Banking & Finance Egypt and Qatar sign deal to avoid double taxation Egypt and Qatar have signed an agreement to avoid double taxation and stop tax evasion, according to a local newspaper. The agreement specifies the regulations and conditions for imposing taxes to avoid double taxation on immovable property, business revenues, global, maritime and air transportation, joint projects, and stock revenues, Egypt Today reported. Egyptian cabinet spokesperson […] February 28, 2023
Trade Bahrain, Egypt, Jordan and UAE sign $2bn of industrial deals Businesses from the UAE, Egypt, Jordan and Bahrain have signed industrial deals valued at more than $2 billion at a government-backed gathering in Amman. The meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development, held on Sunday, brought together CEOs and the industry ministers of the four countries. Twelve agreements were […] February 27, 2023
Manufacturing Egypt to get $145m investments in automotive sector Egypt has signed agreements with three global automobile manufacturers worth around $145 million, Prime Minister Mostafa Madbouli said at the first meeting of the Supreme Council of Automobiles. Automobiles are the fourth largest commodity in terms of import value, and the move is part of President Abdel Fattah El-Sisi’s directive to increase this, Egypt Today […] February 26, 2023
Banking & Finance Rising interest rates will help struggling Mena banks Rising interest rates are likely to help major banks in Egypt, Morocco and Jordan to remain profitable in 2023 despite loan defaults increasing and a darkening global economic outlook, S&P Global Ratings forecasts. But banks in the three countries remain vulnerable because of higher funding costs, commodity prices and inflation and lower tourism revenue. The […] February 24, 2023
Construction French firm to build high-speed train line in Egypt French construction company NGE has signed a contract to build a 330 km high-speed train line connecting the Red Sea Port of Sokhna with Borg Al-Arab near the Mediterranean port of Alexandria. Egypt’s National Authority for Tunnels in May signed a contract with Siemens Mobility, Orascom Construction and Arab Contractors to build about 2,000 km […] February 24, 2023
Analysis Energy One year on, what the war in Ukraine means for the Middle East A year since Russia invaded Ukraine, the war’s impacts are reverberating across the Middle East and North Africa. While some Gulf oil producers have prospered during the conflict, it has heaped suffering on some of the most fragile and volatile economies in the region. “It has contributed to the difficulties in Egypt and the worsening […] February 24, 2023
Banking & Finance Egyptians lean on instalment payments to cope with inflation Ahmed Ramadan, a 44-year-old father of three, started using instalment payment services eight months ago after feeling the sting of high prices that have squeezed Egyptians’ pockets over the last year. He used the services to buy a television, a mobile phone for his daughter and even clothes for his family. “It might be more […] February 23, 2023
Ireland’s Middle East exports grow with ‘new’ economy The Republic of Ireland is targeting the UAE and the wider Middle East as a “major growth market”, with innovation at the heart of the economic relationship. Opportunities for closer collaboration between Irish and UAE firms have been identified in the “new” economy including AI, space, fintech and entrepreneurship. Healthcare, and medtech in particular, is […] February 22, 2023
Egypt to raise $1.5bn with debut sukuk at 11% yield Egypt is to raise $1.5 billion from its debut sale of Islamic bonds known as sukuk at a yield of 11 percent, a document on the deal showed. The three-year sukuk had initial guidance of around 11.625 percent and tightened after books closed with demand over $5.35 billion, the document reviewed by Reuters showed. Egypt’s […] February 22, 2023
Banking & Finance Egypt court to rule soon on case related to bank privatisation deal An Egyptian court will rule shortly on a case centred on the 2006 sale of AlexBank to Italy’s Intesa Sanpaolo, two source said, potentially paving the way for the cash-strapped government to sell its remaining 20 percent stake in the lender. Egypt is seeking to raise cash after its financial markets suffered heavy foreign investment […] February 21, 2023
Banking & Finance Egypt hires banks for debut dollar sukuk as Eurobonds mature Egypt has hired banks for its debut sale of Islamic bonds denominated in US dollars, a document on the deal showed. A successful sukuk sale would help Egypt repay $1.25 billion in five-year Eurobonds that mature on February 21. Joint lead managers and bookrunners on the sukuk are Abu Dhabi Islamic Bank, Citi, Credit Agricole, […] February 19, 2023
Banking & Finance Turkish firms pledge to invest $500m in Egypt Turkish companies have committed $500 million in new investments in Egypt after a visiting business delegation met the prime minister for the first time in a decade, the Egyptian cabinet said, in the latest sign of a thaw in relations. Diplomatic relations between Egypt and Turkey were severed after Egyptian President Abdel Fattah Al-Sisi, then […] February 17, 2023
Energy Egypt set to launch first-ever bid for obsolete energy fields Egypt will launch the first-ever bid for obsolete energy fields, minister of petroleum Tarek el-Molla said. Details of the bid will be released before the end of February. “Its economic model will be determined to increase production from those fields that need unconventional methods and specialised technology to extract the quantities available in these fields,” […] February 16, 2023
Energy European Union expects Egypt to maintain LNG export levels The European Union (EU) expects a framework deal with Israel and Egypt to allow Egypt to maintain “relatively high volumes” of liquefied natural gas (LNG) deliveries to Europe, the bloc’s energy commissioner said. The memorandum of understanding was signed last June with the aim of boosting exports of Israeli gas transported by pipeline to liquefaction […] February 14, 2023
Egyptian healthcare startup raises $16m in latest funding round Egypt’s digital healthcare startup Yodawy has raised $16 million in the first close of its Series B round, the company said in a statement. The round was co-led by Delivery Hero Ventures, the venture capital arm of food delivery platform Delivery Hero, and UAE-based Global Ventures. Japan’s AAIC Investment and Saudi-based Dallah Albaraka also participated […] February 13, 2023
Economy Egypt’s inflation hits nearly five-year high at 25.8% in January Egypt’s annual urban consumer price inflation jumped to a higher-than-expected 25.8 percent in January, its fastest in more than five years, data from statistics agency CAPMAS showed. The rise from 21.3 percent in December followed a series of currency devaluations starting in March 2022, a prolonged shortage of foreign currency and continuing delays in getting […] February 10, 2023
Markets Egypt to sell state stakes in 32 firms over next year Egypt plans to sell stakes in at least 32 companies by the end of March 2024, Prime Minister Moustafa Madbouly said on Wednesday, dusting off plans that have largely lain dormant for years as the country’s financial woes mounted. Among the planned sales are stakes in three prominent banks, Banque du Caire, United Bank of […] February 9, 2023
Economy Egyptian inflation likely to accelerate further in January Egypt’s headline inflation is expected to accelerate further in January after surging to its highest in five years in December, a Reuters poll showed on Tuesday, as prices continued to rise after a series of devaluations over the past 10 months. The median forecast of 14 analysts showed annual inflation at 23.75 percent in January, up […] February 8, 2023
Economy Moody’s lowers Egypt rating to B3 but changes outlook to stable Ratings agency Moody’s lowered Egypt’s sovereign rating by one notch to B3 from B2 on Tuesday, citing the country’s reduced external buffers and shock absorption capacity. The agency changed its outlook for Egypt to stable from negative. “Moody’s does not expect Egypt’s liquidity and external positions to rebound quickly”, the agency said. Egypt has continued […] February 8, 2023
Economy Egypt’s non-oil activity slides for 26th month as inflation bites A contraction in Egyptian non-oil private sector activity entered its 26th straight month as high inflation and a continued shortage of foreign currency weighed on business, a survey showed. The S&P Global Egypt Purchasing Managers’ Index (PMI) slipped to 45.5 in January from 47.2 in December, well below the 50.0 threshold that marks growth in […] February 6, 2023
Energy Egypt’s gas exports to Europe reach 60% in 2022 Egypt exported 60 percent of its natural gas production from Damietta liquefaction plant to Europe for the first time, according to a local media report. The plant has exported 7.2 million tons of natural gas, Egypt Independent newspaper said, citing the ministry of petroleum and mineral resources. Nearly four million tons of liquefied natural gas […] February 5, 2023
Economy Egypt’s current account deficit shrinks 20.2% as imports fall Egypt’s current account deficit narrowed by 20.2 percent to $3.2 billion in the July to September quarter as imports shrank, exports rose and tourism revenue shot up, the central bank said in a statement. Exports rose by 12.6 percent to $9.97 billion while imports fell by 4.1 percent to $19.07 billion. Receipts from tourism jumped […] February 3, 2023
