Construction Egyptian developer to build Iraq’s largest housing project Egypt’s Ora Developers Group will build the largest residential city in Iraq’s capital, Baghdad, which will feature 100,000 residential units. The contract was awarded by the Iraqi government. No details of the project cost were given. Ali Al-Wardi, a smart city project located 25 km southeast of Baghdad, will be built on an area of […] February 2, 2024
Economy Egypt announces first interest rate hike of 2024 The monetary policy committee (MPC) of Egypt’s central bank has raised its key policy rates by 200 basis points (bps), marking the first increase of 2024. The overnight deposit rate has now increased to 21.25 percent, the central bank said in a statement. Overnight lending and main operation rates stand at 22.25 percent and 21.75 […] February 2, 2024
Economy Egypt ‘close to IMF loan of $9bn’ Egypt has reached a staff-level agreement with the International Monetary Fund for an extended fund facility (EFF) two or three times bigger than the existing deal, according to various Egyptian news outlets. Al Borsa newspaper was among those reporting that a new deal could be announced “in hours or days”. Sources told Al Shorouk newspaper […] February 1, 2024
Economy Egypt ends tax privileges for state enterprises The Egyptian cabinet has approved regulations to eliminate various tax and fee exemptions for state-owned enterprises, aligning with a condition set by the International Monetary Fund (IMF). The cabinet approved the law in June but the executive regulations needed for implementation were recently formulated, Reuters reported. As part of a $3 billion financial support agreement signed in […] February 1, 2024
Economy Egypt plans UAE dirham bonds to lower funding costs Egypt plans to issue bonds in UAE dirham, Indian rupees, and Hong Kong dollars, the country’s finance minister said. The bonds in various currencies are part of the government’s efforts to diversify its financial strategy, Egypt Today newspaper reported, citing Mohamed Maait. “The move will contribute to diversifying Egypt’s debt portfolio and attract international investors at […] January 30, 2024
Agriculture Egypt says wheat reserves sufficient for 4.2 months Egypt’s strategic wheat reserves are sufficient for 4.2 months, oil for 5.3 months, and sugar for 5.4 months, said minister of supply and internal trade Ali Al-Moselhi. He noted that about 100 tonnes of sugar had been produced from the cane crop so far and that preparations are under way to receive the beet crop […] January 29, 2024
Economy Suez slump compounds Egypt’s foreign currency crisis Disruptions to shipping in the Suez Canal as a result of the conflict in the Red Sea are exacerbating Egypt’s foreign currency shortages and increasing the need for a new financing package from the International Monetary Fund. Royalties from traffic through the Suez Canal contribute nearly 8 percent of the Egyptian government’s revenue and generate […] January 26, 2024
Tech Egypt and Jordan to set up first sub-sea optic fibre cable Egypt and Jordan have agreed to set up their first joint submarine optic fibre cable in 25 years. The so-called “Coral Bridge” will serve as a vital communication link between Aqaba in Jordan and Taba in Egypt, Ahram Online reported. The deal to install the submarine cable, spanning the Gulf of Aqaba, was signed between […] January 26, 2024
Finance Egypt turns to Asia to secure low-cost funding Egypt is ready to explore the Asian financial market to diversify funding sources and reduce financing costs, according to the country’s finance minister. “We are expanding our green, sustainable, and low-cost blue financing, with the aim of directing it towards funding projects in sustainable public transportation, health, education, agriculture, food, and other socially impactful projects,” […] January 25, 2024
Energy Work starts on Egypt’s $30bn nuclear plant Russian President Vladimir Putin and Egypt’s Abdel Fattah Al-Sisi on Tuesday inaugurated the construction of a new unit at Egypt’s Dabaa nuclear power plant via video link, as Moscow moves ahead with its global nuclear ambitions. The power plant is being built by the Russian state corporation Rosatom at a reported cost of $30 billion, […] January 24, 2024
