Economy Egypt’s central bank keeps key rates steady The Central Bank of Egypt has kept its key interest rates steady as economic growth remains below potential. The lending rate was unchanged at 28.25 percent, while the deposit rate remained at 27.25 percent, the monetary policy committee (MPC) said in a statement. “Projections for Q4 2024 show that while economic activity continues to pick […] November 22, 2024
Infrastructure Public-private tenders worth $1bn on offer in Egypt Eleven tenders worth more than $1.2 billion for public-private partnerships (PPPs), mainly involving water and waste water treatment, are about to be issued by the Egyptian government. Atter Hannoura, director of the PPP Central Unit at the Egyptian finance ministry, said that the total value of PPP agreements to be tendered is about EGP62 billion […] November 22, 2024
Tourism Abu Dhabi’s Adtic invests with Accor in Egyptian hotel The Abu Dhabi Tourism Investment Company (Adtic) has signed an agreement with the French hospitality company Accor to open a Sofitel hotel near the Giza Necropolis outside Cairo. Adtic, which is 84 percent owned by the Abu Dhabi Development Fund and 10 percent by the Abu Dhabi National Hotels Company, has allocated $100 million for […] November 21, 2024
Oil & Gas Egypt seeks long-term LNG deals as energy demand soars Egypt is holding talks with global energy companies about securing long-term liquefied natural gas (LNG) supply contracts to meet growing power demands. “The ministry (of Petroleum) is seeking three or four years of supply to hedge from sudden price increases,” an unnamed source told Reuters. The country, which recently became a net importer of LNG, […] November 21, 2024
Finance Egypt’s United Bank set to raise $104m from listing Egypt’s United Bank is set to raise between EGP4.2 billion and EGP5.1 billion ($85-104 million) through an initial public offering (IPO) on the Egyptian stock exchange. The bank set the indicative price range of EGP12.7 to EGP15.6 per share, according to local media reports. The final price will be determined through a book-building process. In […] November 13, 2024
Telecoms Vodafone and Telecom Egypt sign $600m deal to push 5G Telecom Egypt and Vodafone Egypt have signed a series of infrastructure service agreements worth $609 million, including deals to prepare the country for the rollout of 5G. The agreements will enable Vodafone Egypt, the country’s largest mobile operator by market share, to use Telecom Egypt’s extensive infrastructure and fibre optic network. Amr Talaat, Egypt’s minister […] November 12, 2024
Oil & Gas QatarEnergy to acquire stake in Egyptian exploration basin State-backed QatarEnergy has announced plans to buy a 23 percent stake in an offshore exploration block in Egypt from US oil company Chevron. Chevron will retain a 40 percent interest in the concession agreement for the North El-Dabaa (H4) Block in the Mediterranean Sea. The other partners in the block, which is about 10km offshore […] November 12, 2024
Agriculture Egypt’s food exports grow by a third The value of Egyptian agricultural exports grew by $1 billion in the first 10 months of 2024, a year-on-year increase of around a third, as the government strives to open up new global markets and product lines. Egypt exported 7.1 million tonnes of agricultural goods between January 1 and October 30, with a total value […] November 8, 2024
Mining Minerals come into focus as Egypt wrestles with oil reforms Egypt’s proposed platform to encourage investment into their minerals sector is likely to launch early next year, the minister of petroleum and mineral resources said this week. The so-called Mining Portal, which was originally scheduled to be operational by the end of 2024, is part of a drive to exploit what the government says is […] November 8, 2024
Infrastructure Suez Canal Economic Zone plans $3bn investment Egypt’s Suez Canal Economic Zone (SCEZ) plans to invest $3 billion on infrastructure over the next few years to attract new investors, chairman Waleid Gamal El-Dein said. “We have been able to attract more than $6.3 billion of investments in various sectors and logistics and ports,” he told Reuters, expecting the number of projects to […] November 6, 2024
