Banking and Finance Egypt reports current account surplus of $1.41bn Egypt’s current account turned a surplus for the first time in years in the October-to-December quarter as imports dropped and exports rose, the central bank said in a statement. Egypt imposed import restrictions during most of 2022 and continues to suffer an acute shortage of foreign currency. The current account registered a surplus of $1.41 […] May 4, 2023
Economy IMF urges Egypt to embrace flexible exchange rate The IMF chief responsible for the Middle East and Central Asia called on Egypt on Wednesday to liberalise its exchange rate fully, amid stasis in Cairo over a series of reforms demanded by the international community. Speaking at an event in the Dubai International Financial Centre, Jihad Azour said that the Fund was in discussion […] May 3, 2023
Economy Egypt non-oil activity shrinks for 29th consecutive month Egypt’s non-oil private sector activity shrank for the 29th month in a row in April as continuing import and currency restrictions and surging prices caused business confidence to hit an all-time low, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) improved to 47.3 in April from 46.7 in March, but […] May 3, 2023
Banking and Finance Egypt’s net foreign assets deficit rises $1.5bn in March Egypt’s deficit of net foreign assets (NFAs) rose by about $1.47 billion in March, bringing the total drawdown in the first quarter of the year to $4.47 billion, central bank data showed, a development that may prompt a consultation with the International Monetary Fund (IMF). Almost all of the deficit represented NFAs with banks. NFAs, […] May 2, 2023
Retail Electronics retailer eXtra pulls plug on Egypt plans United Electronics, the Saudi company behind tech retailer eXtra, has abandoned its plan to expand into Egypt as analysts predict that soaring inflation in the North African country will dampen consumer spending. The company said in a filing to the Saudi Stock Exchange on Monday that the decision followed a feasibility review, but did not […] May 1, 2023
Banking and Finance Egypt signs $734m transport investment deal with Japan Egypt has signed its largest investment package with Japan directed at supporting the North African country’s transportation development plan, according to a statement released by Egypt’s cabinet. The package, valued at 100 billion yen ($734 million), will contribute to financing Cairo’s metro expansion, a 30km stretch of land that would link the Egyptian city of […] May 1, 2023
Markets Egypt to press ahead with state asset sales Egypt will not retreat from its programme of selling state assets and will meet all of its debt repayment commitments, Prime Minister Moustafa Madbouly said. Delays in selling stakes in state companies have been caused by the government’s keenness to secure “the best return from the sale”, he told a news conference. “Egypt will continue […] April 30, 2023
Banking and Finance Egypt secures funds for $2bn Alexandria metro project Construction of the Alexandria metro project in Egypt is set to begin after President Abdel-Fattah El-Sisi approved an agreement with the French Development Agency (AFD) for a €250 million ($276.50 million) loan. The project is a joint initiative with the Asian Infrastructure Investment Bank and the European Bank for Reconstruction and Development (EBRD), the Egypt Today […] April 27, 2023
Economy Egypt faces another devaluation, predict experts Economic analysts are predicting that the Egyptian government will be forced into a fourth devaluation of the Egyptian pound since February last year although uncertainty surrounds its timing and magnitude. Ramona Moubarak, head of Mena country risk at Fitch Solutions, cited sluggish capital inflows to Egypt and a growing parallel currency market due to persistent […] April 26, 2023
Opinion Cop28 How Egypt can address its water challenges Egypt must bring in the private sector to help solve its water issues April 19, 2023
Energy Chevron seeks to expand gas search off Egypt and Cyprus Chevron is seeking a drilling ship to explore for natural gas off Cyprus, Egypt and Israel as the US energy major looks to meet growing demand in the region and Europe, two sources told Reuters. Chevron, which operates in the three eastern Mediterranean countries, issued a lease tender on Monday seeking a drilling vessel in […] April 19, 2023
Opinion Energy Mining the Middle East’s rich seam of copper Red metal can put a shine on the region's diversification from oil wealth April 17, 2023
Banking and Finance IMF says review date for $3bn loan to Egypt not yet decided Egypt and the International Monetary Fund (IMF) have yet to agree on a date for the initial review under a $3 billion financial package signed in December, an IMF official said. The fund in December approved a $3 billion extended facility loan for Egypt, which has been under acute financial pressure since long-standing problems were […] April 14, 2023
Sustainability Egypt to fund green projects in Suez Canal economic zone Egypt will fund environmental projects of local companies in the Suez Canal Economic Zone to drive sustainability and reduce carbon footprint. The move by the Ministry of Environment aims to support Egyptian companies to become more efficient, decrease energy and resource consumption and comply with national and global environmental standards, Ahram Online newspaper reported, citing […] April 13, 2023
Economy Food prices drive latest hike in Egyptian inflation Egypt’s inflation hit some of the highest levels on record in March, the state statistics agency Capmas said on Monday. Year-on-year headline inflation increased to 32.7 percent while core inflation, which strips out energy and some food prices, slipped from an all-time high of 40.3 percent in February to 39.5 percent in March. The month-on-month […] April 11, 2023
Banking and Finance Egyptian treasury bills sales climb as yields increase Sales of 273- and 91-day Egyptian treasury bills at an auction on Sunday climbed from last week’s low after the finance ministry paid record high yields to partly reflect a 200-basis-point hike in central bank overnight interest rates on March 30. Investors have sought higher yields to match the increased central bank rates and on […] April 10, 2023
Banking and Finance Egypt collects $385m through ‘cars-for-deposit’ initiative Egypt has collected $385 million through an initiative that lets Egyptians living abroad import cars customs-free when they deposit hard currency in five-year certificates of deposit (CDs). Finance minister of Mohamed Maait said that 600 cars had been released so far to Egyptians living abroad who signed up for the initiative. He added that the […] April 9, 2023
Exclusive Tech Osman Sultan on Mena’s move from ‘telco’ to ‘techco’ Osman Sultan proclaimed in 1997 he would put “a mobile in the hand of everyone” in Egypt. At the time, even some shareholders at Egyptian Company for Mobile Services (MobiNil), where he was CEO, were unsettled by his audacious statement. Egypt’s telecoms regulator granted him a licence to become the country’s first mobile operator, but […] April 7, 2023
Economy Egyptian interest rates nearing a 30-year high Interest rates in Egypt could soon reach a 30-year high, according to economists, amid fears that core inflation, already at a record 40.3 percent, will rise further. Last week, the Central Bank of Egypt (CBE) increased its overnight deposit rate and lending rate by 200 basis points (bps) to 18.25 percent and 19.25 percent respectively. […] April 7, 2023
Tech China’s $500m subsea optic cable to link Middle East Chinese state-owned telecom firms are developing a $500 million undersea fibre-optic internet cable network that would link Asia, the Middle East and Europe to rival a similar US-backed project, four people involved in the deal told Reuters. The plan is a sign that an intensifying tech war between Beijing and Washington risks tearing the fabric […] April 7, 2023
