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Egypt hotel Jaz Belvedere

Plan announced to build six new hotels in Egypt

Plans to open six new hotels in Egypt in 2025 at a cost of $215 million have been revealed by the CEO of an Egyptian hotel company. Alaa Akel, chief executive of Jaz Hotel Group, a subsidiary of the Egyptian travel and tourism company Travco, said the group will open two new hotels on Egypt’s […]

Scuba diving in the Red Sea off Egypt. The Ras Banas headland is close to the St John's coral reef system, a scuba-diving hotspot

Egypt offers Red Sea peninsula for development

Egypt has started promoting another sizeable Red Sea peninsula, the Ras Banas headland, to tourism developers. Egypt’s minister of housing and urban communities Sherif El Sherbiny said on Saturday that the area is being offered in a deal similar to the Ras El Hekma scheme on the Mediterranean coast agreed in February.  The state retained […]

Egyptian prime minister Mostafa Madbouly and Saudi crown Prince and prime minister Mohammed bin Salman meet in Riyadh on Monday

PIF to initiate $5bn investment in Egypt

Saudi Arabia’s Public Investment Fund (PIF) will pump $5 billion into Egypt in a first investment phase. The directive was given by crown prince Mohammed bin Salman during his meeting with Egyptian prime minister Mostafa Madbouly, the Egyptian cabinet said in a statement. No other details were given on the planned investment. NewsletterGet the Best […]

The company will develop a 1GW solar power plant and 100MW battery storage project

Egypt’s first hybrid solar project to break ground next year

Norway’s renewable energy producer Scatec will begin work on Egypt’s first hybrid solar power and battery storage project in the first half of 2025. The company has signed a US dollar-denominated 25-year power purchase agreement with the state-run Egyptian Electricity Transmission Company for a 1GW solar power plant and 100MW battery storage project. Financial details […]

Egypt tax reforms Ahmed Kouchouk

Tax reforms launched by Egypt to entice more investors

A range of measures to make the Egyptian tax system more transparent and attract further investors to the country has been unveiled by finance minister Ahmed Kouchouk. The reforms will boost the country’s competitiveness and make it easier for foreign investors to work there, Kouchouk said in a press conference on Wednesday.  “It’s evident that […]

A woman at a supermarket in Cairo. Egypt's annual headline and core inflation fell for the fifth consecutive month

Egypt holds key policy rates steady as inflation eases

Egypt’s central bank left its key policy rates unchanged as inflation continued to subside amid softening growth. The lending and deposit rates were kept intact at 28.25 percent and 27.25 percent. Inflationary pressure has continued to subside with the gradual easing of previous shocks, the central bank said in a statement. NewsletterGet the Best of […]

Egyptian president Abdel Fattah Al-Sisi and Turkish president Recep Tayyip Erdoğan shake hands after a signing ceremony in Ankara

Turkey and Egypt mend relationship with state visit

Turkey and Egypt have moved closer to rapprochement after a decade of strained ties. Turkey’s president Recep Tayyip Erdoğan and Egypt’s president Abdel Fattah Al-Sisi signed 17 memorandums of understanding during the latter’s one-day visit to Ankara on Wednesday. Among the agreements signed were commitments to boost cooperation in finance, energy, defence and tourism. NewsletterGet […]

The historic Mogamma El Tahrir building redevelopment project in Downtown Cairo, the once administrative governmental offices will be converted into a luxury hotel complex.

Egypt’s private sector begins to feel impact of reforms

Egypt’s non-oil private sector economy expanded for the first time in three years as the impact of the government’s currency strategy and international investment drive begins to trickle down to the business community. The country’s economic outlook was transformed in February following a $35 billion investment deal for Emirati sovereign wealth fund ADQ to develop […]

A train arrives at the Cairo subway. Line 1, which spans 44 km and connects 35 stations, transports more than 1.5 million passengers daily

Egypt awards $885m contract to upgrade Cairo metro

A consortium led by Orascom Construction, listed on Dubai, Egypt and Nasdaq stock exchanges, will commence the modernisation of the Cairo metro line 1 next month. The €800 million ($885 million) project will be completed in 64 months without disturbing commercial operations. The consortium has signed a contract with Egypt’s National Authority for Tunnels to […]

A shot from a UN Habitat animation showing the Ras El-Hekma development. Property in the region is being snapped up before any building has started

