Egypt’s private sector investment share has risen to 40% in the current fiscal year, and the government aims to increase this to 50% in the next fiscal year, according to Planning and Economic Development Minister Hala El Said. This was announced during her participation in the “Public Sector Meets Private Sector: Unleashing Sustainable Investment in Egypt” session at the IFC Day in Egypt conference.

El Said also highlighted the private sector’s increased contribution to the gross domestic product (GDP), reaching 71% this year, and its 80% share in employment. She emphasised the private sector’s crucial role as a driver of sustainable development and a major source of employment in the country.

“Egypt’s Vision 2030 and its updated version rely on developing Egypt’s economy towards a diverse knowledge based society through on a conducive and encouraging work environment,” El Said explained. “The private sector is a key player in this context.”

The minister outlined Egypt’s structural reform plan, launched in late 2021, which aims to strengthen the private sector’s role in building the country’s future. This plan focuses on several key areas, including modernising the labour market to meet the demands of the modern economy and cater to Egypt’s large youth population.

El Said detailed the two phases of reforms implemented in Egypt. The first phase, initiated in 2016, focused on financial and monetary interventions and strategic infrastructure investments. The second phase shifted towards enhancing the real economy and boosting the private sector’s role.

“To further enhance the dynamics of the private sector, the state has implemented a set of measures ranging from simplifying procedures in investment laws to formulating a state-owned property policy,” El Said noted. She also highlighted the restructuring of the public-private partnership framework and the establishment of the Egyptian Sovereign Fund, which has attracted private investments in various sectors such as financial technology, infrastructure, and green initiatives.

El Said concluded by affirming the state’s commitment to enhancing a dynamic economic system with the private sector at its core. “The journey towards development requires continuous efforts, collaboration, and effective coordination among all stakeholders, both domestically and internationally,” she stated.

In a move that strengthens the enduring partnership between Egypt and the International Finance Corporation (IFC), a significant financing agreement was endorsed. Rania Al-Mashat, Egypt’s Minister of International Cooperation and the country’s representative at the World Bank, presided over the signing of a $100m financing deal between the IFC and Banque du Caire. This event also included the ratification of a consultancy contract with the General Authority for Comprehensive Health Insurance.

The signing ceremony was a highlight of the “IFC Day in Egypt” event, graced by the presence of Prime Minister Mostafa Madbouly, along with ministers overseeing Planning, Finance, Communications, and the Public Enterprises Sector. The event also saw participation from numerous bank executives and representatives from the private sector.

The consultancy pact for the Comprehensive Health Insurance System was formalized by Finance Minister Mohamed Maait and the Chairman of the General Authority for Comprehensive Health Insurance. Meanwhile, Banque du Caire’s financing agreement was inked by the bank’s Chairperson, Tarek Fayed. Representing the IFC, Sérgio Pimenta, the Regional Vice President for Africa, signed the agreements.

Minister Al-Mashat witnessed the agreement between Banque du Caire and the IFC, earmarking $100m to bolster the growth of small, medium, and micro-enterprises within the private sector. This includes a $50m allocation aimed at supporting women-led entrepreneurial ventures, alongside another $50m dedicated to facilitating trade through the IFC’s Global Trade Finance Program.

The Minister highlighted the significance of today’s agreement, noting it builds upon previous collaborations, such as the IFC’s $100m investment in Egypt’s inaugural green bonds for the private sector, a step towards sustainable development and emission reduction.

Minister Mashat reiterated the Ministry of International Cooperation’s commitment to executing presidential directives that bolster and empower the private sector. This entails enhancing partnerships with various development entities to secure a broader spectrum of financial instruments for private enterprises, thereby expanding both direct and indirect funding avenues within Egypt.

From 2020 to 2023, the Egyptian private sector secured concessional development funds totalling $10.3bn, encompassing direct investments, stakeholder contributions, technical assistance, and credit facilities.

