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Egypt to Delay Electricity Price Hike by Six Months

Egyptian Prime Minister Mostafa Madbouly, speaks during a news conference to announce the Egyptian state's vision to deal with the global economic crisis at the headquarters of the Investment Authority in Cairo, Egypt May 15, 2022. (Reuters)
Egyptian Prime Minister Mostafa Madbouly, speaks during a news conference to announce the Egyptian state's vision to deal with the global economic crisis at the headquarters of the Investment Authority in Cairo, Egypt May 15, 2022. (Reuters)
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Egypt to Delay Electricity Price Hike by Six Months

Egyptian Prime Minister Mostafa Madbouly, speaks during a news conference to announce the Egyptian state's vision to deal with the global economic crisis at the headquarters of the Investment Authority in Cairo, Egypt May 15, 2022. (Reuters)
Egyptian Prime Minister Mostafa Madbouly, speaks during a news conference to announce the Egyptian state's vision to deal with the global economic crisis at the headquarters of the Investment Authority in Cairo, Egypt May 15, 2022. (Reuters)

Egypt's government will postpone a decision whether to increase electricity prices by six months starting in July, Prime Minister Mostafa Madbouly said on Wednesday.

Egypt has experienced increasing price pressures in recent months and devalued its currency by 14% in March after facing economic headwinds from the war in Ukraine.

Annual headline inflation accelerated to 13.3% in May, having risen steadily from 5.9% in December.

The government would bear the 10 billion EGP ($533.9 million) cost of postponing the electricity price rises, Madbouly said, in addition to the cost of commodity price rises.

On Monday, President Abdel Fattah al-Sisi said authorities were working to mitigate inflationary pressures, despite the impact on Cairo's strained budget.

Egypt had previously announced plans to eliminate power subsidies by the end of the current fiscal year of 2021/22, but in June 2021 announced a three-year extension.

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Saudi Red Sea Authority, Insurance Authority to Launch Saudi 1st Coastal Tourism Insurance Product

Saudi Red Sea Authority, Insurance Authority to Launch Saudi 1st Coastal Tourism Insurance Product
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Saudi Red Sea Authority, Insurance Authority to Launch Saudi 1st Coastal Tourism Insurance Product

Saudi Red Sea Authority, Insurance Authority to Launch Saudi 1st Coastal Tourism Insurance Product

The Saudi Red Sea Authority (SRSA) and the Insurance Authority have signed a cooperation agreement to launch insurance products that cover risks associated with all coastal tourism activities through local insurance companies, according to a press release issued by SRSA.
This initiative aims to enhance the appeal of coastal tourism, attract participants in navigational and marine tourism activities, and strengthen local content in alignment with Saudi Vision 2030, SPA reported.
The agreement was signed by SRSA CEO Mohammed Al Nasser and Insurance Authority CEO Eng. Naji Al-Faisal Al-Tamimi.
The release noted that the launch of these insurance products aligns with SRSA's mandate to promote navigational and marine tourism, providing a comprehensive tourism experience and establishing a model infrastructure that attracts investment in the sector.
The Insurance Authority is similarly committed to fostering industry growth and development by coordinating with other government entities to enhance its activities through a range of innovative insurance products that stimulate and protect investments.
In partnership with the Insurance Authority, SRSA held a series of meetings with insurance companies to develop these products, aiming to enhance the appeal of navigational and marine tourism activities—including sailing, kayaking, water skiing, diving, boating, and surfing—to better serve practitioners' needs.
SRSA began its efforts to build and regulate the coastal tourism sector in 2021, with objectives that include enhancing integration among relevant entities by issuing licenses and permits, developing policies and strategies, determining infrastructure requirements, preserving the marine environment, enabling small and medium-sized enterprises (SMEs), and promoting navigational and marine tourism activities, thereby adding value to the national economy.
Established by Cabinet Resolution No. 85 on August 15, 2023, the Insurance Authority is responsible for organizing, stabilizing, and developing Saudi Arabia's insurance sector. Benefiting from legal personality, financial and administrative independence, and organizational affiliation with the Prime Minister, the Authority is dedicated to increasing insurance awareness, safeguarding the rights of the insured and beneficiaries, contributing to financial stability, and reinforcing the principles underlying insurance contractual relationships.