Economy Tax reforms launched by Egypt to entice more investors A range of measures to make the Egyptian tax system more transparent and attract further investors to the country has been unveiled by finance minister Ahmed Kouchouk. The reforms will boost the country’s competitiveness and make it easier for foreign investors to work there, Kouchouk said in a press conference on Wednesday. “It’s evident that […] September 12, 2024
Economy Egypt’s private sector begins to feel impact of reforms Egypt’s non-oil private sector economy expanded for the first time in three years as the impact of the government’s currency strategy and international investment drive begins to trickle down to the business community. The country’s economic outlook was transformed in February following a $35 billion investment deal for Emirati sovereign wealth fund ADQ to develop […] September 3, 2024
Analysis Banking & Finance Funding flows to fintechs wooing Egypt’s eager borrowers Egyptian financial technology entrepreneurs bagged the highest amount of funding in the Middle East and North Africa in July, as they targeted untapped opportunities among the country’s massive unbanked population. Egyptian startups as a whole raised $185 million across seven deals in July, a huge surge from $15 million raised through four deals the month […] September 2, 2024
Oil & Gas Egypt announces new Western Desert oil discovery Egypt’s Khalda Petroleum Company has made a new oil discovery in the Kalabsha Development Area of the Western Desert, as the country aims to overcome power shortages and stalling production levels. The discovery, 270 feet below the ground, will produce 7,165 barrels of oil per day with 23 million cubic feet of associated gas, according […] August 28, 2024
Manufacturing Nissan to invest $56m in Egyptian car market Nissan plans to invest $56 million into the Egyptian car market over the next two years and increase exports of locally assembled vehicles, as government officials seek to enhance the homegrown manufacturing sector. A statement released by the government said that Nissan has exported 15,000 locally assembled Sunny models since August 2022. Mohamed Abdel Samad, […] August 19, 2024
Renewable Energy Egypt reveals ambitious hydrogen strategy Egypt’s newly launched hydrogen energy strategy will require the investment of around $60 billion over the coming decades to achieve its ambitious targets. However, research by Bloomberg this week highlighted the fact that the majority of existing hydrogen plants around the world have failed to attract sufficient buyers for their output. On Thursday Egypt launched […] August 16, 2024
Analysis Sustainability Egypt launches Africa into carbon trading market The first three trades were made on Egypt’s new carbon trading platform on Tuesday, the first of its kind in Africa. Two local food companies, Daltex and ISIS Organic, became the first Egyptian buyers of the instruments, purchasing a combined 2,000 carbon credits. Each credit represents a tonne of carbon reduced or removed from the […] August 16, 2024
Health Egypt’s government approves private health investments Egypt’s government on Wednesday approved executive regulations for a bill that allows private investment in its public hospitals for the first time. The law, which obtained presidential ratification in June, allows Egyptian and foreign companies to bid to manage and operate existing public hospitals for a period of between three to 15 years. A statement […] August 15, 2024
Economy Egypt remittances up by $3bn as inflation continues to drop Inflation in Egypt fell to its lowest level since 2022 in July, while remittances, the country’s largest source of foreign currency, surged in recent months. According to figures released by state statistics agency Capmas on Thursday, annual urban consumer prices grew by 25.7 percent in July, compared to 27.5 percent in June, a steeper drop […] August 8, 2024
Economy Egypt’s new finance minister sets out plan to reduce debt Egypt aims to cut its tax-to-GDP ratio to below 85 percent by the end of June 2026 and issue new debt in pounds to reduce the proportion of external debt, its new finance minister said on Tuesday. But Ahmed Kouchouk and his team pushed back on calls to raise taxes. In his first press conference […] August 7, 2024
Economy Egyptian currency and stocks slide on fears of US recession The Egyptian pound dropped to a five-month low this week as regional tensions spiked and speculation mounted about a recession in the US. It briefly reached EGP49.55 against the dollar on Monday morning, close to the record EGP49.56 set when the Central Bank of Egypt floated the currency on March 6. By midday on Monday, […] August 6, 2024
