Company Insights Central Bank of Egypt Banking & Finance Central Bank of Egypt News 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 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 Analysis Economy Egypt shows signs of recovery after landmark IMF deal Last Friday marked 100 days since Egypt, the International Monetary Fund’s (IMF) second-biggest debtor after Argentina, agreed its latest loan. Eased by a $35 billion development deal with the UAE and increased international concern for Egypt’s economic stability following the outbreak of the war in Gaza, the deal drew a line under more than two […] June 17, 2024 Analysis Finance Egypt confronts sell-off of more state assets More sales of Egyptian state assets from petrol stations to wind farms are likely to be announced in the financial year to June 2025, according to people familiar with the negotiations. A deal with the UAE worth $35 billion to develop a resort at Ras El Hekma on the Mediterranean has eased the pressure on […] June 11, 2024 Economy Egypt’s business activity rises as inflation pressure falls A softening of inflationary pressures and an increase in the availability of foreign exchange helped improve business activity and confidence in Egypt in May, according to central bank data and an influential survey. But experts warned that government austerity measures, including a rise in the politically sensitive prices of bread and petrol, may dampen business […] June 5, 2024 Analysis Economy Egypt’s rising bread price sparks austerity fears Egypt’s plan to hike the price of subsidised bread for the first time in 30 years has increased talk of an austerity budget for the coming fiscal year, amid rumours of price increases for medicine and electricity and the phasing out of fuel subsidies. The International Monetary Fund, which is currently preparing a third review […] June 3, 2024 Analysis Banking & Finance Digital lenders eager to tap into Egypt’s unbanked masses Egyptian banking history was made this month when Misr Digital Innovation (MDI) became the first Egyptian company to receive preliminary approval for a digital banking licence. MDI, a subsidiary of Banque Misr, will open Onebank – Egypt’s first digital bank – by the first quarter of next year at the latest. Experts predict many more […] May 29, 2024 Economy Egypt holds interest rate hike despite slowdown The Central Bank of Egypt has kept its key interest rates unchanged despite a slowdown in economic growth. The monetary policy committee (MPC) left the lending rate unchanged at 28.25 percent and the deposit rate at 27.25 percent. Inflation has eased since the annual headline and core inflation peaked at 38 percent in September 2023 […] May 24, 2024 Construction Work on ADQ-backed resort in Egypt ‘to start this year’ ADQ will begin building the infrastructure for its Ras El Hekma development on Egypt’s north coast before the end of this year, according to housing minister Assem El Gazzar. The Abu Dhabi sovereign wealth fund had said it would break ground in early 2025, but it has yet to announce the names of contractors or […] May 20, 2024 Economy Egypt receives second tranche of UAE’s $35bn investment Egyptian authorities have received the second tranche of a $35 billion investment from the UAE, local media reported on Tuesday. The payment secures the right of Abu Dhabi sovereign wealth fund ADQ to develop the land of Ras El Hekma on Egypt’s north coast. The $20 billion tranche consists of $14 billion fresh money and […] May 14, 2024 Posts navigation Previous 1 2 3 4 … 8 Next
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
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
Analysis Economy Egypt shows signs of recovery after landmark IMF deal Last Friday marked 100 days since Egypt, the International Monetary Fund’s (IMF) second-biggest debtor after Argentina, agreed its latest loan. Eased by a $35 billion development deal with the UAE and increased international concern for Egypt’s economic stability following the outbreak of the war in Gaza, the deal drew a line under more than two […] June 17, 2024
Analysis Finance Egypt confronts sell-off of more state assets More sales of Egyptian state assets from petrol stations to wind farms are likely to be announced in the financial year to June 2025, according to people familiar with the negotiations. A deal with the UAE worth $35 billion to develop a resort at Ras El Hekma on the Mediterranean has eased the pressure on […] June 11, 2024
Economy Egypt’s business activity rises as inflation pressure falls A softening of inflationary pressures and an increase in the availability of foreign exchange helped improve business activity and confidence in Egypt in May, according to central bank data and an influential survey. But experts warned that government austerity measures, including a rise in the politically sensitive prices of bread and petrol, may dampen business […] June 5, 2024
Analysis Economy Egypt’s rising bread price sparks austerity fears Egypt’s plan to hike the price of subsidised bread for the first time in 30 years has increased talk of an austerity budget for the coming fiscal year, amid rumours of price increases for medicine and electricity and the phasing out of fuel subsidies. The International Monetary Fund, which is currently preparing a third review […] June 3, 2024
Analysis Banking & Finance Digital lenders eager to tap into Egypt’s unbanked masses Egyptian banking history was made this month when Misr Digital Innovation (MDI) became the first Egyptian company to receive preliminary approval for a digital banking licence. MDI, a subsidiary of Banque Misr, will open Onebank – Egypt’s first digital bank – by the first quarter of next year at the latest. Experts predict many more […] May 29, 2024
Economy Egypt holds interest rate hike despite slowdown The Central Bank of Egypt has kept its key interest rates unchanged despite a slowdown in economic growth. The monetary policy committee (MPC) left the lending rate unchanged at 28.25 percent and the deposit rate at 27.25 percent. Inflation has eased since the annual headline and core inflation peaked at 38 percent in September 2023 […] May 24, 2024
Construction Work on ADQ-backed resort in Egypt ‘to start this year’ ADQ will begin building the infrastructure for its Ras El Hekma development on Egypt’s north coast before the end of this year, according to housing minister Assem El Gazzar. The Abu Dhabi sovereign wealth fund had said it would break ground in early 2025, but it has yet to announce the names of contractors or […] May 20, 2024
Economy Egypt receives second tranche of UAE’s $35bn investment Egyptian authorities have received the second tranche of a $35 billion investment from the UAE, local media reported on Tuesday. The payment secures the right of Abu Dhabi sovereign wealth fund ADQ to develop the land of Ras El Hekma on Egypt’s north coast. The $20 billion tranche consists of $14 billion fresh money and […] May 14, 2024
