Egypt to be transformed by 2024 into one of major global hubs for transport and logistics
November 3, 2021, 4:16 am

Egypt to be transformed by 2024 into one of major global hubs for transport and logistics

Egypt-Cairo-Cairo tower/Pixabay

The Xinhua reported, Egyptian Minister of Transport Kamel al-Wazir has said that Egypt will be transformed by 2024 into one of major global hubs for transport and logistics through a massive 10-year plan to modernize its transport infrastructure.

The minister told foreign reporters, the transportation system established in the country will contribute significantly to achieving sustainable development and changing the face of life throughout Egypt.

He explained that the 10-year plan, implemented from 2014 to 2024, was drawn up to modernize the transport and communication sectors, at an expected cost of 1.669 trillion Egyptian pounds (about 106.3 billion U.S. dollars).

The Xinhua mentioned, the plan covers six main areas, including the roads and bridges, at a cost of 474 billion Egyptian pounds, railways, 225 billion pounds, tunnels and electric traction, 837 billion pounds, maritime transport, 115 billion pounds, dry ports and logistics, 15 billion pounds, and river transport, 3 billion pounds.

It mentioned that over the past seven years, al-Wazir said, projects worth 1.295 trillion Egyptian pounds have already been implemented, noting that a number of large projects will be completed by the end of this year, while other projects such as the light rail train will be finalized by the end of 2022.

Read more: Britain welcomes French government’s announcement to delay sanctions over fishing dispute

al-Wazir noted: "Projects such as the monorail, the high-speed electric train, as well as port projects will be completed by the end of 2024."

The minister said that around 30,000 km of new and developed roads will be completed by the end of 2024.

With the completion of the transport and road system in 2024, Egypt will be turned into a regional and international hub for transport and logistics, the minister stressed, adding that there are also plans to link Egypt with other North African countries, including building a road that will run through Egypt, Libya, Chad and Niger.

al-Wazir noted: "Additionally, there will be Cairo-Cape Town axis which connects North Africa with South Africa...a river transport route reaching Lake Victoria will also be established."

The Egyptian minister extended an open invitation to all Egyptian and foreign investors to manage and operate railways across the country, as well as participate in all the ministry's projects covering various fields.

Read more: Why does Recep Erdogan need the Istanbul Canal?

A workshop was also held on Sunday to discuss the economic, social, environmental and health returns for the development of the transport system in Egypt, during which experts talked about the effects and impacts of the huge transport projects that Egypt is currently building.

Khaled Abdel-Fattah, head of the Sociology Department of the Helwan University, said the development and modernization of Egypt's transportation system has become an urgent necessity, which is difficult to ignore.

He told Xinhua: "The poor old transportation system has multiple negative effects on all aspects of life at the level of individuals and society."

Ayman Mosallam, a professor of structural engineering of the University of California, Irvine, spoke about the technical aspects of new transport projects in Egypt.

He told Xinhua: "Great efforts have been exerted in the field of constructing roads for heavy transport vehicles equipped with reinforced concrete castings," He added: "The construction of many roads in the mountains with high efficiency and skills must be applauded."

For his part, Mourid Albert, undersecretary of the general traffic department of Egypt, said that the Ministry of Interior is working on the national road plan and has turned to modern technology to tighten control over the vast areas.

Source: xinhua

Britain welcomes French government's announcement to delay sanctions over fishing dispute Islamic State militants claim attack on Afghan military hospital in Kabul

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.