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Government in close coordination on energy planning, Spokesperson says

by THEFUTURE.TEAM

October 2, 2024

There is very close coordination on the country’s energy planning to reduce the price of electricity as soon as possible, Government Spokesperson Konstantinos Letymbiotis has said.

He was speaking on 1 October, following the military parade for the Independence Day of the Republic of Cyprus in Nicosia.

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Asked about developments in the energy sector following the meetings of President Nikos Christodoulides in New York, Letymbiotis said that significant steps have been taken in the three main pillars of the Republic of Cyprus’ energy plans, namely the arrival of natural gas, the electricity interconnections and the acceleration of Renewable Energy Sources penetration.

He further explained that important meetings were held in New York with the Greek Prime Minister and the French President regarding the electrical interconnection project, as well as with the United Arab Emirates state-owned company TAQA, which has expressed interest in participating in the Great Sea Interconnector project, and with Chevron regarding the Aphrodite project.

“We are in very close coordination because we understand and appreciate the importance of energy planning for every Cypriot household and its implementation as soon as possible to reduce the price of electricity in our country,” Letymbiotis said.

He also indicated that the decisions taken in the previous period should be activated and implemented as soon as possible.

Egypt’s Suez Canal Economic Zone Draws $8.1B In Investments Through 255 Projects

by THEFUTURE.TEAM

February 4, 2025

Egypt’s Suez Canal Economic Zone (SCZone) has secured an impressive $8.1 billion in investments across 255 projects in the last 30 months, according to an official announcement on Monday.

Major Investment Boost For SCZone

The General Authority for the SCZone has successfully attracted 251 projects in its industrial zones and ports, accumulating $6.2 billion in capital investments, which has resulted in around 28,000 new jobs, as stated by SCZone Chairman Walid Gamal El-Din.

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Additionally, four new projects have brought in $1.8 billion in investments, boosting the total capital inflows within the zone. These developments were discussed in a meeting with Mohamed Zaki El Sewedy, Chairman of the Federation of Egyptian Industries (FEI), and other officials from various chambers of commerce.

Strengthening Industrial Ties And Opportunities

The meeting focused on expanding investment prospects, fostering collaboration, and addressing challenges faced by industrial firms with strong export potential. A key objective was to encourage businesses to scale up their operations within the SCZone, leveraging its prime location, advanced infrastructure, and investor-friendly policies.

El-Din stressed the importance of the SCZone in driving Egypt’s economic growth and industrial transformation, citing the Ain Sokhna Integrated Industrial Zone as a flagship example of development. This zone is a testament to Egypt’s growing presence as a competitive global manufacturing hub.

The continued partnership between the SCZone and the private sector, El-Din noted, plays a pivotal role in building a strong ‘Made in Egypt’ brand, supporting local industrial development, and boosting innovation to improve Egypt’s position in global markets.

Acknowledging Achievements And Future Collaboration

El Sewedy praised the SCZone for its efforts in creating a robust investment climate, offering comprehensive services, incentives, and cutting-edge infrastructure. This meeting marked the beginning of a deeper collaboration between the SCZone and FEI, setting the stage for future joint initiatives.

Egypt’s Economic Outlook

Egypt’s economy is projected to grow by 4% in the year leading up to June, bolstered by supportive measures from the IMF, according to a Reuters poll conducted in January 2025. The poll also forecasts a GDP growth acceleration to 4.7% in 2025-26 and 5% in 2026-27.

However, the country’s GDP growth slowed to 2.4% in 2023-24, down from 3.8% in the previous year, primarily due to the ongoing currency crisis and the geopolitical impact of the war in neighboring Gaza, according to the Central Bank of Egypt.