The Governor of the Red Sea, Walid Al-Barqi, stated that Egypt places great importance on attracting foreign investment by improving the legislative and regulatory environment, which promotes the development of clean energy projects.
The Governor of the Red Sea, Walid Al-Barqi, stated that Egypt places great importance on attracting foreign investment by improving the legislative and regulatory environment, which promotes the development of clean energy projects.
He emphasized the governorate's readiness to provide all necessary support to investors, especially in strategic projects. These statements were made during Al-Barqi's meeting with the Norwegian Ambassador to Egypt, Erik Hussein.
Senior officials from the global Norwegian company Scatec participated in the meeting. According to a statement from Friday, July 17, 2026, the parties discussed ways to strengthen partnership in the field of renewable energy, particularly regarding the Shadwan wind power plant project, which is being implemented on an area of 90 square kilometers in the Red Sea Governorate.
The first phase of this project aims to generate 900 megawatts, with expected direct foreign investments estimated at $1.2 billion USD. The Governor noted that the Egyptian-Norwegian partnership serves as a model for joint work in sustainable development and technology transfer, while also supporting national employment.
He added that the Shadwan project will provide over 2,500 direct and indirect jobs, with 99% of the staff being Egyptians. For his part, Hussein affirmed his country's commitment to expanding joint projects in the Red Sea Governorate, highlighting the region's geographical and investment advantages.
The Ambassador stated that Norway views the Red Sea Governorate as one of the most promising areas for renewable energy investment. He also mentioned that cooperation between the two countries extends to community development programs, including initiatives to empower women, involving Norwegian companies operating in the Egyptian market.
Scatec representatives informed about the progress of the project, explaining that site preparation and infrastructure work are proceeding according to schedule ahead of turbine installation. Gradual commercial operation is set to begin between November 2027 and March 2028, while procedures for obtaining Egypt's 'Golden License' are being finalized.
The Norwegian delegation also reviewed the company's portfolio of projects in Egypt, which includes achieving a total generating capacity of 5.7 gigawatts from solar and wind energy by 2028, in addition to energy storage and green ammonia production projects. At the conclusion of the meeting, both sides stressed the importance of continuous coordination and follow-up monitoring of joint projects to further strengthen economic cooperation between Egypt and Norway in the fields of energy and sustainable development.
According to TransUnion's Consumer Pulse Study (CPS) for the second quarter of 2026, South African consumers are grappling with rising inflation and declining financial optimism. Furthermore, 79% of respondents cited inflation as a major problem, forcing households to change their spending and borrowing habits to cope with financial pressure.
Households in South Africa are experiencing significant financial strain as the cost of living continues to outpace income growth. The CPS study revealed that nearly four out of ten South Africans (39%) expect to miss at least one bill or loan payment in the coming months, highlighting the persistent impact of inflation on family finances.
The results indicate that despite adapting to difficult economic conditions, there is no widespread recovery. Instead, households are forced to make increasingly complex decisions as the pressure on purchasing power changes their approaches to spending, borrowing, and saving.
Ayesha Hatea, Director of Research and Consulting at TransUnion South Africa, notes that 'Consumers are still coping, but the margin for error is shrinking. Even a moderate increase in the cost of necessities forces difficult decisions, which is reflected in reduced confidence and more cautious credit behavior.'
Although the financial situation of households remains relatively stable compared to the previous year, confidence in the future continues to decline. The survey found that 43% of respondents feel their financial situation is better than expected, slightly lower than the 44% recorded in the second quarter of 2025. However, four out of ten consumers (40%) stated that their financial situation is worse than planned, indicating ongoing pressure on many families.
Financial optimism is also weakening: two-thirds (66%) of respondents are optimistic about their financial future, down from 71% the previous year, while the share of pessimists rose from 15% to 19%.
Income expectations are also falling. Seven out of ten South Africans forecast household income growth over the next 12 months, compared to 75% the previous year. However, the gap between earnings and the cost of living remains a serious issue: only 37% of respondents believe their income keeps pace with inflation, while 41% disagree.
It is unsurprising that rising prices for essential goods such as food and fuel rank among the top three problems for 79% of respondents. According to Hatea, inflation remains the biggest challenge for households. She emphasizes that 'even where incomes are growing, basic expenses quickly absorb that support. This makes budgeting discipline and financial literacy more important, as households need to know where they can adjust spending when pressure increases.'
