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Egypt, Germany sign two agreements for €150.5M

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CAIRO – 23 December 2018: Egypt and Germany signed two technical and financial cooperation agreements worth €150.5 million.

 

The agreements were signed by Egypt’s Minister of Investment and International Cooperation Sahar Nasr and the German Ambassador to Cairo, Julius Georges Lowe.

 

Nasr clarified that the first agreement is for technical cooperation through a grant of €48 million in the education sector in support of the initiative of President Abdel Fatah al-Sisi to invest in human resources, in addition to supporting the sectors of infrastructure and environment, agriculture, water and sanitation.

 

She added that the second agreement is a financial cooperation agreement agreed between the two sides to finance a number of projects worth €102.5 million in the electricity sector, new and renewable energy, energy efficiency and agriculture as well as small and medium enterprises.

 

The Minister stressed that the priority goes for the neediest areas within the grants to support small and medium enterprises, so as to benefit women and young people, noting that during the negotiations of the agreements, they agreed that the deals to be linked to the training of young people on various skills and benefit from German expertise in the manufacturing sector.

 

She referred to Egypt’s keenness to intensify and diversify its economic, development and investment cooperation with Germany as part of the implementation of the agreement between Egypt’s president and German Chancellor Angela Merkel during their recent meeting in Berlin.

 

How Egyptian-German relations recovered during Sisi’s rule

CAIRO – 28 August 2018: Following June 30 revolution against the Muslim Brotherhood-affiliated former President Mohamed Morsi, Egyptian relations with Germany, along with many other countries, were strained. However, diplomatic, and subsequently economic relations with Germany have been restored in a short time. President Abdel Fatah al-Sisi arrived in Berlin on Sunday, Oct.

 

Nasr stressed on the importance of increasing German investments under the strategic relations between the two countries, stating that Germany’s investment in Egypt is about $641.4 million, with a number of 1103 companies in the sectors of chemicals, oil, telecommunications, gas, automobile industry, iron and steel.

 

Egypt, Germany sign economic protocol worth €129 million

CAIRO – 31 October 2018: Egypt and Germany signed a number of bilateral agreements on the sidelines of President Abdel Fatah al-Sisi’s four day visit to Berlin, which started on Oct. 28. The two officials signed a protocol of economic cooperation worth €129 million ($146.47 million) during the meeting of Egyptian-German cooperation committee, presidency spokesman Bassam Radi said.

 

For his part, the German ambassador to Cairo praised the cooperation with Egypt, pointing out that these agreements come in the framework of strengthening relations between the two countries, and indicates the current strategy of cooperation between Egypt and Germany, stressing his country’s keenness to increase its support to Egypt during the next stage on the economic level.

 

He also praised the economic reform measures that the Egyptian government is working on, which reflects positively on the development cooperation between Egypt and Germany and improving the investment environment which encourages German companies to increase their investments in Egypt, stressing the strategic and deep relationship between Egypt and Germany.

 

He honored the improvement of the Egyptian economy, stressing that the German Construction Bank and the German Agency for International Cooperation have the ability to provide more expertise and capabilities to serve the economic and development cooperation of the two countries after the establishment of two offices in Cairo.

 

Minister of Trade and Industry Amr Nassar said that Egypt’s exports to Germany marked an increase of 9.5 percent during the first half of 2018, reaching €717 million, compared to €654.6 million during the same period of 2017.

 

Egypt’s exports to Germany hit €717M in H1 2018

CAIRO – 20 September 2018: Egypt’s exports to Germany marked an increase of 9.5 percent during the first half of 2018, reaching €717 million, compared to €654.6 million during the same period of 2017, according to Minister of Trade and Industry Amr Nassar.

 

Trade exchange between Egypt and Germany rose 5 percent in 2017, reaching €5.81 billion, compared to €5.57 billion in 2016, Nassar said earlier.

 

Total Egyptian investments in Germany recorded $35.5 million in the fields of finance, medicine, furniture, appliances, medical supplies, tourism and trade, the minister added.

