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Person, Human, Pipeline

Egypt’s gas exports to Europe reach 60% in 2022

Egypt exported 60 percent of its natural gas production from Damietta liquefaction plant to Europe for the first time, according to a local media report. The plant has exported 7.2 million tons of natural gas, Egypt Independent newspaper said, citing the ministry of petroleum and mineral resources. Nearly four million tons of liquefied natural gas […]

Egypt’s current account deficit shrinks 20.2% as imports fall

Egypt’s current account deficit narrowed by 20.2 percent to $3.2 billion in the July to September quarter as imports shrank, exports rose and tourism revenue shot up, the central bank said in a statement. Exports rose by 12.6 percent to $9.97 billion while imports fell by 4.1 percent to $19.07 billion. Receipts from tourism jumped […]

Central Bank of Egypt's headquarters in Cairo

Egypt’s central bank leaves key interest rates unchanged

Egypt’s central bank kept its overnight interest rates unchanged on Thursday, saying in a statement that steep rate increases put in place over the last year should help to tame inflation, now running at 21.3 percent. The hold had been unexpected by many analysts. A poll of 13 analysts forecast the bank would raise rates […]

Startup academy

New academy to help Mena startups tap into Africa

As competition within the Middle East’s startup sector intensifies, a new academy is offering free advisory services, especially those looking to scale up in the African market. The DAI Magister Academy, founded last summer by boutique investment bank DAI Magister, has already helped several startups in Africa. It now hopes to develop across the Mena […]

Screen, Electronics, Monitor

Egypt to unveil plan to offload stakes in 20 state entities shortly

Egypt’s government aims to announce a detailed plan next week to offer stakes in at least 20 state companies over the coming year, Prime Minister Moustafa Madbouly said after a cabinet meeting on Wednesday. An Egyptian plan to sell stakes in public companies, first announced more than five years ago, has gained new urgency since […]

Gold Middle East

High inflation boosts demand for gold

Demand for gold coins, bars and jewellery soared in the Middle East last year, according to the World Gold Council. In 2022 demand for gold coins and bars in the Mena region surged 42 percent year-on-year to 77.8 tonnes, the highest annual total since 2018.  “Egypt, Qatar, Iraq, the UAE and Oman significantly boosted their […]

Card, hand

Egypt’s Paymob in Gulf expansion drive following $50m funding

Paymob, the Cairo-based payments facilitator, is seeking to expand into Saudi Arabia after its recent debut in the UAE market. The company is also launching tap-on-phone payments in the UAE this year following its partnership with Mastercard to offer the service in its home market in 2021. “We see a massive opportunity to serve this […]

Person, Man, Adult

Egypt’s net foreign assets climb by $2bn in December 2022

Egypt’s net foreign assets (NFAs) improved by EGP47.28 billion in December 2022, marking a second month of increases after it allowed its currency to depreciate sharply in October, central bank data showed. NFAs improved to a negative EGP494.3 billion from a negative EGP541.5 billion in November. This works out to an improvement of about $2.06 […]

Tombs sealed for 4,300 years were discovered in January in the Saqqara necropolis, south of the Giza pyramids in Egypt

Tourism rebound brings spot of light to lessen gloom for Egypt

Egyptian tourism performed strongly in the final quarter of 2022 – and this could have “a multiplier effect” for the country’s economy, analysts have said. Hotel occupancy in Cairo has continued to rebound despite Egypt’s economic challenges, according to the latest report by real estate consultancy JLL. The average occupancy rate for January to November […]

Egypt to announce listing of state-owned companies shortly

Egypt’s cabinet will announce the country’s plans to list state-owned companies on the Egyptian Exchange (EGX) during 2023, Ahram Online reported, citing Prime Minister Mostafa Madbouly. “In less than two weeks, the cabinet will fully announce the plan to offer all [mandated] companies on the Egyptian exchange in 2023,” he stated. The step follows the recently […]

Esports and gaming is big business across the world

Egyptian gaming startup acquires Tunisian rival Galactech

Egyptian startup GBarena, an esports platform operating across the Middle East, has acquired Tunisian rival Galactech in a share swap valued at $15 million. The deal comes as GBarena prepares to close its Series A funding later this year, with participation from investors in the US, Singapore and the Middle East and North Africa (Mena) […]

Worker at an oil shale power plant. The white paper calls on the UAE and UK to help oil and gas workers transfer their skills to renewable industries

