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Egypt external debt

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 […]

Electronics, Phone, Mobile Phone

Abu Dhabi-backed Egyptian fintech raises $160m

Egyptian fintech MNT-Halan, backed by Chimera Abu Dhabi, a private investment company, has raised $157.5 million to support regional expansion. The International Finance Corporation, the World Bank’s private investment arm, invested $40 million in the fundraising round. The remaining was contributed by Lunate, an Abu Dhbai-based asset management company, Development Partners International, Lorax Capital Partners, […]

Egypt is seeking FDI with a particular focus on textiles manufacturing and green energy

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 […]

Egypt's SCA is seeking revenue of $9 billion from the Suez Canal operation in 2024/2025, 25 percent more than the previous year

Egypt to float Suez Canal subsidiary next year

Egypt’s Suez Canal Authority (SCA) is planning to list Canal Mooring & Lights Company, a specialist in the mooring and unmooring of ships, on the local bourse, a news report said. The proposed listing will take place early next year, Bloomberg Ashraq reported, quoting SCA’s chairman Osama Rabie. In June 2023, the official confirmed the […]

Company executives at the groundbreaking ceremony for the new container terminal at Egypt's Ain Sokhna port

Expansion work begins at Egyptian Red Sea port

Construction has commenced on expanding a container terminal at Egypt’s Ain Sokhna Port on the Red Sea. Red Sea Containers Terminals, jointly owned by Hong Kong’s Hutchison Ports, France’s CMA Terminals and China’s Cosco Shipping Ports, has appointed Cairo-headquartered Edecs as the main contractor to work on constructing the infrastructure, yards and buildings.   The […]

Egypt arrears foreign companies power cuts students

Egypt pays $1.3bn arrears to foreign oil and gas companies

Egypt cleared $1.3 billion of outstanding payments to foreign oil and gas companies operating in the country in June and has established a plan to reimburse the remaining dues within the next month, according to the government. The payment accounted for about 20 to 25 percent of the arrears owed to the companies, Prime Minister […]

Egypt recorded its highest foreign exchange reserves ever in June

IMF postpones $820m Egypt loan meeting

An executive meeting between Egypt and the International Monetary Fund (IMF) to discuss the North African country’s next loan instalment has been postponed to the end of the month. “The IMF executive board meeting on Egypt’s third review under the extended fund facility has been rescheduled to July 29th,” the IMF’s Egypt mission chief, Ivanna […]

The new mixed-use project in Cairo will overlook Warraq Island in the river Nile

UAE developer to build $500m project in Egypt 

KSH Investment Company, a UAE-based real estate developer, is planning to build an EGP24 billion ($500 million) mixed-use project in Cairo. The deal, finalised with Egypt’s Safwat Kaliouby Group, involves the development of three residential and commercial towers along with a five-star hotel in an area overlooking the Nile’s Warraq Island, Egyptian state-owned Mena news […]

Workers set up photovoltaic solar panels at the Benban plant, which will contribute to Egypt's goal of 58 percent renewable energy by 2040

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 […]

Egypt foreign exchange forex fx

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 […]

Blackouts are a common occurence across Egypt as the country wrestles with its energy crisis

Temporary LNG fix masks Egypt’s energy crunch

The first two liquefied natural gas cargos arrived at the Egyptian port of Ain Sokhna on the Red Sea this week, bringing hope of relief to a suffocating population trapped in the summer heat and suffering now daily blackouts. However, this temporary fix is unlikely to resolve Egypt’s energy crunch in the long term.  Falling […]

Workers at a textile factory in Bilbeis, Egypt. S&P Global says businesses may soon be able to expand their output

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 […]

President Abdel Fattah al-Sisi poses for a group photo with Egypt's new cabinet

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 al-Sisi, the Egyptian president, swore in the new cabinet, which will be led by the incumbent prime minister Mostafa Madbouly, […]

Initial bookings for SouthMed reached $1.25 billion in 12 hours of pre-launch sales, Talaat Moustafa Group said

Egypt’s $21bn project to rival Europe’s top holiday destinations

Cairo-based Talaat Moustafa Group (TMG) is investing $21 billion to develop a new tourism project on Egypt’s Mediterranean coast to compete with Europe. Named SouthMed, the development will cover 23 million square metres and is expected to generate sales of $35 billion, Reuters reported, citing CEO Hisham Talaat Moustafa. Initial bookings reached EGP60 billion ($1.25 billion) […]

Tourists at the Temple of Hathor, in Dendera, Egypt. 7.1m people visited the country in the first half of 2024

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 […]

Maersk says it will only return to sailing via the Red Sea/Gulf of Aden when the safety of seafarers and vessels is guaranteed

Red Sea disruption to stretch into Q3 says Maersk CEO

Disruption in the Red Sea is expected to stretch into the third quarter of 2024, making the situation challenging for carriers and businesses, Danish shipping major Maersk CEO Vincent Clerc has said. “For the time being, Maersk ships are continuing to divert around Africa via the Cape of Good Hope in South Africa,” he said, […]

Traders shaking hands at the Israel Diamond Exchange. Diamonds are among the items that have not been greatly affected by the conflict in Gaza

Trade flourishes between Israel and Arab states

Israel’s trade with Middle Eastern countries including Egypt, Morocco and Bahrain grew in the year to the end of May despite regional tensions and the Gaza war, a think tank report has revealed. The figures, compiled by the Abraham Accords Peace Institute (AAPI), rely on data from Israel’s Central Bureau of Statistics. Israel’s trade with […]

An engineer works on electricity turbines partially powered by green hydrogen in Sharm El-Sheikh, Egypt

BP joins Masdar in Egyptian green hydrogen project

BP, the British oil and gas company, has agreed to join a consortium including Masdar, the UAE’s state renewable energy company, and others to develop a multi-phase green hydrogen project in Egypt.  ​​The plans come as Reuters reports suggest that BP has frozen new offshore wind projects, as it renews emphasis on oil and gas […]

Egyptian president Abdel Fattah El-Sisi talks with European Commission president Ursula von der Leyen in Cairo

Deals between European and Egyptian companies worth $43bn

European companies are signing more than €40 billion ($43 billion) worth of deals with Egyptian companies across a range of sectors, European Commission president Ursula von der Leyen has said. “We have companies in sectors ranging from hydrogen to water management, from construction to chemicals, from shipping to aviation and to automotive,” she said at […]

A money exchange centre in Cairo. The World Bank funding is intended to support private sector growth in Egypt

World Bank’s $700m push for Egypt’s private sector

The World Bank will provide $700 million in funding to Egypt to address short-term economic challenges. The development policy financing (DPF) will aid in supporting the Egyptian government’s focus towards more private sector participation. The financing will further advance structural reforms to level the playing field to support private sector growth, build macroeconomic and fiscal […]