Egypt consumer inflation rises to 17-month high

Egypt consumer inflation rises to 17-month high
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Updated 09 September 2021

Egypt consumer inflation rises to 17-month high

Egypt consumer inflation rises to 17-month high
  • Egypt's annual urban consumer price inflation rose to 5.7 percent in August
  • Food inflation was the key driver jumping from 4.9 percent y/y in July to 6.6 percent y/y in August, the highest for two years

Egypt's annual urban consumer price inflation rose to 5.7 percent in August, up from 5.4 percent in July, official statistics agency CAPMAS reported on Thursday, a 17 month high.

Month-on-month headline inflation slowed to 0.1 percent in August, from 0.9 percent in July, the agency said.

Capital Economics, suggested inflation was likely to remain high over the coming months and would make a hold on interest rates more likely by the central bank's monetary policy committee at it's meeting next week. 

Food inflation was the key driver jumping from 4.9 percent y/y in July to 6.6 percent y/y in August, the highest for two years. The economics research company said it's forecast of a higher headline inflation rate in the coming months was on the back of stronger food and energy inflation. 

Separately, the Egyptian Central Agency for Public Mobilization and Statistics announced that annual inflation levels in Egypt rose to 6.4 percent last August, compared to 6.1 percent in July.

The agency added in a statement, today, that the general consumer price index for the whole of the republic recorded 114.3 points for the month of August 2021, a decrease of 0.1 percent from July. The decrease was put down in part to the fall in prices of some food stuffs as well as clothing.

CE added that the government mooted hiking the price of state-subsidised bread, which coupled with the recent hike to local fuel prices, will push the headline rate up further. Global factors, such as rising commodity prices, freight costs and supply shortages will also add to price pressures, CE said. 

It also forecast a weakening in the pound causing inflation to push further up on imported goods.

However, despite the inflationary pressures in the short- term the company believes that inflation will drop back sharply in very-late 2021 and could possibly fall below the lower bound of the CBE’s target range. Inflation would then likely hover around the lower bound over 2022-23. 


Pakistan’s PM leaves for Saudi Arabia to attend ‘Middle East Green Initiative Summit’


Pakistan’s PM leaves for Saudi Arabia to attend ‘Middle East Green Initiative Summit’

Updated 7 sec ago

Pakistan’s PM leaves for Saudi Arabia to attend ‘Middle East Green Initiative Summit’


Pakistan’s PM leaves for Saudi Arabia to attend ‘Middle East Green Initiative Summit’


CAIRO: Pakistan’s Prime Minister Imran Khan left for a three-day visit to Saudi Arabia on Sunday to attend the launch of the “Middle East Green Initiative Summit” in Riyadh, Pakistan’s Foreign Office said in a statement.

Khan left with Foreign Minister Shah Mahmood Qureshi, Energy Minister Hammad Azhar, and Malik Amin Aslam, PM’s adviser on climate change. 

“An initiative of the (Saudi) crown prince, the summit is the first of its kind in the Middle East region,” the statement said.

The Prime Minister Office said that Saudi Crown Prince Mohammed bin Salman had extended the invitation to the premier to attend the event on Oct. 25.

Khan, who made Pakistan a “Champions for Nature”, will share his perspective on the challenges faced by developing countries due to climate change, the statement said. 

He will also highlight Pakistan’s experience of launching “nature-based solutions” to address environmental challenges.


Saudi youth are 'empowered' to drive sustainable change, says energy minister

Saudi youth are 'empowered' to drive sustainable change, says energy minister
Updated 15 min 28 sec ago

Saudi youth are 'empowered' to drive sustainable change, says energy minister

Saudi youth are 'empowered' to drive sustainable change, says energy minister

RIYADH: Youngsters in Saudi Arabia are working "day and night" to deliver environmental changes in the Kingdom, the country's minister of energy has said as he praised Crown Prince Mohammed bin Salman's leadership.

Speaking at the Saudi Green Initiative Forum on Saturday, Prince Abdulaziz bin Salman reserved special praise for the country's youth.

Addressing the event in Riyadh, he said: “Whatever you see today in Saudi Arabia, whatever you see tomorrow in Saudi Arabia, is not the work of myself or my generation or the generations that just preceded me or the generation that just came after me, I am empowered by a young leader who has the vision and he is the owner of that vision, Vision 2030."

The minister highlighted the influence of the Kingdom’s vision on its youth, saying: “The empowerment has spread in Saudi Arabia to the many youngsters that you saw in the gallery and the many youngsters that are working day and night delivering, not for my future, but for their own future and I’m proud to say that in Saudi Arabia, it’s not the men in Saudi Arabia, it’s actually the women and men of Saudi Arabia that will deliver the future that we are all aspiring for.”


30% vehicles in Riyadh will be powered by electricity, says Al-Rasheed

30% vehicles in Riyadh will be powered by electricity, says Al-Rasheed
Updated 13 min 12 sec ago

30% vehicles in Riyadh will be powered by electricity, says Al-Rasheed

30% vehicles in Riyadh will be powered by electricity, says Al-Rasheed
  • 'We will increase the share of public transport in the city from 5 percent to 20 percent.'

