Skip to content Skip to Search
Skip navigation

Egypt

Egypt has sufficient reserves to meet the upcoming external debt obligations in 2024, said Morgan Stanley

Egypt’s currency weakens further amid higher dollar demand

Egypt’s currency weakened on Thursday by about 2.3 percent against the US dollar, though bankers said trading was thin and demand for dollars high following the third effective devaluation of the pound in less than a year. The Egyptian pound (EGP) closed at 27.11 per dollar, according to the central bank, after fluctuating more than […]

AMF Egypt

Egypt bonds jump after latest currency devaluation

Egypt’s government bond prices jumped and Egyptian pound non-deliverable forwards (NDFs) climbed 5.5 percent to seven percent to 29.4-32.4 per dollar on Wednesday after the central bank devalued the currency for the third time in less than a year. Egypt’s central bank allowed the pound to weaken to 26.49 to the dollar earlier from about […]

Egypt

Egypt private sector activity continues to shrink in December

Activity in Egypt’s non-oil private sector contracted in December for the 25th straight month as inflation, a weaker currency and continued import controls dampened business, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) rose to 47.2 in December from 45.4 in November, but was still below the 50.0 threshold that […]

The 70-turbine wind farm will cover an area of 57 sq km

Ducab powers giant wind farm as UAE-Egypt trade ties strengthen

Ducab Group, one of the UAE’s largest manufacturers, is supplying 633km of cable to a new Egyptian wind farm in a move that reinforces the strong industrial partnership between the two countries. The Gulf of Suez project will play a key role in Egypt’s commitment to generate 42 percent of all electricity from renewable energy […]

Fintech businesses have seen strong growth in the Mena e-payments sector

UK fintech Total Processing to expand to Saudi and Egypt

Online payments firm Total Processing plans to start operating in Saudi Arabia by the middle of 2023 and then in Egypt, after achieving 30 percent month-on-month revenue growth since it launched in Dubai in 2021.  The company, headquartered in the UK, has witnessed strong growth in the Mena e-payments sector as e-commerce booms and governments […]

Egyptian sovereign fund attracts investments worth $1.5bn

The Sovereign Fund of Egypt has attracted 43 percent of total foreign direct investment, or EGP37 billion ($1.49 billion), since 2018, Ahram Online newspaper reported, citing a statement by Egyptian presidential spokesman Bassam Rady. The money has been invested in 14 projects across several economic sectors, including green hydrogen, water desalination and education. “This will […]

Egypt increases home loan repayment limit to 50%

Egypt’s Financial Regulatory Authority (FRA) has increased the maximum installment limit for mortgage finance schemes up to 50 percent of the purchaser’s income, according to a local media report. Previously, the maximum limit was set at 40 percent. This aims to increase the number of beneficiaries from real estate financing, said FRA Chairman Mohamed Farid, […]

Egypt lifts import curbs, backs bigger private sector role

Egypt has lifted a key restriction on imports and approved a list of economic activities the government would leave to the private sector, in an effort to meet two key conditions attached to the International Monetary Fund’s (IMF) $3 billion support package. In a statement, the central bank said it dropped a requirement for importers […]

Gold prices hit all-time high in Egypt as local currency weakens

The price of gold in Egypt has risen to unprecedented highs as nervous savers seek refuge from a weakening currency and some companies export bullion to raise scarce dollars to fund imports, industry experts say. Figures from the Federation of Egyptian Chambers of Commerce’s (FEDCOC) gold division show the price of 21-carat gold surpassing EGP […]

Plant, Grain, Produce

Egypt plans to double exports to $100bn annually

Egypt plans to double exports to $100 billion annually by rationalising imports and labor-intensive and strategic industries, Egypt Today newspaper reported. Agricultural exports reached six million tons in 2022, up 200,000 tons from last year. Among the top crops were citrus (1.7 million tons), potato (621,900 tons) and onion (510,552). Exports of frozen strawberries have […]

India

Saudi Arabia’s investments in Egypt hit over $6bn

Saudi Arabia has invested $6.1 billion into 6,017 projects across Egypt, becoming the second largest investor in the country, local media reported. The kingdom’s investments cover various sectors, including industry, construction, tourism, agriculture, services, finance, communications and information technology, Arab News reported, citing Egypt’s minister of trade and industry Ahmed Samir. Bilateral trade exchange rose […]

World Bank approves $500m to expand social security in Egypt

The World Bank’s executive board has approved $500 million in development financing for Egypt to expand its social safety net and protection programme in the face of global economic pressures filtering through to the country’s economy, the international cooperation minister said on Friday. The funds will support the government’s Takaful and Karama conditional and unconditional […]

City, Street, Urban

Egypt’s central bank ups interest rates amid inflation worries

Egypt’s central bank hiked overnight interest rates by a greater-than-expected 300 basis points (bps) on Thursday, warning that inflationary pressures were building. The rate hike may signal the central bank may be preparing for a further weakening of the currency. The bank’s Monetary Policy Committee (MPC) raised the deposit rate to 16.25 percent and its […]

Food security

$5.5m initiative for food security in Mediterranean countries

A new $5.5 million package of technical assistance to improve food security in Tunisia, Egypt, Jordan, Lebanon, Morocco and the West Bank and Gaza has been agreed by the European Bank for Reconstruction and Development and the Food and Agriculture Organisation of the United Nations. The joint initiative, which will be launched in January, is […]

Person, Man, Adult

Egyptian shops face shortages as government acts to tame prices

Supplies of basic foods at Egyptian supermarkets have been squeezed and some stores are rationing products, with shopkeepers blaming an import slowdown and speculation by traders as prices rise. Headline inflation has surged to five-year highs of more than 18 percent in Egypt, spurring many shoppers to cut back on purchases or switch to cheaper […]

IMF looks for Egyptian currency flexibility after December-end

The International Monetary Fund (IMF) will be watching for a shift by Egypt to a flexible exchange rate after a requirement to finance imports through letters of credit is phased out at the end of this month, a senior IMF official said on Monday. The IMF’s executive board on Friday approved a 46-month, $3 billion […]

Dubai green

Green deals jump as Middle East returns to pre-Covid levels

Mergers and acquisitions activity in the Middle East has returned to pre-pandemic levels, with green deals on the increase. A Boston Consulting Group analysis shows the Middle East recording 283 deals valued at $23.8 billion in the first three quarters of 2022, an increase of 16 percent compared to the same period last year. The […]

Turkey Sakarya gas

Egypt discovers large gas field in east Mediterranean

Egypt has discovered a large gas field in the Nargis block in the eastern Mediterranean, petroleum minister Tarek El Molla said. Evaluation is still ongoing to determine the field’s reserves, he said in a briefing to a parliamentary committee. Nargis is one of four offshore exploration blocks in which Chevron holds operating interests in Egypt […]

Logo, Person, Man

IMF approves $3bn financial support package for Egypt

The International Monetary Fund (IMF) executive board has approved a 46-month $3 billion financial support package for Egypt, saying it will catalyse additional funding of about $14 billion, the fund said in a statement. The package, extended fund facility, includes a flexible exchange rate regime and enhanced social safety nets to protect the vulnerable, the […]

Egypt and Arab countries trade exchange hits $22bn

The volume of trade exchange between Egypt and Arab countries reached $21.9 billion during the first nine months of 2022, compared to $18.4 billion in the previous year, Ahram Online newspaper reported, citing the Egyptian Central Agency for Public Mobilisation and Statistics. Egypt’s exports to Arab countries climbed to $8.8 billion during the period, up […]