CAIRO: Prime Minister Mostafa Madbouly held a press conference following the weekly government meeting to discuss a range of national and economic issues, highlighting Egypt’s vision for growth and stability. Key topics included tourism, energy, international cooperation, and economic reforms.
According to State Information Service Egypt, Prime Minister Madbouly projected that the number of tourists visiting Egypt is expected to surpass 15 million by the end of 2024. This forecast underscores efforts to revitalize the tourism sector, a vital component of Egypt’s economy. In the energy sector, ExxonMobil has received the necessary drilling rig and is poised to begin operations in its designated area, signaling progress in Egypt’s energy initiatives.
Madbouly emphasized the success of President Abdel Fattah El-Sisi’s recent European tour, which focused on building strategic partnerships to bolster economic, political, and cultural ties. These efforts aim to enhance cooperation with Europe and fortify Egypt’s
international relations.
The Prime Minister announced plans for more than 11 companies to be offered as part of Egypt’s Initial Public Offering (IPO) program over the next year. This includes notable companies such as Misr Pharmaceutical Industries, Gabal El-Zeit Wind Station, Wataniya Company, Safi Company, and Silo Food Company, slated for flotation in 2025. Wataniya and Safi are expected to launch by mid-2025. These offerings are part of ongoing efforts to attract strategic investments and improve state asset performance.
Madbouly highlighted key achievements in Egypt’s economic landscape, noting a significant decrease in inflation rates in November, reflecting effective economic policies. Additionally, an increase in Egypt’s net international reserves during the same period indicates improved economic stability. The Prime Minister reiterated Egypt’s commitment to advancing economic reforms aimed at fostering growth and resilience amid global challenges.
He also addressed the government’s efforts to dev
elop and govern several economic bodies while liquidating others to optimize their performance. This restructuring aims to streamline economic management and ensure sustainability. Furthermore, new mechanisms to expand social protection for vulnerable populations will be introduced in the coming period, highlighting the government’s dedication to supporting its citizens.