 

Trade Exchange bet. Egypt, Germany hits €5.81B in 2017

CAIRO – 21 June 2018: Trade Exchange between Egypt and Germany rose 5 percent in 2017, reaching €5.81 billion, compared to €5.57 billion in 2016, according to Minister of Industry and Foreign Trade Amr Nassar. The minister clarified that the current German investments in Egypt amount to $641 million through 1080 projects in the fields of industry, services, agriculture, construction, communications, information technology and finance.

– EGYPT TODAY

Economy

Meta Hosts its First Youth Summit in Nigeria to Drive Innovation and Empowerment

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Meta recently hosted its first Youth Summit in Lagos, Nigeria, bringing together over 200 young professionals, students, recent graduates, creatives, tech enthusiasts and aspiring entrepreneurs.

Themed ‘Empowering Youth Through Technology, Innovation and Entrepreneurship’, the summit included a series of thought-provoking panel discussions, a mentoring session  and an interactive workshop designed to equip young Nigerians with the skills, insights and networks needed to thrive in today’s tech-driven world.

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Commenting about the event, Phil Oduor, Head of Policy Programs, Sub-Saharan Africa said, “At Meta, we believe that today’s youth are tomorrow’s change-makers. Through initiatives like the Youth Summit, we aim to foster innovation, promote digital literacy and empower young Nigerians with the tools and opportunities to realise their potential and contribute to Nigeria’s growing digital economy.”

Delivering the keynote address, Femi Aluko, CEO/Co-Founder, Chowdeck, shared his journey of breaking barriers to achieve success in tech. He encouraged attendees to embrace the limitless opportunities within today’s technology ecosystem.

A panel discussion, led by Chinny Francis, Public Policy Manager at Meta, featured panellists Nifemi Akinwamide, Head of Operations, Alt School; Adaora Mbelu, Co-Founder of Lumination Global and Obaloluwa Adeagbo, Marketing Lead at Talstack. They shared valuable insights about the future of work, emphasising the importance of storytelling to build a personal brand, practicing self-awareness, developing soft skills, lifelong learning and honing problem-solving skills to thrive in a digitally transformed world.

Francis Sani, Technical Adviser for Innovation, Entrepreneurship & Capital at the Federal Ministry of Communications, Innovation & Digital Economy, spoke at the event. He highlighted the 3 Million Technical Talent (3MTT) program, emphasising that the program aims to build Nigeria’s technical talent backbone to drive the digital economy and position Nigeria as a net talent exporter. He encouraged youth to take advantage of this opportunity.

Another panel of industry experts took the stage during the ‘Lunch and Learn: Navigating Entrepreneurship in a Rapidly Changing Landscape’ session, moderated by Sade Dada, Head of Public Policy for Anglophone West Africa at Meta. Seye Bandele, CEO of PaidHR and Damilola Teidi-Ayoola, Head of Platform and Networks at Ventures Platform Fund, shared their invaluable insights. Seye highlighted the importance of grit, curiosity and candour, while Damilola reinforced the need to understand one’s target audience, deliver value through their business and embrace data-driven decision-making in the dynamic entrepreneurial landscape.

The event also featured inspiring conversations with leading figures in the creative industry. Miss Techy, an award winning tech content creator and Salem King, a creator, storyteller, author and speaker, shared their experiences and advice on achieving long-term success. Attendees also benefited from an interactive workshop and a mentoring session, where industry experts shared practical advice and strategies for entrepreneurs and tech enthusiasts.

Meta’s Youth Summit 2024 highlights a commitment to driving positive change, championing youth empowerment and advancing economic opportunities in Nigeria. Through investments in key areas—such as the creative industry, digital literacy, economic impact and youth job training—Meta is dedicated to empowering young Nigerians to thrive in today’s tech-driven world.

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Cross-section of some of the attendees at the Meta Youth Summit 2024 in Lagos

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L-R: Chinny Francis, Public Policy Manager, Meta; Nifemi Akinwamide, Head of Operations, Alt School; Adaora Mbelu, Co-Founder of Lumination Global and Obaloluwa Adeagbo, Marketing Lead at Talstack.

