Cop28 Finance challenges burden Egypt’s clean energy goals A week before Cop27 began, the governor of South Sinai, Khaled Fouda, declared Sharm el-Sheikh “the first environmentally friendly tourist city in the Middle East.” His announcement marked the conclusion of the five-month “Green Sharm El-Sheikh” project, which introduced hundreds of electric cars, hybrid and hydrogen buses, and numerous vehicle charging points to the city […] November 8, 2022
Sustainability What to watch at Cop27 summit in Egypt on Monday Leaders from around the globe will begin making speeches at the UN climate summit in Egypt on Monday as they seek to whip up ambition in the fight against global warming. But their messages will likely differ a lot on key points, and their soaring rhetoric will at times clash with performances that have lagged […] November 7, 2022
Analysis Cop28 ‘Loss and damage’ to take centre stage at Cop27 The United Nation’s Cop27 summit has opened in Egypt with secretary-general Antonio Guterres stating that climate change is happening with “catastrophic speed” and the planet is sending a “distress signal”. More than 120 world leaders are due to arrive at the Cop27 summit being staged in the Red Sea resort of Sharm el-Sheikh. This will […] November 7, 2022
Sustainability Egypt to become Africa’s hub for carbon certificates trading Egyptian Exchange Holding Company for Capital Markets Development, Agricultural Bank of Egypt and Libra Capital Group have signed an agreement to establish a carbon certificates trading company, according to Egypt Today newspaper. The report said no financial and organisational details of the new company were given. Egyptian Stock Exchange executive chairman Ramy El-Dakani said the […] November 7, 2022
Sustainability UK PM to ask leaders to deliver on global warming promises British prime minister Rishi Sunak will on Monday use a speech at the United Nations climate summit in Egypt to tell world leaders to deliver on their promises to tackle global warming. Sunak, who became prime minister late last month, had initially said he would be too busy coming up with a plan to fix […] November 7, 2022
Sustainability Cop27 climate talks in Egypt are set to get heated The Cop27 climate talks, which begin on Sunday in Sharm El-Sheikh, Egypt on behalf of Africa face the challenges of an energy crisis and the war in Ukraine. These impactful events have dramatically changed the geopolitical context of Cop since Cop26 was held in the UK city of Glasgow last year. A key question expected […] November 6, 2022
Development Egypt’s ‘Golden License’ bonanza aims to plug ailing private sector Egyptian President Abdel Fateh Al-Sisi has announced that Egypt will accept all applications from investors for “Golden Licenses” for the next three months, in a bid to spur private investment in the Arab world’s most populated country. The Golden Licenses allow foreign investors to buy or rent land, operate and manage projects, and allocate the […] November 4, 2022
Cop28 Egypt to sign 9 projects with $15bn investments at Cop27 Egypt’s Ministry of International Cooperation plans to sign contracts for nine projects with investments worth $15 billion at the Cop27 climate summit. The projects fall in the water, food and energy programme, which is a regional and international approach to move from the pledges stage to the implementation stage, reported Egypt Today, citing a ministry […] November 3, 2022
Banking and Finance Gap between Egypt’s official and black market dollar prices shrink The gap between the official and black market price of dollars in Egypt has narrowed significantly since the central bank announced a flexible exchange rate policy, three parallel market traders told Reuters on Tuesday. The Egyptian pound was trading at 24.15 to the dollar on Tuesday, according to Refinitiv data. That is about 18.5 percent […] November 2, 2022
Banking and Finance IMF says Egypt interest rate hike is a step in right direction Egypt’s move to raise interest rates is a step in the right direction and a flexible exchange rate will help protect its economy from shocks at a time of tightening global financial conditions, an International Monetary Fund (IMF) official said. Egyptian authorities pledged a “durably flexible” exchange rate in conjunction with a staff-level agreement for […] October 31, 2022
