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Egypt

The Egyptian government is focusing on growing tourism in Sharm el-Sheikh, Gouna and Luxor

Egypt to host more Turkish tourists as relations improve

Egypt will likely host 250,000 Turkish tourists this year as relations between the two nations improve. Cairo hosted around 80,000 Turkish tourists in the first four months of 2024, Amr El-Kady, CEO of the Egyptian Tourism Authority, told the state-run Anadolu Agency. The Egyptian government is working on several initiatives to boost tourism, with a […]

The number of ships traversing the Suez Canal has almost halved and Egypt expects a substantial revenue fall

Red Sea crisis could drop Suez Canal revenue by 60%

Suez Canal revenues may decrease by up to 60 percent due to elevated tensions in the Red Sea, according to assessments cited by Egyptian finance minister Mohamed Maait. Speaking at a ministerial event at Cairo University on Monday, Maait said the revenue fall would further exacerbate the state’s budget deficit which has grown to EGP120 […]

A construction site in Cairo. Egypt received the final tranche of ADQ funding for Ras El Hekma last week

Work on ADQ-backed resort in Egypt ‘to start this year’

ADQ will begin building the infrastructure for its Ras El Hekma development on Egypt’s north coast before the end of this year, according to housing minister Assem El Gazzar. The Abu Dhabi sovereign wealth fund had said it would break ground in early 2025, but it has yet to announce the names of contractors or […]

UAE-led consortium secures land for $10bn wind farm in Egypt

A consortium led by Masdar, the UAE’s state-owned renewable energy company, has signed a land access agreement with the Egyptian government for a $10 billion onshore wind farm. The other partners are Infinity Power, a joint venture between Masdar and Egyptian renewables business Infinity, and Hassan Allam Utilities, a Cairo-based developer and investor. The agreement […]

The presidents of Egypt and the UAE, Abdel Fattah El Sisi and Sheikh Mohamed bin Zayed Al Nahyan

Egypt receives second tranche of UAE’s $35bn investment

Egyptian authorities have received the second tranche of a $35 billion investment from the UAE, local media reported on Tuesday. The payment secures the right of Abu Dhabi sovereign wealth fund ADQ to develop the land of Ras El Hekma on Egypt’s north coast. The $20 billion tranche consists of $14 billion fresh money and […]

CIB profits Commercial International Bank branch

Abu Dhabi-backed Egyptian bank doubles profits

Commercial International Bank, the Egyptian lender backed by Abu Dhabi, has doubled its consolidated net profits for the first quarter of this year, compared with the same period in 2023. In an earnings release published on Sunday, CIB posted a net income of EGP11.9 billion ($253 million) at the start of this year, up from […]

QatarEnergy's farm-in agreement gives it a 40% interest in Egypt's Cairo and Masry offshore exploration blocks

QatarEnergy buys stake in Egypt exploration blocks 

State-run QatarEnergy has signed an agreement with US energy major ExxonMobil to acquire a stake in two exploration blocks off Egypt. The farm-in agreement gives QatarEnergy a 40 percent interest in each of the Cairo and Masry offshore concession agreements. The value of the deal was not given. ExxonMobil, the operator of the blocks, will retain […]

SWVL CEO Mostafa Kandil Video length: 04:15

Unicorn SWVL survives share slump to turn a profit

Scaling back operations, chasing profitability over investor funding and divesting from acquisitions has resulted in the Middle East’s first unicorn finally turning profitable.  Egypt-born ride hailing app SWVL has survived a turbulent time during which the Nasdaq-listed startup faced the possibility of being delisted.  SWVL was valued at $1.5 billion when it went public in […]

Egyptian President Abdel Fattah El-Sisi at a meeting last year to discuss the country's healthcare system. It is estimated that one fifth of Egypt's adult population has diabetes

Egypt misses healthcare targets as population ails

Egypt is failing to meet its healthcare spending targets, exacerbating deteriorating living standards that are leading to a rising number of illnesses and health problems. Egypt’s parliament approved legislation in 2018 to achieve universal health coverage by 2030, pledging to expand provision to include the 50 percent of Egyptians lacking insurance, according to a 2023 […]

A worker arranges vegetables to be displayed at a market in Maadi, a suburb of Cairo, Egypt, February 26, 2024. REUTERS/Mohamed Abd El Ghany

