Egyptian healthcare startup raises $16m in latest funding round Egypt’s digital healthcare startup Yodawy has raised $16 million in the first close of its Series B round, the company said in a statement. The round was co-led by Delivery Hero Ventures, the venture capital arm of food delivery platform Delivery Hero, and UAE-based Global Ventures. Japan’s AAIC Investment and Saudi-based Dallah Albaraka also participated […] February 13, 2023
Economy Egypt’s inflation hits nearly five-year high at 25.8% in January Egypt’s annual urban consumer price inflation jumped to a higher-than-expected 25.8 percent in January, its fastest in more than five years, data from statistics agency CAPMAS showed. The rise from 21.3 percent in December followed a series of currency devaluations starting in March 2022, a prolonged shortage of foreign currency and continuing delays in getting […] February 10, 2023
Markets Egypt to sell state stakes in 32 firms over next year Egypt plans to sell stakes in at least 32 companies by the end of March 2024, Prime Minister Moustafa Madbouly said on Wednesday, dusting off plans that have largely lain dormant for years as the country’s financial woes mounted. Among the planned sales are stakes in three prominent banks, Banque du Caire, United Bank of […] February 9, 2023
Economy Egyptian inflation likely to accelerate further in January Egypt’s headline inflation is expected to accelerate further in January after surging to its highest in five years in December, a Reuters poll showed on Tuesday, as prices continued to rise after a series of devaluations over the past 10 months. The median forecast of 14 analysts showed annual inflation at 23.75 percent in January, up […] February 8, 2023
Economy Moody’s lowers Egypt rating to B3 but changes outlook to stable Ratings agency Moody’s lowered Egypt’s sovereign rating by one notch to B3 from B2 on Tuesday, citing the country’s reduced external buffers and shock absorption capacity. The agency changed its outlook for Egypt to stable from negative. “Moody’s does not expect Egypt’s liquidity and external positions to rebound quickly”, the agency said. Egypt has continued […] February 8, 2023
Economy Egypt’s non-oil activity slides for 26th month as inflation bites A contraction in Egyptian non-oil private sector activity entered its 26th straight month as high inflation and a continued shortage of foreign currency weighed on business, a survey showed. The S&P Global Egypt Purchasing Managers’ Index (PMI) slipped to 45.5 in January from 47.2 in December, well below the 50.0 threshold that marks growth in […] February 6, 2023
Energy Egypt’s gas exports to Europe reach 60% in 2022 Egypt exported 60 percent of its natural gas production from Damietta liquefaction plant to Europe for the first time, according to a local media report. The plant has exported 7.2 million tons of natural gas, Egypt Independent newspaper said, citing the ministry of petroleum and mineral resources. Nearly four million tons of liquefied natural gas […] February 5, 2023
Economy Egypt’s current account deficit shrinks 20.2% as imports fall Egypt’s current account deficit narrowed by 20.2 percent to $3.2 billion in the July to September quarter as imports shrank, exports rose and tourism revenue shot up, the central bank said in a statement. Exports rose by 12.6 percent to $9.97 billion while imports fell by 4.1 percent to $19.07 billion. Receipts from tourism jumped […] February 3, 2023
Banking & Finance Egypt’s central bank leaves key interest rates unchanged Egypt’s central bank kept its overnight interest rates unchanged on Thursday, saying in a statement that steep rate increases put in place over the last year should help to tame inflation, now running at 21.3 percent. The hold had been unexpected by many analysts. A poll of 13 analysts forecast the bank would raise rates […] February 3, 2023
New academy to help Mena startups tap into Africa As competition within the Middle East’s startup sector intensifies, a new academy is offering free advisory services, especially those looking to scale up in the African market. The DAI Magister Academy, founded last summer by boutique investment bank DAI Magister, has already helped several startups in Africa. It now hopes to develop across the Mena […] February 3, 2023
