Economy Egypt’s GDP surged by 6.6% in year to June-end Egypt’s economy expanded by 6.6 percent in the fiscal year that ended on June 30, with growth accelerating from the previous year’s 3.3 percent as activity recovered after the coronavirus pandemic before slowing again due to the impact of the war in Ukraine. The growth figure given in a cabinet statement on Thursday was higher […] August 26, 2022
Banking and Finance Egypt central bank increases cash withdrawal limits Egypt’s central bank on Thursday increased the maximum amount of cash customers are allowed to withdraw from their bank accounts and removed restrictions on how much they could deposit entirely. Under a rule put in place in April 2020, the central bank restricted withdrawals to EGP 50,000 ($2,600), but now will allow withdrawals of up […] August 26, 2022
Construction Four global firms shortlisted for $2bn Egyptian chemical complex Egyptian industrial developer Anchorage Investments has shortlisted four international contractors in the second phase of the engineering, procurement, and construction (EPC) bid for the $2 billion Anchor Benitoite project, Daily News Egypt reported. The project comprises a chemicals complex that will be built in the industrial zone of the General Authority for the Suez Canal […] August 25, 2022
Economy Remittances from Egyptian expats rises 1.6% to $31.9bn Remittances from Egyptian workers abroad in the financial year 2021/2022 rose 1.6 percent year-on-year to $31.9 billion, according to the Central Bank of Egypt (CBE). This is compared to $31.4 billion sent home by Egyptians working overseas in the fiscal year 2020/2021, and $27.8 billion in 2021/2022, the Egypt Independent newspaper reported. The fiscal year […] August 24, 2022
Employment Kuwait laying off 750,000 Egyptian workers Kuwait has announced it will lay off 250,000 Egyptian workers next month and suspend all contracts with non-nationals. Some 500,000 further Egyptian workers will lose their jobs over the next year as the Gulf country seeks to remove all expatriate workers across sectors, according to Middle East Monitor. Egyptians make up around 24 per cent […] August 23, 2022
Banking and Finance UAE investment in Egypt up 169% to $1.9bn in first six months UAE investments into Egypt increased to $1.9 billion (AED 6.98 billion) during the first half of the fiscal year 2021-2022, rising 169 percent year-on-year, UAE state-owned news agency WAM reported, citing Egyptian government data. According to the Egyptian Central Agency for Public Mobilisation and Statistics (CAPMAS), the value of the trade between Egypt and the […] August 22, 2022
Banking and Finance Egypt central bank holds rates steady after change of governor The Central Bank of Egypt (CBE) kept its overnight interest rates steady on Thursday, hours after a new governor was named to replace Tarek Amer, who quit unexpectedly on Wednesday. President Abdel Fattah Al-Sisi appointed Hassan Abdalla as caretaker CBE governor on Thursday after Amer’s resignation, with Egypt mired in a currency crisis. Analysts said […] August 19, 2022
Banking and Finance Egypt’s central bank governor resigns a year early Egypt’s central bank governor Tarek Amer has submitted his resignation, the office of President Abdel Fattah Al-Sisi said on Wednesday, just over a year before the completion of Amer’s final term. There was no announcement of a replacement for Amer, who has been appointed as a presidential adviser. The central bank governor is one of […] August 18, 2022
Banking and Finance Egypt’s Central Bank says foreign treasury bills exodus continues A foreign exodus from Egyptian treasury bills continued into May, Central Bank of Egypt (CBE) data showed on Monday, after the Ukraine crisis and concerns about US interest rate hikes prompted foreign investors to cash out their holdings. T-bills held by foreign customers dropped in the month by 30 billion Egyptian pounds, at the time […] August 16, 2022
Egypt’s foreign currency gap narrows to $400m in July Egypt’s foreign currency gap narrowed to $400 million last month from $3.9 billion in February, deputy governor of the Central Bank of Egypt Gamal Negm said on Saturday. Egypt has seen billions of dollars leave its markets since the Russian invasion of Ukraine in February as investors have fled emerging markets for safer havens. But […] August 14, 2022