Egyptian businesses yet to feel effect of $60bn new funding

The close to $60 billion in new funding announced for Egypt in recent months has yet to trickle down to average business people in the country, according to the results of a new monthly survey. Difficult market conditions in Egypt continued in April as the monthly S&P Global Purchasing Managers Index (PMI) slid from 47.6 […]

Tourists stop for a breather at a cafe in Cairo's Khan el Khalili souq. About 14.9m people visited Egypt in 2023

Tourists keep flocking to Egypt as conflict rumbles on

Egypt’s visitor numbers rose 27 percent in the first four months of 2024, according to its vice minister of tourism and antiquities. The tourism ministry aims to increase inbound visitors by 25-30 percent this year, as it chases a target of 30 million visitors a year by 2030. Tourists from Arab countries accounted for the […]

Egyptian schools sometimes operate in shifts to avoid classroom overcrowding and the country is facing a shortage of more than 300,000 teachers

Education underspend dents Egypt’s long-term prospects

Egypt’s failure to meet its constitutionally mandated spending on education – partly as a result of spiralling state debts – is hurting its long-term development. The country’s education sector plan for 2023-2027 estimates 1.5 million children were out of school in 2021 and that 250,000 additional classrooms must be built to accommodate the current school […]

A shopping street in Cairo. The Ras El-Hekma investment underscores the strength of GCC financial support for Egypt, said Fitch

Egypt’s outlook revised up as external financial risks ease

Fitch Ratings has upgraded Egypt’s outlook to “positive” from “stable” citing lower external financing risks and increased foreign capital inflow.  The $35 billion Ras El-Hekma deal with the UAE, a flexible exchange rate, and tightening of monetary policy have reduced near-term external financing risks, the global rating agency said in a report. “The Ras El-Hekma investment underscores the […]

Last year, there was a 29 percent increase in international tourist arrivals to the GCC compared to 2022

Why ‘over-tourism’ offers an opportunity for the GCC

The GCC region and its North African neighbour Egypt can reap the rewards of over-tourism across the globe, according to industry experts, with affordability playing a key role in fuelling the sector’s growth. The number of hotel rooms in the six countries of the GCC – Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the UAE […]

A subsidiary of Banque Misr will open the first digital-only bank in Egypt this year

Egypt to open first digital bank later this year

Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […]

Construction work at Egypt's new administrative capital. Real estate 'is a very strong inflation hedge', says Aldar's Faisal Falaknaz

Aldar’s Egyptian sales unhindered by war and economic risk

Real estate developer Aldar says geopolitical and economic volatility is not affecting its expansion in Egypt. The Abu Dhabi-listed company acquired its Egyptian subsidiary Sodic in December 2021. Since then, sales have risen by more than 50 percent on a dollar-basis, Faisal Falaknaz, Aldar’s chief finance and sustainability officer, told reporters on Monday.  “What has […]

Spinneys currently operates 27 stores across Egypt

Spinneys Egypt expands with 10 new stores

Supermarket operator Spinneys will open 10 new stores in Egypt as part of its expansion drive in the North African country.  Four new stores will be opened before June 2024, while six more will be opened in fiscal year 2024/2025, which starts in July, Daily News Egypt reported. Spinneys Egypt operates 27 stores across the […]

Migrants attempting to reach Italy from Tunisia. About 270,000 so-called irregular migrants arrived in the EU via sea crossings last year

EU reveals total aid to North Africa to combat migration 

The European Union provided €673 million ($718 million) in funding to four North African countries from 2021-23 to help the quartet reduce what it calls irregular migration to the 27-member bloc, official data shows. Last year about 270,000 “irregular migrants” arrived in the EU via sea crossings, 64 percent more than in 2022. Crossings from […]

Sodic general manager Ayman Amer and Robert De Niro, Nobu Hospitality Co-Founder, at the launch of their third venture in Egypt

Aldar-owned Sodic to build third Nobu hotel in Egypt

Sodic, the Egyptian real estate subsidiary of the UAE’s Aldar Properties and Nobu, the US-headquartered luxury lifestyle brand, have signed up to develop their third hospitality project in Egypt. The Nobu Hotel and Restaurant, which will come up in east Cairo, will open next year, the developer said in a statement. The cost of the […]

Egypt's wealthiest man, Nassef Sawiris, who lives in Cairo, has interests in construction, manufacturing and sports

Cairo has most billionaires in Africa, but wealthy are leaving

Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […]