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
Business of Sport ADQ signs sponsorship pact with Egyptian football club Abu Dhabi sovereign wealth fund ADQ has signed a multi-year sponsorship agreement with Pyramids Football Club (Pyramids FC), an Egyptian Premier League professional sports club. The fund will be the official partner of Pyramids FC, reinforcing ADQ’s position as a long-term investor in Egypt. The financial details of the deal were not given. Since its establishment and […] December 31, 2023
Transport AD Ports to invest $200m to develop Egypt’s Safaga port AD Ports Group of Abu Dhabi has signed a concession agreement with the Red Sea Ports Authority to develop and operate a multi-purpose terminal at Safaga port in Egypt. The agreement will mean an investment of $200 million over three years to develop the first internationally operated port serving the Upper Egypt region, the UAE […] December 28, 2023
Finance Egypt generates $5.6bn from stake sale in 14 companies Egypt’s privatisation programme has generated $5.6 billion from the sale of complete or partial stakes in 14 state-owned entities, according to Prime Minister Mostafa Madbouly. The International Finance Corporation (IFC) is conducting preliminary studies for the potential inclusion of 50 additional state-owned companies under its initial public offering (IPO) programme, Egypt Today reported, citing Madbouly. […] December 25, 2023
Transport Egypt gets $455m to build new container port A consortium of international institutions will provide $455 million in funding for a second container terminal in Damietta Port in Egypt, which will triple the port’s container capacity. The financing package will be provided to Damietta Alliance Container Terminal (DACT), a joint venture between German, Italian and Egyptian companies, European Bank for Reconstruction and Development […] December 25, 2023
Finance Egypt keeps interest rates steady as GDP growth slows Egypt’s central bank kept its overnight interest rates steady as economic growth in the north African country slowed in the second quarter of 2023. The central bank’s monetary policy committee (MPC) maintained the deposit rate stable at 19.25 percent and the lending rate at 20.25 percent, the apex bank said in a statement. The median […] December 22, 2023
Economy Egypt to receive half EBRD regional funding in 2024 Egypt will receive the lion’s share of the European Bank for Reconstruction and Development’s regional funding in 2024, having accounted for about 55 percent of its funds this year, the regional head of the EBRD has told AGBI. “Egypt is by far our largest country of operation in the region and will account for more […] December 21, 2023
Finance Egypt raises $800m from stake sale in historic hotels The Sovereign Fund of Egypt has signed an $800 million deal to sell a stake in seven historic hotels to Arab Company for Tourism and Hotels Investments (Icon), a subsidiary of Cairo-based Talaat Moustafa Group (TMG). Icon has acquired a 39 percent stake in Legacy Hotels, with the option to subscribe to a capital increase, […] December 21, 2023
Sustainability Egypt firm to defend its water after dam talks fail Egypt said on Tuesday that the latest talks over the Grand Ethiopian Renaissance Dam (Gerd) have failed, but it will closely monitor the process of filling and operating the dam and reserve the right to defend its water. “Egypt reserves its right, in accordance with international charters and accords, to defend its water and national […] December 21, 2023
Analysis Banking and Finance Mena remittances fall as Egyptians swerve official channels Remittances to Middle East and North African countries are forecast to fall by 5.3 percent to about $61 billion in 2023. The drop in the World Bank’s figures is driven by a sharp decline in recorded money transfers to Egypt, which is the region’s largest recipient. A “large part of remittances” to Egypt probably went […] December 19, 2023
Finance Egypt’s Abdel El Sisi wins third term as president Abdel Fattah El Sisi swept to a third term as Egypt’s president in an election where he faced no serious challengers. Monday’s election, in which he took 89.6 percent of the vote according to the National Election Authority, was held as Egypt struggles with a slow-burning economic crisis and tries to manage the risk of spillover from the […] December 19, 2023
Media & Advertising In the streaming age, the TV stays on after Ramadan YouTube creators and streaming services are changing the face of television all over the world – but particularly in Arab countries, according to executives who attended the Red Sea Film Festival in Jeddah this month. The entertainment industry in the Middle East traditionally focused on the fasting month, when TV shows could find a captive […] December 18, 2023
Logistics Jet fuel most exposed to Red Sea closure, analysts say Trade analysts warned on Monday that jet fuel is the commodity most exposed to an interruption of trade in the Red Sea, as the world’s main shipping companies said that they would avoid the waterway because of missile and drone attacks. Several container shipping lines, including CMA CGM of France, MSC of Switzerland and A.P. […] December 18, 2023
Finance Egypt to restructure debt in 2024, says Morgan Stanley Egypt is expected to begin a debt restructuring plan next year, because of rising borrowing costs, Morgan Stanley said in a research note. The country has sufficient reserves to meet its upcoming external debt obligations in 2024, with any potential restructuring efforts expected to be “proactive”, Egypt Today newspaper reported, citing the US investment bank. […] December 15, 2023
Analysis Agriculture Cop28 funds pave the way for Mena agricultural innovation In 2022 Morocco suffered its worst drought in 40 years. It had a devastating impact on agricultural productivity – the country’s cereal production plunged by 60 percent and 280,000 jobs were lost. Thousands of miles to the east, motorists on the main road from the UAE to Oman see dead and dying palm trees on […] December 15, 2023
Opinion Economy Sisi’s third term heralds a new economic blueprint Financial crisis looms but Egypt is 'too big to fail' December 14, 2023
