The President of Egypt passed a bill to increase the minimum wage of people working in Egypt by 50% ($194) 6000 Egyptian Pounds.

Sisi also directed the Egyptian government to raise the tax threshold from 45,000 pounds ($1,456)

To 60,000 pounds ($1941) an increase of 33% for employees of both the private and public sectors.

The increase will take place in March as a part of an “urgent social protection package” costing almost USD6 billion.

Recently set at 30.85 Pounds to the dollar in March, it was traded for 70 pounds to the dollar on the black market is now being traded for 60 pounds for the dollar.

The salaries of state workers also saw an increase ranging from USD32.37 to USD38.84 on top of their earlier salary.

These are efforts due to the price hikes that took place in January including electricity, metro tickets, telecommunications and other services.

The country’s foreign reserves increased slightly to $35.25 billion in January from $35.22 billion in December, as reported by the central bank on Monday, the annual inflation rate dropped to 33.7% in December from 34.6% in November, which was a record high of 38.0% in September, according to the state statistics agency CAPMAS. Mohamed Hendawy reported the news, while Nayera Abdallah wrote about it. Kevin Liffey, Philippa Fletcher, and Nick Macfie edited the article.

Last Thursday, Ivanna Vladkova Hollar, the IMF mission chief for Egypt, announced that significant progress had been made in the discussions regarding a comprehensive policy package. The package is an essential requirement to reach a Staff Level Agreement for the combined first and second reviews.

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BRICS currently holds around USD 45 trillion with its current millionaire population expected to rise by 85% within the next 10 years, adding up the new members will make BRICS hold 45% of the world’s population and almost 36% of the world’s entire GDP.

This could have some major changes as the wealth report done by Henley and Partners in partnership with New World Wealth shows that countries about to join the BRICS will have greater wealth rates per person.

Saudi Arabia is expected to have an increase in average wealth per person of 105% in the next 10 years while the UAE is expected to have an increase of 95%, the reports have also shown an increase in women’s wealth in the region.

The new report showed that private wealth grew by 92% in China, 5 of its cities take place in the top 10 richest in BRICS, holding 862,400 millionaires, 2,352 centi-millionaires, and 305 billionaires. India comes in 2^nd in BRICS wealth rankings with 326,400 millionaires, over 1000 centi-millionaires and 120 billionaires with wealth growing by 85% over the last 10 years. The UAE’s millionaire population has also increased since 2013 by 77% with the Middle East wealth hub having 116,500 millionaires, 300 centi-millionaires, with Saudi Arabia seeing a 35% increase in its millionaire population and Ethiopia seeing a 30% increase.

According to Dr. Juerg Steffen, the CEO of Henley & Partners, the BRICS group of countries has become a significant player in the global economy. As a result, it now presents many attractive new opportunities for investors, entrepreneurs, and high-net-worth individuals with talent. Furthermore, the inclusion of MENA countries is not just a political shift. It is also a recognition of their rapidly growing economic stature. The region has historically been pivotal due to its vast energy resources, but it now also plays a more diverse economic role.

Dominic Volek, the Group Head of Private Clients at Henley and Partners, believes that the expansion of the BRICS community will create new opportunities in the investment migration sector. This will be beneficial for investors who want to gain access to BRICS member states, as well as those within BRICS countries who want to enhance their global access and passport power.

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Home delivery in Egypt has been popular for years, yet it remains a complex operation to master. McDonald’s Egypt was the first market with a developmental license to establish home delivery in the world. Therefore, the partnership between Roboost and McDonald’s Egypt is a testament to Egypt’s leading role in the home delivery space. Bringing together decades of home delivery expertise and technology to transform the delivery market in Egypt.

Roboost’s cutting-edge technology has already helped many businesses in the market, doubling their delivery speeds, increasing productivity by 60%, and reducing operational costs by 30%, making them the ideal partner for McDonald’s Egypt.

With Roboost, McDonald’s Egypt can now fully automate their delivery operations, and benefit from greater visibility and control over each stage of the delivery cycle, to not only enhance delivery speed but also gain clear reliable operational insights, to help improve the overall customer experience even further. The solution will also help ensure optimum productivity from the fleet.

“We are excited to partner with McDonald’s Egypt and help them continue to deliver on their famed promise of the fastest delivery in Egypt.” said Mohamed Gessraha, CEO of Roboost. “With our AI-powered solution, they can fully automate their home delivery operations, optimize their routes even without digital locations, and improve their delivery times, all while offering their customers a consistently superior delivery experience. We are confident that our partnership will set new standards in the delivery market across the region.”

“At McDonald’s Egypt, we take pride in being pioneers in the home delivery sector and consistently raising the bar in terms of speed, reliability and overall customer experience,” said Essam Reda, Senior Director of People & Operations at McDonald’s Egypt. “Partnering with Roboost allows us to take our delivery operations to the next level through automation and AI-driven route optimization. We are excited to utilize Roboost’s solution to streamline our end-to-end delivery process, gain even faster turnaround times, and further enhance food quality and safety, providing our valued customers with the best delivery experience possible.”

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