Economy Egypt remittances up by $3bn as inflation continues to drop Inflation in Egypt fell to its lowest level since 2022 in July, while remittances, the country’s largest source of foreign currency, surged in recent months. According to figures released by state statistics agency Capmas on Thursday, annual urban consumer prices grew by 25.7 percent in July, compared to 27.5 percent in June, a steeper drop […] August 8, 2024
Economy Egypt’s new finance minister sets out plan to reduce debt Egypt aims to cut its tax-to-GDP ratio to below 85 percent by the end of June 2026 and issue new debt in pounds to reduce the proportion of external debt, its new finance minister said on Tuesday. But Ahmed Kouchouk and his team pushed back on calls to raise taxes. In his first press conference […] August 7, 2024
Economy Egyptian currency and stocks slide on fears of US recession The Egyptian pound dropped to a five-month low this week as regional tensions spiked and speculation mounted about a recession in the US. It briefly reached EGP49.55 against the dollar on Monday morning, close to the record EGP49.56 set when the Central Bank of Egypt floated the currency on March 6. By midday on Monday, […] August 6, 2024
Aviation Egypt to bring in private airport management Egypt is offering contracts to private companies to manage selected airports in an effort to attract investment into the aviation sector and improve services for travellers. The newly appointed civil aviation minister Sameh Al-Hafni announced the move in a meeting with key ministry officials, and subsequently released them as a statement via the Egyptian cabinet […] August 5, 2024
Banking & Finance Saudi Arabia to convert $10bn Egypt deposit to investment Saudi Arabia is planning to convert its $10 billion deposit with the Central Bank of Egypt (CBE) into an investment. The Saudi investment minister Khalid Al Falih announced the news during a meeting with Egyptian prime minister Mostafa Madbouly on Thursday. It follows a $35 billion agreement by the UAE sovereign wealth fund ADQ to […] August 2, 2024
Logistics Suez Canal monthly losses reach $550m Egyptian prime minister Mostafa Madbouly has said the Suez Canal is reporting losses of up to $550 million per month due to ongoing regional tensions. In January Suez Canal Authority chairman Osama Rabie said dollar revenues from the Suez Canal were down 40 percent since the start of the year after attacks forced global shippers to opt […] July 31, 2024
Analysis Entrepreneurs Gulf investors show renewed appetite for Egypt’s startups Venture capital companies are reporting renewed interest in Egyptian startups after a difficult few years for the country’s tech entrepreneurs. Emirati and Saudi investors are leading the return, say VC experts, after record-high inflation and a prolonged foreign exchange crisis dented deal-making. Since the Egyptian authorities floated the pound in March and the economy has […] July 31, 2024
Economy IMF urges Egypt to expand private sector after loan release The International Monetary Fund completed a third review of Egypt’s extended fund facility on Monday, allowing government authorities to draw the equivalent of $820 million. Disbursement of the funds will mean that $1.64 billion of the total $8 billion loan has been received since it was agreed in March. The IMF praised the Egyptian government’s […] July 30, 2024
Oil & Gas Egypt signs deals to boost oil and gas output Egypt has signed a series of investment agreements with international companies to increase oil and gas output as it strives to deal with a severe energy shortage. Shell Egypt and Malaysia’s Petronas will invest $222 million to increase production rates and reserves in the Mediterranean’s West Delta region, according to Mena, the official press agency. […] July 29, 2024
Economy Egypt external debt makes record drop Egypt’s external debt decreased by over $14 billion between December 2023 and May 2024, the steepest drop on record according to its Central Bank (CBE). External debt fell from a record high of $168 billion at the end of December to $154 billion at the end of May, a decrease of 8.4 percent. The drop […] July 23, 2024
Finance Abu Dhabi-backed Egyptian fintech raises $160m Egyptian fintech MNT-Halan, backed by Chimera Abu Dhabi, a private investment company, has raised $157.5 million to support regional expansion. The International Finance Corporation, the World Bank’s private investment arm, invested $40 million in the fundraising round. The remaining was contributed by Lunate, an Abu Dhbai-based asset management company, Development Partners International, Lorax Capital Partners, […] July 22, 2024
Analysis Economy Egypt seeks to treble foreign direct investment to $30bn Egypt’s new cabinet, formed earlier this month, wants to treble foreign direct investment into the country from the record $10 billion of FDI inflows recorded in 2022-23. The ambitious target of $30 billion in FDI during the current financial year, which began on 1 July, has been set as Egypt cuts budgets and slows down […] July 22, 2024
Finance Egypt to float Suez Canal subsidiary next year Egypt’s Suez Canal Authority (SCA) is planning to list Canal Mooring & Lights Company, a specialist in the mooring and unmooring of ships, on the local bourse, a news report said. The proposed listing will take place early next year, Bloomberg Ashraq reported, quoting SCA’s chairman Osama Rabie. In June 2023, the official confirmed the […] July 17, 2024
Logistics Expansion work begins at Egyptian Red Sea port Construction has commenced on expanding a container terminal at Egypt’s Ain Sokhna Port on the Red Sea. Red Sea Containers Terminals, jointly owned by Hong Kong’s Hutchison Ports, France’s CMA Terminals and China’s Cosco Shipping Ports, has appointed Cairo-headquartered Edecs as the main contractor to work on constructing the infrastructure, yards and buildings. The […] July 15, 2024
Oil & Gas Egypt pays $1.3bn arrears to foreign oil and gas companies Egypt cleared $1.3 billion of outstanding payments to foreign oil and gas companies operating in the country in June and has established a plan to reimburse the remaining dues within the next month, according to the government. The payment accounted for about 20 to 25 percent of the arrears owed to the companies, Prime Minister […] July 12, 2024
Economy IMF postpones $820m Egypt loan meeting An executive meeting between Egypt and the International Monetary Fund (IMF) to discuss the North African country’s next loan instalment has been postponed to the end of the month. “The IMF executive board meeting on Egypt’s third review under the extended fund facility has been rescheduled to July 29th,” the IMF’s Egypt mission chief, Ivanna […] July 11, 2024
Opinion Aviation Egypt must strike the Saudi aviation market while it’s hot New capacity should go to the kingdom's regional routes, where rapid growth is creating new opportunities July 10, 2024
Real Estate UAE developer to build $500m project in Egypt KSH Investment Company, a UAE-based real estate developer, is planning to build an EGP24 billion ($500 million) mixed-use project in Cairo. The deal, finalised with Egypt’s Safwat Kaliouby Group, involves the development of three residential and commercial towers along with a five-star hotel in an area overlooking the Nile’s Warraq Island, Egyptian state-owned Mena news […] July 10, 2024
Analysis Renewable Energy Austerity threatens Egypt’s green energy progress Sprawling over 37 sq km of desert north of Egyptian city of Aswan, the Benban Solar Park is one of the largest photovoltaic power plants in the world. Made up of 41 individual solar plants, the park’s investors boast it can be seen from space. Launched in 2018 and now at 1.8 gigawatt capacity, in […] July 9, 2024
Banking & Finance Remittance revival pushes Egypt’s FX reserves to record Egypt recorded its highest foreign exchange reserves ever in June, after remittances rose almost 75 percent year on year. Boosted by the disbursement of loans and investment deals, as well as the return of remittance payments to the formal banking sector, reserves reached $46.38 billion, up from $46.13 billion in May, which itself was also […] July 9, 2024
