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Egypt

Egypt discovers five new gas fields

State-owned Egyptian Natural Gas Holding Company (EGAS) has discovered five new gas fields in the Mediterranean sea and the Nile Delta, Egypt Today newspaper reported. The fields have a total reserve of about 317 billion cubic feet of gas, in addition to existing reserves of 471 billion cubic feet after drilling the Bashrush 3 well […]

Tie, Accessories, Accessory

Egypt wants to discuss climate change compensation at COP27

Egypt, which is hosting the upcoming COP27 climate negotiations, is working on how to include compensation for economic losses due to climate catastrophes on the formal agenda of the November summit, as pressure grows from vulnerable countries to prioritise the issue, the country’s special representative of the summit said on Wednesday. Wael Aboulmagd, Egypt’s special […]

Nature, Outdoors, Truck

Egypt’s new fund eyes agritech startups in Mideast and Africa

A new climate resilience fund in Egypt plans to raise $25 million to invest in nature-positive and sustainable agriculture startups across the Middle East and Africa, The National newspaper reported. The fund will invest $12.5 million in Egyptian ventures, while the rest will be equally split between the two regions. It will target pre-seed startups, […]

Egypt’s import squeeze hobbles economy as US dollars run short

Christeen Aiad from eastern Cairo had been hoping to buy a small automatic car this year, but rules preventing importers trading in scarce dollars put paid to that and she is having to get around on her bicycle instead. The war in Ukraine has deepened Egypt’s economic woes. It sent the import-reliant nation’s bill for […]

Egypt expects oil and gas discoveries in Red Sea region

Egypt has inked three agreements to look for oil and gas reserves in the Red Sea region with major international companies, Egypt Today reported, citing Minister of Petroleum Tarek El-Molla. Seismic research is currently being completed in preparation for the start of drilling operations, he said, adding there were good petroleum prospects in the Red […]

Egypt eyes more green ‘Samurai’ bonds amid Japanese demand

Egypt is considering issuing more green Samurai bonds with Japan during the coming months, Egypt Today newspaper reported, citing finance minister Mohamed Maait.   The country’s first Samurai bonds, valued at 60 billion Japanese yen ($416.47 million), attracted many Japanese investors, he stated. The Samurai bond is a yen-denominated bond issued in Tokyo by non-Japanese firms […]

Egypt to bid for 2036 Olympic Games

Egypt’s President Abdel Fattah Al-Sisi has approved the Egyptian sports authorities to make a bid to host the 2036 Olympic Games, the Daily News Egypt reported. He highlighted the country’s efforts to develop and modernise the sports infrastructure, as well as the construction of the Egyptian City for the Olympic Games in the New Administrative […]

The float is part of Oman Investment Authority’s plan to bolster state coffers by diversifying their economies

Egypt expects to double monthly income from natural gas to $1bn

Egypt is earning about $500 million monthly from natural gas exports and aims to raise that figure to $1 billion “in the coming period,” Finance Minister Mohamed Maait said in a statement on Thursday. The statement, based on comments by Maait at a Bloomberg forum, gave no comparative figures on what Egypt had been earning […]

Person, Human, Market

Egypt central bank bucks trends, keeps interest rates unchanged

The Central Bank of Egypt (CBE), bucking analyst expectations, left its overnight interest rates unchanged on Thursday, saying it believed inflation was under control over the medium term. The bank also raised the reserve ratio to 18 percent from 14 percent, saying that this would help tighten liquidity. The bank’s Monetary Policy Committee (MPC) kept […]

Vodafone is among the leading tech companies opening offices in Egypt

Big-name tech businesses choose Egypt as place to outsource

The Information Technology Industry Development Agency (ITIDA) has recorded a rise in the number of business services and IT jobs offshored to Egypt. At least 19 global services providers and leading tech companies have announced their expansion plans in the country and four new market entrants established their offices and research and development centres during […]