Telecoms First Saudi Arabia-to-Egypt subsea cable announced Mobily and Telecom Egypt have signed an agreement to lay the first subsea cable between Saudi Arabia and Egypt, the companies announced in a joint press statement on Monday. The new cable will connect the Red Sea resort of Sharm El Sheikh with the Saudi city of Duba. Egypt already has landing points for 18 […] November 5, 2024
Oil & Gas Italy’s Eni will restart gas drilling in Egypt and Libya Italian energy company Eni is reviving its exploration operations on Zohr, Egypt’s largest natural gas field, by the end of the year, its CEO confirmed on Monday. “After some time, we were not really working on Zohr, we will restart drilling by the end of the year, and we are going to drill another well […] November 5, 2024
Economy Egypt awaits $1.3bn loan from IMF as review begins The International Monetary Fund (IMF) will conduct its fourth review of Egypt’s loan programme on Tuesday, after which $1.3 billion is expected to be released, Egyptian prime minister Mostafa Madbouly has said. The IMF team will collaborate with officials from the Central Bank of Egypt (CBE) and various ministries, local media reported, citing Madbouly’s speech […] November 4, 2024
Logistics Egyptian company buys into Neom-backed seaglider United Marine Egypt Shipping will be the launch customer for a large passenger seaglider that is designed to travel at high speeds over water. US maritime transport company Regent said UME will be the first to receive its Monarch seaglider. The Monarch is a 50-to-100-passenger electric craft that Regent says will travel up to 650km […] October 31, 2024
Real Estate Dubai’s bellwether Emaar to report Q3 profit rise Dubai’s Emaar Properties, bellwether of the emirate’s bourse, and its real estate development subsidiary, are likely to report sizeable increases in third-quarter profits versus the preceding three months as margins expand and under-construction projects reach revenue recognition thresholds. Emaar Properties owns 79 percent of Emaar Development and also has hospitality and retail divisions. It is […] October 24, 2024
Video length: 03:31 Video Construction Egypt’s weaker currency attracting foreign real estate investors Egypt’s economic recovery and currency devaluation has resulted in the “rediscovery of the real estate market by foreign investors”, according to the chief of the country’s largest waterfront developer, fuelling price rises in the secondary and tertiary segments. Population growth in the Arab world’s biggest country, and wealth creation in some socioeconomic segments, have also […] October 24, 2024
Energy Egypt slashes renewables target to focus on natural gas Egypt has cut its renewable energy goal for 2040 from 58 percent down to 40 percent and will focus on natural gas in order to meet increasing energy demand, according to Karim Badawi, the minister for petroleum. Before hosting the Cop27 climate conference in 2022, the North African state announced a target of achieving a […] October 22, 2024
Economy Egypt plans bonds drive and may review IMF measures Egypt plans to issue new sukuks and green bonds worth between EGP5 billion ($102.9 million) and EGP10 billion ($205.8 million) before June 2025, the end of its current financial year. The country’s finance minister Ahmed Kouchouk told reporters on Saturday of the ministry’s intentions to issue the new bonds. Earlier in the year Kouchouk spoke […] October 21, 2024
Economy IMF changes debt charges to save Egypt $190m a year Egypt looks set to save up to $190 million a year following changes the International Monetary Fund has made to the charges paid by debtors, an expert has told AGBI. The benefits of this extra cash are likely to be tempered, though, as Egypt faces a significant debt burden and persistent inflation. The IMF announced […] October 17, 2024
Trade Saudi Arabia signs deals worth $15bn with Egypt Egypt and Saudi Arabia provisionally agreed investment deals worth a combined $15 billion following the meeting of President Abdel Fattah El Sisi and Crown Prince Mohammed bin Salman in Cairo on Tuesday. Speaking to Al Arabiya TV on Wednesday, the head of the Saudi-Egyptian Business Council, Bandar Al-Ameri, said that the deals include projects in […] October 17, 2024
