Tourism Emaar to invest in Egypt tourism Emaar Properties, the Dubai developer behind the Burj Khalifa and Dubai Mall, is looking to expand into the hotel sector in Egypt, the company’s founder said in an interview. Gulf tourism is surging on Egypt’s Mediterranean north coast despite the country’s economic crisis. “The north coast in Egypt has reached development levels in recent years […] August 22, 2023
Oil & Gas US energy firm Apache to invest $1.4bn in Egypt US hydrocarbon exploration company Apache Corporation is planning to invest $1.4 billion in Egypt next year. A delegation from Apache, a subsidiary of APA Corporation, met the prime minister of Egypt, Mostafa Madbouly to discuss their expansion plans and investments in the north African country, Egypt Today reported. “Apache is the largest American investor in […] August 22, 2023
Construction Egypt keeps electricity prices unchanged until January 2024 Egypt will maintain current electricity prices for consumers, as it deferred any changes for an additional six months, the cabinet said in a statement. In its weekly meeting, the cabinet decided to maintain electricity prices until January 2024, citing Egypt’s current economic challenges. The government has delayed the scheduled increase in power prices for the […] August 18, 2023
Analysis Economy Algeria’s GDP growth to slow as oil production dips Algeria’s economic growth is expected to slow this year and in 2024 as oil production drops. Analysts at BMI, formerly Fitch Solutions, forecast that the country’s real GDP will be 2.1 percent in 2023 and 1.9 percent next year – down from 3.3 percent in 2022. Algeria’s hydrocarbon production – made up of one-third gas […] August 16, 2023
Video length: 03:16 Video Economy Inflation in Egypt hit hard by Russia Inflation in Egypt is going to be a “long-stretched affair”, according to a Mena market researcher in a video interview with AGBI. Egypt’s annual headline inflation increased to a record 36.5 percent in July driven by high food prices. Currency devaluation and the Russia-Ukraine war have been the main factors contributing to the inflated prices. […] August 16, 2023
Opinion Lifestyle California and the Gulf: more unites than divides The UAE, Saudi Arabia and LA have a lot more in common than they might acknowledge August 4, 2023
Economy Egypt hikes interest rates by 1% to tackle rising inflation Egypt’s central bank increased overnight interest rates by 100 basis points, or one percent, as part of its move to control inflation. The overnight deposit and lending rates were raised to 19.25 percent and 20.25 percent respectively, the Central Bank of Egypt’s monetary policy committee (MPC) said in a statement. Additionally, the discount rate was […] August 4, 2023
Food & Drink KFC Mena franchisee’s H1 profit rises 19% to $145m The Middle East and North Africa (Mena) franchisee of fast-food restaurants KFC and Pizza Hut, has reported net profit of $144.8 million for the first half of 2023. Americana Restaurants International Plc said this represented a yearly increase of 19.4 percent. Revenue increased 7.8 percent to $1.24 billion in the first six months, compared to […] August 3, 2023
Transport Egypt gets $110m French funding for tramway project The French Development Agency (AFD) has signed a €100 million ($109.87 million) finance agreement with the Egyptian government to develop the El-Raml tram in Alexandria. The new project aims to develop the old tram and build a new 900-metre-long station between Al-Raml and El-Manshia, Daily News Egypt newspaper reported citing a ministry of investment statement. […] August 1, 2023
Economy Egypt secures $616m loan to bolster banking reforms The Arab Monetary Fund (AMF) has extended a $615.8 million loan to Egypt to support the country’s reforms in the financial and banking sector. The program focuses on raising the efficiency of the payment systems infrastructure, improving financial inclusion and sustainability and strengthening supervisory and regulatory framework in the financial and banking sector. The AMF […] August 1, 2023
Manufacturing Saudi pharma firm to buy manufacturing site in Algeria Jamjoom Pharmaceuticals Factory Company has increased capital in its joint venture in Algeria to help finance the acquisition of a manufacturing facility. In a filing to the Saudi Stock Exchange, the company, which raised $336 million in an initial public offering in May, announced the additional funding in Jamjoom Algeria Lil Dawa, in which it […] July 31, 2023
