Finance Egypt’s Abdel Al Sisi wins third term as president Abdel Fattah Al Sisi swept on Monday to a third term as Egypt’s president in an election where he faced no serious challengers. The election, in which he took 89.6 percent of the vote according to the National Election Authority, was held as Egypt struggles with a slow-burning economic crisis and tries to manage the risk of spillover […] December 19, 2023
Media & Advertising In the streaming age, the TV stays on after Ramadan YouTube creators and streaming services are changing the face of television all over the world – but particularly in Arab countries, according to executives who attended the Red Sea Film Festival in Jeddah this month. The entertainment industry in the Middle East traditionally focused on the fasting month, when TV shows could find a captive […] December 18, 2023
Logistics Jet fuel most exposed to Red Sea closure, analysts say Trade analysts warned on Monday that jet fuel is the commodity most exposed to an interruption of trade in the Red Sea, as the world’s main shipping companies said that they would avoid the waterway because of missile and drone attacks. Several container shipping lines, including CMA CGM of France, MSC of Switzerland and A.P. […] December 18, 2023
Finance Egypt to restructure debt in 2024, says Morgan Stanley Egypt is expected to begin a debt restructuring plan next year, because of rising borrowing costs, Morgan Stanley said in a research note. The country has sufficient reserves to meet its upcoming external debt obligations in 2024, with any potential restructuring efforts expected to be “proactive”, Egypt Today newspaper reported, citing the US investment bank. […] December 15, 2023
Analysis Agriculture Cop28 funds pave the way for Mena agricultural innovation In 2022 Morocco suffered its worst drought in 40 years. It had a devastating impact on agricultural productivity – the country’s cereal production plunged by 60 percent and 280,000 jobs were lost. Thousands of miles to the east, motorists on the main road from the UAE to Oman see dead and dying palm trees on […] December 15, 2023
Opinion Economy Sisi’s third term heralds a new economic blueprint Financial crisis looms but Egypt is 'too big to fail' December 14, 2023
Finance Egypt inflation falls to 36.4% on price declines Egypt’s annual inflation declined to 36.4 percent in November 2023, compared to 38.5 percent in October, the country’s statistical agency said. The fall in inflation was driven by decreases in prices across various sectors, Egypt Today newspaper reported, citing the Central Agency for Public Mobilisation and Statistics (Capmas). Meat and poultry prices fell by 1.5 […] December 11, 2023
Economy Egypt stable for now but vulnerable, economists warn A few days after Israeli forces launched a ground offensive in Gaza, Fitch Ratings downgraded Egypt’s credit score to B- from B. The conflict could scare off tourists and investors, the ratings agency said in November, posing a risk to Egypt’s economy. This was Fitch’s second downgrade in six months: it stripped Egypt of B+ status […] December 6, 2023
Finance Egyptian billionaire moves family office to Abu Dhabi Egyptian billionaire Nassef Sawiris is moving his family office to Abu Dhabi, as global investors choose the emirate as a key hub for their operations, Bloomberg reported. Sawiris intends to re-domicile NNS Group in the Abu Dhabi Global Market (ADGM), an international financial centre, subject to regulatory approval, Bloomberg reported. Sawiris, Egypt’s wealthiest man, has […] December 6, 2023
Renewable Energy Egypt strikes Cop28 deals to drive green energy goals Egypt has signed several major agreements at the Cop28 climate conference in Dubai, as part of its drive to achieve its green energy goals, a local daily reported. Minister of international cooperation Rania Al-Mashat oversaw the signing of agreements with the Norwegian company Scatec, the African Development Bank (AfDB), and the British International Investment (BII) […] December 5, 2023
Finance Currency and inflation in focus ahead of Egypt polls In the run-up to Egypt’s December 10-12 presidential election, financially strapped people queue at state-managed cooperatives trying to buy scarce rations of subsidised sugar. It is the latest sign of economic pressures that have risen sharply since early last year, leaving Egyptians grappling with soaring prices and an unresolved foreign currency crunch, and overshadowing pledges […] December 5, 2023