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L-R: Sade Dada, Head of Public Policy, Anglophone West Africa, Meta; Damilola Teidi-Ayoola, Head of Platform and Networks, Ventures Platform Fund, and Seye Bandele, Chief Executive Officer, PaidHR during the Lunch and Learn: Navigating Entrepreneurship in a Rapidly Changing Landscape panel session.

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Salem King, a creator, storyteller, author and speaker and Miss Techy, an award winning tech content creator

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During a mentoring session workshop

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Femi Aluko, Chief Executive Officer and Co-founder, Chowdeck.

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Francis Sani, Technical Adviser to the minister of communications and digital economy of Nigeria

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Press Release

Novotel, French Global Hotel Expands Into East Africa

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Novotel Director Sales and Marketing Joesph Kimondo, PR and Marketing Manager Ivy Irungu, General Manager Fabio gonsalves, During the Media Briefing at the hotel (L-R).

Novotel, one of Accor’s flagship brands and a champion of balanced living, is proud to announce the opening of Novotel Nairobi Westlands, Kenya. 

Situated in the vibrant Westlands area, the new hotel seamlessly balances moments of adventure, relaxation, business, and pleasure, offering a truly reenergising experience just 20 minutes from Jomo Kenyatta International Airport (JKIA). Guests can explore multiple attractions with ease such as the Nairobi National Park, modern shopping malls, entertainment spots, the Giraffe Centre, and the Maasai traditional Market. The hotel caters to business travellers and families eager to share quality moments.

Novotel Nairobi Westlands offers 347 stylish rooms and suites, all featuring the brand’s signature design concept by RF Studio, which emphasises adaptability and sustainability, creating a comfortable, modern atmosphere. For business travellers, the hotel offers 13 versatile, intuitive meeting and event spaces, including a ballroom that can host over 100 guests – ideal for conferences, corporate functions, and social gatherings. 

For guests seeking relaxation, the hotel’s state-of-the-art spa offers a range of curated signature massage therapies, designed to provide the ultimate rejuvenation experience. Each treatment is crafted to melt away stress and restore balance. For those looking to stay active, the fitness centre provides expert-led individual and group training sessions, offering a mix of tailored workout routines to suit all fitness levels.

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“We are excited to introduce Novotel to Nairobi, a city that beautifully blends rich cultural heritage with modern dynamism,” said Fabio Gonsalves, General Manager of Novotel Nairobi Westlands, Kenya. ‘’Our goal is to create a welcoming space for business travelers and families alike, where quality moments lead to a more balanced life. At Novotel Nairobi Westlands, where modern living meets the pulse of cultural fusion, we offer flexible workspaces and relaxed dining options to suit everyone. It’s a place where guests can truly unwind, connect, and leave feeling invigorated. 

The hotel’s four distinct dining concepts take guests on a culinary journey. The rooftop Trunk & Tandoor Gastro Bar offers Indian-inspired cuisine paired with breathtaking views of Nairobi’s skyline, creating the perfect setting for a relaxed evening. Gemma’s Italian Kitchen & Bar provides an all-day dining experience with rich Italian flavours in a welcoming atmosphere. Located at the heart of the lobby, the Safari themed Social Hub coffee lounge and bar adds a unique local flair, inviting guests to connect and unwind. For those seeking a more laid-back experience, the rooftop Pool Bar serves light bites and refreshing drinks, perfect for unwinding under the sun while enjoying the stunning panoramic city views.

Whether complementing a safari adventure or enjoying a family getaway, Novotel Nairobi Westlands offers travellers and locals the perfect environment to connect with family, friends, and colleagues and share quality moments.

“With the opening of Novotel Nairobi Westlands, we are proud to reaffirm our commitment to Africa. The hotel offers a gateway to Nairobi’s vibrant experiences and marks a significant milestone in our growth strategy, as we continue to expand our footprint in key markets across the continent while enriching local communities.” said Paul Stevens, Chief Operating Officer Premium, Midscale & Economy Division, Middle East & Africa for Accor.

