Renewable Energy Acwa Power signs up for 1GW Egyptian wind farm The Saudi energy company Acwa Power has signed agreements worth more than $700 million to fund the development, construction, operation and maintenance of a wind power plant in Egypt. Acwa Power said it signed the 20-year senior debt agreement, worth SAR2.63 billion ($703 million), with a syndicate of development financial institutions. The 1.1GW wind power […] December 31, 2024
Retail MAF Lifestyle awaits ‘stability’ before entering Egypt The lifestyle arm of the UAE conglomerate Majid Al Futtaim is looking for opportunities to expand into Egypt. However, there must be “stability” in the country before any move is made, MAF Lifestyle’s CEO, Fahed Ghanim, has told AGBI. Majid Al Futtaim as a group already runs operations in Egypt, including the Mall of Egypt […] December 30, 2024
Logistics Suez Canal revenue drops $7bn amid Red Sea instability Suez Canal revenue fell 60 percent, or $7 billion, year on year in 2024 as ongoing instability in the Red Sea disrupted global shipping traffic, according to a news report. Despite the significant earnings drop, the Egyptian government is pressing ahead with modernisation projects to enhance the canal’s capacity and maintain its pivotal role in […] December 30, 2024
Energy Egypt secures $275m loan for largest wind farm in Africa Egypt has secured $275 million in funding for the construction and operation of the largest wind farm in Africa. The loan, granted to Suez Wind, includes $200 million from the European Bank for Reconstruction (EBRD) and Development and $75 million from Arab Bank and Standard Chartered. The project is co-financed by the African Development Bank, […] December 26, 2024
Economy Egypt gets IMF’s initial nod for $1.2bn loan tranche The International Monetary Fund (IMF) and Egypt have reached a staff-level agreement, paving the way for the release of $1.2 billion on the fourth review under its extended fund facility. The loan disbursal, however, is subject to approval by the fund’s executive board. “The Egyptian authorities have continued to implement key policies to preserve macroeconomic […] December 25, 2024
Economy Europe to loan $1bn to Egypt to meet part funding needs The European Commission has agreed to disburse €1 billion ($1.04 billion) in loans to Egypt to cover part of its financing needs for 2024/2025. The loan will be released after Cairo fulfils the policy conditions agreed with the European Union (EU) under the ongoing macro-financial assistance. The funding will also support macroeconomic stability and support […] December 23, 2024
Markets Masdar-backed Infinity Power considers Abu Dhabi IPO Infinity Power, a joint venture between Egypt’s Infinity and the UAE’s Masdar, is considering listing on the Abu Dhabi stock exchange within the next three years, according to its chairman. “If we’re going to list today, our preference would be Abu Dhabi,” Mansour said. “Maybe that changes in a year or two. It depends on […] December 18, 2024
Aviation Cairo-Jeddah is world’s second busiest international route The Cairo to Jeddah flight route is the second busiest international route in the world, behind only Hong Kong-Taipei, according to the annual report from aviation data provider OAG. Using total airline capacity, OAG analysed the routes with the largest volume of scheduled seats this year, using round-trip flights rather than one-ways. The two-hour and […] December 18, 2024
Energy BP and Adnoc launch joint gas platform Arcius Energy BP and XRG, the new lower carbon energy and chemicals investment company set up by Abu Dhabi National Oil Company (Adnoc), have completed the formation of a joint venture named Arcius Energy. The new venture, 51 percent owned by BP and the remaining 49 percent by XRG, will focus on international gas operations. It will […] December 16, 2024
Industry Egypt to localise 23 industrial sectors Egypt aims to localise 23 high-priority sectors to spur industrial development and reduce reliance on imports, according to a local media report. These industries are critical to the country’s economic growth and leverage locally available raw materials, Egypt Daily reported, citing deputy prime minister for industrial development and minister of industry and transport Kamel El-Wazir […] December 16, 2024
Renewable Energy Egypt and UAE company to develop $600m wind power plant Egypt has signed an agreement with Dubai-based energy company AMEA Power to build a 500-megawatt (MW) wind power project in the Gulf of Suez, according to media reports. The $600 million project reflects the country’s commitment to expand its renewable energy capacity, prime minister Mostafa Madbouly said. The renewable energy sector is a key focus […] December 15, 2024
Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] December 13, 2024
Energy Loan for Egypt wind farms passed by Opec Fund A $40 million loan to Egypt to support the construction of two wind farms in the Gulf of Suez and Jabal Al-Zeit regions has been approved by the Opec Fund for International Development. The two wind farms, with a total capacity of 1.1GW, will provide energy to more than 1.3 million households and contribute to Egypt’s […] December 13, 2024
Leisure & Hospitality Hilton to triple Egypt presence with new brands Hilton is planning to triple its presence in Egypt, increasing the number of hotels to 25 and expanding its footprint to more than 40 properties. The expansion includes the opening of its lifestyle brand, Tapestry Collection, on the African continent, as well as Egypt’s first Curio Collection and a resort under the Hilton Hotels & […] December 13, 2024
Opinion Trade Kaizen meets Vision 2030: Japan’s expanding role in Gulf growth Trade with the GCC is already almost $100 billion in imports and exports December 12, 2024
Analysis People & Lifestyle Egypt’s historic rent controls are a problem to be solved Ahmed lives in a four-bedroom apartment in a concrete tenement with his ailing mother. The flat has been in the family since his father, who died several years ago, began renting it when he graduated from university in the 1960s. It is in Manial, a bustling, lower-middle-class area of Cairo, the kind of place where […] December 6, 2024
Opinion Trade Gulf is not immune to Trump’s tariff threats President-elect’s de-dollarisation warnings are likely to flounder amid complex economic realities December 5, 2024
Finance Egypt to list military-linked companies says PM The Egyptian government will reveal plans next week to list military-affiliated companies on the local stock exchange, prime minister Mostafa Madbouly has said. Local media reports said three to four companies will be listed on the Egyptian stock exchange. No company names were given. The listings will attract investment and promote economic development, he said […] December 5, 2024
Economy Kuwait renews $2bn deposit with Central Bank of Egypt Kuwait has renewed a $2 billion deposit with Egypt for an additional year, the Central Bank of Egypt (CBE) said in its latest external report. The deposit, scheduled to be due in April 2024, will now mature in April 2025. The Gulf nation currently holds $4 billion in deposits with the CBE. While one tranche […] December 4, 2024
Real Estate Egypt and Qatar to explore ‘major’ real-estate project Egypt will collaborate with Qatar on a “major real estate project” in the North Coast region, prime minister Mostafa Madbouly said. The Gulf country has sought investment opportunities in the tourism and hospitality sectors, local media reported, citing the prime minister, who met his Qatari counterpart Sheikh Mohammed bin Abdulrahman Al-Thani in Egypt. No other […] November 28, 2024
