Tourism Egypt shuts Red Sea beaches after tourist killed in shark attack Egypt’s Red Sea Governorate issued an order to shut down several Red Sea beaches on Friday after a 68-year-old Austrian woman was killed in a shark attack earlier that day, off the coast of Sahl Hasheesh, according to two security sources. The victim was transferred to a local private hospital right after the attack, a […] July 4, 2022
Food & Drink Reviving the ancient tradition of wine-making in Egypt Egypt’s revival of its tourism sector following the coronavirus pandemic impacts on its wine industry as well as its expanding hotel sector. Today, popular wine brands in the country include Omar Khayyam, Ayyam, Shahrazade, and Beausoleil, which are served in many of Egypt’s hotels, resorts and the bars in some of the more upmarket neighbourhoods. They’re […] June 30, 2022
Banking & Finance Egyptian microfinance firm closes $150m bond issuance Egyptian microfinance lending and payments company MNT-Halan said on Monday it had closed a securitised bond issuance of approximately $150 million, as part of a $600 million program with Commercial International Bank (CIB). “The proceeds will fuel the company’s accelerated growth across multiple lending business lines,” the company said. “We expect our loan book to […] June 29, 2022
Banking & Finance Egypt can no longer depend on foreign money, says minister Egypt’s finance minister said on Monday the government could no longer depend on foreign purchases of treasuries to finance its budget, but must work to boost foreign direct investment (FDI) instead. “The lesson we have learned (is that) you cannot depend on this type of investment. It is coming just to get high yields, and […] June 28, 2022
Development Qatar’s emir arrives in Egypt for first visit since end of boycott Qatar’s ruler arrived in Egypt on Friday, his first trip to the country since the two Arab countries agreed last year to end a long-running regional feud, diplomatic sources said. Emir Sheikh Tamim bin Hamad al-Thani, who last visited Egypt in 2015, was greeted at the airport in Cairo by President Abdel Fattah el-Sissi. The […] June 25, 2022
Egypt says rising inflation will be ‘temporarily tolerated’ Egypt’s central bank kept its overnight interest rates unchanged on Thursday, saying that for the next six months it would tolerate elevated inflation, caused mainly by the Ukrainian conflict, as the economy grows more slowly than expected. The Central Bank of Egypt (CBE) held its lending rate steady at 12.25 percent and its deposit rate […] June 24, 2022
Egypt approves 2022-23 budget, expenditure to rise 15% Egypt’s parliament on Tuesday approved the state budget for the financial year that begins on July 1, with expenditure rising by 15 percent and the deficit by 14.5 percent. The budget reflects the government’s desire to continue Egypt’s development and improve the lives of its citizens despite recent economic shocks, Minister of Finance Mohamed al-Maait […] June 22, 2022
Egypt, Saudi Arabia sign 14 deals worth $7.7bn Egypt and Saudi Arabia have signed 14 agreements valued at $7.7 billion during a visit to Cairo by Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman, Egypt’s General Authority for Investment and Free Zones said in a statement on Tuesday. Saudi Arabia has provided billions of dollars in financial support since Egypt’s President […] June 21, 2022
Tourism Egypt’s Sharm el-Sheikh reels from Ukrainian, Russian exodus On Sharm el-Sheikh’s sandy beaches many of the sun loungers lie empty. At a central promenade packed with shops, cafes and nightclubs, crowds are thinner than usual. The resort on the southern tip of Egypt’s Sinai Peninsula is reeling from the impact of the war in Ukraine, which has seen Ukrainians and Russians – previously […] June 21, 2022
Saudi Arabia’s Crown Prince lands in Egypt for two-day state visit Egyptian President Abdel-Fattah El-Sisi received Saudi Arabia’s Crown Prince Mohammed bin Salman at Cairo International Airport on Monday night, UAE state news agency WAM reported, citing a statement by Egyptian presidential spokesman Bassam Rady. El-Sisi and Bin Salman, who is on an official two-day visit to Egypt, will discuss bilateral relations and ways of enhancing […] June 21, 2022
Egypt dominates Mena startup funding rankings in May The amount of funding raised by startups in the Middle East and North Africa (Mena) rose 62.7 percent year-on-year in May. But it still declined 40 percent month-on-month to record the lowest monthly amount so far this year, according to data compiled by Wamda, the largest early-stage investment fund in the Middle East. A total […] June 17, 2022