Economy Egypt warns commodity hoarders of legal action as inflation rises Egyptian Prime Minister Mostafa Madbouly has warned against stashing, overpricing, or monopolising commodities in the local market on higher inflation, Ahram Online reported, citing a cabinet statement. He stated that violators will face strict legal action, and vowed to continue implementing monitoring mechanisms to manage the market and provide commodities. The prime minister ordered the […] October 30, 2022
Analysis Tech Cairo is the tech hub of Africa – and it’s just getting started Almost 20 percent of African tech startups are based in Egypt, and the vast majority in its sprawling capital of 10 million inhabitants. Egypt is Africa’s tech hub and Cairo is its heart. According to Access Partnership, a public policy consultancy focused on technology, more than a third of Egypt’s startups have benefited from national […] October 28, 2022
Banking and Finance IMF confirms $3bn loan for Egypt, as currency hits record low The International Monetary Fund (IMF) said on Thursday it had agreed a $3 billion Extended Fund Facility (EFF) over 46 months with Egypt, welcoming a move to “durable exchange rate flexibility” regime and commitments to boosting social protections. Egypt’s currency fell by about 13.5 percent to a record low against the dollar on Thursday, Refinitiv […] October 28, 2022
Banking and Finance Egyptian banks follow currency devaluation with high-yield CDs Egypt’s three biggest state banks on Thursday offered three-year certificates of deposit with a 17.25 percent annual yield, a move designed to absorb liquidity and contain inflation after a devaluation of the currency. The move by National Bank of Egypt (NBE), Banque Misr (BM) and Banque du Caire followed a 200 basis points rate hike […] October 28, 2022
Real Estate Egypt’s SODIC offers to buy Orascom Real Estate for $125m Egyptian property developer SODIC has offered to buy Orascom Real Estate for $125 million, the residential compound builder’s parent company Orascom Development Egypt said on Tuesday. Abu Dhabi’s Aldar Properties and state holding company ADQ bought a controlling stake in SODIC late last year, and the purchase of Orascom Real Estate would further expand their […] October 26, 2022
Analysis Sustainability Revealed: Gulf climate targets – and the progress so far The economies of the Middle East differ greatly in size and diversity – partly because of the distribution of oil and gas resources. Their impact on the climate varies accordingly. Governments’ willingness and ability to tackle climate change also differs. Many oil-rich Gulf states are engaged in high-profile renewable energy projects, for example, yet their […] October 26, 2022
Banking and Finance Egypt to develop new currency indicator to wean off dollar peg Egypt will develop a new currency indicator partly to wean people off the idea that the Egyptian pound should be pegged to the US dollar, the new central bank governor said on Sunday. Hassan Abdalla, appointed in August, told an economic conference that the central bank was also working to introduce currency hedging and had […] October 24, 2022
Analysis Sustainability Egypt’s Cop27 will see developing nations call for ‘climate justice’ Drought and famine haunt the Middle East. The Dead Sea has fallen to its lowest level in centuries. Starved of food and fresh water, desperate migrants criss-cross the Mediterranean, fomenting social unrest and violence. Within a few decades, a healthy global trade network has collapsed. Every major settlement has been abandoned or razed to the […] October 21, 2022
Banking and Finance Egypt signs $595m financing pacts for economic development Egypt has approved three development financing agreements with the World Bank Group, French Agency for Development and Spain worth $595 million, Egypt Today newspaper reported. The new financing will improve the wheat supply chain, reduce waste and improve farm access to local grain markets by providing financing to the Silos Holding Company to design, build […] October 20, 2022
Energy Egypt ready to start natural gas exports to Lebanon Egypt can start exporting natural gas to Lebanon as soon as the project gets the go-ahead, Egypt Today has reported, citing the minister of petroleum and mineral resources Tarek El-Molla. The Cairo government signed an agreement in June to supply 650 million cubic metres of natural gas each year to Lebanon. The project needs World […] October 18, 2022