Egypt in talks with Maersk for $15bn ‘green’ energy project

Egypt’s President Abdel Fattah Al-Sisi has directed the government to cooperate with Danish shipping major Maersk Group to establish an integrated network to produce and distribute green energy and clean fuels for ships, according to local media reports. Maersk chief executive Soren Skou discussed with the president setting up a project to produce clean fuel […]

Apple to hike App Store prices in Egypt

Apple Inc. announced increasing prices of apps and in-app purchases on its App Store in several countries, the Cupertino-based firm said in a blog post. The countries include Egypt, Japan, Malaysia, Pakistan, Poland, South Korea, Sweden, Vietnam, and all territories that use the euro currency. The new prices, excluding auto-renewable subscriptions, will be effective as […]

Egypt’s sovereign fund says 44 projects worth $7.3bn under study

Sovereign Fund of Egypt is currently studying 44 projects worth EGP 140 billion ($7.34 billion) in seven sectors, the Egypt Times newspaper reported, citing the fund’s executive director Ayman Soliman. The fund last year signed binding agreements for 10 projects worth EGP 25.5 billion ($1.34 billion), he said. The investments are in utilities and infrastructure, […]

Egypt to establish company to process VAT refunds to foreigners

The Egyptian Cabinet has approved the proposal of the Ministry of Finance to establish an Egyptian joint stock company to set up a value-added tax (VAT) refund system, Egypt Today reported. Global Blue Egypt Company will be a joint venture between Global Blue Public Limited and Global Blue Holland Private Limited. The company will implement […]

Gulf investor among consortium buying 33% of Egyptian Domty

A consortium has acquired about 33 percent of Arabian Food Industries Co.(Domty) in a tender offer worth about EGP512 million ($26.5 million), Expedition Investments, a special purpose investment vehicle, told Reuters on Wednesday. The deal was priced at EGP5.50 per share, up from EGP5.00 at the beginning of the tender offer, after a fairness opinion […]

Egypt issues warnings against dealing in virtual currencies

Egypt’s central bank has reiterated its warning against dealing with cryptocurrencies through regional or global platforms, a local media outlet reported. The Central Bank of Egypt said that virtual currencies are not issued by the central bank or any official authority; therefore, they are not deemed legal tender, the newspaper said, citing a bank statement. […]

Europe to help fund Egypt’s transition from gas to wind power

The European Bank for Reconstruction and Development (EBRD) will help finance the decommissioning of 5GW of inefficient gas-fired power plants in Egypt from 2023 while pledging up to $1 billion for renewables, its regional director said on Sunday. EBRD would raise up to $300 million in sovereign financing for projects including work to stabilise Egypt’s […]

France’s Credit Agricole buys majority stake in Egypt subsidiary

Crédit Agricole has bought a majority stake in its Egyptian subsidiary Crédit Agricole Egypt, the Egyptian bank said on Thursday. The French bank bought 60 million additional shares, increasing its total shareholding in the Egyptian bank to 52.185 percent from 47.385 percent. The bank did not disclose the price. “This bears witness to the confidence […]

Egypt faces currency conundrum as it seeks IMF’s financial support

As Egypt pushes for a new International Monetary Fund (IMF) loan it has a choice between letting its overvalued currency weaken gradually and the kind of sharp depreciation it enacted in a similar currency crisis six years ago, with both options carrying risks, economists say. A severe shortage of foreign currency in Egypt over the […]

Egypt non-oil activity continues to shrink, with weak outlook

Non-oil private sector activity in Egypt shrank for the 21st month running in August, and businesses took a bleak view of the year ahead amid concerns over the currency, Ukraine and import bottlenecks, a survey showed on Monday. The S&P Global Egypt Purchasing Managers’ Index (PMI) improved to 47.6 from July’s 46.4, but remained below […]

Egypt aims to export electricity to Europe via Greece

Egyptian President Abdel Fattah Al-Sisi discussed joint cooperation with the Greek energy and infrastructure firm Copelouzos Group to establish clean energy production and transmission projects to serve Egypt, Greece, African and European continents, Egypt Today reported. The cooperation consolidates Egypt’s position as a regional hub for energy trade, said Bassam Rady, official spokesperson for the Presidency […]