London-listed Centamin reports higher gold reserves in Egypt London and Toronto-listed Centamin reported an increase in its Sukari gold mine reserves in Egypt by about 1.3 million ounces, representing the largest increase in the reserves in a decade. The growth represents an increase of 13 percent in proven and probable mine reserves, reaching 11.11 million ounces at the end of June 2022, compared […] December 15, 2022
Banking & Finance PIF said to buy Egypt’s United Bank for $600m Saudi Arabia’s Public Investment Fund (PIF) is in advanced talks to acquire Egypt’s state-owned United Bank, Bloomberg reported, citing informed sources. The deal may be closed by month-end, they said. The sovereign wealth fund has nearly completed due diligence on the transaction, with plans to purchase the bank through its Egypt-based investment management firm, Saudi […] December 13, 2022
Manufacturing Beko starts work on $100m home appliance plant in Egypt Beko Egypt, a subsidiary of Turkey-based Arcelik, has laid the foundation stone for a new $100 million home appliance plant in Egypt’s 10th of Ramadan Industrial Zone, the company said in a statement. The investment is expected to boost the regional economy by creating more than 2,000 jobs. In addition, the factory will develop local […] December 11, 2022
Economy Egypt inflation rises to 5-year high of 18.7% in November 2022 Egypt’s annual urban consumer inflation rate surged to a five-year high of 18.7 percent in November, closely matching analyst expectations, data from the statistics agency CAPMAS showed on Thursday. The inflation figure, up from 16.2 percent in October, was the highest since December 2017, when it hit 21.9 percent. The price rises followed a currency […] December 9, 2022
Banking & Finance Egypt expects approval of $3bn IMF package next week Egypt is expecting approval of a new $3 billion extended fund facility package from the International Monetary Fund (IMF) next week, deputy finance minister Ahmed Kouchouk said on Wednesday. Egypt’s finances remain fragile despite two major currency devaluations this year and the IMF package, which was announced in October as Egypt pledged to shift to […] December 8, 2022
Economy Egypt private sector shrinks in November after devaluation Egypt’s non-oil private sector shrank in November at its sharpest rate since the outbreak of the coronavirus pandemic in early 2020, with a weaker currency weighing on the cost and the availability of foreign goods, a survey showed on Monday. The S&P Global Egypt Purchasing Managers’ Index (PMI) slid to 45.4 in November from 47.7 […] December 5, 2022
Banking & Finance Egypt aims to issue first Chinese yuan-denominated bonds Egypt aims to issue its first “panda” bonds by the end of this fiscal year, deputy finance minister Ahmed Kouchock said on Sunday. “We are just waiting for the right moment,” Kouchouk told an event at the American University in Cairo. Panda bonds are bonds denominated in Chinese yuan but issued by foreign borrowers. Earlier, […] December 5, 2022
Agriculture Egypt to restart export of agri products to Philippines Egypt will start exporting agricultural products to the Philippines after five years of negotiations, Reuters reported, citing the Egyptian Ministry of Agriculture statement. The first shipment of Egyptian citrus is expected to be exported during the current season. Egyptian agriculture exports from January 1 to August 24, 2022, reached around 4.49 million tons, Egypt Today […] December 4, 2022
Analysis Africa’s gas dilemma as Europe offers ‘get rich quick’ opportunity Africa is facing a dilemma: provide gas for Europe now with short-term economic gain or focus funding on the development of renewable energy sources, with long-term energy security, economic growth and stability. Driven by the opportunity to take advantage of soaring prices, gas-exporting African countries are adjusting their energy development plans to meet demand, particularly […] December 2, 2022
Economy Egypt’s economy may grow 5% on high public investments Egypt’s economy is expected to achieve overall growth of around five percent by the end of the current fiscal year, Ahram Online reported, citing minister of planning and economic development Hala El-Said. The anticipated growth is attributed to the resilience shown by the Egyptian economy due to the expansion in public investments, she said in […] December 2, 2022
