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Egypt's logistics corridors will link its Red Sea ports with those on the Mediterranean coast

Egypt building seven logistics corridors says minister

Egypt is building seven integrated logistics corridors as part of its plan to become a regional centre. The logistics corridors are under construction and will connect production facilities with ports, Egypt Today newspaper reported, quoting transport minister Kamel El Wazir. The corridors are located in Sokhna/Alexandria, Arish/Taba, Cairo/Alexandria, Tanta/Mansoura/Dameitta, Gargoub/Salloum, Cairo/Aswan/Abu Simbel, and Safaga/Qena/Tartour, the […]

President Sisi, a former field marshal, inspects a military academy. Egypt's armed forces are significant players in several economic sectors

Military’s role in economy muddies Egypt’s debt plan

The military’s role in the Egyptian economy makes it unlikely the country will meet International Monetary Fund targets to increase tax revenue as a proportion of GDP, which could spell trouble for the hugely indebted nation. Egypt’s public external debt – money borrowed in foreign currencies – was $165 billion in September 2023, having more […]

Ras El-Hekma international airport will support Egypt's new metropolis, located 350 km northwest of Cairo

Egypt allocates land for airport at ADQ’s metropolis

The Egyptian government has allocated two plots of land for the development of Ras El-Hekma international airport by UAE sovereign wealth fund ADQ. The land plots in Matrouh, a governorate in the north-west of Egypt, were handed over to the country’s civil aviation ministry, Ahram Online newspaper reported. The airport development is part of the […]

Egypt’s inflation eases to 33.3% in March

Egypt’s annual urban consumer price inflation rate slowed to a lower-than-expected 33.3 percent in March from 35.7 percent in February, data from the country’s statistics agency Capmas showed on Monday. Month-on-month, prices rose by one percent in March, down from 11.4 percent in February. A poll of 12 analysts had expected annual inflation to climb to a […]

The global refurbished and used mobile phone market is forecast to grow from $50bn in 2022 to $172bn by 2033

Egypt plans €100m smartphone recycling centre

A €100 million smartphone refurbishment and recycling plant is being planned for the Suez Canal Economic Zone.  The man leading the project is named by Daily News Egypt as Samuel Mathias, an expatriate Egyptian who is said to be a Paris-based electronics engineer and business owner.  The newspaper said that Soha Gendi, Egypt’s minister of […]

Taaleem has doubled its investment in edtech over the past five years but says it is selective with its use

Mena reaches for tech to upgrade results in education

Demand for education technology, or edtech, is growing in the Middle East and North Africa as countries seek to bolster learning to drive economic growth.  However, experts warned against excessive use of technology in classrooms, saying it could affect the attainment of basic skills such as reading and writing.  Examples of edtech include interactive whiteboards, […]

Garment exports from Egypt to the US, Europe and Arab countries have increased this year

Egypt’s garment exports to Saudi Arabia rise 90%

Egypt’s garment exports to Arab countries rose 35 percent year on year to $100 million during the first two months of 2024, a trade association executive has said. Sales to Saudi Arabia surged 90 percent year on year to $25 million during the January and February period, Daily News Egypt reported, quoting Marie-Louis Bishara, president […]

Egypt rates Sisi

Egypt will still feel the heat despite US rate cuts

Likely US interest rate cuts will lower Egypt’s interest repayment costs on its vast public debts. But this will do little to ease pressure on the country to sell national assets in order to reduce its overall borrowings. Egypt’s public external debt – money borrowed in foreign currencies – was $110 billion in 2022, having […]

The free trade agreement was signed in May 2022 by the two countries' economy ministers: Orna Barbivai of Israel and the UAE's Abdulla bin Touq Al Marri

Israel’s trade with Arab countries up 16% in 2023

Trade between Israel and the seven Arab countries that have normalised relations with the Jewish state broke records in 2023, exceeding $4 billion, up 16 percent from 2022, according to a report. Bilateral trade among the nations decreased by only 4 percent following the outbreak of the war in Gaza in October, from $937 million […]

Alexandria train station. Egypt's Green Line will connect the city to the Mediterranean coast, the Gulf of Suez and the Red Sea

Egypt chooses British Steel for Green Line rail track

British Steel, the UK steel products producer, has secured a multi-million-pound deal to supply parts for a new rail route stretching across Egypt. In total 9,500 tonnes of track will be delivered for Egypt’s Green Line, its first fully electrified mainline and freight network from the Red Sea to the Mediterranean. The exact value of […]