Banking & Finance Egypt in ‘race against time’ with privatisation drive Egypt’s economy is facing a perfect storm of economic headwinds. While its currency is plummeting, its budget deficit is rising along with its borrowing costs. In an effort to counter rapidly growing external imbalances, Egypt’s government devalued its currency, the Egyptian pound, by 10 percent in March and subsequently requested a support package from the […] June 15, 2022
Banking & Finance First Abu Dhabi Bank to launch new brand in Egypt First Abu Dhabi Bank (FAB) has completed the legal merger of assets between its Egyptian unit and Bank Audi Egypt, resulting in the creation of Egypt’s newest banking brand, FABMISR. FAB said the new brand launches later this year having obtained final approval from the Central Bank of Egypt (CBE) and the General Authority for […] June 14, 2022
Banking & Finance Egypt may postpone sovereign sukuk issue to its new fiscal year Egypt may postpone the issuance of its first sovereign sukuk till its new fiscal year due to turmoil in global markets, Abu Dhabi-based Sky News Arabia TV reported on Sunday citing Finance Minister Mohamed Maiit. Egypt’s fiscal year runs from July 1 to June 30. The news comes as Egypt’s annual urban consumer inflation accelerated […] June 13, 2022
Banking & Finance Egypt repays $24bn to cover foreign debt, departing investors Egypt paid $24 billion in the first five months of 2022 to service foreign debts and to cover foreign investors withdrawing funds from the country, Egypt’s state news agency MENA reported on Wednesday. Of the amount, $10 billion went to service foreign debt and another $14 billion to foreign investment funds, it quoted an unnamed central bank […] June 10, 2022
Egyptian currency touches five-year low Egypt’s currency weakened to 18.71 to the U.S. dollar on Wednesday, a five-year low, before strengthening again, Refinitiv Data showed. The pound was bid at 18.71 to the dollar, its weakest since Feb. 2, 2017, when it weakened to as low as 18.78 pounds. Egypt has been suffering from a shortage of foreign currency since […] June 9, 2022
Banking & Finance Egypt and Turkey among top gold buyers Egypt and Turkey were some of the biggest buyers of gold reserves this year, according to the latest figures from the World Gold Council. “On a year-to-date basis, central banks remain net purchasers on the whole,” Mukesh Kumar, senior analyst of the World Gold Council, said in his report issued this week. “Egypt is the […] June 8, 2022
Tourism Egypt dominates African hotel investment market Egypt is very much the dominant player in Africa’s hotel sector, as the Arab world’s largest country looks to rejuvenate its tourism sector following the impact of the coronavirus pandemic. A total of 80,300 rooms in 447 hotels, across 42 African countries, are currently in the pipeline for development, according to a study by hospitality […] June 2, 2022
Banking & Finance UAE’s Al-Futtaim Group to invest up to $1bn in Egypt Dubai-based Al-Futtaim Group said it is eyeing investments in Egypt worth $700 million to $1 billion over the next three years, an Egyptian cabinet statement said on Thursday. Gulf Arab states are channelling up to $22 billion to Egypt to help it overcome a currency crisis, the third such rescue in a decade, as analysts […] June 2, 2022
Energy Egypt in $4bn deal to build waste-to-energy facility Egypt’s Suez Canal Economic Zone (SCZONE) and H2-Industries have signed a memorandum of understanding (MoU) to build a waste-to-hydrogen facility at a greenfield site in east Port Said with an estimated cost of $4 billion, an SCZONE statement said on Wednesday. The project targets production capacity of 300,000 tonnes of green hydrogen per year, the […] June 1, 2022
Manufacturing Egypt awards eight gold, metal mining exploration licences Egypt awarded eight gold and metal mining exploration licences in the eastern desert region, the petroleum ministry said on Wednesday, as it seeks to increase investments in this underdeveloped industry. Four companies won the licences – Lotus Gold, AKH Gold, Marine Logistics Gold Mining and Ankh Resources, a source at the ministry said. Egypt has […] June 1, 2022
Tourism Archaeologists uncover ancient mummies and statues at Saqqara Archaeologists have uncovered hundreds of ancient Egyptian coffins and bronze statues of deities at a burial site in Saqqara. Statues of the gods Anubis, Amun, Min, Osiris, Isis, Nefertum, Bastet and Hathor were among the objects found at the newly discovered cemetery – along with a headless statue of Imhotep, the architect who built the […] May 31, 2022