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Prices of meat, fruit and vegetables in Egypt all fell during November

Egypt inflation falls to 36.4% on price declines

Egypt’s annual inflation declined to 36.4 percent in November 2023, compared to 38.5 percent in October, the country’s statistical agency said. The fall in inflation was driven by decreases in prices across various sectors, Egypt Today newspaper reported, citing the Central Agency for Public Mobilisation and Statistics (Capmas). Meat and poultry prices fell by 1.5 […]

Shoppers look for bargains at a Cairo supermarket. Egypt's debt crisis. is worsening

Egypt stable for now but vulnerable, economists warn

A few days after Israeli forces launched a ground offensive in Gaza, Fitch Ratings downgraded Egypt’s credit score to B- from B. The conflict could scare off tourists and investors, the ratings agency said in November, posing a risk to Egypt’s economy. This was Fitch’s second downgrade in six months: it stripped Egypt of B+ status […]

Egyptian billionaire moves family office to Abu Dhabi

Egyptian billionaire Nassef Sawiris is moving his family office to Abu Dhabi, as global investors choose the emirate as a key hub for their operations, Bloomberg reported. Sawiris intends to re-domicile NNS Group in the Abu Dhabi Global Market (ADGM), an international financial centre, subject to regulatory approval, Bloomberg reported. Sawiris, Egypt’s wealthiest man, has […]

Egypt strikes Cop28 deals to drive green energy goals

Egypt has signed several major agreements at the Cop28 climate conference in Dubai, as part of its drive to achieve its green energy goals, a local daily reported.  Minister of international cooperation Rania Al-Mashat oversaw the signing of agreements with the Norwegian company Scatec, the African Development Bank (AfDB), and the British International Investment (BII) […]

Egypt economy election

Currency and inflation in focus ahead of Egypt polls

In the run-up to Egypt’s December 10-12 presidential election, financially strapped people queue at state-managed cooperatives trying to buy scarce rations of subsidised sugar. It is the latest sign of economic pressures that have risen sharply since early last year, leaving Egyptians grappling with soaring prices and an unresolved foreign currency crunch, and overshadowing pledges […]

Dubai Islamic Bank is among major UAE banks that have increased green financing commitments, but fossil fuel finance is more complex Video length: 06:23

How banks are navigating fossil fuel financing

Banks are navigating a complex battleground over fossil fuel phase-out: deciding whether or not to fund companies in oil and gas and other high-emitting sectors, they told a Dubai event staged in parallel with the Cop28 summit.  The chief executive of ING, the Netherlands’ biggest retail bank, said the company had stopped providing dedicated finance […]

The initial phase of Befar Group's industrial complex in the Suez Canal Economic Zone will see investments of $500m

Chinese firm to build $2bn industrial complex in Egypt

Chinese company Befar Group will build a $2 billion industrial green complex in Suez Canal Economic Zone for the production of specialised chemicals, according to a local media report. The project’s initial phase will see investments of $500 million, leading to the creation of 1,000 jobs, Egypt Today newspaper reported. The complex is expected to […]

Total Gulf deposits with Egypt's central bank stood at $29.9 billion as of March 2023

UAE extends $1bn deposit with Egypt until 2026

The UAE has renewed its $1 billion deposit with the Central Bank of Egypt for an additional three years. The deposit, which matured in June this year, has been extended until June 2026, Egypt Today newspaper reported, citing a central bank report. Deposits of Arab countries with the central bank accounted for more than half […]

RedSea claim their heat-blocking roof technology can reduce energy usage and water use in irrigation

RedSea to dig further into Egypt’s agricultural market

RedSea, an agtech business based in Saudi Arabia, is prioritising Egypt to transform the North African nation’s agricultural industry. The company has also announced the appointment of Bruno De Oliveira as vice president of Egypt and East Africa as a result of increasing customer demand for its products.   RedSea has already installed heat-blocking roofing materials […]

Oilfield, Bulldozer, Transportation

Dana Gas to invest $43m to expand gas wells in Egypt

Abu Dhabi-listed Dana Gas plans to invest $43 million to begin a significant drilling programme in Egypt to expand gas wells next year. The programme will boost the UAE energy company’s daily gas production by 30 million cubic feet by drilling 11 development wells and three exploratory wells, Egypt Today newspaper reported. During a meeting […]