Kuwait growth inflation bagpipe player PMI

Kuwait’s record performance tempered by costs

Rising inflation and increasing staffing costs are weighing heavily on Kuwait’s non-oil business sector despite growth, the latest business sentiment survey has revealed. The seasonally adjusted S&P Global Kuwait purchasing managers’ index (PMI) revealed strong growth, with competitive pricing by businesses helping to attract new customers. The index was up at 53.2 for March from […]

Egypt’s Sisi vows continued development in new term

Egyptian President Abdel Fattah El-Sisi was sworn in for his third term on Tuesday in the country’s new capital, the largest of the mega-projects that have come to symbolise his rule while stretching the country’s finances. Speaking at the new parliament building, Sisi highlighted the challenges Egypt withstood in recent years while promising continued development, […]

The value of the Egyptian pound has halved since 2022, leading to reduced investment

Egypt’s foreign assets deficit plunges after UAE land sale

Egypt’s deficit in net foreign assets (NFAs) shrank by EGP217.1 billion ($7.04 billion) in February, according to central bank data, after a $5 billion payment from the sale of development rights to prime Mediterranean land. Egypt received the initial $5 billion payment from the UAE in its $24 billion deal at Ras El Hekma peninsula west of […]

A container ship crosses the Gulf of Suez towards the Red Sea before entering the Suez Canal in Al-'Ain al-Sokhna, Egypt, in July

IMF to release $820m from Egypt $8bn loan programme

Egypt will be able to immediately draw $820 million after the executive board of the International Monetary Fund (IMF) approved the expanded $8 billion financial support programme. “Egypt is facing significant macroeconomic challenges that have become more complex to manage given the spillovers from the recent conflict in Gaza and Israel,” IMF chief Kristalina Georgieva said in a statement. […]

Egypt’s population growth rate hits 50-year low

Egypt, the most populous Arab nation in the world, has seen its population growth rate decline by 1.4 percent in 2023, reaching its lowest level in half a century. The rate fell by 46 percent from 2017 to 2023, Ahram Online reported, quoting planning and economic development minister Hala El-Said. The birth rate reached two […]

A man waits for customers at his dates shop in Cairo. The Egyptian government says it will increase tax revenues by 30 percent 'without burdening citizens'

Egypt’s ambitious budget makes private sector a priority

Egypt’s budget for the financial year 2024-25 includes ambitious targets of 4.2 percent growth, a 50 percent increase in private sector investment and a primary surplus of 3.5 percent.  The budget was approved in a cabinet meeting on Wednesday and will be sent to the House of Representatives by the end of the month.  It […]

Prime Minister Mustafa Madbouly said the government is working on fulfilling the multiple commitments for the Ras El-Hekma project

Egypt to get second part of UAE $35bn deal in coming weeks

Egypt will receive the second tranche of payments from the UAE in the coming weeks, Prime Minister Mustafa Madbouly has said.  Cairo has received $10 billion as part of the $35 billion deal struck with the UAE sovereign fund ADQ and has converted $11 billion from deposits from the Gulf state at the central bank, […]

Banks in Egypt provide returns on equity of 30% and more, which analysts say is high for the region

Reasons to be cheerful for UAE banks with Egyptian subsidiaries

Despite the plunge in the value of the Egyptian pound, UAE banks’ subsidiaries in the country remain a strong long-term asset, analysts have told AGBI. Three Emirati banks – Abu Dhabi Islamic Bank, First Abu Dhabi Bank and Dubai’s Emirates NBD – have acquired Egyptian lenders. The pound-to-dollar exchange rate stood at about EGP31 at […]

Orascom is working on a number of transport projects in Egypt, including lines 3 and 4 of the Greater Cairo Metro

Egyptian builder blames currency turmoil for revenue slump

Egyptian construction giant Orascom has reported a 19 percent decline in revenue to about $3.4 billion last year, attributing most of the drop to the devaluation of the Egyptian pound. Orascom said that without the country’s foreign exchange issues, it would have reported a 5.5 percent increase in revenue compared to 2022, after completing a […]

Bank ABC Egypt's merger with Blom will double its number of branches and ATMs in the country

Egyptian banks complete merger but M&A activity falls

Bank ABC Egypt has announced the completion of its merger with Blom Bank Egypt, which aims to treble its market share in the North African country. The integration has doubled the size of the Egyptian network of branches and ATMs of Bahrain-based Bank ABC. It follows Bank ABC’s acquisition of a 99.5 percent stake in […]

Egypt IMF bank money withdrawal

What Egypt needs to do to please its $60bn backers

A fast-paced four weeks may have transformed Egypt’s short-term economic prospects – but only if the country abides by the programme agreed with the International Monetary Fund, observers say. Egypt’s international partners have pledged almost $60 billion in loans, grants and investment. The central bank has allowed the pound to slide for the first time […]