Cairo: Dr. Mostafa Madbouly, the Prime Minister of Egypt, addressed several pressing national issues in a press conference held following the weekly Cabinet meeting. The conference provided a platform for Dr. Madbouly to interact with journalists and respond to their inquiries on the government’s strategic plans and ongoing projects.
According to State Information Service Egypt, one of the key topics discussed was the government’s strategy to ensure the availability of essential goods at stable prices, particularly with Ramadan approaching. Dr. Madbouly highlighted a recent meeting with President Abdel Fattah El-Sisi and the Minister of Supply, where they evaluated the distribution of strategic goods. Plans were introduced for markets to be held over weekends to maintain a steady flow of goods, with initiatives like the “Welcome Ramadan” exhibitions scheduled to commence from February 1st.
Dr. Madbouly also elaborated on the government’s efforts to design a new social protection programme aimed at improving the quality of life for citizens. This initiative is being developed in collaboration with the Minister of Finance and the Minister of Social Solidarity, with the goal of presenting it to the President for approval.
In response to concerns about asset offerings, the Prime Minister assured that all transactions are conducted with strict adherence to governance principles. Evaluation processes involve both state bodies and specialized investment banks to ensure transparency. Dr. Madbouly emphasized the importance of post-offering monitoring to assess asset development and profitability.
The Prime Minister also discussed a recent oil discovery in the Gulf of Suez, which could potentially yield over 5,000 barrels per day. This discovery paves the way for expanded exploration efforts in the region, which has long been considered depleted.
Addressing the increase in remittances from Egyptians abroad, Dr. Madbouly attributed the growth to stable currency exchange rates and confidence in Egypt’s banking sector. Initiatives such as the “Home Country” programme and the “Your Home in Egypt” campaign are designed to encourage investment from Egyptians living overseas.
Looking ahead, Dr. Madbouly previewed an upcoming visit to Iraq, aimed at strengthening bilateral relations and economic cooperation. Accompanied by ministers from various sectors, the visit will focus on infrastructure, urban development, and transport projects, as well as political discussions.
Finally, Dr. Madbouly touched on real estate export mechanisms, emphasizing the need for specific regulations to facilitate foreign investment in Egyptian properties. This initiative is seen as a means to inject foreign currency into the economy while showcasing Egypt’s growing real estate capabilities.