Egypt Deducts 1% from Public Salaries due to Coronavirus

A man wearing a protective face mask in the disinfectant section of a Carrefour hypermarket, amid concerns over COVID-19, in the Cairo suburb of Maadi, Egypt, May 15, 2020. (Reuters)
A man wearing a protective face mask in the disinfectant section of a Carrefour hypermarket, amid concerns over COVID-19, in the Cairo suburb of Maadi, Egypt, May 15, 2020. (Reuters)
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Egypt Deducts 1% from Public Salaries due to Coronavirus

A man wearing a protective face mask in the disinfectant section of a Carrefour hypermarket, amid concerns over COVID-19, in the Cairo suburb of Maadi, Egypt, May 15, 2020. (Reuters)
A man wearing a protective face mask in the disinfectant section of a Carrefour hypermarket, amid concerns over COVID-19, in the Cairo suburb of Maadi, Egypt, May 15, 2020. (Reuters)

Egypt will deduct 1 percent from people’s salaries for 12 months beginning on July 1 to offset the economic repercussions of the coronavirus, according to a draft law approved by the cabinet on Wednesday.

The tax will be imposed across all sectors of the economy in both the public and private sectors for net monthly salaries exceeding EGP2,000 Egyptian pounds, the cabinet said in a statement. A tax of 0.5 percent will be deducted from state pensions.

Those affected economically by the outbreak may be exempted from the tax.

Revenues from the salary tax will be used to support organizations and workers hit by the fallout from the virus, as well as for direct support to some citizens and funding for the medical sector, the cabinet added.

In the same context, Egypt announced that 745 new cases of COVID-19 were recorded Wednesday, in addition to 21 deaths, and the release of 252 coronavirus patients.

Meanwhile, Prime Minister Mostafa Madbouly reiterated that citizens must abide by coronavirus prevention measures imposed by the government during and after the Eid al-Fitr holiday. Precautionary measures to coexist with the coronavirus will remain in place even after life returns to normal, Madbouly added, the most important of which is wearing face masks in public.

Minister of Health and Population of Egypt Hala Zayed announced that 320 hospitals will be receiving patients suffering COVID-19 symptoms.

Patients with mild symptoms will be isolated at home and given masks, disinfectants, and some medicines. “The patient will be followed up on remotely through a new electronic system,” the minister said, adding that the ministry has been implementing the home isolation system for mild cases since May 14."

“The severe cases, which are subdivided into high, extreme, and critical, will be sent to a quarantine hospital,” Zayed continued.



Aramco Completes Acquisition of 10% Stake in Horse Powertrain Limited

Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
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Aramco Completes Acquisition of 10% Stake in Horse Powertrain Limited

Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)
Aramco’s pavilion at the Global Future Investment Initiative conference held in Riyadh (FII webiste)

Aramco, one of the world's leading integrated energy and chemicals companies, through a directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd., has completed the purchase of a 10% equity stake in Horse Powertrain, a global leader in hybrid and internal combustion powertrain solutions.

The transaction builds on Aramco's efforts to develop new mobility solutions with the potential to reduce transport emissions.
The transaction's completion follows the signing of definitive agreements on June 28, 2024, and receipt of all applicable regulatory approvals. Aramco's investment is based on Horse Powertrain's €7.4-billion enterprise valuation, in which Renault Group and Geely (through Geely Holding and Geely Auto) each retain a 45% stake, SPA reported.
Aramco Executive Vice President of Technology & Innovation Ahmad O. Al Khowaiter said: "Addressing transport emissions requires a wide range of approaches that consider the diverse nature of the global vehicle fleet, broad disparities in transport infrastructures, and the specific needs of motorists in different countries. At Aramco, we are pursuing several potential innovative solutions, from lower-carbon synthetic fuels to more efficient internal combustion engines, as we look for opportunities to make a difference. Our investment in Horse Powertrain builds on our considerable R&D in this field. In joining forces with two of the world's leading carmakers, we aim to leverage our collective know-how to take lower-emission mobility solutions forward."
For his part, CEO of Horse Powertrain Matias Giannini said: "We are delighted that Aramco has closed its investment in Horse Powertrain. Aramco's expertise in alternative and synthetic fuels makes Aramco the ideal partner for us to deliver lower-emission powertrain solutions. By strengthening our technology leadership with this partnership, Horse Powertrain will only become more valuable as a partner to automotive brands looking to benefit from our expertise and global production footprint."

CEO of Valvoline Global Operations Jamal Muashsher said that as a technical partner and supplier to Horse Powertrain, "we look forward to applying Valvoline Global's 150-plus years of automotive expertise and tradition of innovation to advance future-ready solutions in internal combustion engine technology, fuels, and lubricants. Our newest joint effort with Horse Powertrain and Aramco builds on Valvoline Global's strong history in original equipment manufacturer partnerships. Through collaboration, we are helping to shape the next generation of mobility."

Aramco's investment is expected to accelerate Horse Powertrain's efforts to develop next-generation internal combustion engines (ICE), hybrid powertrains, and complementary technologies like alternative fuel and hydrogen solutions. As part of the transaction, Aramco and affiliate Valvoline Global Operations will collaborate with Horse Powertrain on innovations in ICE technology, fuels, and lubricants.
Thanks to its technology leadership, global manufacturing, and economies of scale, Horse Powertrain will further solidify its value proposition to automotive and transportation groups worldwide. Horse Powertrain aims to become a peerless partner for accessible, cutting-edge hybrid and ICE powertrain solutions, helping to reduce global vehicle emissions.