ADQ’s Egypt project lights fire under region’s real estate

The $35 billion investment by the Abu Dhabi sovereign wealth fund ADQ in Egypt’s tourism sector appears to have spurred a jump in real estate transactions on the country’s Mediterranean coast. In February ADQ unveiled its plan to build Egypt’s “largest new city” in Ras El-Hekma, and develop the coastal region into a Mediterranean vacation […]

A busy market street in Cairo. Credit-hungry Egyptians can use consumer finance app MNZL to borrow money using their home or car as collateral

Funding flows to fintechs wooing Egypt’s eager borrowers

Egyptian financial technology entrepreneurs bagged the highest amount of funding in the Middle East and North Africa in July, as they targeted untapped opportunities among the country’s massive unbanked population. Egyptian startups as a whole raised $185 million across seven deals in July, a huge surge from $15 million raised through four deals the month […]

Masdar aims to complete the new solar power projects and connect them to Egypt's national grid by the end of 2025

Masdar to invest $900m in solar projects in Egypt

The UAE’s renewables energy major Masdar has received approval from the Egyptian government to invest more than $900 million to build solar power plants. These projects will have a combined capacity of 1,000 megawatts (MW) and will be located primarily in Upper Egypt, including the Aswan governorate, Egypt Today newspaper reported, citing a cabinet statement. […]

Cairo-based Orascom Construction reported a $7.7 billion order backlog, of which a record $1.9 billion are US orders

Orascom Construction’s US revenue softens Mena decline

Egypt’s Orascom Construction has reported a decline in its second-quarter revenues after a 25 percent drop in Mena revenue was softened by growth in its US business. Volatility in the value of the Egyptian currency also drove a decline in net profit for the Cairo-based company, from $92.8 million in the same period last year […]

Egypt oil

Egypt announces new Western Desert oil discovery

Egypt’s Khalda Petroleum Company has made a new oil discovery in the Kalabsha Development Area of the Western Desert, as the country aims to overcome power shortages and stalling production levels. The discovery, 270 feet below the ground, will produce 7,165 barrels of oil per day with 23 million cubic feet of associated gas, according […]

Egypt has slashed custom duties on components and spare parts for renewable energy systems from 5% to 2%

Egypt advances 7,150MW of renewable energy projects

Egypt is actively developing 7,150 megawatts (MW) of renewable energy projects, a government official has said. These projects are divided into 3,450MW of wind energy and 3,700MW of solar power. The wind energy projects include collaborations on the Red Sea involving the Orascom-Engie-Toyota consortium, Saudi Arabia’s Acwa Power and UAE’s Masdar, Egypt Today newspaper reported, […]

Rua Al Madinah hotel

Mena hotel construction to focus on Saudi Arabia and Egypt

The Middle East and North Africa is forecast to see a rapid increase in hotel construction over the next 12 months, led in particular by high-end properties in Saudi Arabia and Egypt, new industry data suggests. During the second quarter of 2024 there were 607 projects and 147,088 rooms in the overall regional pipeline at […]

Architecture, Building, Factory Nissan's car factory in Sunderland in the UK; the company is to invest in manufacturing 10,000 cars for the local market over the next year in Egypt

Nissan to invest $56m in Egyptian car market

Nissan plans to invest $56 million into the Egyptian car market over the next two years and increase exports of locally assembled vehicles, as government officials seek to enhance the homegrown manufacturing sector. A statement released by the government said that Nissan has exported 15,000 locally assembled Sunny models since August 2022. Mohamed Abdel Samad, […]

Sultan Al Jaber, chairman of Masdar, Egypt's prime minister Moustafa Madbouly and electricity and energy minister Mahmoud Mustafa Kamal Esmat at the project signing ceremony

Masdar joint venture to build wind farm in Egypt

Infinity Power, a joint venture between Egypt’s Infinity and the UAE’s Masdar, has signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for their 200-megawatt (MW) wind farm. The onshore wind project, located in Ras Ghareb, Gulf of Suez region, is estimated to produce 810,000 megawatt-hours (MWh) annually. Consequentially, it will […]

A hydrogen purification and production plant in Kazakhstan. Egypt hopes to produce 5.6 million tonnes of hydrogen a year by 2040

Egypt reveals ambitious hydrogen strategy

Egypt’s newly launched hydrogen energy strategy will require the investment of around $60 billion over the coming decades to achieve its ambitious targets. However, research by Bloomberg this week highlighted the fact that the majority of existing hydrogen plants around the world have failed to attract sufficient buyers for their output. On Thursday Egypt launched […]