Economy Egypt’s annual urban consumer inflation rises to 13.6% in July Egypt’s annual urban consumer inflation accelerated to a higher-than expected 13.6 percent year-on-year in July from 13.2 percent in June, data from the country’s statistics agency CAPMAS showed on Wednesday. Month-on-month, headline inflation increased by 1.3 percent, compared with a 0.1 percent decrease in June. A Reuters poll of 14 economists had predicted a median […] August 11, 2022
Banking and Finance Saudi Arabia invests $1.3bn in four Egyptian firms The Saudi Egyptian Investment Co (SEIC), owned by Saudi Arabia’s state-owned Public Investment Fund (PIF), has bought minority stakes in four Egyptian companies for $1.3 billion, Egypt’s planning ministry said on Wednesday. The companies are Abu Qir Fertizilers and Chemical Industries, Misr Fertilizers Production Company , Alexandria Container and Cargo Handling, and payments firm E-Finance […] August 11, 2022
Banking and Finance Abu Dhabi’s Chimera buys 55.9% stake in Egyptian financial firm Abu Dhabi investment firm Chimera Investment LLC said on Tuesday it has acquired a controlling stake in Egypt’s Beltone Financial Holding, part of a strategy to expand in the Middle East and North Africa region. Chimera bought 55.9 percent of Beltone at 1.485 Egyptian pounds a share, valuing the company at 661.8 million pounds ($34.6 […] August 10, 2022
Banking and Finance Saudi’s PIF sets up company to invest in Egyptian sectors Saudi Arabia’s Public Investment Fund (PIF) has set up a company to invest in promising Egyptian sectors, extending a policy of pumping money into the Egyptian economy. The $620 billion sovereign wealth fund said on Friday sectors in Egypt it would target through its new Saudi Egyptian Investment Co (SEIC) included infrastructure, real estate, health […] August 6, 2022
Real Estate Egyptian developer launches $26m mixed-use project Egypt’s Golden Town Real Estate Development has launched the first phase of its EGP500 million ($26.14 million) mixed-used project, Cascada, in the New Administrative Capital. The expected total sales value is more than EGP750 million, the company said in a statement. The developer intends to invest within and outside the administrative capital, chairman Raafat Maher […] August 5, 2022
Banking and Finance Egypt’s current account deficit widens, funds flow out in Q1 Egypt’s current account deficit widened in the January-March quarter amid a surge in portfolio outflows triggered by Russia’s invasion of Ukraine, the central bank said in balance of payments figures released on Thursday. The current account deficit increased to $5.79 billion (EGP110.8 billion) from $5.67 billion in January-March a year earlier as the trade deficit […] August 5, 2022
Economy Egyptian non-oil sector continues contraction at slower pace Egypt’s non-oil private sector activity shrank again in July, but at a slower pace than June’s two-year low, as demand remains weakened by inflation and shortages continue to put pressure on supply, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) strengthened slightly to 46.4 from June’s 45.2, remaining below the […] August 3, 2022
Retail Egyptian e-commerce platform Homzmart raises $23m in funding Furniture and home goods e-commerce platform Homzmart has closed one of the past year’s biggest funding rounds for a Middle Eastern and North Africa startup, raising $23 million, its chief executive said. The company, launched in 2020, will use the new funding to expand services, especially logistics, and fill gaps that appear in supply chains, […] August 2, 2022
Banking and Finance Remittances from Egyptian workers abroad at $2.4bn in May Remittances from Egyptian workers abroad at $2.4 bln in May Remittances from Egyptian workers abroad reached $2.4 billion in May, the central bank said on Sunday. Remittances, one of Egypt’s main sources of foreign currency, were at $2.6 billion in May 2021, the bank added. Egypt’s M2 money supply rose by 23.4 percent year-on-year in […] August 1, 2022
Analysis MENA startup funding poised to recover in second half of 2022 Last year was a standout for Middle East and North African startups in which many notable records were broken, including the largest funding round to date and the highest number of deals. The total amount of investment raised by regional startups was pushed to $2.8 billion across 639 deals. This constituted a quadrupling of investment, […] July 29, 2022