RIYADH: As part of the Riyadh Sustainability Strategy, the government is working to ensure that 30 percent of all vehicles in the capital city will powered by electricity by 2030, said Fahd Al-Rasheed.

The CEO of the Royal Commission for Riyadh City said the sustainable strategy is a $92 billion program to ensure a sustainable future for the city.

Speaking at a session at the Saudi Green Initiative Forum on Saturday, Al-Rasheed said: “We must be a global steward of environmental preservation and a global economic powerhouse driven by resource conservation.”

Highlighting the Kingdom’s green economy plan, he said the private sector has a key role to play in achieving these goals. “It will create 360,000 green jobs and envisage $40 billion investment by the private sector.”

He said more than 50 percent of this (private sector) investment has been already committed. “This very ambitious vision was transformed or translated into a full sustainability strategy with 68 initiatives focused on climate, action, energy production and efficiency, air quality, water management, waste management, biodiversity, and ecological preservation,” Al-Rasheed added.

He said the plan seeks to reduce emissions and increase the share of renewables (energy) to 50 percent by 2030.

The CEO of the Royal Commission for Riyadh City said: “We will increase the share of public transport in the city from 5 percent to 20 percent.” 

The plan also aims to improve waste management in the city by ensuring that “100% of our waste is used, recycled, recovered, and of course reused.” 

Al-Rasheed said we are taking steps for water conservation. He said by 2030 carbon emissions in Riyadh will drop by 50 percent by 2030 making it one of most livable cities of the world. “We also aim to plant 15 million trees in Riyadh.”

The $8 billion project will increase the per capita share of green space from 1.7 to 28 square meters and “deliver more than 3,300 neighborhood parks and 43 city parks, all irrigated, of course with treated water.” 

He said the strategy also seeks to protect and promote biodiversity. “More than 200 species, many of them endangered today, will be protected under these plans,” Al-Rasheed said.


Saudi Aramco aims to become net zero energy producer by 2050: CEO

Saudi Aramco aims to become net zero energy producer by 2050: CEO
Updated 49 min 5 sec ago

Saudi Aramco aims to become net zero energy producer by 2050: CEO

Saudi Aramco aims to become net zero energy producer by 2050: CEO

RIYADH: Saudi Aramco will become a net-zero carbon energy producer by 2050, said CEO Amin Nasser on Saturday.

He was speaking at a session organized as part of the Saudi Green Initiative Forum in Riyadh.

The Aramco chief said the oil company will replace crude burning for power with natural gas in 10 years.

“We understand the road will be complex and the transition will have challenges. But we’re confident we can meet them and accelerate our efforts to a low-emission future.”

He stressed the need for an orderly energy transition by taking a holistic view of the entire scenario.

Nasser said the world needs inclusive energy policies to avoid any crisis.

The Aramco chief said the oil company is investing heavily in research and development. “We have 12 research centers across the world.”

He said the focus of all our research facilities is to address climate change and find sustainable solutions.


PIF-backed Soudah Development to plant more than 1 million trees in Soudah, parts of Rijal Almaa

PIF-backed Soudah Development to plant more than 1 million trees in Soudah, parts of Rijal Almaa
Updated 23 October 2021

PIF-backed Soudah Development to plant more than 1 million trees in Soudah, parts of Rijal Almaa

PIF-backed Soudah Development to plant more than 1 million trees in Soudah, parts of Rijal Almaa

RIYADH: Soudah Development, a Public Investment Fund company, on Saturday announced a new environmental initiative to plant more than 1 million trees across Soudah and parts of Rijal Almaa by 2030.

It was announced at the Green Saudi Initiative Forum. The landmark project will support the Saudi Green Initiative, which aims to plant 10 billion trees, reduce carbon emissions by 4 percent, and raise protected areas to more than 30 percent of the Kingdom’s total land area.

Protecting and expanding vegetation cover is at the heart of Soudah Development’s sustainable development strategy to transform Soudah and parts of Rijal Almaa into a luxury mountain tourism destination set atop Saudi Arabia’s highest peak. 

Deploying best-in-class irrigation techniques, the initiative to plant more than 1 million trees by 2030 will restore forests across a 627 square km area, boost natural environments, enhance ecological balance, and support the reintroduction of local species of flora and fauna.
Hussam Almadani, CEO of Soudah Development, said: “Investing in the country’s extraordinary natural resources has been a guiding principle since Crown Prince Mohammed bin Salman launched Soudah Development. We have assembled some of the world’s foremost sustainability leaders to support our goals as we deliver a new era of sustainable luxury tourism in Saudi Arabia.”

He added: “We are extremely proud to announce our initiative to plant more than 1 million trees by 2030. It consolidates our efforts to promote world-class sustainable development and demonstrates the high standards we set for ourselves when it comes to promoting environmental leadership.”

By adopting global best practices, renewable energy and latest advanced technologies, Soudah Development is working to reduce water and electricity consumption, divert waste away from landfill and achieve carbon neutrality.