Video length: 03:16 Video Economy Inflation in Egypt hit hard by Russia Inflation in Egypt is going to be a “long-stretched affair”, according to a Mena market researcher in a video interview with AGBI. Egypt’s annual headline inflation increased to a record 36.5 percent in July driven by high food prices. Currency devaluation and the Russia-Ukraine war have been the main factors contributing to the inflated prices. […] August 16, 2023
Industry UAE signs $500m deal to supply wheat to Egypt UAE-based agribusiness Al Dahra and the Abu Dhabi Exports Office (Adex) have signed a $500 million deal to supply Egypt with wheat. The five-year agreement, worth $100 million per year, will provide Egypt with imported milling wheat from the UAE “at competitive prices”. Egypt, a major buyer of basic commodities, has been suffering from a foreign currency crunch after […] August 15, 2023
Finance Egypt’s inflation surges to record 36.5% in July Egypt’s annual headline inflation rose to a new all-time high of 36.5 percent in July, in line with analysts’ expectations, as food prices soared, data from the country’s statistics agency Capmas showed. Month-on-month, prices rose 1.9 percent in July, down from 2.08 percent in June. Core inflation, which strips out volatile items like food and […] August 11, 2023
Energy Egypt’s natural gas output falls to three-year low Natural gas production in Egypt fell to a three-year low in the first five months of 2023, figures from the Joint Organisations Data Initiative (Jodi) show, raising questions about the country’s efforts to position itself as a regional energy hub. The country is grappling with power shortages when a heatwave has driven up demand for […] August 8, 2023
Opinion Lifestyle California and the Gulf: more unites than divides The UAE, Saudi Arabia and LA have a lot more in common than they might acknowledge August 4, 2023
Economy Egypt hikes interest rates by 1% to tackle rising inflation Egypt’s central bank increased overnight interest rates by 100 basis points, or one percent, as part of its move to control inflation. The overnight deposit and lending rates were raised to 19.25 percent and 20.25 percent respectively, the Central Bank of Egypt’s monetary policy committee (MPC) said in a statement. Additionally, the discount rate was […] August 4, 2023
Food & Drink KFC Mena franchisee’s H1 profit rises 19% to $145m The Middle East and North Africa (Mena) franchisee of fast-food restaurants KFC and Pizza Hut, has reported net profit of $144.8 million for the first half of 2023. Americana Restaurants International Plc said this represented a yearly increase of 19.4 percent. Revenue increased 7.8 percent to $1.24 billion in the first six months, compared to […] August 3, 2023
Banking and Finance Egypt’s foreign assets deficit widens by $3bn in June Egypt’s net foreign assets (NFAs) fell further into deficit in June, with the gap widening by EGP82.1 billion ($2.66 billion) from the previous month to negative EGP837.3 billion, according to central bank data. Egypt’s finances have been squeezed by a persistent shortage of foreign currency accompanied by a sharp expansion in money supply over the […] August 2, 2023
Transport Egypt gets $110m French funding for tramway project The French Development Agency (AFD) has signed a €100 million ($109.87 million) finance agreement with the Egyptian government to develop the El-Raml tram in Alexandria. The new project aims to develop the old tram and build a new 900-metre-long station between Al-Raml and El-Manshia, Daily News Egypt newspaper reported citing a ministry of investment statement. […] August 1, 2023
Economy Egypt secures $616m loan to bolster banking reforms The Arab Monetary Fund (AMF) has extended a $615.8 million loan to Egypt to support the country’s reforms in the financial and banking sector. The program focuses on raising the efficiency of the payment systems infrastructure, improving financial inclusion and sustainability and strengthening supervisory and regulatory framework in the financial and banking sector. The AMF […] August 1, 2023
Energy Egypt rations electricity to tackle power shortages Egypt’s government will implement emergency moves, including rationing electricity and increasing fuel oil imports, as it bids to tackle a summer power shortage, the country’s prime minister said on Thursday. Egypt will import between $250 million and $300 million worth of mazut fuel oil to manage the power cuts, and will announce a plan to […] July 28, 2023
Banking and Finance Gulf investor may buy stake in Egyptian fertiliser firm Egypt is planning to sell a stake in state-owned El-Nasr Fertilizers and Chemical Industries Company (Semadco) to a strategic investor from the GCC and foreign funds, a local media reported. The Holding Company for Chemical Industries, which owns Semadco, is currently determining the fair value of the share, which is expected to be completed within […] July 26, 2023
Banking and Finance Egypt offers dollar deposits to ease currency crunch Egypt’s two biggest state banks on Tuesday issued US dollar-denominated certificates of deposit with high returns, in what appears to be the country’s latest attempt to lure dollars away from the black market and back into the financial system. The North African nation is grappling with a shortage of hard currency, with the Egyptian pound […] July 26, 2023
Economy Egypt’s current account deficit narrows to $5.3bn Egypt’s current account deficit narrowed to $5.3 billion in July-March of 2022/23 driven by an increase in the revenues of tourism and the Suez Canal, the central bank said on Tuesday. This compared to $13.6 billion in the same period a year earlier. Remittances from Egyptians working abroad have dropped by 26.1 percent for the […] July 26, 2023
Manufacturing Egypt grants five ‘golden licences’ for $329m projects Egypt has issued golden licences to five projects with a total investment of EGP10.2 billion ($329.34 million). The first project is a 78,000 square metre recycling factory for alternative fuel and fibre, which will be built by Enviro Process in Minya at the cost of EGP73.5 million. Fayoum Company for Storage and Warehouses will build, […] July 25, 2023
Oil & Gas Egypt denies Zohr gas field facing technical problems Egypt denied reports its giant Zohr gas field was facing technical problems, in a statement on Monday, instead highlighting investments to boost its production. Total investment in the offshore gas field has reached $12 billion and is expected to hit $15 billion in three years, the government said in a statement on Monday. “The field […] July 25, 2023
Manufacturing Egypt fuels private sector investment in Saudi industrial zones Private sector investment in Saudi industrial zones has spiked by nearly 25 percent in the second quarter of 2023, with Egypt the primary source market for overseas investors. The Saudi Authority for Industrial Cities and Technology Zones (Modon) announced that SAR 2.77 billion ($735.5 million) was invested in Q2 2023 — up 23.5 percent year-on-year. […] July 24, 2023
Manufacturing Egypt plans fertiliser complex with help from China and Italy Egypt will build a third industrial fertiliser production complex in Ain Sokhna in cooperation with Chinese and Italian companies. President Abdel-Fattah El-Sisi met and discussed with executives of China’s Wuhan Engineering Co. and Italy’s Ballestra on establishing the industrial complex, the president’s office said in a statement. “The meeting discussed the ongoing cooperation with the […] July 24, 2023
Trade Egypt finalises mining terms with UK and Canadian firms Egypt has signed agreements with UK-listed Centamin Plc and Canada’s Barrick Gold Corporation on the commercial, fiscal and legal terms for mining gold and associated minerals across several concession blocks awarded to them two years ago. All legal procedures are underway to submit the agreement to the authorities for approval, said Tarek El Molla, minister […] July 21, 2023
Banking and Finance UAE fund agrees $100m grain loan facility with Egypt Egypt is to sign a $100 million renewable loan facility with the Abu Dhabi Fund for Development (ADFD) to fund its grains purchases, supply minister Ali Moselhy said. Abu Dhabi-based agribusiness firm Al Dahra will be one of the first suppliers of the grain through the deal, but Moselhy said that the funding could be […] July 21, 2023
