By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
    TikTok updates its community guidelines
    March 23, 2023
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    March 23, 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    March 23, 2023
    EFG Hermes records EGP 11bn revenue in FY22
    EFG Hermes records EGP 11bn revenue in FY22
    March 23, 2023
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    March 23, 2023
  • Politics
    PoliticsShow More
    Egypt's Health Minister discuss bilateral cooperation with an Italian delegation 
    Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 
    March 23, 2023
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
    Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
    Opinion| Türkiye and Egypt: For better times with many opportunities
    March 22, 2023
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Pound flotation increases costs of developing 10 archaeological projects to EGP 635m
Share
Notification
Latest News
Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
EFG Hermes records EGP 11bn revenue in FY22
EFG Hermes records EGP 11bn revenue in FY22
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Tourism > Pound flotation increases costs of developing 10 archaeological projects to EGP 635m
Tourism

Pound flotation increases costs of developing 10 archaeological projects to EGP 635m

Basma Ragab
Last updated: 2017/01/24 at 7:28 PM
By Basma Ragab 4 Min Read
Share
The Ministry of Antiquities plans to develop, restore, and inaugurate 10 archaeological projects in 2017 within its investment plan for the year
SHARE

The costs of the development and restoration of archaeological projects in the engineering projects division of the Ministry of Antiquities have recorded a noticeable increase with the decision to liberalise the exchange rate of the Egyptian pound. The budget allocated to develop 10 projects this year is estimated at EGP 635.5m, compared to EGP 350.9m before the flotation of the pound.

The Ministry of Antiquities plans to develop, restore, and inaugurate 10 archaeological projects in 2017 within its investment plan for the year.

Engineer Waad Allah Abou El-Ela, head of the engineering projects division in the Ministry of Antiquities, said that the ministry seeks to complete the development and opening of several projects this year, most prominently the development project of Hadabet El-Haram with its three phases, the archaeological area in Abydos, and the Royal Vehicles museum in Bulaq.

The projects also include Sohag National museum, Ganem Al-Bahlawan mosque in Darb Al-Ahmar, Eissa Al-Kurdi mosque, Wekalet Al-Shorbagy mosque, Terbana mosque, and the first phase of the Zaghloul Barshid mosque.

Abou El-Ela told Daily News Egypt that the total costs of these projects are currently estimated at EGP 635.5m compared to EGP 350.9m before the decision to float the pound.

He explained that the total volume of cost increase of these projects after the flotation will exceed EGP 231m, which is equivalent to a 57% increase.

The Central Bank of Egypt (CBE) decided to liberalise the pound’s exchange rate against the US dollar in November 2016.

The dollar exchange rate in the banking system has exceeded the EGP 18 barrier, compared to EGP 8.88 before the flotation.

Abou El-Ela noted that starting any project scheduled to be completed by the end of the year depends on collecting the necessary financing. Because of this, no time frame for the completion of a project has been established until the project is started.

He explained that the poor financing as well as the deterioration of antiquities in some sites were some of the main crises faced by the sector throughout the past year.

The cost of the first phase to develop and secure Hadabet El-Haram reached EGP 86m, compared to EGP 51.4m pre-flotation. The cost of the second and third phases of the project reached EGP 90m, compared to EGP 69.5m.

The cost of the development of the archaeological area in Abydos is EGP 38.3m, compared to EGP 28.5m, whereas the cost of the Royal Vehicles museum development is EGP 95.3m, compared to EGP 52.2m.

The cost of the project of Sohag National museum is estimated at EGP 62m, up from EGP 30m. The development cost of Ganem Al-Bahlawan mosque jumped to EGP 6m, compared to EGP 4m.

The allocated cost for the Eissa Al-Kurdi mosque increased to EGP 10m, compared to EGP 6.6m before the flotation. The cost of the development and restoration of the Wekalet Al-Shorbagy mosque in Alexandria reached EGP 79m, up from EGP 51m.

The cost of developing the Terbana mosque in Alexandria is estimated at EGP 50.3m, compared to EGP 23m. The cost of the first phase of the development and restoration project of the Zaghloul Barshid mosque is EGP 117.5m compared to EGP 87m.

A table illustrating the increase in the archaeological projects’ costs after the pound’s flotation:

 Screen Shot 2017-01-24 at 7.23.49 PM

You Might Also Like

Egypt aims to attract 30 million tourists in 2028: Tourism Minister

DNE Awards honours Pickalbatros Hotels & Resorts Chairperson Kamel Abou Ali as Most Influential in Tourism Sector

Egypt discovers statue of Great Sphinx, remains of Claudius’ cabin next to Dendera Temple

Pickalbatros Hotels to participate in ITB Berlin 2023

Egypt discovers 9-metre-long corridor inside Khufu pyramid

TAGGED: archaeological projects, Pound flotation
Share this Article
Facebook Twitter Email Print
Previous Article Third field army kills 3 militants in central Sinai during sweeping operation
Next Article New sleeper cars to Luxor and Aswan to attract more tourism
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?