On the topic of the Consulting Services Agreement, Minister Al-Mashat confirmed that its endorsement fortifies collaborative efforts with development partners to back Egypt’s Comprehensive Health Insurance System. This initiative is pivotal in the government’s quest to ensure universal healthcare services and insurance coverage, facilitated through agreements with a network of private healthcare providers.

The Minister acknowledged the success in mobilising concessional development funds of $900m, contributed by the World Bank ($400m), the French Development Agency ($181.6m), and Japanese entities ($326.7m), reflecting Egypt’s solid ties with its development partners.

Under the new agreement, the IFC leverages its extensive experience in private sector engagement across over 100 countries to analyse and refine contracting processes, engage with key stakeholders, and offer technical support for partnerships with private healthcare providers. This comprehensive support extends to the General Authority for Comprehensive Health Insurance, aligning with the project’s strategic goals.

Expressing appreciation for the IFC’s unwavering support, Minister Al-Mashat commended the corporation’s role in fostering robust partnerships that contribute to Egypt’s developmental aspirations across various sectors. She underscored the significance of this agreement as an extension of the IFC’s $34m commitment to Egypt, spanning manufacturing, agriculture, public-private partnerships, eco-friendly construction, gender equality, and the financial industry.

QatarEnergy, the state-owned Qatari oil and gas giant, has secured a foothold in two Egyptian offshore exploration blocks through a deal with ExxonMobil. The agreement grants QatarEnergy a 40% participating interest in the Cairo and Masry concessions, located off Egypt’s north coast. ExxonMobil will retain the remaining 60% stake and continue as the operator for both blocks.

This strategic move by QatarEnergy signifies the company’s confidence in Egypt’s burgeoning hydrocarbon potential. The newly acquired blocks encompass a vast area of roughly 11, 400 square kilometers, with water depths ranging from 2, 000 to 3, 000 meters. The deal, finalized in May 2024, hinges on customary approvals from the Egyptian government.

Financial details surrounding the agreement haven’t been disclosed. However, Saad Sherida Al-Kaabi, CEO of QatarEnergy, expressed enthusiasm about the collaboration. He emphasized the company’s commitment to working closely with the Egyptian Natural Gas Holding Company (EGAS), the Ministry of Petroleum and Mineral Resources, and ExxonMobil to explore these “promising and prospective” regions.

The expansion into Egypt aligns with QatarEnergy’s strategy to diversify its hydrocarbon portfolio and secure access to new resources. This move comes on the heels of a similar agreement with ExxonMobil in March 2022, where QatarEnergy acquired a stake in the North Marakia offshore block, situated near Egypt’s northern coast.

Egypt’s natural gas sector has emerged as a focal point in recent years, particularly in light of the global energy crisis. The country boasts significant gas reserves in the Zohr field, a prolific discovery that has bolstered its position as a key energy player in the Eastern Mediterranean.

The influx of QatarEnergy’s expertise and resources is anticipated to accelerate exploration efforts in the Cairo and Masry blocks. A successful exploration campaign could lead to the discovery of new gas resources, bolstering Egypt’s energy security and potentially transforming it into a regional energy hub.

This partnership between QatarEnergy and ExxonMobil represents a significant development for Egypt’s energy sector. The combined experience and technological prowess of these industry giants hold the potential to unlock the full potential of Egypt’s offshore resources, contributing to the country’s economic growth and regional energy stability.

Finding a fresh face in Hollywood that brings something new to the table can be tough. Movie lovers often look for actors who not just act but also tell a story through their heritage and background. Stephanie Nur is one such actress. Born in Cairo, Egypt, she has made her way to Hollywood with her unique blend of talents and background.

Stephanie speaks four languages: Arabic, German, Italian, and English. This makes her stand out in the crowd. Our blog post will show you how Stephanie’s journey from Cairo to Hollywood is not just inspiring but also opens doors for more diverse stories in movies. You’ll see why her path is worth following.

