{"id":658330,"date":"2025-01-08T00:00:00","date_gmt":"2025-01-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/08\/increased-production-to-cut-annual-energy-import-bill-by-usd-1-5-bn-starting-2025\/"},"modified":"2025-01-08T00:00:00","modified_gmt":"2025-01-08T00:00:00","slug":"increased-production-to-cut-annual-energy-import-bill-by-usd-1-5-bn-starting-2025","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/08\/increased-production-to-cut-annual-energy-import-bill-by-usd-1-5-bn-starting-2025\/","title":{"rendered":"Increased production to cut annual energy import bill by USD 1.5 bn starting 2025"},"content":{"rendered":"

Good morning<\/strong>, folks. <\/strong>We hope that those who celebrated Coptic Christmas enjoyed some meaningful time with their family and friends and are ready to get back at their desks to finish off the shorter-than-usual workweek. In today\u2019s issue, we\u2019ve got important economic data, a one-on-one interview with Egyptian Tax Authority head Rasha Abdel Aal, and so much more.<\/p>\n

<\/a> BUT FIRST- Feeling a bit confused by the <\/strong>new rules<\/a><\/strong> about bringing newly purchased<\/strong> mobile phones into the country? <\/strong>We\u2019re sure you\u2019re not alone \u2014 but don\u2019t fret, the National Telecom Regulatory Authority is out with an explainer<\/a> about the new personal mobile phone import rules and the accompanying Telephony app.<\/p>\n

We\u2019re still allowed to bring in one phone from abroad for personal use, with one <\/strong>important caveat. <\/strong>To make sure you don\u2019t get caught having to cough up import dues for a phone you\u2019re allowed to bring in without issue, you need to drop by the Customs Authority at the airport before you leave the arrival hall to do the necessary paperwork.<\/p>\n

Those planning to buy a phone here in Egypt also need to take note of the new system<\/strong>, with it being highly recommended that you check via the Telehony app that the device\u2019s import dues have already been paid and ask for a tax invoice with the 15-digit IMEI Number as proof.<\/p>\n

You\u2019ve got nothing to worry about if you\u2019re roaming using a non-Egyptian SIM<\/strong>, regardless of the length of your stay for both foreigners and Egyptians.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> Egypt will save around USD 1.5 bn annually on energy imports starting this year<\/strong>, with increasing local production to help reduce the country\u2019s reliance on imports, a cabinet statement<\/a> quotes Oil Minister Karim Badawi as saying. Badawi pointed to the state\u2019s recent emphasis on paying back dues owed to foreign energy companies as an important reason for a recent uptick in production.<\/p>\n

Remember: <\/strong>Following a costly few months<\/a> of energy imports to bridge the gap between local production and demand, the Oil Ministry has been on a mission to start increasing local energy production starting in 2025. In addition to partially clearing arrears to international oil companies since the EGP float in March, the Oil Ministry is offering new incentives<\/a> to energy players that include increasing production sharing ratios with foreign companies in exchange for new investments, enhancing exploration efforts, and increasing extraction rates with the aim of boosting local production.<\/p>\n

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HAPPENING TODAY-<\/p>\n

<\/a> The Greek prime minister and Cypriot president are in town for a tripartite summit<\/strong>, with President Abdel Fattah El Sisi set to welcome Greek Prime Minister Kyriakos Mitsotakis and Cypriot President Nikos Christodoulides to Cairo today, Ekathimerini<\/a> reports. The summit will discuss<\/a> pressing regional security issues, including Israel\u2019s assault on Gaza and the evolving political dynamics in Syria, along with energy cooperation, likely concerning the prospect<\/a> of re-exporting Cypriot gas via Egyptian LNG gasification facilities and the EuroAfrica Interconnector project<\/a>.<\/p>\n

Keep your eyes and ears peeled for a joint press conference of the three heads of state<\/strong> set to to take place later today, which should hopefully give us plenty to cover in tomorrow\u2019s issue of EnterpriseAM.<\/p>\n

