{"id":620998,"date":"2024-05-29T00:00:00","date_gmt":"2024-05-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/29\/this-evening-new-private-freezone-for-agricultural-products-in-sadat-city-greenlit-by-madbouly-government\/"},"modified":"2024-05-29T00:00:00","modified_gmt":"2024-05-29T00:00:00","slug":"this-evening-new-private-freezone-for-agricultural-products-in-sadat-city-greenlit-by-madbouly-government","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/29\/this-evening-new-private-freezone-for-agricultural-products-in-sadat-city-greenlit-by-madbouly-government\/","title":{"rendered":"THIS EVENING: New private freezone for agricultural products in Sadat City greenlit by Madbouly government"},"content":{"rendered":"

Good afternoon, ladies and gentlemen, and happy almost-Thursday. <\/strong>The newswire is starting to buzz even though we are one day away from the weekend. <\/p>\n

THE BIG STORIES TODAY<\/p>\n

#1- <\/strong>El Sisi, Jinping talk Gaza, water security: <\/strong>President Abdel Fattah El Sisi participated in a summit in Beijing alongside his Chinese counterpart Xi Jinping, where they discussed the ongoing situation in Rafah, Egypt\u2019s water security, as well as efforts to strengthen ties between the two countries, according to an Ittihadiya<\/a> statement. The event saw the signing of a number of cooperation agreements between the two sides \u2014 with a particular emphasis on cooperation in the tech sector \u2014 as well as an agreement on a joint development plan for China\u2019s Belt and Road initiative. It also witnessed the joint announcement of the \u201cYear of the Egyptian-Chinese Partnership,\u201d which will include \u201ca variety of diplomatic, economic and cultural activities,\u201d the statement read.<\/p>\n

#2- Subsidized bread set to quadruple in price next month: <\/strong>A loaf of subsidized bread will be sold at EGP 0.20 starting next month, up from its current price of EGP 0.05, Prime Minister Moustafa Madbouly announced today. This came two days after Madbouly hinted<\/a> at cutting down spending<\/a> on bread subsidies to bring the selling price closer to the \u201cmassive\u201d cost of production.<\/p>\n

#3- USD 180 mn<\/strong> MAFI agriculture freezone is off the ground:<\/strong> MAFI Agricultural Produce Industries (MAFI) has gotten the greenlight from the Madbouly government to set up a private freezone spanning 155k sq-km for agricultural products in Sadat City, according to a statement<\/a>. All of the project\u2019s output will be for export, with MAFI aiming to export USD 200 mn in the first phase and double that in the second phase of operations. <\/p>\n

Remember<\/strong>: MAFI founder Ahmed Abou Hashima signed<\/a> contracts with several international companies in January to set up the agri-food industrial complex. It\u2019s slated to be the largest in the Middle East and could create as many as 7k direct and indirect jobs. <\/p>\n

THE BIG STORY ABROAD<\/p>\n

Donald Trump\u2019s criminal trial is coming to a close.<\/strong> The former US president and current electoral candidate has been on trial for 34 counts of felony due to falsifying business records in the first degree, marking the first criminal trial against an American president. His fate lies in the hands of 12 jurors, whose decision may be reached within hours, or take as long as several weeks. If convicted, Trump is expected to spend four years in prison, or face probation \u2014 but it would not disqualify him from his electoral bid, or from serving as president if elected. (NYT<\/a> | CNN<\/a> | Washington Post<\/a>)<\/p>\n

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