Following a longstanding commitment to support its guests’ pursuit of balance in their lives, Novotel announced a three-year agreement with World Wide Fund for Nature (WWF) to champion the protection and restoration of the world’s oceans, the greatest source of balance for the planet’s climate, through science-based action and conservation projects.  Novotel has built a three-year Positive Impact Plan, rooted in three of the United Nations’ priority ocean-related actions, namely: reducing marine pollution and ocean acidification, particularly from land-based activities; fighting overfishing and promoting sustainable fishing models; and increasing scientific knowledge and research for ocean health. 

To celebrate the opening, Novotel Nairobi Westlands is offering rates from Kes 20,000, including breakfast. True to the Novotel Family Promise, up to two children under 16 can stay for free in their parents’ room.

Members of the brand’s ALL loyalty programme, can unlock 4X Reward Points when booking on all.com until 24/11/2024, for stays up until 12/01/2025. Guests can join the loyalty programme for free and earn points towards a number of benefits, including free hotel stays.  

Novotel Nairobi Westlands is Safe Hotels Certified, ensuring our guests peace of mind with globally recognized safety standards. This certification highlights our commitment to a secure, comfortable, and welcoming stay.

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Press Release

FOO Partners with eNovate To Further Digital Transformation In Egypt

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FOO, the award-winning B2B Software as a Service (SaaS) solutions provider, has partnered with eNovate (formerly known as eCards), Egypt’s premier provider of cutting-edge digital payment solutions, to build upon eNovate’s existing portfolio of products and services.

eNovate is an independent subsidiary of eFinance Investment Group (EFIG), Egypt’s leading investment management firm. Originally established in 2009 as EFIG’s card services division, it has since evolved to deliver comprehensive, integrated digital payment solutions for a range of clients, including fintechs and financial institutions; ministries and governmental entities; transportation authorities; and NGOs.

With more than 55 million cards issued to date, and millions of transactions processed annually for Meeza, VISA and Mastercard, eNovate continues to position itself at the forefront of Egypt’s digital payment ecosystem.

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eNovate has strategically partnered with FOO to enhance its portfolio by leveraging FOO’s expertise, extensive range of services, and innovative approach to product development. FOO’s modular platform, built on a customizable suite of micro-services, enables the delivery of SaaS products across the financial services spectrum – from digital onboarding to digital banking – with unparalleled levels of flexibility, scalability and security.

Through this partnership, eNovate will also deliver Fintech as a Service (FaaS) solutions. Designed to help fintechs rapidly launch and scale their operations, FOO’s advanced ‘out-of-the-box’ FaaS solution streamlines the development process. This approach drastically reduces the time and resources needed to bring fintech products to market, enabling companies to move from concept to deployment within months, rather than years. By providing a comprehensive, scalable platform, this collaboration empowers fintechs across Egypt to focus on innovation and growth, accelerating their path to success in the country’s dynamic financial sector.

Both companies share a strong commitment to driving digital transformation, both within Egypt and the broader payment ecosystem. This collaboration will build on eNovate’s success to date, to further the delivery of fully compliant, end-to-end solutions that meet the diverse needs of its clients and their customers.

This ongoing partnership between FOO and eNovate includes several key projects, the first of which is an end-to-end digital solution for universities across Egypt. Integrated with each university’s learning management system, it will enable students to complete a range of actions – from payments to identity verification – via one easy-to-use app.

Further significant projects are to be announced in due course.

Ghady Rayess, Co-founder and Managing Director at FOO, commented: “At FOO, innovation is integral to our approach. We are proud to partner with eNovate, a true industry trailblazer, to contribute to the remarkable transformation taking place in Egypt’s financial services sector. With the support of the Central Bank of Egypt (CBE), we are committed to delivering robust financial solutions that will not only strengthen eNovate’s position as a leading innovation hub, but also further digital transformation across Egypt.”

Nashwa Kamel, CEO at eNovate, commented: “We are delighted to be working with FOO. Their commitment to cutting-edge technology and innovation aligns with our vision for providing digital payment solutions in Egypt and across the region. This partnership represents a milestone in our mission to revolutionize the financial landscape, providing our clients and their customers with unparalleled opportunities and enhanced experiences. By combining eNovate’s expertise with FOO’s pioneering solutions, we are positioned to set new benchmarks in the industry, driving forward digital transformation and reinforcing our role as a leader in the global payment ecosystem.”

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