Egypt Roundup: Opposition figure detained, Olympics performance, investments

Paris 2024 Day 6 summary

The Egypt Women’s Foil Team faced a tough 14-45 defeat against Italy in the quarterfinals, ending their chances for a medal. Yara El Sharkawy, Malak Hamza, and Sara Hossny will now compete against Poland at 14:40 Cairo time (GMT+3) to determine their final ranking between fifth and eighth place, according to Ahram Online. Meanwhile, the Egypt Beach Volleyball team was eliminated from the Olympic Games after losing 2-0 (18-21, 14-21) to Spain in the third round of the preliminary Group A. They had previously lost 2-0 to both Brazil and Italy.

Opposition figure detained

Egyptian opposition figure Yahya Abdelhadi was detained for questioning two years after receiving a presidential pardon. He was forcibly taken from a car in Cairo by individuals in civilian clothing and taken to an unknown location. Abdelhadi, a critic of President Abdel Fattah al-Sisi's administration, had been a key figure in the Kefaya movement. As reported by BSS, despite the government's national dialogue and the release of hundreds of political prisoners, rights groups estimate that tens of thousands of political prisoners are still held in brutal conditions in Egypt.

India’s Ostwal Group plans a $300 million fertiliser plant

India's Ostwal Group is considering a $300m investment in a fertiliser plant in Egypt, with plans to export to markets in the Middle East, Africa, and Europe. The investment minister highlighted Egypt's potential as a global production and export hub with enthusiasm for the Egyptian market. The Egyptian government is also committed to supporting foreign investment and improving the investment climate in the country, reports Daily News.

Solar solutions for poultry farms

On Wednesday, Egypt’s Electricity and Agriculture Ministers met to address challenges in the poultry sector and announced plans to install solar panels on poultry farms nationwide. As reported by Daily News, the meeting, held at the Ministry of Electricity and Renewable Energy headquarters in Alamein, included Mahmoud Essmat, the electricity minister, and Alaa Farouk, the agriculture minister, along with senior officials from both departments. They focused on enhancing the electricity supply to poultry farms, ensuring regulatory compliance, and supporting sector growth.

Shell exceeds forecasts with $7.7b profit in Q1 2024

Shell reported a quarterly profit of $7.7 billion, exceeding forecasts. The company's cash flow rose by 6%, driven by robust performance in the LNG division. Overall oil and gas production increased by 3%. The chemicals and products divisions saw a significant surge in earnings. Shell plans to repurchase $3.5 billion of its shares and maintain its dividend. The company revised its 2030 carbon reduction target and eliminated a 2035 objective, citing anticipated strong gas demand. Shareholders will vote on Shell's strategy and a resolution urging the company to strengthen its climate targets, Egypt Oil & Gas reports.