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Egypt

IMF managing director Kristalina Georgieva and Egyptian prime minister Mostafa Madbouly at a press conference

Egypt awaits $1.3bn loan from IMF as review begins

The International Monetary Fund (IMF) will conduct its fourth review of Egypt’s loan programme on Tuesday, after which $1.3 billion is expected to be released, Egyptian prime minister Mostafa Madbouly has said. The IMF team will collaborate with officials from the Central Bank of Egypt (CBE) and various ministries, local media reported, citing Madbouly’s speech […]

United Marine Egypt Shipping will receive an undisclosed number of the Regent seaglider

Egyptian company buys into Neom-backed seaglider

United Marine Egypt Shipping will be the launch customer for a large passenger seaglider that is designed to travel at high speeds over water.  US maritime transport company Regent said UME will be the first to receive its Monarch seaglider. The Monarch is a 50-to-100-passenger electric craft that Regent says will travel up to 650km […]

Dubai's Emaar Properties owns 79 percent of Emaar Development and also has hospitality and retail divisions

Dubai’s bellwether Emaar to report Q3 profit rise

Dubai’s Emaar Properties, bellwether of the emirate’s bourse, and its real estate development subsidiary, are likely to report sizeable increases in third-quarter profits versus the preceding three months as margins expand and under-construction projects reach revenue recognition thresholds. Emaar Properties owns 79 percent of Emaar Development and also has hospitality and retail divisions. It is […]

Egypt real estate investors. Luxury bungalows in the Red Sea lagoon in el Gouna. Developers are optimistic about foreign investors buying in waterfront communities at least for the next five to 10 years. Video length: 03:31

Egypt’s weaker currency attracting foreign real estate investors

Egypt’s economic recovery and currency devaluation has resulted in the “rediscovery of the real estate market by foreign investors”, according to the chief of the country’s largest waterfront developer, fuelling price rises in the secondary and tertiary segments. Population growth in the Arab world’s biggest country, and wealth creation in some socioeconomic segments, have also […]

Body Part, Finger, Hand Karim Badawi, Egypt's minister for petroleum, has been meeting with international companies to restore trust

Egypt slashes renewables target to focus on natural gas

Egypt has cut its renewable energy goal for 2040 from 58 percent down to 40 percent and will focus on natural gas in order to meet increasing energy demand, according to Karim Badawi, the minister for petroleum. Before hosting the Cop27 climate conference in 2022, the North African state announced a target of achieving a […]

A petrol station in Cairo. Egypt has raised fuel prices three times this year as it aims to comply with IMF requirements

Egypt plans bonds drive and may review IMF measures

Egypt plans to issue new sukuks and green bonds worth between EGP5 billion ($102.9 million) and EGP10 billion ($205.8 million) before June 2025, the end of its current financial year. The country’s finance minister Ahmed Kouchouk told reporters on Saturday of the ministry’s intentions to issue the new bonds. Earlier in the year Kouchouk spoke […]

Kristalina Georgieva, managing director of the International Monetary Fund (IMF), speaks at a news conference following a Eurogroup meeting in Luxembourg, on Thursday, June 20, 2024

IMF changes debt charges to save Egypt $190m a year

Egypt looks set to save up to $190 million a year following changes the International Monetary Fund has made to the charges paid by debtors, an expert has told AGBI. The benefits of this extra cash are likely to be tempered, though, as Egypt faces a significant debt burden and persistent inflation. The IMF announced […]

Saudi Crown Prince Mohammed bin Salman receives Egyptian President Abdel Fattah al-Sisi, in Jeddah, Saudi Arabia, July 16, 2022. Saudi Press Agency/Handout via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY

Saudi Arabia signs deals worth $15bn with Egypt

Egypt and Saudi Arabia provisionally agreed investment deals worth a combined $15 billion following the meeting of President Abdel Fattah El Sisi and Crown Prince Mohammed bin Salman in Cairo on Tuesday. Speaking to Al Arabiya TV on Wednesday, the head of the Saudi-Egyptian Business Council, Bandar Al-Ameri, said that the deals include projects in […]

Output at Egypt's Zohr field fell to 1.9 Bcf/d by early 2024 due to foreign oil companies’ hesitance to invest

Egypt to ramp up gas output from major concessions

Egypt is planning to increase natural gas output from major concessions, including its largest field Zohr, petroleum minister Karim Badawi has said. The government intends to increase production at Zohr by drilling new wells starting in the first quarter of 2025, the ministry said in a statement. Average production from the field remained at two […]

Upper Egypt Railway Station

Giza mega station opening drives Egypt’s rail investments

The first passenger train arrived on Sunday at the new Upper Egypt Railway Station in Bashteel, Giza, as the country invests in developing its ageing rail network. Egypt’s President Abdel Fattah El Sisi opened the station on Saturday along with 19 other transport infrastructure projects across the country.  The new station is designed to serve […]

Egypt car makers

Global car makers expand Egyptian operations

Car makers in Egypt are expanding their operations after the conclusion of a long-running currency crisis earlier this year. The devaluation of the Egyptian pound in March has made the country a more attractive proposition both as a consumer market and a base from which to export. Among those who have announced expansion plans since […]

