Industry UAE company buys 30% stake in Egyptian tobacco maker The UAE’s Global Investments Holding has acquired a 30 percent stake in Eastern Company, Egypt’s largest tobacco producer, for $625 million. The sale is part of the Egyptian government’s programme of privatising state-owned assets. Chemical Industries Holding Company, which held 50.95 percent of Eastern’s shares, last month announced that it had received offers from foreign […] September 4, 2023
Real Estate Aldar-owned Sodic to launch Nobu brand in Egypt The Egyptian real estate subsidiary of Abu Dhabi’s Aldar Properties is set to launch two hotel projects that will include branded Nobu residences and restaurants. Sodic and the US-based luxury lifestyle brand have agreed to develop the projects in West Cairo and North Coast. “The expansion of Sodic’s luxury property development portfolio underscores the demand […] September 3, 2023
Analysis Renewable Energy Egypt’s green hydrogen goals get BP boost Egypt’s ambitions to develop a green hydrogen industry have been given a major boost with the announcement that BP is to invest $3.5 billion in the country over the next three years. Egyptian president Abdel Fattah El Sisi and BP CEO Bernard Looney announced the plans on Monday. A portion of the funding will go towards […] September 1, 2023
Finance Egyptian cabinet approves $500m Samurai bonds Egypt will issue a new round of Samurai bonds worth $500 million in Japanese yen, as the government seeks to diversify funding sources, a local news daily reported. The finance ministry will launch the five-year bonds on an undisclosed date, Egypt Today newspaper reported, citing a cabinet statement. This will be the second time Egypt […] August 31, 2023
Renewable Energy Acwa Power secures $123m for Egyptian solar project Acwa Power, the Saudi-based energy developer, has secured $123 million of loans to reach financial close on a $182 million solar project in Egypt. The financing for the Kom Ombo solar plant, which will add 200MW of energy capacity, comes from a range of banks and funds. According to a filing to the Saudi Stock […] August 30, 2023
Markets Egypt targets $5bn from state IPOs by mid-2024 Egypt is aiming to raise $5 billion by listing power plants and state-owned companies from October 2023 until the end of June 2024, a local daily reported. The government plans to offer stakes in the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant and Zafarana wind farm, in addition to Safi and Watanya, […] August 30, 2023
Oil & Gas Egypt to invest $1.9bn to drill 45 exploratory gas wells Egypt is planning to drill 45 natural gas exploratory wells in the Mediterranean and the Nile Delta with $1.9 billion in investments until mid-2025, according to minister of petroleum and mineral resources Tarek El Molla. The drilling of 10 wells was completed between July 2022 and June 2023, which resulted in the massive discovery of […] August 30, 2023
Tourism Builder picked for luxury resort as Egypt tourism rebounds A construction contract has been awarded to build the first phase of the $1.7 billion Soul Luxury Beach Resort on Egypt’s north coast. Eagle Hills Properties, based in Abu Dhabi, has signed a $62 million contract with Egyptian company Orascom Construction. It described the deal as a “significant milestone” in the development of the resort, […] August 29, 2023
Banking & Finance Network invests $32m to fuel Egypt’s cashless ambition Dubai’s Network International is investing EGP1 billion ($32 million) to accelerate Egypt’s transition from cash to digital payments. Network said it plans to enhance its payment technology and capabilities in Egypt. This includes investing significant amounts in procuring, deploying and maintaining about 100,000 point-of-sale machines. It will also invest in implementing and operating its payments […] August 28, 2023
Economy Egypt expects Brics entry will lure foreign investment Egypt hopes its imminent inclusion in the Brics bloc of developing nations will help ease its shortage of foreign currency and attract new investment, but analysts say it may take time before any benefits appear. The bloc, which includes Brazil, Russia, India, China and South Africa, on Thursday invited Egypt and five other countries to […] August 27, 2023
Finance Development bank backs Egyptian entrepreneurs The European Bank for Reconstruction and Development (EBRD) has provided EGP200 million ($6.47 million) to Reefy Micro-Finance Enterprise Services (Reefy), the first Egyptian licensed microfinance institution, to support young entrepreneurs. The loan is provided under the EBRD’s Youth in Business (YiB) programme. It will be used to help privately owned micro-enterprises led or owned by […] August 25, 2023
