Banking and Finance Cairo VC firm launches $95m African startup fund Venture capital firm Flat6Labs has announced a $95 million seed fund to grow early-stage African tech startups. The African Seed Fund (ASF) will invest in more than 160 companies over the next five years. It will pay particular attention to sectors that accelerate digital inclusion through information technology, as well as healthtech, fintech, edtech, greentech, […] March 15, 2023
Economy Egypt’s GDP growth likely to slip to 4.2% in 2022/23 fiscal year Egypt’s economy is expected to grow 4.2 percent in the current fiscal year ending in June, the cabinet said, much less than previously forecast. Gross domestic product grew by 3.9 percent in October-December, the second quarter of the fiscal year, while the unemployment rate fell to 7.2 percent, the statement said. Economic growth slowed from […] March 15, 2023
Logistics Agility and Hassan Allam link up to build logistics parks in Egypt Kuwaiti logistics specialist Agility has formed a joint venture with the development arm of Hassan Allam Holding to build and run warehouses in Egypt. The venture, Yanmu, is due to open its first logistics park in August with an initial investment of about $100 million, Agility said in a stock market filing. The development, a […] March 14, 2023
UK and UAE firms to develop Africa’s water infrastructure Metito Utilities Limited, a UAE-based investor and operator of water, wastewater, and alternative energy management solutions, and British International Investment, the UK’s development finance institution, have launched a joint venture to promote private investment in climate-smart water projects across Africa. Africa Water Infrastructure Development will promote private investment in Africa’s water, sanitation, and hygiene sectors. It […] March 14, 2023
Retail GMG opens Egypt HQ with plans for 1,000 new jobs GMG, which manages more than 120 retail brands across the Middle East, North Africa and Asia, has announced plans to increase its Egyptian workforce 10-fold over the next four years. The retailer, headquartered in Dubai, said it has opened a dedicated office in Cairo to support plans to create more than 1,000 new jobs in […] March 13, 2023
Markets Egypt to initiate steps for listing two army companies Egypt will begin procedures on Wednesday to list army companies – National Service Projects Organisation (NSPO) and National Company for Natural Water in Siwa (SAFI) – on the country’s stock exchange, the cabinet said in a statement. “The offering process aims to maximise the value of the two companies and attract investors from the local […] March 13, 2023
Agriculture Egypt to withdraw from decades-old UN grain treaty by June-end Egypt, one of the world’s largest wheat importers, has given notice it will withdraw at the end of June from a decades-old UN grains treaty, causing consternation among some other signatories to the convention. Egypt’s departure from the multinational Grains Trade Convention (GTC), which promotes market transparency to further trade cooperation, follows a period of […] March 12, 2023
Economy Egypt’s core inflation hits record high of 40.3% in February Egypt’s official annual headline inflation rate leapt in February to a higher-than-expected 31.9 percent, its highest in five and a half years, while core inflation skyrocketed to a record 40.26 percent, according to official data. The soaring inflation follows a series of currency devaluations starting in March 2022, a prolonged shortage of foreign currency and […] March 10, 2023
Logistics Bahri links with Suez as Saudi and Egypt revamp trade alliance Saudi shipping giant Bahri has signed a memorandum of understanding with Egypt’s Suez Canal Authority to set up a joint venture to transport general and bulk cargo, chemicals and oil. Bahri, also known as The National Shipping Company, and the Authority, which manages and operates one of the world’s most heavily used shipping lanes, aim to establish […] March 9, 2023
Manufacturing UAE food group Agthia seeks to build Egypt as export hub UAE food and beverages group Agthia is considering Egypt as an export hub after making acquisitions there as part of a regional growth strategy, group CEO Alan Smith said. Agthia, majority-owned by the Abu Dhabi government through state investor ADQ, aims to be one of the Middle East’s leading players in the food industry by […] March 9, 2023
Banking and Finance Egypt offers to sell 10% stake in Telecom Egypt Egypt is offering to sell a 10 percent stake in state-controlled Telecom Egypt, sources with knowledge of the offer said on Monday. The sale of state assets would be one of the first to buyers other than Gulf sovereign funds since President Abdel Fattah Al-Sisi in April ordered the government to draw up a programme […] March 7, 2023
Economy How deep are Egypt’s economic woes? Egypt’s economy has come under severe pressure over the past year, with the Egyptian pound tumbling, foreign currency drying up, and inflation soaring. Some of the causes date back decades, such as failed industrial development and export policies that created a persistent trade deficit. An over-valued currency, weak property rights and institutions, and an overbearing […] March 6, 2023
Tourism Egypt imposes tourism fee on hotel stays to support new fund Egypt has imposed an additional fee for hotel accommodation at one percent of the price of a room to boost the tourism and antiquities support fund. The decision came into effect on March 1, Egypt Today newspaper reported. The fees will be paid at a rate of not less than 5 pounds and not more […] March 5, 2023
Banking and Finance Egypt’s net foreign assets decline by $1.7 billion in January Egypt’s net foreign assets (NFAs) declined by 160.2 billion Egyptian pounds in January, likely due to debts maturing and importers clearing backlogs from ports. NFAs deteriorated to a negative 654.43 billion Egyptian pounds from a negative 494.3 billion at end-December, central bank data showed. This works out to a decline of $1.70 billion using end-of-month […] March 2, 2023
Tech Egypt’s farmers are prepping the soil for a digital revolution Agriculture may be the world’s least digitised industry. While machine learning and artificial intelligence are transforming many areas of our lives, in many countries farming is behind the curve. “Agriculture has been slow to transform and that’s largely because it happens in rural locations and it’s also very fragmented,” said Andy Jenkinson, chief technology at Varda, […] March 1, 2023
Tourism Egypt taps private firms to boost tourism by 30% over five years Egypt, home to ancient pyramids and Red Sea resorts, aims to boost tourism by up to 30 percent annually over the next five years, bringing in private firms to operate sites and inaugurating a huge museum around the end of 2023, its tourism minister said. Tourism is a crucial source of foreign currency and jobs […] February 28, 2023
Banking and Finance Egypt and Qatar sign deal to avoid double taxation Egypt and Qatar have signed an agreement to avoid double taxation and stop tax evasion, according to a local newspaper. The agreement specifies the regulations and conditions for imposing taxes to avoid double taxation on immovable property, business revenues, global, maritime and air transportation, joint projects, and stock revenues, Egypt Today reported. Egyptian cabinet spokesperson […] February 28, 2023
Trade Bahrain, Egypt, Jordan and UAE sign $2bn of industrial deals Businesses from the UAE, Egypt, Jordan and Bahrain have signed industrial deals valued at more than $2 billion at a government-backed gathering in Amman. The meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development, held on Sunday, brought together CEOs and the industry ministers of the four countries. Twelve agreements were […] February 27, 2023
Manufacturing Egypt to get $145m investments in automotive sector Egypt has signed agreements with three global automobile manufacturers worth around $145 million, Prime Minister Mostafa Madbouli said at the first meeting of the Supreme Council of Automobiles. Automobiles are the fourth largest commodity in terms of import value, and the move is part of President Abdel Fattah El-Sisi’s directive to increase this, Egypt Today […] February 26, 2023
Banking and Finance Rising interest rates will help struggling Mena banks Rising interest rates are likely to help major banks in Egypt, Morocco and Jordan to remain profitable in 2023 despite loan defaults increasing and a darkening global economic outlook, S&P Global Ratings forecasts. But banks in the three countries remain vulnerable because of higher funding costs, commodity prices and inflation and lower tourism revenue. The […] February 24, 2023