Faced with increasing financial pressure, South Africans are tightening their household budgets and reducing spending on luxuries. More than half of respondents (53%) reported cutting non-essential expenditures in the last three months, including dining out, entertainment, and travel. Additionally, 28% canceled subscriptions or memberships, and 24% reduced or stopped spending on digital services such as internet, streaming platforms, and pay television.
The study also revealed various approaches to debt and savings. Nearly a third (32%) is accelerating debt repayment, and 27% are increasing contributions to reserve savings or stockpiles. One in five respondents reported increasing retirement savings. Nevertheless, not all households can strengthen their finances: fourteen percent are cutting pension savings, another 14% rely more on accessible credit, and 13% are using retirement savings to cover expenses.
In the future, consumers anticipate further increases in the cost of necessities. About 37% predict an increase in utility bills and loan repayments over the next three months, and a third expects higher medical expenses. While 36% intend to increase contributions to retirement savings or investments, 16% plan to reduce them.
Hatea concludes that 'These findings show how carefully households are trying to manage trade-offs. Some consumers are still building buffers and paying down debt, while others are using savings or credit to get through the month. Therefore, the overall picture is one of sustained financial adjustment, not simple improvement.'
Despite the financial pressure, access to credit remains an important part of financial planning. The vast majority of respondents (92%) believe that access to credit products is vital for achieving financial goals, which has not changed compared to last year. Perceived consumer access to credit is improving: 45% feel they have sufficient access to credit, up from 38% the previous year. Half of the respondents also believe they will be approved for a loan application.
However, improved confidence is not leading to increased demand. Only 36% of consumers plan to apply for new credit or refinance existing debt within the next year, remaining roughly unchanged from 2025. Among those considering taking out a loan but declining, 30% cite the cost of borrowing as the main reason. Credit history is a barrier for 23%, and concerns about income or employment for 22%.
The study also points to the growing adoption of digital financial services. Among digital banking users, 46% bank with purely digital institutions, and 56% used 'buy now, pay later' services. Nearly a quarter (23%) also uses digital or fintech providers.
Nevertheless, the rise in digital participation is accompanied by growing concerns about fraud and cybercrime. Over half of respondents (56%) reported being targeted by online, email, phone, or SMS scams in the last three months. The most common type of fraud is voice phishing (vishing), affecting 34% of victims, followed by SMS phishing (smishing) at 33%, and email phishing at 31%.
Furthermore, 26% of respondents reported being informed that their personal information or online account data was exposed due to a data breach in the previous three months. Consumers are taking steps to enhance their online security: more than half (53%) change passwords in response to cybersecurity issues, 37% check their credit reports, and 12% purchase antivirus or internet protection software.
Despite the challenging economic environment, the study shows that South Africans are actively managing their financial well-being. More than a third (34%) monitor their credit reports monthly, 13% do so weekly, and 6% do so daily. More than half of respondents (52%) believe their credit score will improve if lenders consider additional financial information beyond traditional credit reports, including rent payment history, 'buy now, pay later' transactions, and short-term loan repayments.
Overall, the latest Consumer Pulse Study from TransUnion paints a picture of resilience tempered by growing financial constraints. South African households continue to adapt by cutting non-essential spending, managing debt more carefully, and seeking greater control over their finances; however, persistent inflation and the rising cost of living continue to test their ability to withstand further economic shocks.
According to a report analyzing the cost of living and quality of life, Delhi is recognized as one of the most affordable large cities in the world for romantic dates and relatively inexpensive for housing, although residents' salary levels are also among the lowest.
The report also found that Delhi offers the most budget-friendly broadband internet in the world: a monthly connection costs $7.3 (approximately 703 rupees), which is the lowest price among a sample of 69 cities.
In the Deutsche Bank study titled 'Mapping the World's Prices 2026,' which compares cities based on parameters such as prices, wages, and quality of life, it was noted that a 'cheap date' in Delhi costs $103 (about 9,920 rupees). This is significantly lower than $475 (about 45,750 rupees) in Geneva, which ranks first in expense in the index.
The 'cheap date' index accounts for expenses on a bottle of wine, a pair of jeans, a dress, two coffees, a dinner for two, two cinema tickets, two transit tickets, and a 5 km taxi ride.
