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Mohamed Maait, Egypt's finance minister, at an IMF/World Bank meeting in Marrakech on October 13. He said Cairo's panda bonds had a low interest rate of 3.5%

Egypt to get $20bn loan from global funders says minister

The expanded loan facility from the International Monetary Fund (IMF) will allow Egypt to receive more than $20 billion in additional funding from global financial institutions. The additional funding is expected from the World Bank, the European Union (EU), the African Development Bank, the Arab Monetary Fund and others, finance minister Mohamed Maait told a […]

A ship in the Gulf of Suez before it enters the Suez Canal. The Canal accounts for a large proportion of Egypt's foreign currency revenue

Egypt outlook revised to positive after lending deals

Moody’s has upgraded Egypt’s outlook from negative to positive following the expanded $8 billion funding from the International Monetary Fund (IMF). The credit-rating company also affirmed Egypt’s foreign currency ratings. The revision reflects the significant official and bilateral support announced and marked policy steps taken in the past week that will, if maintained, support macroeconomic […]

A man takes a photograph of the latest rates at a currency exhange in Cairo. The Egyptian government has said it will let the exchange rate be determined by market forces

Egypt secures expanded $8bn loan from IMF

Egypt will receive an expanded $8 billion loan from the International Monetary Fund (IMF) after agreeing to implement a set of reforms and policies. The country is experiencing significant macroeconomic challenges due to the impact of the Gaza conflict on tourism and lower Suez Canal receipts, the IMF said in a statement. “The authorities are […]

Egyptian pound banknotes

Egyptian pound plunges 55% to match black market dollar

The Egyptian pound plunged by 55 percent on Wednesday to a record official low of 48 against the US dollar, bringing it almost in line with the parallel market rate.  The Egyptian central bank (CBE) said in a statement that it planned to allow the exchange rate to be determined by market forces. At 2pm […]

Taqa is planning to enter the marine petroleum well services sector, including drilling and exploration in Egypt

Saudi’s Taqa to quadruple energy investments in Egypt

Saudi Arabia’s Industrialization and Energy Services Company (Taqa) plans to quadruple investments in Egypt’s energy sector over the next two years, according to a media report. The company aims to double its business and services in Egypt, as well as expand into deepwater petroleum services by 2026, Daily News Egypt reported, citing Mario Ruscev, executive […]

Osama Rabie, chairman of the Suez Canal Authority, was speaking at the Marlog marine infrastructure conference in Alexandria

Egypt plans extension to make Suez Canal a ‘dual carriageway’

Egypt is to extend the “dual carriageway” segment of the Suez Canal, to allow northbound ships and southbound ships to travel the full length of the canal simultaneously. The canal’s first double-channel stretch opened in 2015. This extension will add 50km in the north and 30km in the south, the chairman of the Suez Canal […]

Egypt’s food exports to Europe reached 1.4m tonnes in 2022-23

Egyptian food producer plans European expansion

An Egyptian food producer is planning to expand into European markets on the back of a significant rise in US sales. City Farm, a frozen fruits and vegetables processor, intends to open representative offices in Germany, Belgium and the Netherlands first. CEO Mahmoud Lamei said the plan followed “remarkable success” in the United States and […]

coffee drinking woman Agthia UAE Egypt Video length: 05:02

Agthia increases stake in Egyptian snack group

Agthia Group has raised its stake in the Egyptian snacks company Auf Group to 70 percent, the latest UAE investment in the North African country. The food and beverages group, which is majority owned by the Abu Dhabi government through the state investor ADQ, acquired a 60 percent stake in Auf Group in 2022.  In […]

The Maersk Discoverer rig drilling for BP offshore Egypt. The company could invest up to $6.5bn in gas and oil projects in the country

BP invests $1.5bn in gas projects in Egypt

BP will invest $1.5 billion to develop gas projects and drilling in Egypt over the next three to four years. It was revealed two weeks ago that the UK-based energy business and Abu Dhabi state oil company Adnoc have agreed to pursue a natural gas joint venture in Egypt.  The venture, reported by Bloomberg on […]

Investment of nearly $12bn is expected for a pilot phase said Egypt's planning minister Hala El-Said

