Development Egypt explores plans for new free zones Egypt is weighing plans to build three new free zones to stimulate foreign direct investments, according to Prime Minister Mostafa Madbouly. The new free zones will be established in Alexandria, the 10th of Ramadan and the 6th of October cities, Ahram Online reported, citing an official statement. No project or cost details were given on […] July 17, 2023
Infrastructure Egypt opens 17 infra projects for private sector investment Egypt has approved 17 infrastructure projects under its public-private partnerships (PPP) scheme, according to finance minister Mohamed Maait. The projects include three wastewater and industrial waste plants in Sadat, New Beni Suef and New Mansoura, and nine transformer plants and electrical grid projects in the New Administrative Capital, 6 October City and New Aswan City. […] July 14, 2023
Economy Egypt to sell stakes in 3 oil firms to ADQ for $800m Egypt has signed contracts with the private sector to sell state-owned entities worth $1.9 billion under its initial public offering (IPO) privatisation programme, said Prime Minister Mostafa Madbouly. The government has received $1.65 billion and the remaining $250 million will be received in the Egyptian pound, Ahram Online reported, citing Madbouly. The new contracts include […] July 12, 2023
Tourism Tourism in Egypt thrives as 7m visitors arrive in H1 2023 Egypt received seven million tourists during the first half of 2023, according to tourism and antiquities minister Ahmed Issa. The higher visitor numbers were driven by the cooperation of the private sector and the government agencies, Ahram Online newspaper reported quoting the minister. In April, Egypt received a record high of 1.35 million tourists. The […] July 11, 2023
Entrepreneurs Egypt’s currency slump deters startup investors Egypt’s economic woes have led to a 70 percent decline in the number of startup funding deals in the first half of the year. The country’s currency devaluation and other ongoing economic challenges are deterring investors, industry experts said. Funding for startups across the Middle East and North Africa (Mena) fell 21 percent year-on-year to […] July 11, 2023
Economy Egypt’s inflation rises to all-time high of 35.7% in June Egypt’s annual urban consumer price inflation in June rose to a record 35.7 percent year-on-year from 32.7 percent in May, data from the country’s statistics agency Capmas showed. Analysts had expected the country’s headline inflation rate to jump to an all-time high, a Reuters poll showed on Thursday, as an unfavourable base effect and increased […] July 10, 2023
Manufacturing France’s Alstom to establish industrial complex in Egypt The Egyptian cabinet has approved an investment plan by French train maker Alstom to set up an industrial complex in Alexandria. Alstom proposes setting up two factories, one for producing components such as signals, panels and electrical control circuits, Egypt Today newspaper reported. The second plant will manufacture mobile units for metro lines, trams, light […] July 7, 2023
Oil & Gas Egypt launches $1.8bn gas exploration programme Egypt has begun a $1.8 billion gas exploration programme with plans to drill wells in the Mediterranean Sea and Nile Delta. The programme is in cooperation with energy majors Eni, Chevron, ExxonMobil, Shell and BP, petroleum minister Tarek El Molla told the UAE state-run Wam news agency. El Molla said the aim is to drill […] July 5, 2023
Oil & Gas Egypt to invest $9bn in oil and gas projects Egypt plans to invest $9 billion in building new oil refining and gas projects, the Ministry of Petroleum and Mineral Resources has said. Projects will be started in Alexandria, Assiut and Suez, with an estimated investment of $7.5 billion. These will allow Cairo to maximise value from its extensive natural resources, Egypt Today newspaper reported […] July 4, 2023
Real Estate Egypt’s housing developers lift activity as demand rises Rising interest in homeownership and a surge in development are expected to lift Egypt’s real estate sector this year, as currency devaluation keeps prices high. A report from data firm Property Finder said 17 residential and mixed-use projects with a total value of $1.3 billion were completed in the first quarter of the year – […] June 28, 2023
Economy Egypt pins hopes on FDI to offset domestic woes Egypt’s faltering privatisation drive was given a shot in the arm this week after the government announced that it had entered into a five-year partnership with the International Finance Corporation to sell off state assets. Under the partnership, the IFC – the private sector development arm of the World Bank – will help to structure […] June 26, 2023
