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Egypt

Person, Human, Festival

Saudi Arabia’s Crown Prince lands in Egypt for two-day state visit

Egyptian President Abdel-Fattah El-Sisi received Saudi Arabia’s Crown Prince Mohammed bin Salman at Cairo International Airport on Monday night, UAE state news agency WAM reported, citing a statement by Egyptian presidential spokesman Bassam Rady. El-Sisi and Bin Salman, who is on an official two-day visit to Egypt, will discuss bilateral relations and ways of enhancing […]

Egypt dominates Mena startup funding rankings in May

The amount of funding raised by startups in the Middle East and North Africa (Mena) rose 62.7 percent year-on-year in May. But it still declined 40 percent month-on-month to record the lowest monthly amount so far this year, according to data compiled by Wamda, the largest early-stage investment fund in the Middle East. A total […]

Glasses, Accessories, Accessory

Egypt in ‘race against time’ with privatisation drive

Egypt’s economy is facing a perfect storm of economic headwinds. While its currency is plummeting, its budget deficit is rising along with its borrowing costs.  In an effort to counter rapidly growing external imbalances, Egypt’s government devalued its currency, the Egyptian pound, by 10 percent in March and subsequently requested a support package from the […]

The merger is part of First Bank Abu Dhabi's strategy to increase its footprint in Egypt

First Abu Dhabi Bank to launch new brand in Egypt

First Abu Dhabi Bank (FAB) has completed the legal merger of assets between its Egyptian unit and Bank Audi Egypt, resulting in the creation of Egypt’s newest banking brand, FABMISR. FAB said the new brand launches later this year having obtained final approval from the Central Bank of Egypt (CBE) and the General Authority for […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

Newly discovered figurines from Saqqara

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 […]

Helicopter, Vehicle, Aircraft

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, […]

Nature, Outdoors, Harvest

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 […]

Tie, Accessories, Accessory
  • 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 […]