Logistics Wheat shipments through Suez Canal down 40% Shipments of wheat through the Suez Canal have fallen by 40 percent year-on-year as a result of the continuing crisis in the Red Sea, the World Trade Organisation’s Wheat Dashboard shows. Major shippers are avoiding the waterway, through which 15 percent of maritime commerce passes, causing supply chain disruptions and threatening a new wave of […] January 24, 2024
Opinion Logistics Red Sea attacks could harm more than ports and shipping The Houthi strikes could have serious implications for Saudi Arabia and Egypt January 23, 2024
Industry UK owner ramps up output at Egypt’s largest gold mine London Stock Exchange-listed Centamin expects annual gold production of between 470,000 and 500,000 ounces in 2024 from its flagship Sukari gold mine in Egypt. The annual output stood at 450,000 ounces in 2023. The company, which is based in Jersey and listed on the London and Toronto stock exchanges, reported that total revenue reached $892 […] January 23, 2024
Retail Kuwait’s Alshaya scales back operations in Egypt Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is scaling back its operations in Egypt due to “the difficulties faced by overseas businesses” in the North African country. “As a result of the economic situation over the last three years and the difficulties faced by overseas businesses trading in Egypt, we have taken […] January 18, 2024
Economy IMF ‘likely to drop currency demands for loans to Egypt’ The International Monetary Fund is likely to waive its demand that the Egyptian government make the pound free floating in order to receive additional loans, experts said on Tuesday. Cairo agreed a $3 billion IMF support package in December 2022, but received only an initial payment of $347 million. The original deal said Egypt should […] January 17, 2024
Banking & Finance Oman licence is ‘tremendous’ win for Egypt’s Paymob Digital payments company Paymob has secured a licence to expand into Oman and says it represents a “tremendous opportunity” as e-commerce transactions soar. The Cairo-based business has announced that it has received the Central Bank of Oman’s (CBO) payment service provider licence, the first international fintech to do so. The licence authorises Paymob to accept […] January 17, 2024
Industry Egyptian cement exports grow 22% in 2023 Egypt’s cement industry has an annual output of 92 million tonnes, which ranks it among the top 10 cement producers globally, according to Egyptian trade and industry minister Ahmed Samir. Egypt’s cement exports surged 22 percent to $625 million in the first nine months of 2023, compared to $512 million a year ago, Egypt Today […] January 16, 2024
Leisure & Hospitality ADQ and Adnec acquire stake in Egypt luxury hotels Abu Dhabi’s ADQ and Adnec Group have signed agreements to acquire a 40.5 percent stake in Egypt-based Talaat Moustafa Group Holding’s hospitality subsidiary. The two UAE companies will invest through a special purpose vehicle through a capital increase to acquire a stake in Icon Group, the UAE state-run Wam news agency reported. ADQ will own […] January 14, 2024
Economy Egypt’s inflation slows for the third month to 33.7% Egypt’s annual inflation eased for the third consecutive month in December, closing 2023 at 35.2 percent, according to the Central Agency for Public Mobilization and Statistics (Capmas). The inflation rate was 36.4 percent in November and 38.5 percent in October. Likewise, the urban consumer price inflation fell to 33.7 percent in December from 34.6 percent […] January 11, 2024
Real Estate Egypt to offer residency to foreign property buyers Egypt is looking to attract investments into its residential property market by offering a five-year residency to international buyers. This initiative is highlighted in a cabinet document providing the economic roadmap for 2024-2030, Egypt Today newspaper reported. The government intends to establish a specialised company to manage real estate export and leasing activities, with expected […] January 10, 2024
Opinion Banking & Finance Investors go lukewarm on startups but Riyadh is red hot Rising inflation and interest rates plus economic slowdown resulted in investor hesitancy in 2023 January 8, 2024
Transport Suez shipping traffic drops 20% as Houthi attacks continue Shipping traffic through the Suez Canal has dropped by as much as one-fifth in the last two weeks as Yemeni Houthis continue to target vessels in the Red Sea. Statistics from the International Monetary Fund’s (IMF) PortWatch platform revealed a 20 percent drop in ships using the Suez Canal route between December 24 and January […] January 5, 2024