Economy Egypt and India bilateral trade up 14% to $6bn in 2022 Bilateral trade between Egypt and India reached $6 billion in 2022, an increase of 13.7 percent year-on-year, the state-owned Central Agency for Public Mobilizations and Statistics (Capmas) reported. Indian Prime Minister Narendra Modi began his official two-day visit to Cairo on Saturday, the first visit by any Indian premier to Egypt since 1997. Egyptian exports […] June 25, 2023
Banking & Finance Egypt’s central bank keeps interest rates unchanged The Central Bank of Egypt (CBE) kept its key overnight interest rates unchanged on Thursday, saying commodity prices appear to be falling and economic growth is likely to recover in the fiscal year that begins next week. As expected, the bank’s monetary policy committee (MPC) left the lending rate steady at 19.25 percent and the […] June 23, 2023
Banking & Finance Egypt says tax reforms aimed to drive private investments Egypt’s cabinet has approved a draft law to eliminate tax exemptions for state entities in a bid to attract private investment, a cabinet statement said, but the law appeared to retain at least some privileges enjoyed by the army. Egypt, in the midst of a severe foreign currency shortage, has been seeking to encourage both […] June 22, 2023
Markets Suez Canal Authority to offload 20% of subsidiary Egypt’s Suez Canal Authority (SCA) is offering a 20 percent stake in a subsidiary company in line with a government drive to boost the private sector, but selling or leasing the canal is “out of the question”, SCA head Osama Rabie said. Rabie said the sale of the 20 percent stake in the Canal Company […] June 22, 2023
Economy Egypt to increase minimum private sector wage to $97 per month The Egyptian government has approved increasing the minimum wage for workers in the private sector by EGP300 ($9.72) to EGP3,000 a month as of July. The National Wages Council’s decision to raise the minimum wage to EGP3,000 is in line with the council’s policy of achieving a balance between workers and business owners amid the […] June 21, 2023
Banking & Finance Egypt gets IFC on board to help monetise state assets The International Finance Corporation (IFC) will strategically advise Egypt on its plans to boost private sector participation in the economy. IFC said in a statement that it will advise the Egyptian government’s asset monetisation programme, which will focus on harnessing private capital and manage state-owned assets. It will give the government technical assistance and support […] June 19, 2023
Banking & Finance India weighs barter trade with Egypt amid credit talks India is weighing a proposal to begin barter trade in goods like fertiliser and gas with Egypt as part of a wider deal that could see New Delhi extending a credit line worth several billion dollars to Cairo, sources told Reuters. An agreement is likely to be announced later this month during Indian Prime Minister […] June 18, 2023
Economy Egypt asks to join Brics to lessen dependency on dollar Egypt has submitted an application to join the Brics group of large emerging market countries to develop trade ties and potentially reduce dependency on the US dollar, according to the Russian ambassador in Cairo. Brics consists of Brazil, Russia, India, China, and South Africa. “Egypt has submitted its application to join the Brics group because […] June 16, 2023
Banking & Finance Egypt signals no immediate plans for pound devaluation Egyptian President Abdel Fattah Al Sisi appeared to rule out a further currency devaluation anytime soon in remarks made to a youth conference on Wednesday, saying such a move could harm national security and hurt Egyptian citizens. Egypt has devalued the Egyptian pound by about 50 percent against the dollar since February 2022, when Russia’s […] June 15, 2023
Banking & Finance Qatari fund in talks to invest in Egypt’s historic hotels Qatar’s sovereign wealth fund is in talks with Egypt about potentially investing in seven historic hotels there, in what could be a landmark deal between the two countries that restored diplomatic ties in 2021 after a long-running dispute. The Qatar Investment Authority (QIA) is in talks with The Sovereign Wealth Fund of Egypt (TSFE) about […] June 15, 2023
Banking & Finance Egypt invites banks to pitch for AlexBank stake sale Egypt’s ministry of finance has invited banks to pitch for an advisory position on the sale of its 20 percent stake in Bank of Alexandria, a subsidiary of Italy’s Intesa Sanpaolo, two sources familiar with the matter said. The invitation went to local and international banks, said the sources, declining to be identified as the […] June 14, 2023
