Economy Egyptian business confidence improves but pessimism remains Egyptian businesses reported significant new sales for the first time since 2021 in June but are still more pessimistic than optimistic, according to the latest purchasing managers index (PMI) report. The survey released by S&P Global reported a headline PMI of 49.9, the highest in almost three years and just shy of the 50.0 mark […] July 4, 2024
Economy New oil and finance ministers in Egyptian cabinet reshuffle The Egyptian government has conducted a long-awaited cabinet reshuffle resulting in a series of new appointees to important ministries including foreign affairs, finance and petroleum. A handful of existing ministers expanded their portfolios. Abdel Fattah El Sisi, the Egyptian president, swore in the new cabinet, which will be led by the incumbent prime minister Mostafa […] July 4, 2024
Tourism Egypt’s $21bn project to rival Europe’s top holiday destinations Cairo-based Talaat Moustafa Group (TMG) is investing $21 billion to develop a new tourism project on Egypt’s Mediterranean coast to compete with Europe. Named SouthMed, the development will cover 23 million square metres and is expected to generate sales of $35 billion, Reuters reported, citing CEO Hisham Talaat Moustafa. Initial bookings reached EGP60 billion ($1.25 billion) […] July 3, 2024
Analysis Oil & Gas With or without foreign help, Libya’s 2m-barrel goal looks tough Libya is hoping to double its crude oil production over the next three to five years, but analysts have warned that a lack of investment and the political crisis that has led to the country having two rival governments are jeopardising those plans. The country’s National Oil Corporation (LNOC) announced in June that it would […] July 2, 2024
Analysis Business of Sport Mena football teams weigh appeal of revamped Club World Cup Football teams from Saudi Arabia, the UAE, Egypt, Morocco and Tunisia will compete alongside the likes of Real Madrid and Bayern Munich at Fifa’s revamped Club World Cup next summer, potentially giving the Mena outfits unprecedented global exposure. The United States will host the 32-team tournament in June and July 2025. Yet less than a […] June 28, 2024
Economy Morocco lowers interest rate as inflation falls Morocco’s central bank has reduced its benchmark interest rate to 2.75 percent, down 25 basis points – the first change in almost a year – amid falling inflation. Inflation stood at 6.6 percent in 2022 and 6.1 percent in 2023 but has returned to low levels, averaging 2.1 percent over the first five months of […] June 26, 2024
Oil & Gas Iran, Iraq and Libya among worst offenders on gas flaring Environmentally ruinous flaring of gas at upstream oil and gas facilities has risen to its highest level for five years, despite pledges to end the practice, the World Bank has said. Iran, Iraq and Libya were among the biggest contributors in 2023, according to a World Bank report published on June 20. Along with six […] June 25, 2024
Video length: 07:15 Tourism Egypt shuts down 16 travel companies after Hajj tragedy Egypt has withdrawn the operating licences of 16 travel companies for organising unlicensed Hajj trips to Saudi Arabia. A statement from the Egyptian government said the companies would be prosecuted and fined, with the funds used to compensate pilgrims’ families for their loss. Hundreds of Egyptians were among 1,301 people who died of exposure to […] June 24, 2024
Agriculture Drought pushes up sheep price for Eid in Morocco The price for a sheep in Morocco for the annual sacrifice at Eid al-Adha has increased on average at 10 times the 2.2 percent rate of inflation. A medium-sized female sheep costs MAD4000 ($400) as opposed to MAD3000 last year. This puts it out of range for many families in the country where a high […] June 17, 2024
Trade Suez Canal revenues and traffic fell in May Suez Canal revenues continued to decline in May because of instability in the Red Sea, according to Egyptian media. Revenues fell 64.3 percent year on year to $337.8 million. Last month 1,111 individual ships passed through the canal – down 54 percent on the May 2023 figure of 2,396. Finance minister Mohamed Maait said last […] June 10, 2024
Infrastructure Morocco to invest $1bn in public transport Morocco is to invest $1.1 billion to enhance its public transport network in the latest move to improve the North African country’s infrastructure. The plan, announced by the Ministry of Interior and will be centred around the provision of 3,500 new buses by 2029, which will operated in 32 cities. Interior minister Abdelouafi Laftit said […] June 4, 2024