Egypt signs $40bn deals to develop green energy sector

Egypt has signed seven agreements with global companies to develop green hydrogen and renewable energy projects in the Suez Canal Economic Zone, with expected investments worth $40 billion over 10 years. Investment of nearly $12 billion is expected for a pilot phase, followed by another $29 billion for the first phase, the government’s information department […]

Asked about reports the IMF loan could rise to $12bn, managing director Kristalina Georgieva said: 'There is nothing wrong in thinking big'

IMF expects bigger loan deal for Egypt within weeks

The International Monetary Fund expects a financing package for Egypt to be finalised within weeks, its chief said on Tuesday – while also entertaining speculation that the loan could rise to $12 billion. Speaking on the sidelines of a G20 finance meeting in Brazil, IMF managing director Kristalina Georgieva told Reuters that issues delaying the […]

Dubai's Mashreq is among the GCC banks looking for growth in the US and Europe

GCC banks look to US and Europe

GCC banks may be forced to look overseas to fulfil growth ambitions as home markets become increasingly saturated, experts say. While some banks have already ventured abroad – mainly into Turkey, Egypt and Pakistan, which constitute nearly a half of their presence outside the Gulf – more developed markets such as the US and Europe […]

A market worker in Cairo stands under a pro-President Sisi banner. The ADQ deal has raised hopes that Egypt's economy can rebuild

Abu Dhabi’s $35bn throws Egypt a liquidity lifeline

A $35 billion investment by Abu Dhabi sovereign wealth fund ADQ to develop a resort on Egypt’s north coast could cover the country’s liquidity needs for the next three to four years, analysts have said. Mostafa Madbouly, the Egyptian prime minister, said on Saturday he had signed an agreement with ADQ to develop a site […]

DP World's terminal at Dakar in Senegal, one of the countries in the first phase of the decarbonisation project

DP World and Masdar link up for project to decarbonise ports

Two of the UAE’s biggest companies have formed a partnership that aims to decarbonise ports in the Middle East and Africa. Logistics group DP World has signed a three-year agreement with clean energy giant Masdar. Their initial focus will be on ports in Saudi Arabia, Senegal and Egypt. The companies will identify the best sites […]

Gulf bidders want to develop land for tourist resorts in the Ras Ghamila area of Sharm El-Sheikh, Egypt

Saudi and Qatari funds bid for new Egyptian project

Consortiums backed by Saudi Arabia’s Public Investment Fund and Qatar Investment Authority are among several Gulf bidders seeking to develop land in the Ras Ghamila area in Sharm El-Sheikh, Egypt, a local Egyptian media outlet reported. The winning consortium will be announced within two months after evaluating the submitted offers, Daily News Egypt reported, citing […]

An Adnoc Distribution service station in the UAE. The company intends to increase its reach in Egypt and Saudi Arabia

Adnoc Distribution reveals plans for Egypt and Saudi Arabia

Adnoc Distribution, the UAE’s largest fuel and convenience retailer, plans to increase revenues from international operations in Saudi Arabia and Egypt. The company is listed on the Abu Dhabi Securities Exchange and made the announcement during a presentation to investors on Monday when its share price fell slightly. CEO Bader Saeed Al Lamki said it […]

The value of the Egyptian pound has halved since 2022, leading to reduced investment

Egyptian economic woes to prolong startup funding slump

Egyptian startups face another tough year finding funding, as the prospect of further currency devaluations and stubbornly high inflation deter investors, despite the attractive demographics of the Arab world’s most populous nation. The number of venture capital deals in Egypt in the first nine months of 2023 was 47, down by nearly two thirds on […]

ADQ to invest $35bn in Egypt’s ‘new city’ project

UAE’s ADQ has unveiled plans to invest $35 billion to build the “largest new city” in Egypt to promote tourism and drive economic growth. The Abu Dhabi state-owned company will acquire the development rights for Ras El-Hekma for $24 billion to develop the region as a Mediterranean holiday destination, including a free zone, state-run WAM […]

Visitors enjoy the Karnak Temples; the government hopes to entice 30 million tourists to Egypt a year by 2030 tourism egypt

Egypt tourism up 5% in early 2024 despite Gaza conflict

The number of tourists visiting Egypt increased by five percent year on year in the first 40 days of 2024, according to Egypt’s tourism minister, Ahmed Issa. The announcement came after reports in January that visitor numbers for the whole of 2023 reached a record high of 14.9 million, just shy of the 15 million […]