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Egypt

Freighter, Ship, Transportation

Suez Canal considers transit fees discount to revive traffic

Egypt’s Suez Canal Authority chief, Osama Rabie, said the authority is considering offering discounts ranging from 12 to 15 percent on transit fees to help restore traffic in the strategic waterway reeling from attacks by Yemen’s Houthis on Red Sea shipping. Rabie told privately owned Sada Al-Balad television channel in a phone interview that the […]

Advertising for cryptocurrencies is on the rise in Egypt but regulators have issued warnings

Egypt renews warning over dealing in cryptocurrencies

Egypt has issued a fresh warning against dealing in bitcoin and other cryptocurrencies following a surge in local online advertisements for investment in these tools. The Financial Regulatory Authority (FRA) said these currencies lack official financial backing that guarantees their stability and that they could be used in terror funding. In a weekend statement on […]

Russian President Vladimir Putin welcomes Egyptian President Abdel Fattah El-Sisi during their meeting in Moscow on May 9

Egypt and Russia increase trade after record 2024

Trade between Russia and Egypt rose sharply in the first two months of 2025 after setting a new record in 2024. “Last year bilateral trade turnover increased by more than 30 percent, reaching $9 billion,” state-run TASS news agency reported quoting Russian president Vladimir Putin speaking at a meeting with Egyptian President Abdel Fattah El-Sisi. […]

Egypt needs to boost natural gas production, which has fallen to 4.2 billion cubic feet per day, well below its domestic needs

Egypt clears $1.2bn in dues to foreign oil companies

Egypt has reportedly paid $1.2 billion this month to foreign oil companies to settle part of its overdue debts. Total arrears to foreign oil companies operating in oil and gas exploration and extraction has reached $7.5 billion, up from $6.3 billion at the beginning of April, an unnamed government official told Asharq Business, an Arabic […]

Analysts cited an increase in the official price of fuel as the main cause of Egypt's inflation rise

Egypt’s inflation climbs as fuel becomes expensive

Egypt’s annual urban consumer price inflation accelerated to 13.9 percent in April from 13.6 percent in March, matching analyst expectations, data from statistics agency Capmas showed on Saturday. Month on month, prices were 1.5 percent higher at the end of April than at end-March. Food and beverage prices decelerated by 1.5 percent. Annually, food and […]

A worker at a Dana Gas facility in Egypt. The company aims to increase gas recovery at its Egyptian fields by 80 billion cubic feet

Dana Gas to spend $100m on Egypt and Iraq expansion

UAE company Dana Gas said it plans to invest $100 million in drilling for gas in Egypt and will add gas processing capacity at its joint venture field in Iraq’s Kurdistan province. Drilling 11 wells over the next two years, the company aims to increase gas recovery at its Egypt fields by 80 billion cubic […]

The Obelisk solar project, planned to be developed in two phases, is expected to be fully operational by the second half of 2026

Work starts on $590m hybrid solar power project in Egypt

Norwegian renewable energy producer Scatec has started constructing its $590 million first hybrid solar power and battery storage project in Egypt. The 1.1 gigawatt (GW) Obelisk solar project, located on the west bank of the Nile, will include 200 megawatt hours (MWh) of battery storage, Egypt Today newspaper reported. In September the company said that work […]

A 'trust gap' exists between consumers and businesses in Egypt because of poor digital experiences

Digital failings cost Egypt’s businesses dearly

From old-fashioned marketing strategies to so-called “ghost companies” with a completely outdated online presence, Egypt’s private sector is failing to move with the digital times, a new report has found. Four in five Egyptian businesses exhibit characteristics of “digital ghosts,” with ill-designed or inactive websites and underutilised social media, Egyptian data and tech services directory […]

Jamiyya helps Egyptians borrow money from other people without charging interest

Egypt fintech Money Fellows to expand across North Africa

Money Fellows, a Cairo-based startup that digitises the so-called Middle East jamiyya savings model, has raised $13 million to expand across North Africa and beyond, the company has announced. Jamiyya, which is also known as sanduk, is part of the Rotating Savings and Credit Association (Rosca) technique whereby a group of people agrees to contribute […]

The IMF has yet to publish a staff report from the fourth review, saying the Egyptian authorities needed more time to consider its publication

IMF to review Egypt’s economic reforms this week

The International Monetary Fund (IMF) will begin the fifth review of Egypt’s $8 billion economic reform programme, with a team scheduled to arrive in Cairo this week, the IMF said in a statement on Monday. The IMF board approved the fourth review on March 11, unlocking a disbursement of $1.2 billion in a 46-month IMF […]