Markets Egypt to unveil plan to offload stakes in 20 state entities shortly Egypt’s government aims to announce a detailed plan next week to offer stakes in at least 20 state companies over the coming year, Prime Minister Moustafa Madbouly said after a cabinet meeting on Wednesday. An Egyptian plan to sell stakes in public companies, first announced more than five years ago, has gained new urgency since […] February 2, 2023
Economy High inflation boosts demand for gold Demand for gold coins, bars and jewellery soared in the Middle East last year, according to the World Gold Council. In 2022 demand for gold coins and bars in the Mena region surged 42 percent year-on-year to 77.8 tonnes, the highest annual total since 2018. “Egypt, Qatar, Iraq, the UAE and Oman significantly boosted their […] February 1, 2023
EXCLUSIVE Banking & Finance Egypt’s Paymob in Gulf expansion drive following $50m funding Paymob, the Cairo-based payments facilitator, is seeking to expand into Saudi Arabia after its recent debut in the UAE market. The company is also launching tap-on-phone payments in the UAE this year following its partnership with Mastercard to offer the service in its home market in 2021. “We see a massive opportunity to serve this […] February 1, 2023
Banking & Finance Egypt’s net foreign assets climb by $2bn in December 2022 Egypt’s net foreign assets (NFAs) improved by EGP47.28 billion in December 2022, marking a second month of increases after it allowed its currency to depreciate sharply in October, central bank data showed. NFAs improved to a negative EGP494.3 billion from a negative EGP541.5 billion in November. This works out to an improvement of about $2.06 […] February 1, 2023
Tourism Tourism rebound brings spot of light to lessen gloom for Egypt Egyptian tourism performed strongly in the final quarter of 2022 – and this could have “a multiplier effect” for the country’s economy, analysts have said. Hotel occupancy in Cairo has continued to rebound despite Egypt’s economic challenges, according to the latest report by real estate consultancy JLL. The average occupancy rate for January to November […] January 30, 2023
Markets Egypt to announce listing of state-owned companies shortly Egypt’s cabinet will announce the country’s plans to list state-owned companies on the Egyptian Exchange (EGX) during 2023, Ahram Online reported, citing Prime Minister Mostafa Madbouly. “In less than two weeks, the cabinet will fully announce the plan to offer all [mandated] companies on the Egyptian exchange in 2023,” he stated. The step follows the recently […] January 29, 2023
Egyptian gaming startup acquires Tunisian rival Galactech Egyptian startup GBarena, an esports platform operating across the Middle East, has acquired Tunisian rival Galactech in a share swap valued at $15 million. The deal comes as GBarena prepares to close its Series A funding later this year, with participation from investors in the US, Singapore and the Middle East and North Africa (Mena) […] January 26, 2023
Banking & Finance Egyptian banks to support local SMEs with $120m funding Saudi-based Islamic Corporation for the Development of the Private Sector (ICD), an affiliate of the Islamic Development Bank, is planning to provide financing worth $120 million to local Egyptian banks, including Banque Misr and the National Bank of Egypt (NBE), Egypt Today newspaper reported. Funds will help small and medium enterprises (SMEs) and provide integrated […] January 25, 2023
Analysis UK seeks North Africa trade boost after Cairo deal The British export credit agency has signed a deal with Egyptian engineering and construction company Hassan Allam Holding to increase cooperation on projects across the Middle East and North Africa. The agreement, signed at the British embassy in Cairo, aims to secure inward investment into the UK and promote cooperation on financing projects and encourage […] January 24, 2023
Development Egypt’s Sisi defends mega-projects while economy is under strain Egyptian President Abdel Fattah Al-Sisi on Monday defended mega-projects undertaken since he took power, saying they were not to blame for economic turmoil that has seen the currency plummet and inflation accelerate. Since Sisi became president in 2014, Egypt has embarked on an infrastructure splurge spearheaded by the military that has included the expansion of […] January 24, 2023
