Egypt has increased electricity prices for residential and business customers by up to 50 per cent, a senior source at Egypt's Ministry of Electricity and Renewable Energy told The National on Tuesday.
The Ministry of Electricity and Renewable Energy did not announce the decision. It is part of a plan to gradually remove subsidies by December 2025, a requirement under Egypt's agreement with the International Monetary Fund.
The new pricing scheme, which was issued on Sunday, according to a source at the state-owned South Cairo Electricity Distribution Company, ranges between 14 per cent and 50 per cent. It went into effect for homes and businesses with prepay meters on Monday and will be added to September bills for postpay users.
For residential consumers, the price increase ranges from 14 to 50 per cent, while the rise in the commercial sector ranges from 24 per cent to 47 per cent.
Thousands of prepay users have complained about the price rise to the ministry, according to an official at the state-owned North Cairo Electricity Distribution Company.
Second increase
This month’s increase is the second this year, following one in January when prices went up by between 16 per cent and 20 per cent.
The price adjustments are part of Egypt's energy sector reforms intended to reduce fiscal burdens and attract private investment, as outlined in the country's agreement with the IMF, which will provide the government with $8 billion in financing until the end of 2026.
“Restoring energy prices to their cost recovery levels, including retail fuel prices by December 2025, is essential to supporting the smooth provision of energy to the population and reducing imbalances in the sector,” the fund wrote in its third review of Egypt’s loan programme, published on July 29.
Daily power cuts, introduced in August of last year by the government to cut energy consumption, have continued throughout this summer also.
The rise in energy prices also follows a partial cut for sugar subsidies, implemented on Monday and announced by Egypt’s Ministry of Supply and Internal Trade.
The government also raised fuel prices, including diesel prices, by 15 per cent on July 25, the second time this year. During a televised speech announcing the fuel price increases, Prime Minister Mostafa Madbouly said the government plans to “break even” on fuel prices by December 2025.
In April, the IMF estimated that Egypt will spend 331 billion Egyptian pounds ($6.78 billion) on fuel subsidies in 2024-2025 and 245 billion Egyptian pounds ($5.02 billion) in 2025-2026.
The Egyptian government has repeatedly said that subsidies cannot continue at the rate they are at because of the high rate of population growth in Egypt.
However, high inflation and a drop in the value of the local currency have significantly reduced the population's purchasing power at the same time that subsidies are being cut, leading to a wave of dissatisfaction with the government’s reforms.
Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
RESULTS
Bantamweight: Jalal Al Daaja (JOR) beat Hamza Bougamza (MAR)
Catchweight 67kg: Mohamed El Mesbahi (MAR) beat Fouad Mesdari (ALG)
Lightweight: Abdullah Mohammed Ali (UAE) beat Abdelhak Amhidra (MAR)
Catchweight 73kg: Mosatafa Ibrahim Radi (PAL) beat Yazid Chouchane (ALG)
Middleweight: Yousri Belgaroui (TUN) beat Badreddine Diani (MAR)
Catchweight 78KG: Rashed Dawood (UAE) beat Adnan Bushashy (ALG)
Middleweight: Sallah-Eddine Dekhissi (MAR) beat Abdel Enam (EGY)
Catchweight 65kg: Yanis Ghemmouri (ALG) beat Rachid Hazoume (MAR)
Lightweight: Mohammed Yahya (UAE) beat Azouz Anwar (EGY)
Catchweight 79kg: Souhil Tahiri (ALG) beat Omar Hussein (PAL)
Middleweight: Tarek Suleiman (SYR) beat Laid Zerhouni (ALG)
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
Can NRIs vote in the election?
Indians residing overseas cannot cast their ballot abroad
Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency
There are about 3.1 million NRIs living overseas
Indians have urged political parties to extend the right to vote to citizens residing overseas
A committee of the Election Commission of India approved of proxy voting for non-resident Indians
Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.
This option is currently available for the armed forces, police and government officials posted outside India
A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians
However, this did not come before the upper house or Rajya Sabha and has lapsed
The issue of NRI voting draws a huge amount of interest in India and overseas
Over the past few months, Indians have received messages on mobile phones and on social media claiming that NRIs can cast their votes online
The Election Commission of India then clarified that NRIs could not vote online
The Election Commission lodged a complaint with the Delhi Police asking it to clamp down on the people spreading misinformation
EXPATS
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Brief scores:
Juventus 3
Dybala 6', Bonucci 17', Ronaldo 63'
Frosinone 0