Shops in the souk in Aswan, Egypt. Bokra aims to help finance credit for the country's SMEs

Egyptian fintech Bokra arranges $60m sukuk

Egyptian financial technology startup Bokra and Aman Holding have arranged a near $60 million bond to help finance credit to small- and medium-sized enterprises (SMEs) in the country, Aman said. The Cairo-based startup arranged EGP 3 billion ($59 million) worth of shariah-compliant debt in partnership with Egypt’s Aman Project Finance, a unit of Aman Holding. […]

The AD Ports agreement was signed in the presence of Egypt's Prime Minister Mostafa Madbouly and UAE minister of industry and advanced technology Sultan Al Jaber

AD Ports to break ground on Egypt logistics park this year

State-controlled AD Ports Group and Egypt government-backed Suez Canal Economic Zone have signed a 50-year renewable deal to develop and operate a 20 sq km logistics and industrial park near the coastal city of Port Said on the Mediterranean Sea. The Abu Dhabi-based ports operator will develop, construct, finance, operate and manage the industrial and logistics zone in […]

An Egyptian farmer harvesting flax, which the country exports. Shifting trade patterns could result in more foreign direct investment

UAE and Egypt could benefit most from global trade shift

The UAE and Egypt may benefit the most among Mena countries from the US-led reordering of the global trade framework, Citigroup Mena CEO Ebru Pakcan has said. By contrast, oil producers from Iraq to Kuwait and Oman to Bahrain could struggle, Pakcan said, on the back of the lowest international prices in four years.  Resource-poor […]

President El Sisi of Egypt rides the Cairo metro with his French counterpart, Emmanuel Macron, with planning minister Rania Al Mashat. The line is operated by a French company and Egypt is seeking more private sector involvement in its economy as it implements IMF reforms

IMF urges Egypt to accelerate sale of state assets

The International Monetary Fund has urged Egypt to move faster in selling off state assets to spur growth and reduce debt. The country’s economic growth is forecast to increase from 2.4 percent in fiscal year 2024 to 4.3 percent in fiscal year 2026, according to Jihad Azour, director of the IMF’s Middle East and Central […]

Rania Al Mashat, Egypt's planning minister, said other countries might follow the Ras El Hekma model

Egyptian minister touts Ras El Hekma as blueprint for global deals

Egypt’s Ras El Hekma deal with the United Arab Emirates shows how creditor and debtor countries around the world can work together for mutual benefit, the Egyptian minister of planning has said. It may also lead to similar agreements with other Gulf nations, according to Rania Al Mashat. “What Ras El Hekma has done is […]

A supermarket owner in Cairo stocks a fridge. Egypt and Turkey helped power 11 percent revenue growth in PepsiCo’s international beverages business

Gains in Egypt and Turkey help PepsiCo profit

Revenue growth at PepsiCo Inc.’s Europe, Middle East and Africa (Emea) division outpaced all its other regional divisions in the first quarter, lifted by stronger demand in Egypt and Turkey.  However, the US snacks and drinks company trimmed its full-year profit outlook and warned of rising global trade costs. The maker of Pepsi, Gatorade and […]

A tourist walks near the water at Egypt's Red Sea coast in Marsa Alam

Egypt targets 15% trade growth with Tunisia

Egypt has set a target to increase trade with Tunisia by 15 percent as it seeks to develop regional economic ties. Trade between the two countries, both of which are subject to reform programmes overseen by the International Monetary Fund, is expected to reach $485 million in 2025 from $421 million in 2024. The plan […]

Egypt's interest rates had not been lowered in five years

Egypt cuts interest rates for first time in 5 years

Egypt’s central bank lowered overnight interest rates by 225 basis points (bps) on Thursday, its first cut in more than five years, saying lower inflation had opened the way to yet further rate cuts in the future. The bank lowered the lending rate to 26 percent and the deposit rate to 25 percent. The median forecast in […]

Body Part, Hand, Person

Remittances to Egypt rise as reforms instill confidence

Remittances from Egyptian expatriates rose for 11 consecutive months following the start of economic reforms introduced in March 2024. Overseas Egyptians sent home $20 billion between July and January — the first seven months of the 2024-2025 fiscal year — an increase of 81 percent from $11 billion a year ago, according to the Central […]