior Minister Ali Yerlikaya wrote on X

ISTANBUL: Six migrants drowned while another 27 were rescued by the coast guard when their boat started sinking off the western coast of Turkiye, the interior minister said on Wednesday.
The incident took place before dawn just south of the seaside resort of Izmir in the waters separating the Turkish coast from the Greek island of Samos, which lies just 15 kilometers (nine miles) away.
“The bodies of six lifeless illegal immigrants were fished out of the water,” Interior Minister Ali Yerlikaya wrote on X, adding that the coast guard had rescued 27 others, one of whom was detained on suspicion of smuggling.
Last month, seven migrants drowned in the same stretch of water.
Shipwrecks are very common on the short but perilous route between the Turkish coast and the nearby Greek islands of Samos, Rhodes and Lesbos that serve as entry points to the European Union.
According to the International Organization for Migration (IOM), 2,333 migrants disappeared or died in the Mediterranean last year.


Sudan battle forces 10,000 families out of famine-hit camp: UN

Sudan battle forces 10,000 families out of famine-hit camp: UN
Updated 19 February 2025
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Sudan battle forces 10,000 families out of famine-hit camp: UN

Sudan battle forces 10,000 families out of famine-hit camp: UN
  • The International Organization for Migration said the violence since February 11 had displaced 10,000 families from Zamzam
  • Beyond the camp, a further “1,544 households were displaced from various villages” near El-Fasher, the IOM said

PORT SUDAN: Two days of fighting between Sudanese rivals have forced an estimated 10,000 families to flee a famine-hit displacement camp in the Darfur region, the UN migration agency said Wednesday.
The paramilitary Rapid Support Forces (RSF) last week stormed Zamzam camp, home to at least half a million people, triggering clashes with the Sudanese army and allied militias, witnesses told AFP.
The International Organization for Migration said the violence since February 11 had displaced 10,000 families from Zamzam, just south of North Darfur state capital El-Fasher.
The agency cautioned that its data covers only the first two days of the reported attack as its collection capacity had been reduced due to funding constraints.
Beyond the camp, a further “1,544 households were displaced from various villages” near El-Fasher, the IOM said.
El-Fasher is the only state capital in the vast western region of Darfur that the RSF has not captured in its nearly two-year war with the Sudanese army.
With the military on the verge of retaking the capital Khartoum following a multi-front offensive on central Sudan, the paramilitaries have intensified attacks on El-Fasher in a bid to consolidate their hold on Darfur.
But the RSF has not managed to take the city, its attacks successively repelled by the army-aligned Joint Forces but sending tens of thousands of people fleeing.
Before the most recent attacks, there were already 1.7 million people displaced in North Darfur alone, with two million facing extreme food insecurity, according to the UN.
Established in 2004, Zamzam has received waves of displaced Sudanese during the current war, which began in April 2023.
Some aid officials told AFP the camp’s population has swelled to around one million during the war.
Famine was first declared in Zamzam in August, and has since taken hold of two other displacement camps around El-Fasher.
According to a UN-backed assessment, famine is projected to spread to five more areas of the state including the capital El-Fasher by May.
Across Sudan, the war has killed tens of thousands of people, uprooted over 12 million and created the world’s largest hunger and displacement crises.


Polio still circulating in Gaza, mass vaccination to resume: WHO

Polio still circulating in Gaza, mass vaccination to resume: WHO
Updated 19 February 2025
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Polio still circulating in Gaza, mass vaccination to resume: WHO

Polio still circulating in Gaza, mass vaccination to resume: WHO
  • The UN health agency said no more polio cases had been reported since a 10-month-old child was paralyzed in Gaza last August
  • “The presence of the virus still poses a risk to children with low or no immunity, in Gaza and throughout the region“

