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Our new cabinet held its first meeting yesterday, where it approved a number of decisions, according to a cabinet statement.
#1- Five new energy projects got preliminary approval: The cabinet gave preliminary approval to five new petroleum projects to be carried out by the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and a number of international and local companies with investments totaling USD 200 mn.
The details: The agreements include two that will give EGAS and Eni’s IEOC Production
HBS the right to search for and exploit gas and oil reserves in the Mediterranean’s North Port Fouad offshore area and the South Nour offshore area. The rest of the agreements will see companies explore and exploit gas and oil in the Nile Delta and Western Desert.
#2- Amendments to the US-Egypt Higher Education Initiative got the greenlight from the cabinet. The USD 250 mn initiative provides high-achieving Egyptians with access to higher education locally and in the US. The cabinet statement did not detail what exactly the amendments entailed.
#3- No more double taxation between Egypt and Oman: The cabinet approved an agreement to eliminate dual taxation between Egypt and Oman and crack down on tax evasion. The agreement was first inked during an Egyptian-Omani business forum in May 2023 and ratified by the Omani Sultan the following month.
ALSO FROM THE CABINET- New ministerial groups to boost human and industrial development: Prime Minister Moustafa Madbouly gave directives to form two specialized ministerial groups aimed at enhancing human and industrial development, according to a cabinet statement. The Human Development Ministerial Group — headed by the deputy president for human development and health minister, Khaled Abdel Ghaffar — will focus on national strategies in health, education, culture, sports, and religious discourse, as well as aligning vocational education with market needs. The Industrial Development Ministerial Group — led by the deputy president for industrial development and trade minister, Kamel El Wazir — will work on national industrial strategies, promoting direct private investment, increasing local content in industries, and managing industrial land development.