Egyptian banks to support local SMEs with $120m funding

Saudi-based Islamic Corporation for the Development of the Private Sector (ICD), an affiliate of the Islamic Development Bank, is planning to provide financing worth $120 million to local Egyptian banks, including Banque Misr and the National Bank of Egypt (NBE), Egypt Today newspaper reported. Funds will help small and medium enterprises (SMEs) and provide integrated […]

Rishi Sunak, the UK's prime minister, greets President Abdel Fattah El Sisi of Egypt at Cop27 in Sharm el-Sheikh. Trade between the two countries rose by a third last year

UK seeks North Africa trade boost after Cairo deal

The British export credit agency has signed a deal with Egyptian engineering and construction company Hassan Allam Holding to increase cooperation on projects across the Middle East and North Africa. The agreement, signed at the British embassy in Cairo, aims to secure inward investment into the UK and promote cooperation on financing projects and encourage […]

Egypt’s Sisi defends mega-projects while economy is under strain

Egyptian President Abdel Fattah Al-Sisi on Monday defended mega-projects undertaken since he took power, saying they were not to blame for economic turmoil that has seen the currency plummet and inflation accelerate. Since Sisi became president in 2014, Egypt has embarked on an infrastructure splurge spearheaded by the military that has included the expansion of […]

Thani bin Ahmed Al Zeyoudi, minister of state for foreign trade of the UAE

Economic success for Menap hinges on greater regional trade

Many countries in the Middle East, North Africa, Afghanistan and Pakistan (Menap) region are enjoying growth, but new research has found that intra-regional exports account for only 2.9 percent of total gross domestic product.  This compares to a global average of 7.9 percent, and 22 percent across the European Union (EU), Norway, Switzerland and the […]

Money, Dollar, Person

Egypt signs $1.5bn financing pact for energy and commodity imports

Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund its trading, including imports of energy products and essential commodities, CNBC Arabia wrote on Twitter, citing the head of the corporation. Last year Egypt signed a similar agreement also worth $1.5 billion with the ITFC, which is […]

Russia adds Egyptian pound and UAE dirham to exchange rate list

Russia’s central bank has added nine currencies to its list of exchange rates against the ruble, including the UAE dirham, Qatari riyal and Egyptian pound (EGP), from January 18, Ahram Online reported. The other six are Thai baht, Vietnamese dong, Serbian dinar, New Zealand dollar, Georgian lari and Indonesian rupiah, the news portal said, citing a […]

Egypt’s soaring prices drive home economic pain

In better times, Om Mohamed’s family used to take holidays at resorts on Egypt’s Red Sea coast. Now there is no money for vacations. Om Mohamed, 61, and her husband, who live with two grown-up sons in an apartment near the Cairo ringroad, are cutting back on items like meat as they try to get […]

Egypt sees high demand from investors after currency drop

Egypt is seeing good investor appetite for stakes in its state-owned enterprises, the country’s planning minister said, as the government pursues partial privatisations to drum up funds after a sharp fall in the value of its currency. Egypt, faced with a currency crunch exacerbated by the war in Ukraine, recently started a $3 billion International […]

Central Bank of Egypt's headquarters in Cairo

Egypt’s banks can cope with sharp currency drop, say experts

Egyptian banks can withstand the impact of further currency depreciation as they are supported by “healthy internal capital generation”, analysts say. Fitch Ratings report that large private sector banks are better placed to deal with a weaker pound than the two largest public banks, National Bank of Egypt and Banque Misr, due to their higher […]

After criticism of oil producers at Cop27, Egypt's environment minister Yasmine Fouad said all stakeholders need to be part of the conversation

$100bn ‘a drop in the ocean’ for climate action, says Cop27 host

The world still urgently needs to address the “elephant in the room” in the climate crisis, which is financing action for vulnerable developing countries, officials from Cop27 host nation Egypt said. In 2020 combined adaptation and mitigation finance flows fell at least $17 billion short of the $100 billion pledged annually to developing countries, according […]

Screen, Electronics, Monitor

Foreign investors pour $925m into Egypt in just three days

Foreign investors transferred more than $925 million into the Egyptian foreign exchange market in the three days since its currency sharply depreciated last week, Egypt’s central bank said in a statement. The Egyptian pound weakened to about 32 to the dollar from 27.60 at the open on Wednesday before rebounding to 29.61 pounds by end-Monday. […]