Energy Morocco invests $5.6bn in clean energy projects Morocco’s investment in cost-effective clean energy to meet local electricity demand has reached $5.6 billion, according to its energy transition and sustainable development minister Leila Benali. Projects with a combined capacity of 4.6 gigawatts (GW) are currently under construction, Morocco World News daily reported citing the minister. Nearly 203 megawatts (MWs) of additional capacity from renewable sources […] July 31, 2023
Analysis Food & Drink North Africa to the rescue as Europe’s olive oil dries up A caesar salad may be the ideal light meal on a summer’s day, but you might have noticed it is weighing heavier on your wallet. That is because the price of olive oil is at an all-time high. Prices have jumped by nearly 80 percent in just one year, according to data from YCharts. European […] July 28, 2023
Banking & Finance Gulf investor may buy stake in Egyptian fertiliser firm Egypt is planning to sell a stake in state-owned El-Nasr Fertilizers and Chemical Industries Company (Semadco) to a strategic investor from the GCC and foreign funds, a local media reported. The Holding Company for Chemical Industries, which owns Semadco, is currently determining the fair value of the share, which is expected to be completed within […] July 26, 2023
Manufacturing Egypt grants five ‘golden licences’ for $329m projects Egypt has issued golden licences to five projects with a total investment of EGP10.2 billion ($329.34 million). The first project is a 78,000 square metre recycling factory for alternative fuel and fibre, which will be built by Enviro Process in Minya at the cost of EGP73.5 million. Fayoum Company for Storage and Warehouses will build, […] July 25, 2023
Manufacturing Egypt fuels private sector investment in Saudi industrial zones Private sector investment in Saudi industrial zones has spiked by nearly 25 percent in the second quarter of 2023, with Egypt the primary source market for overseas investors. The Saudi Authority for Industrial Cities and Technology Zones (Modon) announced that SAR 2.77 billion ($735.5 million) was invested in Q2 2023 — up 23.5 percent year-on-year. […] July 24, 2023
Manufacturing Egypt plans fertiliser complex with help from China and Italy Egypt will build a third industrial fertiliser production complex in Ain Sokhna in cooperation with Chinese and Italian companies. President Abdel-Fattah El-Sisi met and discussed with executives of China’s Wuhan Engineering Co. and Italy’s Ballestra on establishing the industrial complex, the president’s office said in a statement. “The meeting discussed the ongoing cooperation with the […] July 24, 2023
Trade Egypt finalises mining terms with UK and Canadian firms Egypt has signed agreements with UK-listed Centamin Plc and Canada’s Barrick Gold Corporation on the commercial, fiscal and legal terms for mining gold and associated minerals across several concession blocks awarded to them two years ago. All legal procedures are underway to submit the agreement to the authorities for approval, said Tarek El Molla, minister […] July 21, 2023
Energy Egypt set to resume LNG exports by October Egypt is planning to resume exports of liquefied natural gas (LNG) by October, according to petroleum minister Tarek El Molla. Summer exports of LNG increased last year because the government switched from using natural gas in power stations to mazut (heavy, low quality) fuel oil to bank on the higher natural gas prices, he said. […] July 20, 2023
Video length: 03:19 VIDEO Employment 60% of young Arabs want to emigrate, survey finds High unemployment rates, conflict and lack of strong government policies in North Africa and the Levant are making young Arabs want to emigrate, the latest edition of the Arab Youth Survey has found. At 26 percent, the region has the highest unemployment rate in the world. As a result, 60 percent of young Arabs want […] July 19, 2023
Energy UK-Morocco renewables project ‘on track for 2030’ The $20 billion Xlinks Morocco-UK renewables project is “on track for completion in 2030”, the company’s CEO Simon Morrish has told AGBI, with approval now granted to build the facility that will manufacture the subsea cables critical to its development. The cable operations will be overseen by XLCC which was set up by Xlinks in […] July 19, 2023
Manufacturing Egypt set to issue tenders for precious metal mining Egypt will issue tenders for mining precious and basic metals between July and September 2023, according to minister of petroleum and mineral resources Tarek El Molla. The tenders will be for mining precious metals, phosphate, sulphur and potash, he added. The minister stated that the government has launched a regional geophysical survey programme, which includes […] July 19, 2023
