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Orascom's projects include the prestigious Grand Egyptian Museum but the company is still affected by currency fluctuations

Pyramid selling: Egypt wants to get tourism back on its feet

The Grand Egyptian Museum, a $1 billion mega-project close to the Giza pyramids, will open to the public next month. The opening, which coincides with the COP27 climate change conference in the resort town of Sharm el-Sheikh, is an opportunity to focus attention on a tourism industry that has been blighted by terrorism, conflict and […]

Wataniya Petroleum

Egypt aims to double private sector to tackle economic woes

Weakened by the consequences of the war in Ukraine, Egypt has been forced to negotiate a new loan from the International Monetary Fund and wants to double the private sector’s share in its economy. By 2025 Egypt’s government wants the country’s private sector’s investment contribution to more than double to 65 percent from the current […]

Egypt’s industrial sector ‘building on strong foundations’

Egypt defied global trends – and the expectations of many – to grow throughout the coronavirus crisis. With its sizeable population, rising middle class and tech-savvy population, the country “showed resilience in the face of the pandemic” and is forecast to record GDP growth of 5.9 percent in 2022, according to the International Monetary Fund. […]

Gold from the Sukari mine

The Golden Triangle: treasures of the Eastern Desert

In Ancient Egypt, real wealth was measured in grain. Temple granaries were the reserve banks of their day, with gold and silver seen as lesser commodities. “In my brother’s country, gold is as plentiful as dirt,” marvelled one foreign king in a begging letter to Pharaoh Amenhotep III. Even so, mining was a serious business. […]

High Rise, Building, Urban

IMF and Egypt agreement set to finalise ‘very soon’

The International Monetary Fund (IMF) and the Egyptian authorities have agreed to finalise work to reach a staff-level agreement ‘very soon’, the multilateral lender said on Saturday. “IMF staff and the Egyptian authorities have held very productive in-person discussions on the margins of the IMF and World Bank Annual Meetings and made substantial progress on […]

Nature, Outdoors, Truck

Egypt’s inflation rate rises to near four-year high

Egypt’s annual urban consumer inflation rose to a slightly faster-than-expected 15 percent in September, its highest in almost four years, data from the country’s statistics agency CAPMAS showed on Monday. The inflation rate sped up from August’s 14.6 percent year on year, according to CAPMAS data, to the highest level since November 2018, when it […]

Egyptian banks tighten foreign currency withdrawals

Egyptian banks have tightened limits on foreign currency withdrawals from local currency accounts as they seek to conserve scarce dollars. Though no industry-wide rules have been announced, in recent days a number of banks have sent notifications instructing clients with Egyptian pound accounts of new monthly limits on how much foreign currency they can withdraw […]

Building, Office Building, Urban

Egypt’s central bank to allow trading in NDFs and derivatives

The new governor of Egypt’s central bank, Hassan Abdalla, has alerted Egyptian banks that it may soon allow them to begin trading in non-deliverable forwards (NDFs) and derivatives for local currency transactions. The measures, part of a new foreign exchange convention under review by banks, are designed to smooth operations as the central bank moves […]

King Charles will not attend Cop27 climate summit in Egypt

Britain’s King Charles III will not attend the United Nations climate change summit in Egypt next month, a royal source said on Sunday, as the new monarch steps back from his previous high-profile campaigning. Buckingham Palace sought government advice about the Cop27 summit and it was unanimously agreed that it would not be right for […]

Egypt has been suffering a severe shortage of foreign currency despite a 14.5 percent devaluation on October 27

Egypt’s net foreign assets sink again in August

Egypt’s net foreign assets fell by 18.06 billion Egyptian pounds ($925 million) in August, resuming a near year-long decline that had paused the month before, according to central bank data. The central bank has been relying on net foreign assets (NFAs) – banking system assets owed by non-residents minus liabilities – to help support the […]

Egypt discovers five new gas fields

State-owned Egyptian Natural Gas Holding Company (EGAS) has discovered five new gas fields in the Mediterranean sea and the Nile Delta, Egypt Today newspaper reported. The fields have a total reserve of about 317 billion cubic feet of gas, in addition to existing reserves of 471 billion cubic feet after drilling the Bashrush 3 well […]

Tie, Accessories, Accessory

Egypt wants to discuss climate change compensation at Cop27

Egypt, which is hosting the upcoming Cop27 climate negotiations, is working on how to include compensation for economic losses due to climate catastrophes on the formal agenda of the November summit, as pressure grows from vulnerable countries to prioritise the issue, the country’s special representative of the summit said on Wednesday. Wael Aboulmagd, Egypt’s special […]

Nature, Outdoors, Truck

Egypt’s new fund eyes agritech startups in Mideast and Africa

A new climate resilience fund in Egypt plans to raise $25 million to invest in nature-positive and sustainable agriculture startups across the Middle East and Africa, The National newspaper reported. The fund will invest $12.5 million in Egyptian ventures, while the rest will be equally split between the two regions. It will target pre-seed startups, […]

Egypt’s import squeeze hobbles economy as US dollars run short

Christeen Aiad from eastern Cairo had been hoping to buy a small automatic car this year, but rules preventing importers trading in scarce dollars put paid to that and she is having to get around on her bicycle instead. The war in Ukraine has deepened Egypt’s economic woes. It sent the import-reliant nation’s bill for […]

Egypt expects oil and gas discoveries in Red Sea region

Egypt has inked three agreements to look for oil and gas reserves in the Red Sea region with major international companies, Egypt Today reported, citing Minister of Petroleum Tarek El-Molla. Seismic research is currently being completed in preparation for the start of drilling operations, he said, adding there were good petroleum prospects in the Red […]

Egypt Samurai bonds

Egypt eyes more green ‘Samurai’ bonds amid Japanese demand

Egypt is considering issuing more green Samurai bonds with Japan during the coming months, Egypt Today newspaper reported, citing finance minister Mohamed Maait.   The country’s first Samurai bonds, valued at 60 billion Japanese yen ($416.47 million), attracted many Japanese investors, he stated. The Samurai bond is a yen-denominated bond issued in Tokyo by non-Japanese firms […]

Egypt to bid for 2036 Olympic Games

Egypt’s President Abdel Fattah Al-Sisi has approved the Egyptian sports authorities to make a bid to host the 2036 Olympic Games, the Daily News Egypt reported. He highlighted the country’s efforts to develop and modernise the sports infrastructure, as well as the construction of the Egyptian City for the Olympic Games in the New Administrative […]

The float is part of Oman Investment Authority’s plan to bolster state coffers by diversifying their economies

Egypt expects to double monthly income from natural gas to $1bn

Egypt is earning about $500 million monthly from natural gas exports and aims to raise that figure to $1 billion “in the coming period,” Finance Minister Mohamed Maait said in a statement on Thursday. The statement, based on comments by Maait at a Bloomberg forum, gave no comparative figures on what Egypt had been earning […]