Video length: 06:23 Banking & Finance How banks are navigating fossil fuel financing Banks are navigating a complex battleground over fossil fuel phase-out: deciding whether or not to fund companies in oil and gas and other high-emitting sectors, they told a Dubai event staged in parallel with the Cop28 summit. The chief executive of ING, the Netherlands’ biggest retail bank, said the company had stopped providing dedicated finance […] December 4, 2023
Industry Chinese firm to build $2bn industrial complex in Egypt Chinese company Befar Group will build a $2 billion industrial green complex in Suez Canal Economic Zone for the production of specialised chemicals, according to a local media report. The project’s initial phase will see investments of $500 million, leading to the creation of 1,000 jobs, Egypt Today newspaper reported. The complex is expected to […] December 4, 2023
Finance UAE extends $1bn deposit with Egypt until 2026 The UAE has renewed its $1 billion deposit with the Central Bank of Egypt for an additional three years. The deposit, which matured in June this year, has been extended until June 2026, Egypt Today newspaper reported, citing a central bank report. Deposits of Arab countries with the central bank accounted for more than half […] December 1, 2023
Agriculture RedSea to dig further into Egypt’s agricultural market RedSea, an agtech business based in Saudi Arabia, is prioritising Egypt to transform the North African nation’s agricultural industry. The company has also announced the appointment of Bruno De Oliveira as vice president of Egypt and East Africa as a result of increasing customer demand for its products. RedSea has already installed heat-blocking roofing materials […] November 30, 2023
Oil & Gas Dana Gas to invest $43m to expand gas wells in Egypt Abu Dhabi-listed Dana Gas plans to invest $43 million to begin a significant drilling programme in Egypt to expand gas wells next year. The programme will boost the UAE energy company’s daily gas production by 30 million cubic feet by drilling 11 development wells and three exploratory wells, Egypt Today newspaper reported. During a meeting […] November 30, 2023
EXCLUSIVE Sustainability Opec Fund piles up financing for wheat, wind and water The Opec Fund for International Development is on track to meet its pledges to increase grants and loans to climate-related projects, its Middle East and North Africa head has told AGBI. Musab Alomar, the fund’s director of public sector operations for Mena, said climate financing made up 33 percent of all Opec Fund approvals in […] November 30, 2023
Retail Majid Al Futtaim to invest $1bn in Egyptian market Dubai-based Majid Al Futtaim Holding plans to invest $1 billion in the Egyptian market, according to CEO Ahmed Galal Ismail. The retail conglomerate has already invested $2.5 billion in Egypt so far, Ismail told Prime Minister Mostafa Madbouly during a meeting, Egypt Today newspaper reported. He disclosed that a Carrefour branch will open at Administrative […] November 28, 2023
Industry Egypt’s agriculture sector gets $100m funding boost UAE-based Arab Authority for Agricultural Investment and Development (AAAID) plans to invest $100 million into Egypt’s agricultural and livestock production sectors over the next three years, according to a local media report. The authority’s current investments in Egypt have reached $158 million, Egypt Today newspaper reported, citing chairman Mohamed Al Mazrooei. The significant investments include […] November 24, 2023
Oil & Gas Shell makes new natural gas discovery in Egypt Shell Egypt has discovered a new natural gas reservoir in the North East El-Amriya block in Egypt’s Mediterranean Sea. The company finished drilling the first well in its three-well exploration campaign, Mina West, located in the North East El-Amriya block, it said in a statement. Drilling was conducted at a water depth of 250 metres […] November 22, 2023
Tech PIF raises stake in Egyptian e-finance company Saudi Arabia’s Public Investment Fund (PIF) has raised its stake in an Egyptian developer of digital payments infrastructure. PIF submitted a request to increase its stake by two percent in E-Finance Company to the Financial Regulatory Authority almost a month ago, Egypt Today newspaper reported, citing details from the technology company’s chairman Ibrahim Sarhan. The […] November 20, 2023
Opinion Economy Egypt must weigh up finance woes with key role in conflict The country has a crucial part to play November 17, 2023