GENEVA: The World Health Organization said Wednesday that mass polio vaccination would resume in Gaza on Saturday, targeting nearly 600,000 children, after the virus was again detected in the war-ravaged Palestinian territory.
The United Nations health agency said no more polio cases had been reported since a 10-month-old child was paralyzed in Gaza last August.
But it said that poliovirus had been found again in wastewater samples taken in the Gaza Strip in December and January, “signalling ongoing circulation in the environment, putting children at risk.”
“The presence of the virus still poses a risk to children with low or no immunity, in Gaza and throughout the region.”
A new campaign would therefore take place from February 22 to 26, with the aim of reaching more than 591,000 children with oral polio vaccines, it said.
The aim was to reach all children under 10, including those previously missed, “to close immunity gaps and end the outbreak,” it said, adding that another vaccination round was planned for April.
Poliovirus, most often spread through sewage and contaminated water, is highly infectious and potentially fatal.
It can cause deformities and paralysis and mainly affects children under the age of five.
After the August case was reported, brief localized pauses in Israel’s war against Hamas in Gaza were agreed to allow for two vaccination rounds in the territory in September and October.
Those rounds reached more than 95 percent of the children targeted, WHO said.
But it warned that some areas in the north, including Jabalia, Beit Lahiya and Beit Hanoun, were inaccessible for the second vaccination round.
As a result around 7,000 children had not received their necessary second dose.
The ceasefire in effect since January 19 “means health workers have considerably better access now,” WHO said.
The agency stressed that “pockets of individuals with low or no immunity provide the virus an opportunity to continue spreading and potentially cause disease.”
“The current environment in Gaza, including overcrowding in shelters and severely damaged water, sanitation, and hygiene infrastructure, which facilitates fecal-oral transmission, create ideal conditions for further spread of poliovirus,” it warned.
It warned that the movement of people after the current ceasefire could help spread the virus.
WHO stressed that there are no risks to vaccinating a child more than once.
“Each dose gives additional protection which is needed during an active polio outbreak.”


Egypt says Gaza should be rebuilt without displacing Palestinians

Egypt says Gaza should be rebuilt without displacing Palestinians
Updated 19 February 2025
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Egypt says Gaza should be rebuilt without displacing Palestinians

Egypt says Gaza should be rebuilt without displacing Palestinians
  • “We stressed the importance of the international community adopting a plan to reconstruct the Gaza strip without displacing Palestinians,” President Abdel Fattah El-Sisi said
  • UNRWA said its operations in the Gaza Strip and West Bank will suffer

DUBAI: Egypt’s president called on the international community on Wednesday to adopt a plan to rebuild war-torn Gaza without displacing Palestinians, after a proposal by US President Donald Trump angered Arabs with his own vision for the enclave.
“We stressed the importance of the international community adopting a plan to reconstruct the Gaza strip without displacing Palestinians — I repeat, without displacing Palestinians from their lands,” President Abdel Fattah El-Sisi told a press conference with Spain’s prime minister in Madrid.
Trump has proposed a plan to redevelop the tiny enclave into an international beach resort after resettling its Palestinian inhabitants. He called on Jordan and Egypt to take in Palestinians.
Egypt and Jordan, along with other Arab states, rejected the plan and said they will work on an alternative to counter Trump’s proposal, but there are no signs they are making serious progress.
El-Sisi added that the UN Palestinian Refugee Agency (UNRWA), which provides aid, health and education services to millions in the Palestinian territories and neighboring Arab countries of Syria, Lebanon and Jordan, was indispensable for Palestinians.
UNRWA said its operations in the Gaza Strip and West Bank will suffer after an Israeli law banned it in October on Israeli land — including East Jerusalem, which Israel annexed in a move not recognized internationally — and contact with Israeli authorities from Jan. 30.
The United Arab Emirates’ President Sheikh Mohammed bin Zayed Al Nahyan told the United States’ secretary of state Marco Rubio on Wednesday that his country rejects a proposal to displace Palestinians from their land, the Emirati state news agency WAM reported.
The leaders of Egypt, Saudi Arabia, Jordan, the UAE and Qatar are expected to discuss the plan in Riyadh this month before it can be presented to an Arab League summit in Cairo in March.