Real Estate UAE developer to build $2bn project in Egypt’s New Cairo Egypt’s New Urban Communities Authority and the UAE’s UDC Real Estate Development Company have signed a contract to develop an EGP60 billion ($1.9 billion) urban development project in New Cairo. Named The Crest, the development in the Hadayek Al-Andalus area will be built on a plot spanning 665,000 sq m. It will comprise residential, commercial […] February 22, 2024
Oil & Gas BP commits $1.5bn to boost Egyptian presence Global oil major BP is set to invest up to $1.5 billion in exploration activities in Egypt, with potential expansion to nearly $5 billion, said CEO Murray Auchincloss. The company aims to capitalise on the current oil and gas exploration opportunities, the UAE’s state-run Wam news agency reported, citing the CEO. The investments are geared […] February 20, 2024
Industry Egyptian-Kuwaiti venture powers up new investments Investment company Egypt-Kuwait Holding is exploring new investment opportunities in Egypt. The company has finalised investment of $120 million in a new medium-density fibreboard (MDF) manufacturing facility and plans to expand into the power sector. “Our investments in Egypt are ongoing, and we are exploring more opportunities through visiting several ministries and presenting our proposals,” […] February 19, 2024
Opinion Aviation EgyptAir must make some tough choices The national carrier is being battered by the competition and needs a recovery strategy February 15, 2024
Tourism Wellness resort leads Egypt’s medical tourism push Plans for Egypt’s first wellness resort have been revealed as experts forecast an increase in the number of medical visitors to the country. Maxim Group has signed an agreement with the General Authority for Investment and Free Zones to establish Naya Wellness Resort in Al-Saf, Giza. About $48 million is being invested in the resort, part […] February 14, 2024
Finance Egypt-Turkey trade hits nearly $6bn in 2023 Trade between Egypt and Turkey reached nearly $6 billion in 2023, Egypt’s trade and industry minister, Ahmed Samir, has disclosed. Egypt’s exports to Turkey rose 28 percent year on year to nearly $3 billion last year. “Turkey has become Egypt’s largest recipient of exports in 2023 and one of its key trading partners,” Egypt Today […] February 14, 2024
Finance Egypt’s 144 reforms propelled private sector says Madbouly The Egyptian government has implemented 144 reforms since May 2022 to support the private sector and attract foreign and local investors, according to Prime Minister Mostafa Madbouly. More than 1,000 private sector companies are participating in state-run programmes to boost the Egyptian economy and promote private sector engagement, Egypt Today newspaper reported, citing Madbouly in […] February 13, 2024
Opinion Media & Advertising Middle East neighbours can be digitally very different When it comes to internet usage and social media, the region's countries do not necessarily align February 13, 2024
Analysis Trade $112bn of trade with India ‘ready to be tapped’ Untapped trade opportunities between India and the Middle East, North Africa and Turkey could be worth more than $112 billion, research has found. An HSBC report, which analyses data from the UN/WTO International Trade Centre, estimates that there is a $61 billion export gap for Indian companies in the key markets of the UAE, Saudi […] February 12, 2024
Finance Egypt says Gulf bond issuances still under review Egypt is still evaluating the issuance of bonds in the Gulf markets as part of its broader strategy to diversify funding sources, according to finance minister Mohamed Maait. Cairo has issued debt instruments in three tranches in November and December 2023 worth $1.5 billion, the minister told the UAE state-run Wam news agency on the […] February 12, 2024
Giga-projects Abu Dhabi close to $22bn development project in Egypt Abu Dhabi is in advanced talks with the Egyptian government to buy and develop premium land on Egypt’s Mediterranean coast in a potential multi-billion-dollar deal, according to a media report. A UAE consortium has been selected to work with local partners to develop Ras El-Hekma, an area 350 km northwest of Cairo, Bloomberg reported, citing […] February 9, 2024
Economy Egypt increases monthly minimum wage by 50% Egypt has launched its “largest social protection package” worth EGP180 billion ($5.83 billion) as part of its move to tackle mounting inflationary pressure, according to a local media report. President Abdel Fattah El Sisi has ordered monthly minimum wages to increase by 50 percent to EGP6,000 from March as part of a new social protection […] February 8, 2024
Economy Red Sea attacks dent Mena business activity The attacks on shipping in the Red Sea are depressing economies across the Middle East and North Africa, as supply chain disruption takes its toll on business activity. The latest economic monthly bulletins for the UAE, Saudi Arabia and Egypt all show a drop in operating activity for January. Houthi rebels in Yemen have been […] February 5, 2024
Construction Egyptian developer to build Iraq’s largest housing project Egypt’s Ora Developers Group will build the largest residential city in Iraq’s capital, Baghdad, which will feature 100,000 residential units. The contract was awarded by the Iraqi government. No details of the project cost were given. Ali Al-Wardi, a smart city project located 25 km southeast of Baghdad, will be built on an area of […] February 2, 2024
Economy Egypt announces first interest rate hike of 2024 The monetary policy committee (MPC) of Egypt’s central bank has raised its key policy rates by 200 basis points (bps), marking the first increase of 2024. The overnight deposit rate has now increased to 21.25 percent, the central bank said in a statement. Overnight lending and main operation rates stand at 22.25 percent and 21.75 […] February 2, 2024
Economy Egypt ‘close to IMF loan of $9bn’ Egypt has reached a staff-level agreement with the International Monetary Fund for an extended fund facility (EFF) two or three times bigger than the existing deal, according to various Egyptian news outlets. Al Borsa newspaper was among those reporting that a new deal could be announced “in hours or days”. Sources told Al Shorouk newspaper […] February 1, 2024
Economy Egypt ends tax privileges for state enterprises The Egyptian cabinet has approved regulations to eliminate various tax and fee exemptions for state-owned enterprises, aligning with a condition set by the International Monetary Fund (IMF). The cabinet approved the law in June but the executive regulations needed for implementation were recently formulated, Reuters reported. As part of a $3 billion financial support agreement signed in […] February 1, 2024
Economy Egypt plans UAE dirham bonds to lower funding costs Egypt plans to issue bonds in UAE dirham, Indian rupees, and Hong Kong dollars, the country’s finance minister said. The bonds in various currencies are part of the government’s efforts to diversify its financial strategy, Egypt Today newspaper reported, citing Mohamed Maait. “The move will contribute to diversifying Egypt’s debt portfolio and attract international investors at […] January 30, 2024
Agriculture Egypt says wheat reserves sufficient for 4.2 months Egypt’s strategic wheat reserves are sufficient for 4.2 months, oil for 5.3 months, and sugar for 5.4 months, said minister of supply and internal trade Ali Al-Moselhi. He noted that about 100 tonnes of sugar had been produced from the cane crop so far and that preparations are under way to receive the beet crop […] January 29, 2024
Economy Suez slump compounds Egypt’s foreign currency crisis Disruptions to shipping in the Suez Canal as a result of the conflict in the Red Sea are exacerbating Egypt’s foreign currency shortages and increasing the need for a new financing package from the International Monetary Fund. Royalties from traffic through the Suez Canal contribute nearly 8 percent of the Egyptian government’s revenue and generate […] January 26, 2024