TL;DR

Stephanie Nur, born in Cairo, Egypt, in 1988, makes a big splash in Hollywood. She shines in movies like “Four Women and a Funeral,” “1883,” “North of the 10,” and “Cracks in Concrete.” Stephanie didn’t just stop acting.

She also got an MSc in psychology from the University of Stirling, Scotland. Before hitting the screen, she helped UNHCR in Jordan back in 2011. Speaking Arabic, German, Italian, and English lets her connect with many fans around the world.

Her story goes from Cairo to shining lights on big screens everywhere.

She keeps busy off-screen too, with hobbies that show more about who she is when cameras are off. Looking ahead, Stephanie has big dreams for new roles and projects that could change how we see stories on screen.

It’s not just about being famous; it’s about using her voice and talent to make a difference through mentorship programs or maybe even behind the camera one day.

Early Life of Stephanie Nur

Born in Cairo, Egypt, in 1988, she had dreams bigger than her hometown could hold. Her journey began with a bold move across the world. She landed in the United States with a goal clear as day: to make it big in acting.

This leap from Cairo to Hollywood wasn’t just about changing places; it was about chasing a dream that stretched beyond borders. Her net worth now speaks volumes of her success but back then, it all started with courage and ambition, fueled by her love for acting.

Educational Background and Multilingual Skills

Stephanie Nur got her MSc in Psychology from the University of Stirling, Scotland, in 2011. This shows she values education and understands people well. Not just smart, Stephanie also speaks four languages: Arabic, German, Italian, and English.

This skill helps her connect with many cultures and brings depth to her acting roles. Speaking these languages lets her work with diverse movie teams around the world. It makes her stand out in Hollywood, where being able to act in different languages is a big plus.

Breakthrough in Acting

Her acting career made a big leap with her first movie role in “Risse im Beton” (“Cracks in Concrete”) back in 2014. This film not only got her noticed but also earned critical acclaim.

It was up for an award at the Berlinale Film Festival and even won an Austrian Film Academy Award. These achievements marked her entry into serious acting, showing everyone she had what it takes to succeed on the big screen.

Key Roles and Performances

Stephanie Nur shines in “Tanzcafe Jenseits,” “Fruhlingswunder,” “1883,” and “North of the 10.” Each role showed her amazing talent. Fans loved her performance. In these shows, she played different characters.

This proved how good she is at acting. She joined a big cast in “My Big Fat Greek Wedding 3.” Here, she worked with famous actors. Her role added much to the movie’s charm.

Since 2014, Stephanie has been in many films and series. Each year, she gets better at her craft. People notice her more with every role she takes on. She brings life to each character she plays, making them memorable for viewers around the world.

Fans can’t wait to see what roles Stephanie will play next.

Cultural Impact and Representation

Her story reaches far beyond just acting. It shines a light on cultures not often seen in Hollywood. With her Middle Eastern background, she brings new stories and faces to the screen.

This helps more people see themselves in movies and TV shows.

She also worked with refugees in Jordan. This experience adds depth to her roles, making them real and touching hearts. Through her work, she reminds audiences everywhere about the importance of understanding and embracing different cultures.

Personal Life and Off-Screen Interests

Stephanie Buddenbrock, age 35, married William Gibson. Her net worth will be around $700,000 USD in 2023. Away from the camera, she enjoys a life filled with hobbies and interests that show her real self.

Stephanie loves to travel and explore new places. She finds joy in learning about different cultures and languages. This love for exploration extends into her free time.

She also has a passion for reading and often spends her evenings lost in books. Cooking is another interest of hers; trying out new recipes brings her happiness. Friends say she’s great at making dishes from around the world.

Keeping fit is important to Stephanie too; she stays active by doing yoga regularly. These activities are parts of what makes her who she is off-screen.

Future Projects and Aspirations

Stephanie Nur has big plans. She’s all set to travel between Los Angeles and Europe for both work and fun. These trips are not just about seeing new places; they’re about diving into more international projects that span different cultures and languages.

