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Egypt budget deficit narrow to 5.6% of GDP in 2022

Egypt expects more progress on reducing its budget deficit this year and a foresees a decline in its debt ratio after currency devaluations caused it to rise last year, Finance Minister Mohamed Maait told a news conference on Monday. The deficit was expected to narrow to 5.6 percent of gross domestic product (GDP) in the […]

Tie, Accessories, Accessory

Currency tops list of challenges for Egypt’s central bank governor

Egypt’s new central bank governor, Hassan Abdalla, faces a daunting task as he tries to repair an economy derailed by an overvalued currency, rampant inflation and a banking system emptied of most of its foreign currency. President Abdel-Fattah Al-Sisi chose Abdalla for the position last week after outgoing governor Tarek Amer resigned suddenly, barely a […]

Person, Human, Sunglasses

Food, fuel shortages hit Tunisian shops amid looming crisis

Some Tunisian shops are rationing goods including cooking oil, sugar and butter, while big queues have hit petrol stations amid a fuel shortage as the government navigates a looming crisis in public finances. Some grocery shops have restricted customers to single packs of items in short supply, while queues outside petrol stations have blocked traffic […]

High Rise, City, Urban

Egypt’s GDP surged by 6.6% in year to June-end

Egypt’s economy expanded by 6.6 percent in the fiscal year that ended on June 30, with growth accelerating from the previous year’s 3.3 percent as activity recovered after the coronavirus pandemic before slowing again due to the impact of the war in Ukraine. The growth figure given in a cabinet statement on Thursday was higher […]

Egypt central bank increases cash withdrawal limits

Egypt’s central bank on Thursday increased the maximum amount of cash customers are allowed to withdraw from their bank accounts and removed restrictions on how much they could deposit entirely. Under a rule put in place in April 2020, the central bank restricted withdrawals to EGP 50,000 ($2,600), but now will allow withdrawals of up […]

Airplane, Aircraft, Transportation

Emirates to suspend Nigeria flights over trapped funds

Dubai’s Emirates will suspend flights to Nigeria from next month over an inability to repatriate funds from Africa’s most populous nation, the airline said on Thursday. The decision highlights the difficulties faced by international carriers that fly to Nigeria, which is one of the biggest markets in Africa for several of them. The country has […]

Tunisia to submit reform plan to IMF in September

Tunisia will submit a national reform programme to the International Monetary Fund (IMF) in September, the economy minister said on Wednesday, part of efforts to secure a bailout to rescue strained public finances. Economy Minister Samir Saied was quoted by state news agency TAP as saying the programme would be submitted to the IMF board. […]

Egypt’s central bank governor resigns a year early

Egypt’s central bank governor Tarek Amer has submitted his resignation, the office of President Abdel Fattah Al-Sisi said on Wednesday, just over a year before the completion of Amer’s final term. There was no announcement of a replacement for Amer, who has been appointed as a presidential adviser. The central bank governor is one of […]

Flag, Symbol, Bird

Tunisia’s economy grew 2.8% in Q2 2022

Tunisia’s economy recorded a growth rate of 2.8 percent in Q2 of this year compared to the same period in 2021, the country’s statistics agency said on Monday. The National Institute of Statistics’ data also showed that Tunisia’s trade deficit widened to 13.7 billion dinars ($4.36 billion) in the first seven months of 2022 from 8.7 […]

  • Exclusive

Digital payments giant hopes for boost from UAE-Africa trade talks

Dubai-based digital payments giant Network International is hopeful that “more doors will open” for it across Africa as the UAE starts free trade deal talks on the continent. The Middle East and Africa-focused company, which generated nearly 30 percent of its revenues from Africa last year with key markets including Kenya, Egypt and South Africa, […]

Egypt’s foreign currency gap narrows to $400m in July

Egypt’s foreign currency gap narrowed to $400 million last month from $3.9 billion in February, deputy governor of the Central Bank of Egypt Gamal Negm said on Saturday. Egypt has seen billions of dollars leave its markets since the Russian invasion of Ukraine in February as investors have fled emerging markets for safer havens. But […]

High Rise, City, Urban

Abu Dhabi’s Chimera buys 55.9% stake in Egyptian financial firm

Abu Dhabi investment firm Chimera Investment LLC said on Tuesday it has acquired a controlling stake in Egypt’s Beltone Financial Holding, part of a strategy to expand in the Middle East and North Africa region. Chimera bought 55.9 percent of Beltone at 1.485 Egyptian pounds a share, valuing the company at 661.8 million pounds ($34.6 […]

  • Analysis

Kenya general election ‘could delay’ trade deal with UAE

The UAE and Kenya are launching talks to form a free trade agreement to boost bilateral economic ties. But political uncertainty in the east African country could hamper efforts to collaborate on shared priorities such as oil, gas, technology and ports, experts say. The two countries signed a joint statement on July 28 pledging to […]

Person, Human, Archaeology

Saudi’s PIF sets up company to invest in Egyptian sectors

Saudi Arabia’s Public Investment Fund (PIF) has set up a company to invest in promising Egyptian sectors, extending a policy of pumping money into the Egyptian economy. The $620 billion sovereign wealth fund said on Friday sectors in Egypt it would target through its new Saudi Egyptian Investment Co (SEIC) included infrastructure, real estate, health […]

Plant, Cactus, Person

Egypt’s current account deficit widens, funds flow out in Q1

Egypt’s current account deficit widened in the January-March quarter amid a surge in portfolio outflows triggered by Russia’s invasion of Ukraine, the central bank said in balance of payments figures released on Thursday. The current account deficit increased to $5.79 billion (EGP110.8 billion) from $5.67 billion in January-March a year earlier as the trade deficit […]

Egyptian non-oil sector continues contraction at slower pace

Egypt’s non-oil private sector activity shrank again in July, but at a slower pace than June’s two-year low, as demand remains weakened by inflation and shortages continue to put pressure on supply, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) strengthened slightly to 46.4 from June’s 45.2, remaining below the […]

Furniture, Chair, Couch

Egyptian e-commerce platform Homzmart raises $23m in funding

Furniture and home goods e-commerce platform Homzmart has closed one of the past year’s biggest funding rounds for a Middle Eastern and North Africa startup, raising $23 million, its chief executive said. The company, launched in 2020, will use the new funding to expand services, especially logistics, and fill gaps that appear in supply chains, […]

Person, Human, Table

Food security report delivers stark warning to import-reliant Gulf

GCC governments must step up their efforts to develop agri-food technology and recycle waste, a new food security report has warned. The Gulf is one of the world’s most import-dependent regions. The main food security challenge for the GCC is a natural or man-made crisis that could block one or more countries’ access to imports, […]

  • Analysis

The billion-dollar question: what does it take to make a unicorn?

Can the UAE meet its target of being home to 20 unicorns by 2031? Only if entrepreneurs, venture capital and the government work together to build companies that can truly “translate across borders”, according to experts. Today the UAE has just three startups valued at $1 billion: Vista Global, Emerging Market Property Group and Kitopi. […]

Shoe, Footwear, Clothing
  • Analysis

MENA startup funding poised to recover in second half of 2022

Last year was a standout for Middle East and North African startups in which many notable records were broken, including the largest funding round to date and the highest number of deals. The total amount of investment raised by regional startups was pushed to $2.8 billion across 639 deals. This constituted a quadrupling of investment, […]