Jordan’s trade balance deficit falls 9% in 10 months of 2023  

Jordan’s trade balance deficit falls 9% in 10 months of 2023  
Jordan’s trade balance deficit falls 9% in 10 months of 2023  

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Jeddah - Yasmine El Tohamy - RIYADH: Egypt is poised for growth in the maritime, green energy, and agricultural industries as Prime Minister Mostafa Madbouly signs several agreements. 

According to a release by the Egyptian Council of Ministers, the signing ceremony took place at the government headquarters. Contracts were inked for establishing the largest agri-food industry complex in the Middle East in Sadat City, with investments totaling $300 million. 

The project aims to provide over 7,000 direct and indirect job opportunities and export more than 80 percent of its production abroad, the release noted.  

The agreement involved MAFI Business Group, a provider of agricultural machinery; John Bean Technologies Corp., a food technology solutions specialist; GEA Middle East, a supplier of food processing technology; and Cabinplant, a global solutions provider for the food industry. 

Ahmed Abou Hashima, chairman of the MAFI group, highlighted that this step aligns with Egypt’s direction toward maximizing industrial capabilities through enhancing exports and substituting imports. 

The ceremony also saw the signing of an agreement between the Red Sea Ports Authority and Abu Dhabi Ports to build and develop the superstructure of the multi-purpose terminal, Safaga 2, at the Safaga port. The agreement entails the management, operation, and maintenance of the port. 

Kamel Al-Wazir, Egyptian minister of transport, noted that the signing aims to make Egypt a global center for trade and logistics, in line with the president’s directives.  

It also expects to maximize cooperation with specialized international companies to ensure the highest level of efficiency and keep pace with global maritime and commercial development. 

The agreement is part of a broader initiative to enhance collaboration between the Egyptian Ministry of Transport and Abu Dhabi Ports, aiming at implementing various projects in the logistics services sector in Egypt. 

He highlighted that the ministry had allocated approximately 3.6 billion Egyptian pounds ($116.51 million) to upgrade the Safaga port, aiming to reinstate its leading status in the country. 

Al-Wazir explained that the station will accommodate about 1 million containers annually, in addition to receiving general goods estimated at about 7 million tons.  

The minister added that the agreement aims to inject new investments into the national market, raise the growth rates of the Egyptian economy, increase the gross domestic product and national income, and serve international trade. 

In the renewables sector, the ceremony saw the signing of a memorandum of understanding to begin preliminary studies and measurements to develop a 10-gigawatt solar energy project. 

A release by the body noted that the project hopes to contribute to reducing about 14 million tons of carbon emissions. 

Upon completion, it was noted that the project would save an estimated $1 billion annually in annual natural gas costs. 

The agreement was signed between the Egyptian New and Renewable Energy Authority, the Egyptian Electricity Holding Co. and China Electric Power Equipment and Technology Co. 

The release added that the signing of the MoU comes within the framework of implementing Egypt’s energy strategy that aims to increase the capacity of renewable energies and reduce the use of fossil fuels to achieve its sustainable development plan. 

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