Since she already translates scripts and subtitles for European film companies, this experience gives her an edge in picking roles that have a global appeal.

Top managers like Tom Markley, Alison Buck, and Thomas Brunney are advancing her career to new heights. Together, they’re looking for projects that not only challenge Stephanie but also resonate with audiences worldwide.

Expect to see her in roles that break boundaries and tell stories from various corners of the world. Her future in acting is bright, with lots of exciting possibilities on the horizon.

Takeaways

Stephanie Nur’s journey from Cairo to Hollywood shows her hard work. She speaks four languages and has acted in movies like “1883” and “My Big Fat Greek Wedding 3”. Her background helps her bring new stories to life on screen.

Stephanie makes a big difference in the movie world by showing different cultures. Her next projects will surely excite movie fans everywhere.

QatarEnergy announced on Sunday its acquisition of a 40% participating interest in two offshore gas exploration blocks off Egypt’s northern coast. 

The deal, made with ExxonMobil, gives QatarEnergy stakes in the Cairo and Masry concessions, while ExxonMobil retains a 60% interest and remains the operator.

The financial details of the agreement were not disclosed.

Awarded to ExxonMobil in January 2023, the two blocks cover an area of approximately 11,400 square kilometres in waters with depths ranging from two to three kilometres.

Saad Al-Kaabi, CEO of QatarEnergy and Qatar’s energy minister, expressed his enthusiasm for the expansion and pledged collaboration with the Egyptian Natural Gas Holding Company (EGAS), Egypt’s petroleum and mineral resources ministry, and ExxonMobil in the exploration of this “promising and prospective region.”

Al-Kaabi also expressed his gratitude to the Egyptian authorities and partners for their support and cooperation.

President William Ruto, in line with his vision calling for African countries to be granted opportunities to achieve their development goals, called for the replenishment of the Ksh3.3 Trillion African Development Fund issued by the African Development Bank (AfDB).

In a meeting held between, President Ruto and AfDB President Dr Akinwumi Adesina at State House, Nairobi on May 9, the Kenyan Head of State  requested for a substantial increase in the fund to support the 37 African member countries.

“I will continue to make a strong case for the 17th replenishment of the African Development Fund. Kenya has benefitted from resources made available to us by the Fund,” said President Ruto.

Ruto’s request will require the bank to up its replenishment from Ksh1.2 trillion (USD8.9 billion) which was issued in 2022 and concludes in 2025.

“The ongoing 16th replenishment—which raised a historic $8.9 billion in December 2022—is set to conclude next year”  stated AFDB.

According to the President, the fund is instrumental in pushing the development agenda for African countries and it propels the economic capabilities.

In a particular instance, Ruto cited the fund’s efficiency in maintaining the Last Mile Connectivity  which connects power to rural homes and has successfully connected to more than 10 Million households.

“Kenyans know it is a government project, but they need to know it was financed by the African Development Fund,” President Ruto pointed out. “It is making a difference in people’s lives, and we want to invest more to add momentum.”

The African Development Fund (ADF) is the concessional window of the African Development Bank (AfDB) Group which was established in 1972.

More details of the meeting held between the President and the bank’s leadership revealed that AFDB will be hosting a meeting in Nairobi and the bank was assessing Kenya’s readiness to host the conference..

The Bank Group’s 59th Annual Meetings were scheduled for May 27 to May 31 and held at the Kenyatta International Conference Centre (KICC).

The agenda of the meeting revolved around Africa’s Transformation, the African Development Bank Group, and the Reform of the Global Financial Architecture
 

Bank makes conscious and consistent investment in human capital with focus on Kuwaitization

KUWAIT: Burgan Bank (“Burgan” or “the Bank”) announced its financial results for the first quarter ending March 31, 2024 (Q1 2024). The Bank reported KD 54 million in revenues for Q1 2024, marking a growth of 7 percent year-on-year (y-o-y). The increase in revenues was primarily driven by higher non-interest income of KD 20 million, up 27 percent y-o-y and stable net interest income of KD 34 million. Due to higher revenues and a stable cost base, the Bank’s operating profit for the quarter reached KD 24 million, up 14 percent y-o-y. Accordingly, Burgan’s net income in Q1 2024 increased by 34 percent y-o-y to KD 10 million.

