Tech Taiwanese chipmaker buys into Egyptian startup A leading Taiwanese semiconductor design company has invested $10 million in an Egyptian company that specialises in energy-efficient chip technology, according to a statement. InfiniLink, a New Cairo-based startup, has developed technology which uses light instead of electric signals to move data faster, helping AI data centres handle more information at higher speeds with less […] April 4, 2025
Telecoms Egypt to disable imported phones unless users pay tax Owners of imported mobile phones in Egypt will have their devices disabled next week unless they pay tax as part of a drive by Cairo to protect international phone producers operating in Egypt. When the most populous Arab nation invited South Korea’s Samsung and other major smartphone manufacturers to produce their devices in Egypt four […] April 4, 2025
Manufacturing Textile companies in Turkey move to Egypt to compete Producers in Turkey’s once vibrant textiles industry are looking at moving to Egypt and elsewhere to stay afloat in the face of rising costs and fierce international competition. Company closures and job losses mean employment in the textiles sector has dropped below one million for the first time since the height of the Covid pandemic, […] April 4, 2025
Economy EU clears €4bn funding to support Egypt’s economy The European parliament has approved €4 billion ($4.3 billion) in funding to Egypt to bolster economic resilience in what is the most populous country in the Middle East. The parliament adopted Egypt’s macro-financial assistance with 452 votes in favour, 182 against, and 40 abstentions, it said in a statement. In March 2024, the EU […] April 4, 2025
Banking & Finance IHC unit enters Egypt’s consumer finance sector 2PointZero, a subsidiary of Abu Dhabi-listed International Holding Company (IHC), has acquired ADVA, an Egyptian consumer finance company. The buyout by Maseera Holding for Financial Investments (Maseera), a subsidiary of 2PointZero, is part of its parent company’s $1 billion investment plan, the state-run Wam news agency reported. ADVA will be Maseera’s technology and data analytics […] April 4, 2025
Analysis Renewable Energy Plans to bring African energy to Europe face big challenges At least five multi-billion dollar projects to bring up to 24 gigawatts of solar and wind power energy from sunny North Africa to chilly Europe, assisted by Gulf investment money, are currently being planned. But these ambitious schemes to reduce Europe’s reliance on fossil fuels generally, and energy supplies from Russia specifically, all face major […] March 28, 2025
Construction Modon to build industrial zone near Egypt’s Ras El Hekma A joint venture between Abu Dhabi-listed Modon Holding and Egypt’s Elsewedy Industrial Development is planning to build a new industrial zone near the $35-billion Ras El Hekma megaproject. The two companies have signed a letter of intent for the project, state-run news agency Wam reported. The 10 million sq m new industrial zone, located south […] March 28, 2025
Economy Egypt unveils $91bn budget amid IMF reform pressure Egypt’s cabinet approved an EGP4.6 trillion ($91 billion) draft state budget for the 2025/26 financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an International Monetary Fund programme. Expenditures will rise by 18 percent and revenue by 19 percent over the current 2024/25 […] March 27, 2025
Economy Egypt poised to receive more EU funding this year Egypt is expected to sign a memorandum of understanding with the European Union (EU) on previously agreed financing worth €4 billion ($4.3 billion) in the second half of the year, planning minister Rania Al-Mashat said on Wednesday. The financing is part of a €7.4 billion funding package agreed between Egypt and the EU in March […] March 27, 2025
Economy Egypt’s deficit stretched by high imports and regional tension Egypt’s current account deficit more than doubled in the first quarter of the current fiscal year and the gap is expected to widen further, a Kuwaiti bank says. Key factors for the massive deficit include a surge in imports and lower Suez Canal revenues due to regional tensions, National Bank of Kuwait (NBK) said in […] March 26, 2025
Aviation Egypt partners with IFC for airport privatisation Egypt’s civil aviation ministry has partnered with the International Finance Corporation (IFC) to introduce public private partnerships (PPP) at 11 airports, in a bit to improve infrastructure, connectivity and passenger services. As a pilot project, the IFC, a member of the World Bank, will act as the lead PPP transaction adviser for Hurghada International Airport, […] March 25, 2025
Energy Orascom wins $2.6bn contract for Saudi power plant A consortium comprising Egypt-listed Orascom Construction and Spain’s Técnicas Reunidas has signed a contract to build a 3 gigawatt gas-fired power plant in Saudi Arabia’s Eastern Province. The consortium signed an engineering, procurement and construction contract worth around $2.6 billion for expanding the Qurayyah independent power project, Orascom said in a statement on Monday. In […] March 24, 2025
Manufacturing China to invest in solar panel glass production in Egypt A Chinese company will reportedly invest $700 million to establish a solar panel glass manufacturing facility in Egypt. Hong Kong-listed Xinyi Glass will develop the project in the Suez Canal Economic Zone in two phases, the Egypt Today newspaper reported. The facility is expected to produce 1.5 million tonnes of solar panel glass and 1.1 […] March 21, 2025
Markets Cairo bank EFG to list its buy-now, pay-later unit Egypt’s EFG Holding will list its buy-now, pay-later subsidiary on the Egyptian stock exchange as part of a restructuring process, the bank has announced. As part of the restructuring plan, the Cairo-listed investment bank intends to pay its 2024 profit by distributing a 20.5 percent stake in U Consumer Finance, known by its brand name, […] March 20, 2025
Banking & Finance Emirates NBD downplays reports of Egyptian acquisition Emirates NBD, Dubai’s largest bank by assets, has refuted media reports that it is undertaking due diligence on a state-owned Egyptian bank ahead of potentially buying a stake in the lender. Last week, Kuwaiti and Egyptian media published articles detailing how Emirates NBD – which has an Egyptian subsidiary – had begun examining the books […] March 18, 2025
Oil & Gas UK’s Capricorn seeks better term for investments in Egypt The British oil and gas producer Capricorn Energy is in advanced talks with the state-owned Egyptian General Petroleum Corporation to improve the terms for its gas concession agreements in the Western Desert. The talks include an improved gas price for incremental production and new discoveries, plus “modernised” commercial terms, the company said. Capricorn and the […] March 17, 2025
Tourism UAE to fund new luxury hotel near Egypt’s Giza pyramids The UAE will back the development of a five-star hotel near the pyramids in Giza outside the capital Cairo to support Egypt’s tourism, state-run Wam news agency reported. State-backed Abu Dhabi Fund for Development (ADFD), which specialises in development financing at below market rates, will provide AED440 million ($120 million) to build a 302-key Sofitel […] March 14, 2025
Banking & Finance Emirates NBD to buy stake in Egypt’s Banque du Caire Emirates NBD, Dubai’s largest bank by assets, has begun due diligence ahead of buying a stake in Egypt’s sixth-largest commercial bank, Banque du Caire. The purchase would be the latest sale of a government-owned asset in a stalled privatisation programme, according to regional media. Egypt agreed an expanded $8 billion loan from the International Monetary […] March 13, 2025
Economy IMF releases fourth tranche of loan to Egypt The International Monetary Fund (IMF) has approved the release of funds to Egypt following the fourth review of an emergency loan progamme but has warned the government that “more decisive implementation of reforms will be critical”. This disbursement of $1.2 billion brings Egypt’s total loan to about $3.2 billion under an extended fund facility (EEF) worth $8bn, […] March 12, 2025
Real Estate Egyptians show sudden interest in Dubai property Egyptians are leading the way in the Dubai property market in terms of the rate of increase of buyers by nationality. In the first two months of this year, the number of Egyptians buying in the Dubai property market more than doubled – up 150 percent – over the same two-month period in 2024, according […] March 11, 2025