Energy Dubai firm plans $1.1bn clean energy investment in Egypt Dubai-based Amea Power announced on Wednesday that it has achieved a financial close to deliver 1 gigawatts (gw) of wind and solar energy projects in Egypt. The 500mw wind and 500mw solar projects, represent $1.1 billion of investment into the Egyptian economy and takes the company’s clean energy portfolio to 2gw in the country. Amea […] December 1, 2022
Economy Egypt’s net foreign assets continued to decline in October Egypt’s net foreign assets (NFAs) fell by EGP 109.9 billion ($4.47 billion) in October, extending a decline that began in September 2021, central bank data showed. The decrease works out to about $228 million after calculating for devaluations during October. Russia’s invasion of Ukraine in February sparked a currency crisis that led to Egypt to […] December 1, 2022
Tourism Europe’s Ryanair in talks to expand into Egypt and Libya Europe’s largest airline by passenger numbers, Ryanair, is in talks with authorities in Egypt and Libya about operating flights to the countries for the first time, chief executive Michael O’Leary said on Tuesday. Ryanair’s only flights outside of Europe currently are to and from Morocco, Israel and Jordan. Its Hungary-based rival Wizz, which flies to […] November 30, 2022
Economy Egypt not out of the woods after IMF rescue deal Egypt’s finances remain in a precarious state despite two major currency devaluations this year and a brand new $3 billion International Monetary Fund (IMF) rescue package, economists say. With debt interest payments set to soak up over 40 percent of the government’s revenues next year and a lack of foreign currency still hurting the economy, […] November 27, 2022
Agriculture 5,000 Egyptian farm workers to head to Greece in pilot scheme Egypt will provide 5,000 seasonal workers to help meet the growing needs of Greece’s agricultural sector under a pilot scheme agreed by the two countries. Greece’s foreign ministry said in a statement that the deal could be a “guide” for future agreements signed by Greece and the European Union (EU) with third countries to combat […] November 24, 2022
Banking & Finance Egypt and Turkey among nations facing high-risk currency crises Nomura has warned that seven countries – Egypt, Romania, Sri Lanka, Turkey, Czech Republic, Pakistan and Hungary – are now at a high risk of currency crises. The Japanese bank said that 22 of the 32 countries covered by its in-house “Damocles” warning system have seen their risk rise since its last update since May, […] November 23, 2022
Energy Egypt said to start building $11bn wind farms project from 2024 Egypt will start construction of an $11 billion wind farms project in 2024, which is likely to supply electricity to Europe and Saudi Arabia, Bloomberg reported. A consortium comprising Abu Dhabi-owned Masdar and Infinity Power Holdings will finish building the 10-gigawatt (GW) onshore plant by 2030, Mohamed Mansour, chairman of Infinity Power, told the news […] November 21, 2022
Cop28 Cop27 deal delivers landmark on ‘loss and damage’, but little else Countries adopted a hard-fought final agreement at the Cop27 climate summit early on Sunday that sets up a fund to help poor countries being battered by climate disasters – but does not boost efforts to tackle the emissions causing them. After tense negotiations that ran through the night, the Egyptian Cop27 presidency released the final […] November 20, 2022
Banking & Finance Egyptian expat remittances fall slightly to $20.9bn Remittances from Egyptian expatriates reached $20.9 billion in the first eight months of 2022, compared to $21.4 billion a year earlier, Egypt Today reported, citing data from the Central Bank of Egypt (CBE). Remittances from Egyptian expatriates fell to $2.2 billion in August 2022. Money inflow from Egyptian expatriates increased by 1.6 percent during the […] November 20, 2022
Cop28 ‘Blame game’ and tension over lack of final proposal Cop27 attendees are preparing for a long weekend as it appears increasingly likely that talks in Sharm el-Sheikh will be extended. Speaking on Thursday evening at a press conference that was due to begin the process of wrapping up the summit, Cop27 president Sameh Shoukry told reporters that “there are still a number of issues […] November 18, 2022