In Q1 2024, the Bank demonstrated strong asset growth of 8 percent y-o-y, reaching KD 7.8 billion by the end of the period. The Group’s loan book was also robust at KD 4.3 billion; primarily driven by its Kuwait book, which increased by 6 percent y-o-y. Burgan’s deposit base also expanded by 23 percent y-o-y and stood at KD 5.1 billion by the end of Q1 2024.

Moreover, the Bank’s financial results reflect continued healthy capital levels. For Q1 2024, Burgan reported Common Equity Tier 1 ratio (CET1) of 13.2 percent, Tier I capital ratio of 15.7 percent and Capital Adequacy Ratio (CAR) of 19.5 percent, indicating sufficient capital buffers to support planned growth in the future.

Commenting on Burgan’s financial results, the Bank’s Chairman Sheikh Abdullah Nasser Al-Sabah, said: “This year has begun on solid footing, as we continue to strengthen our financial base and shore up our operational infrastructure to execute our growth plans. We continue to invest in our operations, our infrastructure and our human capital, strengthening the foundations we need for the aspired growth and development of the Bank. We have also been able to effectively balance our growth-focused plans with a prudent risk management approach, to deliver tangible value to our shareholders.”

The Chairman further added: “At the heart of our strategy is our customers, and our aim is to continue to deliver an elevated, seamless and personalized banking experience that constantly delivers on the fast-changing and ever-evolving needs of our customers.”

Burgan Bank Chairman Sheikh Abdullah Nasser Al-Sabah

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An elevated, bespoke banking experience

One of the key developments during the first quarter of 2024 was the unveiling of the Bank’s new brand and identity for its Private Banking and Wealth Management facilities, introducing a new suite of Private Banking and Wealth Management products and services. This revamp marks a new era of private banking services that promises to elevate our customers’ experience to new heights, as the Bank continues to expand its offering and diversify its bespoke product segmentation.

During Q1 2024, the Bank continued investing its resources in adopting cutting-edge technologies and implementing advanced digital banking solutions across the entire customer journey. This included the introduction of a personalized queuing system that is integrated with the Public Authority for Civil Information’s Kuwait Mobile ID platform to reduce customers’ waiting times.

In Q1 2024, the Bank continued to maintain momentum in its retail revamp strategy as the Bank expanded the scope of its services and solutions for its premier customers through its revamped Premier and Elite banking offerings.

Focus on Kuwaitization

The first quarter of 2024 was further marked by Burgan’s relentless commitment to investing in human capital and its growth and development, as part of its committed strategy to solidify its position as an employer of choice in the banking industry of Kuwait. The Bank continued to invest in local talent during Q1 2024 with several new appointments and promotions from its local talent pool across all levels including senior and executive management.

In Q1 2024, the Bank launched the innovative Burgan Beacon (Manarat Burgan) program, designed to reward all employees who go the extra mile in their line of work, as well as held a month-long ‘Rock Your Habits’ well-being program to raise awareness about healthy living. In addition, it celebrated the graduation of 34 employees from the Kuwait Institute for Banking Studies (KIBS) certification programs.

It serves to note that the consolidated financials for Burgan include the results of the Group’s operations in Kuwait, as well as its share of results from its subsidiaries, namely: Burgan Bank Turkey, Gulf Bank Algeria, and Tunis International Bank. Through this regional reach, Burgan Bank has one of the largest regional branch networks across Kuwait, Turkey, Algeria, Tunisia and a representative office in the United Arab Emirates.