Aviation Egypt to bring in private airport management Egypt is offering contracts to private companies to manage selected airports in an effort to attract investment into the aviation sector and improve services for travellers. The newly appointed civil aviation minister Sameh Al-Hafni announced the move in a meeting with key ministry officials, and subsequently released them as a statement via the Egyptian cabinet […] August 5, 2024
Banking & Finance Saudi Arabia to convert $10bn Egypt deposit to investment Saudi Arabia is planning to convert its $10 billion deposit with the Central Bank of Egypt (CBE) into an investment. The Saudi investment minister Khalid Al Falih announced the news during a meeting with Egyptian prime minister Mostafa Madbouly on Thursday. It follows a $35 billion agreement by the UAE sovereign wealth fund ADQ to […] August 2, 2024
Analysis Entrepreneurs Gulf investors show renewed appetite for Egypt’s startups Venture capital companies are reporting renewed interest in Egyptian startups after a difficult few years for the country’s tech entrepreneurs. Emirati and Saudi investors are leading the return, say VC experts, after record-high inflation and a prolonged foreign exchange crisis dented deal-making. Since the Egyptian authorities floated the pound in March and the economy has […] July 31, 2024
Economy IMF urges Egypt to expand private sector after loan release The International Monetary Fund completed a third review of Egypt’s extended fund facility on Monday, allowing government authorities to draw the equivalent of $820 million. Disbursement of the funds will mean that $1.64 billion of the total $8 billion loan has been received since it was agreed in March. The IMF praised the Egyptian government’s […] July 30, 2024
Economy Egypt external debt makes record drop Egypt’s external debt decreased by over $14 billion between December 2023 and May 2024, the steepest drop on record according to its Central Bank (CBE). External debt fell from a record high of $168 billion at the end of December to $154 billion at the end of May, a decrease of 8.4 percent. The drop […] July 23, 2024
Analysis Economy Egypt seeks to treble foreign direct investment to $30bn Egypt’s new cabinet, formed earlier this month, wants to treble foreign direct investment into the country from the record $10 billion of FDI inflows recorded in 2022-23. The ambitious target of $30 billion in FDI during the current financial year, which began on 1 July, has been set as Egypt cuts budgets and slows down […] July 22, 2024
Analysis Renewable Energy Austerity threatens Egypt’s green energy progress Sprawling over 37 sq km of desert north of Egyptian city of Aswan, the Benban Solar Park is one of the largest photovoltaic power plants in the world. Made up of 41 individual solar plants, the park’s investors boast it can be seen from space. Launched in 2018 and now at 1.8 gigawatt capacity, in […] July 9, 2024
Banking & Finance Remittance revival pushes Egypt’s FX reserves to record Egypt recorded its highest foreign exchange reserves ever in June, after remittances rose almost 75 percent year on year. Boosted by the disbursement of loans and investment deals, as well as the return of remittance payments to the formal banking sector, reserves reached $46.38 billion, up from $46.13 billion in May, which itself was also […] July 9, 2024
Economy Egyptian business confidence improves but pessimism remains Egyptian businesses reported significant new sales for the first time since 2021 in June but are still more pessimistic than optimistic, according to the latest purchasing managers index (PMI) report. The survey released by S&P Global reported a headline PMI of 49.9, the highest in almost three years and just shy of the 50.0 mark […] July 4, 2024
Economy New oil and finance ministers in Egyptian cabinet reshuffle The Egyptian government has conducted a long-awaited cabinet reshuffle resulting in a series of new appointees to important ministries including foreign affairs, finance and petroleum. A handful of existing ministers expanded their portfolios. Abdel Fattah El Sisi, the Egyptian president, swore in the new cabinet, which will be led by the incumbent prime minister Mostafa […] July 4, 2024
Tourism Egypt hails record tourist numbers despite regional conflict Egypt received a record number of tourists during the first two quarters of 2024 despite ongoing conflict in the region. The Ministry of Tourism and Antiquities said on Monday that 7.1 million tourists visited the country in the first half of the year, breaking the previous record for the same period of 6.9 million in […] July 2, 2024