Oil & Gas $25bn Morocco-Nigeria gas pipeline gains momentum Morocco’s energy minister has said studies on a $25 billion gas pipeline with Nigeria, which will be backed by investment from the UAE, are almost finished. Work is underway to determine the best route for the pipeline, Morocco World News, a daily news outlet, reported, quoting Leila Benali. The front-end engineering design (Feed) studies cover […] May 31, 2024
Analysis Banking and Finance Digital lenders eager to tap into Egypt’s unbanked masses Egyptian banking history was made this month when Misr Digital Innovation (MDI) became the first Egyptian company to receive preliminary approval for a digital banking licence. MDI, a subsidiary of Banque Misr, will open Onebank – Egypt’s first digital bank – by the first quarter of next year at the latest. Experts predict many more […] May 29, 2024
Construction Egypt and UAE still in talks over $35bn Ras El Hekma deal Egypt and the UAE are holding talks on issuing contracts for the $35 billion Ras El Hekma development project, according to a news report. “It’s still extremely premature. We are now in the stage of finalising contracts,” Nader El Biblawi, chairman of the Egyptian Travel Agents Association, told Reuters. While no details were given on […] May 29, 2024
Economy AfDB launches $13bn plan to support Moroccan economy The African Development Bank (AfDB) has launched its €12 billion ($13 billion) five-year strategic roadmap to support Morocco’s economic growth. The new strategy aligns with the country’s new development model until 2035 and will strengthen Morocco’s economic competitiveness and resilience, sustainable growth, and consolidating economic and social inclusion dynamics, the bank said. “This new strategy […] May 28, 2024
Renewable Energy Tunisia signs $6.5bn green hydrogen investment deal Tunisia has signed a memorandum of understanding with French company TotalEnergies and Austrian group Verbund to produce green hydrogen (H2V). The first phase of the project, which is expected to cost €6 billion ($6.5 billion), aims to produce 200,000 tonnes of H2V per year, generating 5,000 megawatts (MW) of renewable energy and 2,000MW of electrolysis […] May 28, 2024
Agriculture Tunisia’s honey production hit by global warming Almost three-quarters of beekeepers in Tunisia have seen their honey production curtailed by climate change. The North African country has 305,000 hives tended by 13,000 beekeepers, according to Hassene Ben Salem, chief engineer at the Office of Livestock and Pastures. But he said extreme weather conditions have almost halved honey production, from an average of […] May 22, 2024
Tourism Egypt to host more Turkish tourists as relations improve Egypt will likely host 250,000 Turkish tourists this year as relations between the two nations improve. Cairo hosted around 80,000 Turkish tourists in the first four months of 2024, Amr El-Kady, CEO of the Egyptian Tourism Authority, told the state-run Anadolu Agency. The Egyptian government is working on several initiatives to boost tourism, with a […] May 22, 2024
Analysis Finance Gulf asset managers remain wary of resurgent bitcoin Gulf asset managers and institutional investors remain reluctant to invest in bitcoin, despite the cryptocurrency’s resurgence over the past year. The Middle East and North Africa accounted for 7 percent – or $390 million – of global crypto volumes in the 12 months to June 30, 2023, according to Chainalysis. Turkey made up nearly half, […] May 16, 2024
Tourism Spain’s Barceló expands reach in Middle East and Turkey Spain’s Barceló Hotel Group is intensifying its focus on the Middle East, Africa and Turkey this year with plans to invest more than $400 million as part of its global expansion strategy. The move includes opening hotels in the UAE, Saudi Arabia, Bahrain, Oman, Qatar and Turkey. The company will expand its portfolio in the Middle East by […] May 13, 2024
Analysis Health Egypt misses healthcare targets as population ails Egypt is failing to meet its healthcare spending targets, exacerbating deteriorating living standards that are leading to a rising number of illnesses and health problems. Egypt’s parliament approved legislation in 2018 to achieve universal health coverage by 2030, pledging to expand provision to include the 50 percent of Egyptians lacking insurance, according to a 2023 […] May 10, 2024
Opinion Economy In times of conflict, spare a thought for the non-Gulf economies Confidence and growth have taken hits – but the tide is turning for some nations, if not all May 3, 2024