According to the report, property rates in the city center remain low compared to international markets, averaging $2,465 per square meter (about 237,000 rupees), placing Delhi at 65th place in the global ranking. Compared to other major cities, it is noted that property prices in Delhi have decreased by 9.8 percent in dollar terms over the last decade but recovered by 15.7 percent since 2019.
In the 2026 ranking, Delhi ranked 66th out of 69 cities, with a net monthly income of $538 (about 51,800 rupees), equivalent to 10 percent of the level in New York. Historical data shows that the monthly salary in Delhi was $633 in 2012, $653 in 2016, $556 in 2019, $607 in 2025, and $538 in 2026. In contrast, Zurich topped the salary rankings with a net monthly pay of $8,363 (about 805,200 rupees).
The report indicates that salaries in Delhi have dropped by 17.7 percent in dollar terms over the past decade and by 3.3 percent since 2019. It was also observed that some daily expenses in the city have sharply decreased in dollar terms over the last decade: the cost of a gym membership decreased by 38.3 percent, a pair of jeans by 36.9 percent, and a summer dress in a chain store by 26.5 percent.
For coffee lovers, Delhi remains one of the cheapest tracked cities, where a regular cappuccino costs $2.40 (about 231 rupees), placing it among the ten cheapest cities in the index. Rent for a three-bedroom apartment in the city center is about $685 (about 65,970 rupees) per month.
Delhi ranked 52nd out of 69 cities in the 'Oasis' index, named after the famous British rock band, which measures the cost of five beers and two packs of cigarettes. The cost of this index in the capital was $18.8 (about 1,800 rupees), which is approximately 35 percent cheaper than in New York. Delhi's position in the 'Oasis' index improved by seven places compared to 2025 but worsened by one place compared to 2016. The index cost increased by 36 percent in dollar terms over the last decade and by 13.1 percent since 2019.
Furthermore, gasoline prices in Delhi are almost comparable to those in New York in dollar terms, at $1.05 per liter versus $1.08 in New York. The report also highlighted that the city has some of the lowest global prices for basic utilities, mid-range restaurant food, and consumer clothing, such as branded jeans.
According to sources familiar with the matter, preliminary negotiations are underway regarding a potential deal between Meta and Anthropic concerning the lease of part of Meta's computing infrastructure, which is valued in billions of dollars.
The New York Times initially reported on this possible agreement, citing three informed individuals who estimated the deal's value at up to ten billion dollars over two years. However, a CNN source familiar with the situation noted that any specific figures published are merely speculation.
Both Meta and Anthropic declined to comment on these negotiations.
The possibility of becoming a provider of computing power could open up a significant new revenue stream for Meta, as the company is actively investing in developing data center infrastructure to support its artificial intelligence goals. According to the latest earnings report, Meta plans to spend between $125 and $145 billion on capital expenditures this year, primarily directed towards expanding this infrastructure. This amount could double the company's spending compared to the previous year.
Earlier, in April, Meta announced a 10% workforce reduction, affecting about 8,000 employees, partly to offset costs associated with these investments.
Meta CEO Mark Zuckerberg has previously spoken about the possibility of leasing out part of this infrastructure if the company's own computing needs cannot keep pace with construction rates. At Meta's annual shareholder meeting in May, Zuckerberg stated: 'We get inquiries almost every week from various external companies asking if we have computing power they could purchase from us at a premium price compared to the purchase price. We haven't done that yet because we believe we have uses for this computing. But obviously, if we reach a point where we feel we have built too much, then it is one of the options we have.'
Demand for computing power remains high as both large and small companies rush to implement AI, and leading AI labs work on improving their models. Anthropic has already secured multi-billion dollar agreements for computing power licensing with companies such as Google, SpaceX, Microsoft, and Amazon.
Meanwhile, investors are waiting to see how Meta's investments will affect net profit, especially given the need to keep up with AI offerings from companies like Anthropic and OpenAI. Meta's stock (META) has fallen by more than 8 percent compared to this time last year. Furthermore, last month, Meta released an updated version of its Muse Spark AI model, stating that it can compete with the coding capabilities of models from OpenAI, Anthropic, and others. For the first time, Meta announced plans to offer this service in a paid version, which is another sign that the company is looking for higher returns on its AI developments.
