Tech Egypt and Jordan to set up first sub-sea optic fibre cable Egypt and Jordan have agreed to set up their first joint submarine optic fibre cable in 25 years. The so-called “Coral Bridge” will serve as a vital communication link between Aqaba in Jordan and Taba in Egypt, Ahram Online reported. The deal to install the submarine cable, spanning the Gulf of Aqaba, was signed between […] January 26, 2024
Finance Egypt turns to Asia to secure low-cost funding Egypt is ready to explore the Asian financial market to diversify funding sources and reduce financing costs, according to the country’s finance minister. “We are expanding our green, sustainable, and low-cost blue financing, with the aim of directing it towards funding projects in sustainable public transportation, health, education, agriculture, food, and other socially impactful projects,” […] January 25, 2024
Energy Work starts on Egypt’s $30bn nuclear plant Russian President Vladimir Putin and Egypt’s Abdel Fattah Al-Sisi on Tuesday inaugurated the construction of a new unit at Egypt’s Dabaa nuclear power plant via video link, as Moscow moves ahead with its global nuclear ambitions. The power plant is being built by the Russian state corporation Rosatom at a reported cost of $30 billion, […] January 24, 2024
Logistics Wheat shipments through Suez Canal down 40% Shipments of wheat through the Suez Canal have fallen by 40 percent year-on-year as a result of the continuing crisis in the Red Sea, the World Trade Organisation’s Wheat Dashboard shows. Major shippers are avoiding the waterway, through which 15 percent of maritime commerce passes, causing supply chain disruptions and threatening a new wave of […] January 24, 2024
Opinion Logistics Red Sea attacks could harm more than ports and shipping The Houthi strikes could have serious implications for Saudi Arabia and Egypt January 23, 2024
Industry UK owner ramps up output at Egypt’s largest gold mine London Stock Exchange-listed Centamin expects annual gold production of between 470,000 and 500,000 ounces in 2024 from its flagship Sukari gold mine in Egypt. The annual output stood at 450,000 ounces in 2023. The company, which is based in Jersey and listed on the London and Toronto stock exchanges, reported that total revenue reached $892 […] January 23, 2024
Retail Kuwait’s Alshaya scales back operations in Egypt Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is scaling back its operations in Egypt due to “the difficulties faced by overseas businesses” in the North African country. “As a result of the economic situation over the last three years and the difficulties faced by overseas businesses trading in Egypt, we have taken […] January 18, 2024
Economy IMF ‘likely to drop currency demands for loans to Egypt’ The International Monetary Fund is likely to waive its demand that the Egyptian government make the pound free floating in order to receive additional loans, experts said on Tuesday. Cairo agreed a $3 billion IMF support package in December 2022, but received only an initial payment of $347 million. The original deal said Egypt should […] January 17, 2024
Banking and Finance Oman licence is ‘tremendous’ win for Egypt’s Paymob Digital payments company Paymob has secured a licence to expand into Oman and says it represents a “tremendous opportunity” as e-commerce transactions soar. The Cairo-based business has announced that it has received the Central Bank of Oman’s (CBO) payment service provider licence, the first international fintech to do so. The licence authorises Paymob to accept […] January 17, 2024
Industry Egyptian cement exports grow 22% in 2023 Egypt’s cement industry has an annual output of 92 million tonnes, which ranks it among the top 10 cement producers globally, according to Egyptian trade and industry minister Ahmed Samir. Egypt’s cement exports surged 22 percent to $625 million in the first nine months of 2023, compared to $512 million a year ago, Egypt Today […] January 16, 2024
Leisure & Hospitality ADQ and Adnec acquire stake in Egypt luxury hotels Abu Dhabi’s ADQ and Adnec Group have signed agreements to acquire a 40.5 percent stake in Egypt-based Talaat Moustafa Group Holding’s hospitality subsidiary. The two UAE companies will invest through a special purpose vehicle through a capital increase to acquire a stake in Icon Group, the UAE state-run Wam news agency reported. ADQ will own […] January 14, 2024
Economy Egypt’s inflation slows for the third month to 33.7% Egypt’s annual inflation eased for the third consecutive month in December, closing 2023 at 35.2 percent, according to the Central Agency for Public Mobilization and Statistics (Capmas). The inflation rate was 36.4 percent in November and 38.5 percent in October. Likewise, the urban consumer price inflation fell to 33.7 percent in December from 34.6 percent […] January 11, 2024
Real Estate Egypt to offer residency to foreign property buyers Egypt is looking to attract investments into its residential property market by offering a five-year residency to international buyers. This initiative is highlighted in a cabinet document providing the economic roadmap for 2024-2030, Egypt Today newspaper reported. The government intends to establish a specialised company to manage real estate export and leasing activities, with expected […] January 10, 2024
Opinion Banking and Finance Investors go lukewarm on startups but Riyadh is red hot Rising inflation and interest rates plus economic slowdown resulted in investor hesitancy in 2023 January 8, 2024
Transport Suez shipping traffic drops 20% as Houthi attacks continue Shipping traffic through the Suez Canal has dropped by as much as one-fifth in the last two weeks as Yemeni Houthis continue to target vessels in the Red Sea. Statistics from the International Monetary Fund’s (IMF) PortWatch platform revealed a 20 percent drop in ships using the Suez Canal route between December 24 and January […] January 5, 2024
Transport AD Ports to build and operate Red Sea ports The UAE’s AD Ports Group has signed an agreement to build, develop, operate and maintain terminals for passengers and cruise lines at the Egyptian Red Sea ports of Hurghada, Safaga and Sharm El Sheikh. “This contract will contribute to operating cruise lines between Zayed Port and Safaga, Hurghada and Sharm El Sheikh and, later, Arabian […] January 5, 2024
Agriculture $300m food processing complex planned for Egypt An entrepreneur has revealed plans to invest $300 million in an industrial agriculture and food complex in Egypt. Ahmed Abou Hashima has teamed up with partners from the US and Germany to lead the project through his Mafi for Agricultural Produce Industries company. He said strategic collaborations have been established with JBT and Cabin Plant, […] January 4, 2024
Energy Egypt says hike in power prices will cut losses to $2.4bn Egyptian Prime Minister Mostafa Madbouly said on Wednesday that raising electricity prices will reduce the sector’s annual losses to EGP75 billion ($2.43 billion) from EGP90 billion. Earlier this month, Egypt hiked the prices of several services including metro tickets, telecommunication services and electricity, as it tries to contain a budget deficit. Electricity prices for households […] January 4, 2024
Video length: 05:25 Tech Demand for data centres accelerates across Mena Demand is growing for data centres across the Mena region, which is “underserved” according to Hassan Alnaqbi, CEO of Khazna Data Centers. Dubai-based Khazna, which has 14 working centres, 10 to 12 under construction and four more planned, is one of the largest operators in the region. “We have announced our expansion into Egypt. It […] January 3, 2024
Finance Market cap of Egyptian bourse rises 79% in 2023 The market capitalisation of the Egyptian stock exchange surged 79 percent in 2023, hitting EGP1.72 trillion ($55.47 billion) from EGP961.2 billion in 2022. The benchmark EGX30 index closed at 24,894.26 points in 2023, compared to 14,598.53 points in 2022, Egypt Today newspaper reported. This was a rise of 71 percent. Investor concerns over rising inflation […] January 1, 2024
