Banking & Finance Egypt may postpone sovereign sukuk issue to its new fiscal year Egypt may postpone the issuance of its first sovereign sukuk till its new fiscal year due to turmoil in global markets, Abu Dhabi-based Sky News Arabia TV reported on Sunday citing Finance Minister Mohamed Maiit. Egypt’s fiscal year runs from July 1 to June 30. The news comes as Egypt’s annual urban consumer inflation accelerated […] June 13, 2022
Banking & Finance Egypt repays $24bn to cover foreign debt, departing investors Egypt paid $24 billion in the first five months of 2022 to service foreign debts and to cover foreign investors withdrawing funds from the country, Egypt’s state news agency MENA reported on Wednesday. Of the amount, $10 billion went to service foreign debt and another $14 billion to foreign investment funds, it quoted an unnamed central bank […] June 10, 2022
Egyptian currency touches five-year low Egypt’s currency weakened to 18.71 to the U.S. dollar on Wednesday, a five-year low, before strengthening again, Refinitiv Data showed. The pound was bid at 18.71 to the dollar, its weakest since Feb. 2, 2017, when it weakened to as low as 18.78 pounds. Egypt has been suffering from a shortage of foreign currency since […] June 9, 2022
Banking & Finance Egypt and Turkey among top gold buyers Egypt and Turkey were some of the biggest buyers of gold reserves this year, according to the latest figures from the World Gold Council. “On a year-to-date basis, central banks remain net purchasers on the whole,” Mukesh Kumar, senior analyst of the World Gold Council, said in his report issued this week. “Egypt is the […] June 8, 2022
Tourism Egypt dominates African hotel investment market Egypt is very much the dominant player in Africa’s hotel sector, as the Arab world’s largest country looks to rejuvenate its tourism sector following the impact of the coronavirus pandemic. A total of 80,300 rooms in 447 hotels, across 42 African countries, are currently in the pipeline for development, according to a study by hospitality […] June 2, 2022
Banking & Finance UAE’s Al-Futtaim Group to invest up to $1bn in Egypt Dubai-based Al-Futtaim Group said it is eyeing investments in Egypt worth $700 million to $1 billion over the next three years, an Egyptian cabinet statement said on Thursday. Gulf Arab states are channelling up to $22 billion to Egypt to help it overcome a currency crisis, the third such rescue in a decade, as analysts […] June 2, 2022
Energy Egypt in $4bn deal to build waste-to-energy facility Egypt’s Suez Canal Economic Zone (SCZONE) and H2-Industries have signed a memorandum of understanding (MoU) to build a waste-to-hydrogen facility at a greenfield site in east Port Said with an estimated cost of $4 billion, an SCZONE statement said on Wednesday. The project targets production capacity of 300,000 tonnes of green hydrogen per year, the […] June 1, 2022
Manufacturing Egypt awards eight gold, metal mining exploration licences Egypt awarded eight gold and metal mining exploration licences in the eastern desert region, the petroleum ministry said on Wednesday, as it seeks to increase investments in this underdeveloped industry. Four companies won the licences – Lotus Gold, AKH Gold, Marine Logistics Gold Mining and Ankh Resources, a source at the ministry said. Egypt has […] June 1, 2022
Tourism Archaeologists uncover ancient mummies and statues at Saqqara Archaeologists have uncovered hundreds of ancient Egyptian coffins and bronze statues of deities at a burial site in Saqqara. Statues of the gods Anubis, Amun, Min, Osiris, Isis, Nefertum, Bastet and Hathor were among the objects found at the newly discovered cemetery – along with a headless statue of Imhotep, the architect who built the […] May 31, 2022
Analysis Development UAE, Egypt and Jordan industrial pact will ‘unleash billions’ The partnership hopes to strengthen each country’s economic clout and competitive standing, both in the region and further afield The UAE, Egypt and Jordan’s decision to enter into an economic partnership stands out from recent announcements of bilateral deals struck between Arab countries and Western partners. The regional partnership, announced in Abu Dhabi on Sunday, […] May 31, 2022
UAE, Egypt and Jordan sign $10bn industrial power pact Abu Dhabi's ADQ to allocate $10 billion in investment for projects. Focus includes agriculture, pharmaceuticals, petrochemicals and textiles May 30, 2022
Agriculture Ukraine war sees Egypt put pressure on local wheat farmers to replace shortfall Egypt typically the world’s biggest wheat importer Most purchases came from Russia and Ukraine Local farmers have to sell 60% of crop to the state Government offer is well below international prices At an agricultural storage complex in the Egyptian city of Banha, Ahmed Nasser watches truck after truck offload freshly-threshed grain from the surrounding […] May 27, 2022
Analysis Rising inflation and falling tourism deals Egypt a ‘double whammy’ With inflation surging and the government forced to fix the price of bread to head off civil unrest, Egypt has felt the heat from the Ukraine crisis more acutely than most countries in the Middle East and North Africa (MENA) region. Higher commodity prices and the loss of tourism revenues from both Russian and Ukrainian […] May 23, 2022
Banking & Finance Egypt to offer state assets to investors in $40bn privatisation drive Egypt’s government has identified activities it will withdraw from or reduce its presence in over the next three years as part of a plan to expand the private sector, according to a draft document circulated in local media. Egypt’s economy has been jolted by the impact of the war in Ukraine, and it is in […] May 19, 2022
Agriculture 300,000 tonnes of wheat bought by Egypt stranded in Ukraine The wheat ordered by Egypt's state grains buyer has yet to be shipped, with one cargo stuck in port and four others to be loaded, traders say May 17, 2022
Energy Israel ramps up gas output, looks to supply Europe Israel is on track to double its natural gas production to 40 billion cubic metres and hopes to sign a framework deal with Europe this summer May 16, 2022
Agriculture Egypt can still buy Indian wheat despite export ban Any agreements by Egypt’s government to purchase Indian wheat will not be affected by an export ban announced by New Delhi, Egypt’s supply minister said yesterday. “For India, we are talking with them on the basis of a government agreement. The ban exempts governments including the government of Egypt,” minister Ali Moselhy said. Egypt, the world’s largest wheat […] May 16, 2022
Health Egypt’s net foreign assets retreat further into the red Egypt’s net foreign assets (NFAs) dropped by 169.7 billion Egyptian pounds ($9.17 billion) in March, the sharpest decline since the coronavirus crisis broke out in February 2020, central bank data showed on Sunday. NFAs fell to a negative 221.3 billion pounds at the end of March from a negative 51.69 billion pounds a month earlier. […] May 15, 2022
Insight Food & Drink Ukraine war drives Gulf to double down on food security As the war in Ukraine has pushed up food prices and disrupted supply chains, hard-hit Mena countries explore ways to protect themselves In Abu Dhabi clusters of fresh tomatoes are growing inside rows of climate-controlled greenhouses in the middle of the desert – just one example of the lengths the arid region must go to […] May 12, 2022
Banking & Finance Egypt’s urban inflation accelerates to 10.5% Egypt’s annual urban consumer price inflation accelerated in March to 10.5 percent, its highest in nearly three years and faster than analysts had expected, data from the state statistics agency CAPMAS showed on Sunday. The inflation figure, up from 8.8 percent in February, was greater than a median forecast of 10 percent in a Reuters […] May 4, 2022