The Forbes Tower is designed by architects Adrian Smith and Gordon Gill with a facade by BMW's Designworks

Egypt’s Forbes Tower has designs on Burj Khalifa records

Egypt’s 50-storey Forbes Tower is a self-consciously Dubai-esque development. It will have the world’s tallest central atrium, the fastest elevator, and is due to be the first net-zero tower in the Middle East and North Africa.  Magnom Properties, the Egyptian-Saudi-owned developer, plans to spend $1 billion building the 240m tall tower, and has embraced comparisons […]

Regional and international hotel operators are keen to expand in Egypt, but it also needs to improve infrastructure such as airports to support its tourism ambitions

Infrastructure needed to support Egypt’s tourism ambitions

Regional and international hotel operators are keen to expand in Egypt, but the country needs to improve infrastructure such as airports to support its tourism ambitions, industry sources have said. Egypt aims to emulate the high-end hospitality and entertainment development that the UAE and other Gulf countries have pioneered, at the same time bringing in […]

Switzerland-based Barry Callebaut is the world's largest manufacturer of industrial chocolate, with about a 40 percent market share in volume terms

World’s largest chocolatier plans factory in Egypt

The world’s largest producer of chocolate has said it plans to build a $30 million factory in Egypt. Switzerland’s Barry Callebaut is the world’s largest manufacturer of chocolate, with about a 40 percent market share in volume terms, and is the largest processor of cocoa beans with about 20 percent market share. Vamsi Mohan Thati, […]

Egyprt cotton

Egypt’s cotton fields expand as demand grows

The amount of land in Egypt devoted to growing cotton has increased by almost a quarter as global demand for the crop rises. The area available nationwide for cotton has expanded by 23 percent from 255,000 acres to 311,700, the Ministry of Agriculture announced.  It said 70,584 acres of the land (22 percent) has been […]

Boat, Transportation, Vehicle

Suez Canal revenues fall by $6bn as unrest continues

Suez Canal revenues have fallen by $6 billion this year amid regional geopolitical issues, president Abdel Fattah El Sisi has said. The income from the waterway, connecting the Mediterranean and the Red Sea, declined by between 50 percent and 60 percent in the first eight months of 2024, local media reported, citing the president’s speech at […]

A student studies for his high school certificate exams at the Library of Alexandria during the power-off time that the government applied to overcome the overload amid a heatwave, as Egyptians experience frequent power cuts after the government said the lack of natural gas supplies feeding the country's electricity grid has fueled the crisis, in the Mediterranean city of Alexandria, Egypt, June 26, 2024. REUTERS/Mohamed Abd El Ghany

Egypt looks to Gulf investors to end power blackouts

Egypt’s energy blackouts have created new opportunities for Gulf investors, as the cash-strapped Cairo government tries to end the crisis and plug the gap in its electricity supply before next summer. Prime minister Mostafa Madbouly announced on September 19 that there would be no more power cuts over the coming period, potentially marking an end […]

ExxonMobil has been associated with the UAE since 1939 and became a joint venture partner in Zakum Development Company operating the Upper Zakum Oilfield

UAE tops list of tax payments from ExxonMobil

US energy giant ExxonMobil paid the UAE $7.4 billion in taxes and royalties last year, more than it paid any other country in the world. From declared annual earnings of almost $41 billion, Exxon paid $49 billion of global tax and duties, including more than $16 billion in income taxes, according to a regulatory filing […]

To meet Egypt's growing demand, more gas will come from Leviathan, Israel's largest gas field

Egypt to increase gas imports from Israel

Egypt plans to increase natural gas imports from Israel by 20 percent from October, to meet its fast-growing domestic demand for electricity. Imports will reach 1.2 billion cubic feet per day (cfpd), according to reports. They were already up 18 percent in September from 850 million cfpd in July. The two countries have agreed to […]

Saudi Arabia is investing in the development of a sports culture and infrastructure; the first of Melee's Al Khobar social sports club is scheduled to be completed first

Egyptian developer invests $1bn in Saudi sports clubs

Egyptian real estate developer Melee will spend SAR4.5 billion ($1.2 billion) to establish three new sports clubs in the Saudi cities of Riyadh, Jeddah and Al Khobar, according to a company executive. The club in Al Khobar is slated to be first in line for completion before the end of the year, Gasser Bahgat, Melee […]

Emaar Misr's Alamein hotel in Marassi

Dubai’s Emaar pledges Egypt development worth $1 billion

Property developer Emaar plans to invest $1 billion in Egypt in the next 12 months, according to a senior executive. Mohamed Alabbar, the Dubai-based company’s founder, shared the news in an interview with an Arabic-language news outlet, saying the new injection of funds by Egyptian affiliate Emaar Misr Development would build on about $20 billion […]

United Bank’s total assets increased to EGP106 billion ($2.2 billion) in June 2024 from EGP72 billion in 2021

Egypt to sell United Bank stake next year

Egypt’s central bank intends to list the state-run United Bank on the local stock exchange in the first quarter of 2025. The central bank is working to secure approvals from the Financial Regulatory Authority and the Egyptian stock exchange to launch the initial public offering (IPO), the UAE state-run Wam news agency reported. Details of […]