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PSA-<\/p>\n

<\/a> #1- Budding young traders can now jump on the EGX at the age of 15<\/strong>, after the Financial Regulatory Authority greenlit an amendment to lower the age individuals can trade in EGX-listed securities to 15, down from 16 currently, <\/strong>the authority announced in a statement<\/a>. Individuals between 15 and 21 will also now be able to hold a portfolio worth up to EGP 40k, up from EGP 10k currently.<\/p>\n

<\/a> #2- There\u2019s never been a better \u2014 or cheaper \u2014 day to head to one of the country\u2019s many <\/strong> museums<\/strong>, with the Culture Ministry offering free access to national museums in celebration of Egyptian Culture Day, according to a statement<\/a>.<\/p>\n

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WEATHER- It\u2019s set to be a sunny wintery day in Cairo today<\/strong>, with a high of 21\u00b0C and a low of 12\u00b0C, according to our favorite weather app.<\/p>\n

Alexandria is in store for a cloudy day<\/strong>, with a high of 21\u00b0C and a low of 11\u00b0C.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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DATA POINT-<\/p>\n

Non-oil exports passed the USD 40 bn mark for the first time ever in 2024<\/strong>, marking an at least 16% increase on the year before, according to an Investment Ministry statement<\/a>. The state is aiming to up its annual non-oil exports to USD 145 bn by 2030.<\/p>\n

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CIRCLE YOUR CALENDAR-<\/p>\n

Egyptian expats will be able to choose from 3k plots of land across the country on 14<\/strong> January to build a home in the country<\/strong>, the Housing Ministry said in a statement<\/a>. Plots of land will be offered up online from the Beit Al Watan project in 13 cities, including New Cairo, Sixth October, Sheikh Zayed, Tenth Ramadan, New Damietta, Sadat City, May Fifteenth, New October, New Obour, Capital Gardens, New Minya, New Aswan, and New Qena.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

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THE BIG STORY ABROAD- <\/p>\n

It\u2019s a busy morning in the foreign press<\/strong>, with a wide-ranging press conference from US president-elect Donald Trump, along with updates on the latest round of Israel-Hamas ceasefire talks, and news from Meta, Nvidia, and Anthropic getting plenty of ink. <\/p>\n

#1- More threats of tariffs and annexation from Trump: <\/strong>Trump said he could use economic \u2014 and possibly military \u2014 action to acquire Greenland and take control of the Panama Canal, threatening to tariff Denmark \u201cat a very high level\u201d if it refuses, and separate tariffs on Mexico and Canada, which it also said it could annex through \u201ceconomic force.\u201d Canadian Prime Minister Justin Trudeau took to X<\/a> later to say \u201cThere isn\u2019t a snowball\u2019s chance in hell that Canada would become part of the United States,\u201d in response to Trump\u2019s comments. <\/p>\n

Trump also revealed a USD 20 bn investment planned by Emirati developer Damac Properties in US data centers<\/strong>, saying Damac\u2019s founder Hussain Sajwani was inspired by Trump\u2019s election to make the commitment. Sajwani said he\u2019d been waiting four years to ramp up investments in the US. <\/p>\n

The press conference got a lot of ink:<\/strong> FT<\/a> | Reuters<\/a> | NPR<\/a> | AP<\/a> | CNN<\/a> <\/p>\n

#2- Also from Trump Land, his new Middle East envoy Steve Witkoff said he is \u201chopeful\u201d for some good news from the Israel-Hamas ceasefire talks <\/strong>taking place in Doha before Trump\u2019s inauguration on 20 January, Reuters<\/a> quotes him as saying. Trump again threatened that \u201call hell will break out in the Middle East\" if Hamas does not release the hostages by the time he takes office during his presser. <\/p>\n

PLUS- Several stories on the tech and AI front are making the rounds: <\/strong><\/p>\n