Manufacturing UAE food group Agthia seeks to build Egypt as export hub UAE food and beverages group Agthia is considering Egypt as an export hub after making acquisitions there as part of a regional growth strategy, group CEO Alan Smith said. Agthia, majority-owned by the Abu Dhabi government through state investor ADQ, aims to be one of the Middle East’s leading players in the food industry by […] March 9, 2023
Banking & Finance Egypt offers to sell 10% stake in Telecom Egypt Egypt is offering to sell a 10 percent stake in state-controlled Telecom Egypt, sources with knowledge of the offer said on Monday. The sale of state assets would be one of the first to buyers other than Gulf sovereign funds since President Abdel Fattah Al-Sisi in April ordered the government to draw up a programme […] March 7, 2023
Economy How deep are Egypt’s economic woes? Egypt’s economy has come under severe pressure over the past year, with the Egyptian pound tumbling, foreign currency drying up, and inflation soaring. Some of the causes date back decades, such as failed industrial development and export policies that created a persistent trade deficit. An over-valued currency, weak property rights and institutions, and an overbearing […] March 6, 2023
Tourism Egypt imposes tourism fee on hotel stays to support new fund Egypt has imposed an additional fee for hotel accommodation at one percent of the price of a room to boost the tourism and antiquities support fund. The decision came into effect on March 1, Egypt Today newspaper reported. The fees will be paid at a rate of not less than 5 pounds and not more […] March 5, 2023
Banking & Finance Egypt’s net foreign assets decline by $1.7 billion in January Egypt’s net foreign assets (NFAs) declined by 160.2 billion Egyptian pounds in January, likely due to debts maturing and importers clearing backlogs from ports. NFAs deteriorated to a negative 654.43 billion Egyptian pounds from a negative 494.3 billion at end-December, central bank data showed. This works out to a decline of $1.70 billion using end-of-month […] March 2, 2023
Tech Egypt’s farmers are prepping the soil for a digital revolution Agriculture may be the world’s least digitised industry. While machine learning and artificial intelligence are transforming many areas of our lives, in many countries farming is behind the curve. “Agriculture has been slow to transform and that’s largely because it happens in rural locations and it’s also very fragmented,” said Andy Jenkinson, chief technology at Varda, […] March 1, 2023
Tourism Egypt taps private firms to boost tourism by 30% over five years Egypt, home to ancient pyramids and Red Sea resorts, aims to boost tourism by up to 30 percent annually over the next five years, bringing in private firms to operate sites and inaugurating a huge museum around the end of 2023, its tourism minister said. Tourism is a crucial source of foreign currency and jobs […] February 28, 2023
Banking & Finance Egypt and Qatar sign deal to avoid double taxation Egypt and Qatar have signed an agreement to avoid double taxation and stop tax evasion, according to a local newspaper. The agreement specifies the regulations and conditions for imposing taxes to avoid double taxation on immovable property, business revenues, global, maritime and air transportation, joint projects, and stock revenues, Egypt Today reported. Egyptian cabinet spokesperson […] February 28, 2023
Trade Bahrain, Egypt, Jordan and UAE sign $2bn of industrial deals Businesses from the UAE, Egypt, Jordan and Bahrain have signed industrial deals valued at more than $2 billion at a government-backed gathering in Amman. The meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development, held on Sunday, brought together CEOs and the industry ministers of the four countries. Twelve agreements were […] February 27, 2023
Manufacturing Egypt to get $145m investments in automotive sector Egypt has signed agreements with three global automobile manufacturers worth around $145 million, Prime Minister Mostafa Madbouli said at the first meeting of the Supreme Council of Automobiles. Automobiles are the fourth largest commodity in terms of import value, and the move is part of President Abdel Fattah El-Sisi’s directive to increase this, Egypt Today […] February 26, 2023
Banking & Finance Rising interest rates will help struggling Mena banks Rising interest rates are likely to help major banks in Egypt, Morocco and Jordan to remain profitable in 2023 despite loan defaults increasing and a darkening global economic outlook, S&P Global Ratings forecasts. But banks in the three countries remain vulnerable because of higher funding costs, commodity prices and inflation and lower tourism revenue. The […] February 24, 2023
Construction French firm to build high-speed train line in Egypt French construction company NGE has signed a contract to build a 330 km high-speed train line connecting the Red Sea Port of Sokhna with Borg Al-Arab near the Mediterranean port of Alexandria. Egypt’s National Authority for Tunnels in May signed a contract with Siemens Mobility, Orascom Construction and Arab Contractors to build about 2,000 km […] February 24, 2023
Analysis Energy One year on, what the war in Ukraine means for the Middle East A year since Russia invaded Ukraine, the war’s impacts are reverberating across the Middle East and North Africa. While some Gulf oil producers have prospered during the conflict, it has heaped suffering on some of the most fragile and volatile economies in the region. “It has contributed to the difficulties in Egypt and the worsening […] February 24, 2023
Banking & Finance Egyptians lean on instalment payments to cope with inflation Ahmed Ramadan, a 44-year-old father of three, started using instalment payment services eight months ago after feeling the sting of high prices that have squeezed Egyptians’ pockets over the last year. He used the services to buy a television, a mobile phone for his daughter and even clothes for his family. “It might be more […] February 23, 2023
Ireland’s Middle East exports grow with ‘new’ economy The Republic of Ireland is targeting the UAE and the wider Middle East as a “major growth market”, with innovation at the heart of the economic relationship. Opportunities for closer collaboration between Irish and UAE firms have been identified in the “new” economy including AI, space, fintech and entrepreneurship. Healthcare, and medtech in particular, is […] February 22, 2023
Egypt to raise $1.5bn with debut sukuk at 11% yield Egypt is to raise $1.5 billion from its debut sale of Islamic bonds known as sukuk at a yield of 11 percent, a document on the deal showed. The three-year sukuk had initial guidance of around 11.625 percent and tightened after books closed with demand over $5.35 billion, the document reviewed by Reuters showed. Egypt’s […] February 22, 2023
Banking & Finance Egypt court to rule soon on case related to bank privatisation deal An Egyptian court will rule shortly on a case centred on the 2006 sale of AlexBank to Italy’s Intesa Sanpaolo, two source said, potentially paving the way for the cash-strapped government to sell its remaining 20 percent stake in the lender. Egypt is seeking to raise cash after its financial markets suffered heavy foreign investment […] February 21, 2023
Banking & Finance Egypt hires banks for debut dollar sukuk as Eurobonds mature Egypt has hired banks for its debut sale of Islamic bonds denominated in US dollars, a document on the deal showed. A successful sukuk sale would help Egypt repay $1.25 billion in five-year Eurobonds that mature on February 21. Joint lead managers and bookrunners on the sukuk are Abu Dhabi Islamic Bank, Citi, Credit Agricole, […] February 19, 2023
Banking & Finance Turkish firms pledge to invest $500m in Egypt Turkish companies have committed $500 million in new investments in Egypt after a visiting business delegation met the prime minister for the first time in a decade, the Egyptian cabinet said, in the latest sign of a thaw in relations. Diplomatic relations between Egypt and Turkey were severed after Egyptian President Abdel Fattah Al-Sisi, then […] February 17, 2023
Energy Egypt set to launch first-ever bid for obsolete energy fields Egypt will launch the first-ever bid for obsolete energy fields, minister of petroleum Tarek el-Molla said. Details of the bid will be released before the end of February. “Its economic model will be determined to increase production from those fields that need unconventional methods and specialised technology to extract the quantities available in these fields,” […] February 16, 2023