Analysis Trade New Middle East members expand Brics reach Four Middle East countries are to join the Brics bloc of developing countries, bridging regional political divides and signaling increased Chinese influence around the world. The new memberships of Saudi Arabia, Iran, the United Arab Emirates and Egypt, as well as those of Argentina and Ethiopia, will be effective from 2024. The decision to add […] August 24, 2023
Oil & Gas Egypt announces new oil discovery in Gulf of Suez Egypt’s Cheiron Energy has announced a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez. The discovery was made by the GNN-11 exploration well, which is currently producing more than 2,500 barrels per day (bpd). The oil exploration and production company holds a 60 percent interest in the concession […] August 23, 2023
Manufacturing Foreign investors seek 15% of Egypt’s tobacco company Egypt has received several offers from foreign investors to buy up to 15.3 percent of the shares of state-controlled Eastern Co, the country’s main tobacco products maker, the company said in a disclosure to the stock exchange on Tuesday. If it goes through, the sale would give impetus to Egypt’s floundering privatisation programme and reduce […] August 23, 2023
Transport Suez Canal traffic unaffected after tanker collision Shipping traffic was flowing normally on Egypt’s Suez Canal on Wednesday, two shipping sources based in the country said, after two tankers that collided earlier were separated. The two tankers, the Singapore-flagged liquefied natural gas (LNG) carrier BW Lesmes and the Cayman Islands-flagged oil products tanker Burri, briefly collided in the canal, ship tracking company […] August 23, 2023
Tourism Emaar to invest in Egypt tourism Emaar Properties, the Dubai developer behind the Burj Khalifa and Dubai Mall, is looking to expand into the hotel sector in Egypt, the company’s founder said in an interview. Gulf tourism is surging on Egypt’s Mediterranean north coast despite the country’s economic crisis. “The north coast in Egypt has reached development levels in recent years […] August 22, 2023
Oil & Gas US energy firm Apache to invest $1.4bn in Egypt US hydrocarbon exploration company Apache Corporation is planning to invest $1.4 billion in Egypt next year. A delegation from Apache, a subsidiary of APA Corporation, met the prime minister of Egypt, Mostafa Madbouly to discuss their expansion plans and investments in the north African country, Egypt Today reported. “Apache is the largest American investor in […] August 22, 2023
Construction Egypt keeps electricity prices unchanged until January 2024 Egypt will maintain current electricity prices for consumers, as it deferred any changes for an additional six months, the cabinet said in a statement. In its weekly meeting, the cabinet decided to maintain electricity prices until January 2024, citing Egypt’s current economic challenges. The government has delayed the scheduled increase in power prices for the […] August 18, 2023
Industry Egypt set to launch sugar trading on local bourse Egypt’s commodities exchange has invited companies to register to trade sugar on the bourse, which already offers yellow corn and wheat. Sugar will be offered on the exchange starting Thursday, exchange head Ibrahim Ashmawy said in a statement, adding that the move was in line with a government mandate “to regulate the markets of strategic […] August 17, 2023
Banking & Finance Egypt outlines new measures to boost forex inflows Egypt is offering a minimum $5,000 fee for Egyptians living abroad who wish to clear their military service obligations and a US dollar pension plan also aimed at its citizens abroad, in a series of fresh measures designed to boost foreign currency inflows. Over the past few months, state-owned banks have begun selling high-interest dollar-denominated […] August 16, 2023
Video length: 03:16 Video Economy Inflation in Egypt hit hard by Russia Inflation in Egypt is going to be a “long-stretched affair”, according to a Mena market researcher in a video interview with AGBI. Egypt’s annual headline inflation increased to a record 36.5 percent in July driven by high food prices. Currency devaluation and the Russia-Ukraine war have been the main factors contributing to the inflated prices. […] August 16, 2023
Industry UAE signs $500m deal to supply wheat to Egypt UAE-based agribusiness Al Dahra and the Abu Dhabi Exports Office (Adex) have signed a $500 million deal to supply Egypt with wheat. The five-year agreement, worth $100 million per year, will provide Egypt with imported milling wheat from the UAE “at competitive prices”. Egypt, a major buyer of basic commodities, has been suffering from a foreign currency crunch after […] August 15, 2023