Harvesting wheat in Sharkia, Egypt. The Opec Fund is backing food security projects in Egypt and Jordan – both big importers of grain

Opec Fund piles up financing for wheat, wind and water

The Opec Fund for International Development is on track to meet its pledges to increase grants and loans to climate-related projects, its Middle East and North Africa head has told AGBI.  Musab Alomar, the fund’s director of public sector operations for Mena, said climate financing made up 33 percent of all Opec Fund approvals in […]

Shoppers at Dubai's Mall of the Emirates. Owner Majid Al Futtaim Holding currently operates 70 Carrefour branches in Egypt

Majid Al Futtaim to invest $1bn in Egyptian market

Dubai-based Majid Al Futtaim Holding plans to invest $1 billion in the Egyptian market, according to CEO Ahmed Galal Ismail. The retail conglomerate has already invested $2.5 billion in Egypt so far, Ismail told Prime Minister Mostafa Madbouly during a meeting, Egypt Today newspaper reported. He disclosed that a Carrefour branch will open at Administrative […]

AAAID aims to support Egypt's efforts to increase agricultural productivity and achieve food security

Egypt’s agriculture sector gets $100m funding boost

UAE-based Arab Authority for Agricultural Investment and Development (AAAID) plans to invest $100 million into Egypt’s agricultural and livestock production sectors over the next three years, according to a local media report. The authority’s current investments in Egypt have reached $158 million, Egypt Today newspaper reported, citing chairman Mohamed Al Mazrooei. The significant investments include […]

The Ades contract with Pertamina will begin in the second half of 2024

Shell makes new natural gas discovery in Egypt

Shell Egypt has discovered a new natural gas reservoir in the North East El-Amriya block in Egypt’s Mediterranean Sea. The company finished drilling the first well in its three-well exploration campaign, Mina West, located in the North East El-Amriya block, it said in a statement. Drilling was conducted at a water depth of 250 metres […]

PIF submitted a request to increase its stake in Egypt's E-Finance Company almost a month ago

PIF raises stake in Egyptian e-finance company

Saudi Arabia’s Public Investment Fund (PIF) has raised its stake in an Egyptian developer of digital payments infrastructure. PIF submitted a request to increase its stake by two percent in E-Finance Company to the Financial Regulatory Authority almost a month ago, Egypt Today newspaper reported, citing details from the technology company’s chairman Ibrahim Sarhan. The […]

Phosphate mining in Morocco

Future is rosy for Mena phosphate producers

With Morocco and Saudi Arabia now holding the bulk of the world’s high-quality, accessible phosphate rock reserves, the Middle East and North Africa (Mena) region is a major centre for the phosphate mining industry’s future growth, analysts say. Morocco alone holds around 70 percent of the world’s total reserves of phosphate rock, the raw material […]

Total Gulf deposits with Egypt's central bank stood at $29.9 billion as of March 2023

Egypt’s largest private bank gets $150m capital top-up

The European Bank for Reconstruction and Development (EBRD) will provide a $150 million subordinated loan to Commercial International Bank (CIB), Egypt’s largest private bank, to shore up its capital base. The facility will strengthen CIB’s Tier II capital, bolster its growth prospects and improve its ability to weather external economic shocks, EBRD said in a […]

ADIB headquarters building ADIB’s earnings increased by almost half during the first nine months of 2023

ADIB expects profits to keep rising after stellar year

Abu Dhabi Islamic Bank’s net profit margin will expand further, according to its group chief financial officer Mohamed Abdelbary. The sharia-compliant lender has enjoyed a bumper first nine months of 2023 in which its earnings increased by nearly half. “We’ve managed to capitalise on the increase in interest rates in the market because of the […]

A trader at the Egyptian stock exchange in Cairo. Qatar has already invested over $5.5bn in Egypt's financial, real estate and energy sectors

Qatar to invest $1.5bn in Egypt’s industrial sector

Qatar will invest $1.5 billion in Egypt’s industrial sector in 2024, according to Egyptian commercial service chief Yahya Al-Wathiq Billah. This is the first investment by the Gulf nation in Egypt since signing a bilateral agreement in March 2022, Egypt Today newspaper reported. Billah said that trade volume between the countries increased by 47 percent […]