Sunday, March 15, 2015

President El-Sisi : "Egypt needs 200-300 billion dollars to produce real hope for its people"

President El-Sisi thanks attendees at Sharm Economic Conference, asks Egyptians for 1000 times more effort EEDC

President Abdel-Fattah El-Sisi's closing speech on the last day of the Egypt Economic Development Conference

14:50 Egypt's electricity ministry has said that it has signed two deals to buy electricity generated from two future power plants whose construction was announced on Sunday at the conference.

Al Nowais Group from the United Arab Emirates has agreed to build a coal-fueled power plant worth $4.5 billion with a total production capacity of 2,640 megawatts on the Red Sea.

Benchmark from the United States has also committed to building another conventional power plant worth $1.5 billion in Egypt's Delta region with a total production capacity of 2,300 megawatts.

14:40 Egypt's ministries of telecommunications and supply will sign a deal with Saudi businessman Sheikh Kamel Saleh for a project aimed to digitize commercial registration.

Khaled Negm, minister of telecommunications, said the step would positively impact the daily life of Egyptians, giving the example of real estate registration. 

14:11 President Abdel-Fattah El-Sisi poses for photos with guests.

14:10 In closing, the president thanks the attendes:

"I thank you on behalf of the Egyptian people."

14:08 Addressing the Egyptian people, El-Sisi says: People have come from all over the world for you. Their readiness to work with Egypt is for you. We want to work with them and make a thousand times more effort.

14:02 Sisi says the Egyptian people were able to bring about change on 25 January and 30 June. And they are able to bring about change again.

"But I will not wait till this happens."

14:00 Sisi says the government wants to establish new governorates on the 4 million feddans of land to be reclaimed in the mega-project.

13:58 Sisi says Egypt will hold this conference annually.

"Not just for Egypt, but also for other economically-struggling countries."

13:55 I received an invitation from German chancellor Angela Merkel. Egypt is receiving 6 billion euros in funding from Germany. I look forward to visiting Germany and I respect this country much. 

13:54 Egypt needs no less than 200-300 billion dollars to produce real hope for its people.

13:50 Time is crucial. We need to complete the proposed projects soon. Egypt asked international companies to shorten the originally-proposed timeframes for completing the planned projects.

13:47  Sisi says: "Only 150 years ago, what is today a great country sent a delegation to Egypt to learn from us: It was Japan."


"I remind Egyptians and the world that Egypt is awakening now."

"People thought my country had died. But no, Egypt is a country God created for life."  

13:45 Sisi says Egypt is rich with 35 million youth.

The hall chants ‘Long live Egypt’ and Sisi joins.

13:41 President invites young organisers to walk up to podium. Organisers pose for selfies with the president.

Sisi selfies

Sisi selfiesEgypt's President Abdel Fattah al-Sisi (C) smiles as volunteers take a "selfie" with him during the closing session of Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh, in the South Sinai governorate, south of Cairo, March 15, 2015

13:40 President Abdel-Fattah El-Sisi walks into the main conference hall to start his closing speech at the EEDC.

13:35 Egypt has signed deals worth a total $38.2 billion, besides the $12.5 billion pledged by Gulf leaders, during the economic conference, Reuters reports, citing Minister of Investment Ashraf Salman.

This includes investment deals worth $33 billion and European aid and grants amounting to $5.2 billion.

Egypt has also signed MOUs for potential deals worth $92 billion, said Salman. 

12:45 The European Bank for Reconstruction and Development (EBRD) signs a joint declaration with the Egyptian Ministry of International Cooperation to support priority sectors over the next three years, according to a press statement issued by the conference.

“This declaration reflects the EBRD’s keenness to support the Egyptian economy during the current period through extending financing to key priority sectors,” said International Cooperation Minister Nagla El-Ahwany.

12:30 President Abdel-Fattah El-Sisi is holding a meeting with the King of Bahrain, Hamad bin Isa, state television reports. Bahrain is expected to pump considerable investments in the Egyptian economy.

12:25 Housing Minister Mostafa Madbouly tells state TV that the first phase of the new capital should be finalised within five to seven years.

11:55 President Abdel-Fattah El-Sisi is scheduled to address the conference at 12:30 pm. He is expected to make new economic announcements.

11:25 Emirati business tycoon Mohamed El-Abbar refutes widely-circulating media claims that Emaar, of which he is chairman, is in charge of implementing the planned new administrative capital.

In an interview with Egyptian TV anchor Amr Adib on Saturday, Al-Abbar explained that he co-founded new company Capital City Partners -- independent from Emaar -- to be solely responsible for the city.

"The new capital is a huge project, it needs focus, discipline and prioritising," he said, adding that Capital City Partners is in charge of designing and implementing the new capital, without subcontracting.

According to Al-Abbar, the aim of the new capital is to hold together government ministries, embassies and to introduce residential units that will serve all social classes.

11:10 Two international consortiums sign memorandums of understanding for two solar power plants with a total production capacity of 5,000 megawatts.

The first consortium is led by Sky Power Global, the largest developer of solar energy projects worldwide, and a Gulf company. They will construct a solar power plant to produce 3,000 megawatts over five years.

The second consortium is composed of Switzerland-based Terra Nex, and Terra Sola, headquartered in Bahrain. It will construct a solar power plant to produce 2,000 megawatts.

The memorandums were signed yesterday and announced this morning by the electricity minister Mohamed Shaker El-Markaby.

 Economic Development Conference.

The first two days have been praised as a 'success' for Cairo by a number of world leaders in attendance.

Around 2,000 delegates from 112 nations, including 30 heads of state and executives of multinational companies attended the resort town of Sharm El-Sheikh for the event.

On Friday, Saudi Arabia, Kuwait and UAE pledge a total of $12 billion in aid and investment.

Around 2,000 delegates from 112 nations, including 30 heads of state and executives of multinational companies attended the resort town of Sharm El-Sheikh for the event.

The government hopes the conference will kickstart the economy after four years of political turmoil following the 2011 uprising.

On Saturday, Minister of Housing signed a preliminary deal with Emirati Capital City Partners to construct a new administrative capital for the country.

Saturday also witnessed the signing of multiple energy deals with international investors worth over $40bn to boost the crisis-stricken fields of power generation and oil and gas sectors.

On Sunday, More details are expected to be announced on the Suez Canal Development project.

The closing ceremony is scheduled to take place between 6 and 8pm.