{"id":633439,"date":"2024-07-15T00:00:00","date_gmt":"2024-07-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/15\/introducing-the-cabinets-economic-ministerial-group-plus-news-from-madinet-masr-eastern-company-infinity-power\/"},"modified":"2024-07-15T00:00:00","modified_gmt":"2024-07-15T00:00:00","slug":"introducing-the-cabinets-economic-ministerial-group-plus-news-from-madinet-masr-eastern-company-infinity-power","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/15\/introducing-the-cabinets-economic-ministerial-group-plus-news-from-madinet-masr-eastern-company-infinity-power\/","title":{"rendered":"Introducing the cabinet\u2019s Economic Ministerial Group. PLUS: News from Madinet Masr, Eastern Company, Infinity Power"},"content":{"rendered":"<p class=\"tag-border-left\">CABINET WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Introducing the cabinet\u2019s Economic Ministerial Group:<\/strong> Prime Minister Moustafa Madbouly issued a directive forming the Economic Ministerial Group to steer the country\u2019s economic and financial policies, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0zV92AyvREBYZ3y1SBy546SmbgUVM9NGXRbmYws2LTvTPCktpia6KDvKstnPrn8EUl\" style=\"\" rel=\"noopener\">cabinet statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s on board:<\/strong> Headed by Madbouly, the group will include Central Bank Governor Hassan Abdalla, Planning and Economic Development Minister Rania Al Mashat, Finance Minister Ahmed Kouchouk \u2014 who will serve as the group\u2019s spokesperson \u2014 Supply Minister Sherif Farouk, and Investment and Foreign Trade Minister Hassan El Khatib. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The group\u2019s mission:<\/strong> The group is tasked with formulating the overall framework for economic and financial policies, promoting growth and employment, and ensuring financial sustainability and economic stability. It will meet weekly \u2014 or as needed \u2014 and can invite experts to its meetings to make use of their expertise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">RETAIL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Eastern Company hikes smoke prices for the third time this year: <\/strong>State-owned tobacco giant Eastern Company on Friday bumped up the prices of its cigarettes by up to EGP 0.50 after the company\u2019s board approved the decision a day earlier, according to two EGX disclosures (<a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/1038.pdf\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/1039.pdf\" style=\"\" rel=\"noopener\">here<\/a>, pdf). The price of all its 20-cigarette packs, including Cleopatra, now stands at EGP 34.72, while its higher-end Viceroy and Pall Mall has maintained its price of EGP 55. The Box 10 \u2014 the pack including 10 cigarettes \u2014 saw the biggest jump in price, now going for EGP 25 a pack from EGP 24.5. This marks the company\u2019s third price hike this year, following earlier increases in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/42608e1b-14da-4fba-8e1f-3025ff7d1a2e\/\" style=\"\" rel=\"noopener\">April<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c6917ee5-d671-4da3-8343-001eb83e356f\/\" style=\"\" rel=\"noopener\">February<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale: <\/strong>\u201cThe price hike complies with the Universal Health Ins. Law,\u201d Eastern CEO Hany Aman told Hadret El Mowaten last night (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=471088962222906\" style=\"\" rel=\"noopener\">watch, runtime: 1:40<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ENERGY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Infinity to set up its first ever projects in Cameroon:<\/strong> Our friends at renewables firm Infinity Power inked an MoU with the Cameroon West Regional Council that will see the firm develop 4 GW-worth of renewable energy projects by 2035, with the projects likely to include \u201csolar, battery storage, wind, hydro and biomass plants,\u201d the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/1016.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Madinet Masr, HDD sign agreement to develop project in New Heliopolis:<\/strong> Madinet Masr will co-develop two plots in New Heliopolis alongside Heliopolis Housing and Development (HHD) under an agreement inked between the two sides, <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/987.pdf\" style=\"\" rel=\"noopener\">Madinet Masr (pdf)<\/a> and <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/992.pdf\" style=\"\" rel=\"noopener\">HHD (pdf)<\/a> said in separate statements. Madinet Masr made a contract payment of EGP 1.1 bn upon signing. The project is expected to generate some EGP 194.7 bn in revenues over the 12-year period \u2014 the project is expected to launch before the end of 2024, Madinet Masr CEO <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40c6f46f-e6e6-456f-9a45-7c5dfdb730db\/%253cmark%253emadinet%253c%2Fmark%253e%253cmark%253e-masr%253c%2Fmark%253e-nearly-tripled-its-income-in-1q\" style=\"\" rel=\"noopener\">Abdallah Sallam said earlier this year<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The group will be headed by Prime Minister Moustafa Madbouly<\/p>\n","protected":false},"author":1,"featured_media":633440,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,282,247,72,334,4952,7203,281,83,7401],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-633439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-cabinet-watch","tag-eastern-company","tag-enterpriseam","tag-infinity","tag-infinity-power","tag-madinet-masr","tag-moustafa-madbouly","tag-real-estate","tag-tobacco","wpautop","entry"],"acf":{"mongo_id":"8cb26e12-ed0f-4103-970e-274dc13bab2b","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1080.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s cabinet now has an Economic Ministerial Group","related_issue":[633421],"teaser":"The group will be headed by Prime Minister Moustafa Madbouly","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.f8827480-5c2b-451b-ac8f-2cdd05b42b69.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Introducing the cabinet\u2019s Economic Ministerial Group. 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