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Egypt: bp partners with Masdar, others on green hydrogen project Image: Getty Images/ For illustrative purposes

Egypt: bp partners with Masdar, others on green hydrogen project

The consortium will investigate the feasibility of a large-scale, multi-phase project focused on the development and export of green hydrogen and its derivatives

Egypt - WHEAT - BRICS

BRICS countries back grain exchange idea, Russia says

The exchange would allow buyers to purchase directly from producers

Egypt

World Bank announces $700m in financing for Egypt

The World Bank projects that the support programme will create jobs, strengthen the economy, and enhance Egypt’s resilience to environmental and economic challenges

G7 ITALY

What’s on the G7 agenda?

The summit is due to kick off on June 13 with a discussion about Africa, climate change, and development

Egypt sees progress on loan program

Egypt will have access to about $820m subject to IMF Board approval, fund says

The IMF said its Executive Board would consider the staff agreement and disbursement in the coming weeks

Middle East: Assets under management surge 13%, rising to $2.3tn, according to A BCG study

Middle East: Assets under management surge 13%, rising to $2.3tn in 2023

According to the Boston Consulting Group report, globally in 2023, assets under management rose by 12 pr cent to nearly $120tn

EGYPT CHINA TALKS

Egypt, Bahrain, Tunisia leaders head to China

The discussions are expected to address the Israel-Gaza conflict, the Palestinian issue, and a potential free trade agreement between China and Gulf states

Interview with Stuart Henwood, head of New Balance MENA and India

New Balance’s Stuart Henwood showcases the brand’s legacy, collabs and regional growth

The general manager of New Balance MENA and India shares the factors driving the activewear brand’s growth in the Middle East and its growing appeal among regional customers

DUBLIN, IRELAND - MAY 22: Three leaders of the coalition government - Irish Prime Minister (Taoiseach) Simon Harris (C), Irish Tanaiste Micheal Martin (R) and Irish Minister for Environment, Climate, Communications and Transport, Eamon Ryan (L) - hold a press conference at Government buildings in Dublin, Ireland on May 22, 2024. Ireland is to formally recognize the state of Palestine, Taoiseach Simon Harris has announced. (Photo by Mostafa Darwish/Anadolu via Getty Images)

Ireland, Norway and Spain recognise state of Palestine

The countries have argued that a two-state solution is essential for lasting peace in the region

Egypt-ras al-hekma-UN-HABITAT

Egypt receives second payment of $14bn from UAE

The deal with Abu Dhabi sovereign fund ADQ to develop the peninsula 200 km west of Alexandria includes a total of $35bn in investments

Oracle - Morocco

Oracle expands footprint in Morocco with new investments in R&D

An estimated 40 percent of the new positions will be located outside Morocco’s regions of greater Casablanca and Rabat-Salé-Kenitra

Egypt

Egypt: Foreign debt up $3.5bn in Q4 2023; inflation slows to 32.5% in April

Egypt promised the IMF in the March agreement it would resume tightening if necessary to prevent further weakening of its economy

Egypt-GettyImages-520265584-e1703142282632

Egypt braces for second summer of power cuts as gas supplies dwindle

Power cuts are hurting Egypt’s small businesses that play a crucial role in an economy where growth has slowed

Egypt

Egypt’s outlook upgraded to positive on reduced external financing risks: Fitch

Fitch said Egypt’s initial steps to contain off-budget spending should help to reduce public debt sustainability risks

Etihad significantly expands codeshare with Air France-KLM (Image: Supplied by Etihad)

Air France KLM adds flights to North Africa amid Middle East tensions

Airlines have suspended hundreds of flights to and from Tel Aviv, as well as some to Lebanon and Jordan since the outset of the war

Egypt

IMF says Egypt to address central bank overdrafts, off-budget activity

Egypt is expected to implement more financial reforms amid the country’s IMF bailout

Egypt raises $800m from hotels in divestment drive

IMF ties Egypt loan disbursements to currency flexibility

The IMF forecasts that Egypt’s inflation will remain high in the near term, with average inflation for the coming fiscal year, expected at 25.5%

Eid Al Fitr holiday dates Saudi Arabia

Eid al Fitr 2024: Saudi Arabia announces holiday dates for public and private sector

The holiday will begin at the end of the work day on Sunday, April 7, with most employees getting four days off to mark the festival

hijri islamic new year

Eid Al Fitr 2024 likely date predicted by UAE astronomers

According to the latest calculations based on the Islamic astronomical calendar, the month of Ramadan is expected to be a 30-day one

Red Sea - MAERSK

Hapag-Lloyd to seek cost cuts in 2024 as Red Sea crisis hits profit margins

Habben Jansen said the Red Sea crisis had rather enforced route changes

Oil

Iraq to compensate for January crude production increase

Iraq’s oil ministry has confirmed that it will compensate over the next four moths for the increase in crude production

Red Sea - MAERSK

Red Sea attacks: Here’s how shipping firms have reacted

Several major shipping companies have had to react to challenges being faced in the Red Sea

Red Sea shipping

Red Sea tensions to drive ocean freight shipping rates up by 243%

While the situation remains volatile and subject to change, the newly-released data is best indication of where the market is headed

Fitch Ratings cuts Egypt’s credit score one step to B-

IMF, Egypt agree on ‘main elements’ of economic reform programme

The International Monetary Fund has agreed with Egypt on key policy components of an economic reform programme

Ikea furniture price discount

Your next Ikea purchase could come at a discount as raw material costs ease

The furniture retailer has announced price cuts in Germany – its biggest market by sales – as well as Sweden and the UK

Business as usual for Suez Canal as Egypt denies suspension

Navigation movement in Egypt’s Suez Canal is regular from both directions, says a top official from that country

ANTONY-BLINKEN-MAHMOUD-ABBAS-STATE-DEPT

Antony Blinken back in the Middle East as Israel crisis rages on: 8 countries on tour list

Blinken’s visit to the region comes amid an escalation to the crisis in the Middle East

REVEALED: The 30 best places to work in the Middle East

The annual Middle East list, published by “The Best Places to Work”, has just been released and it has based its results on the assessment of over 500 companies

EGYPT-Cairo-City-GettyImages-83589386.jpg

How deep are Egypt’s economic troubles?

An over-valued currency, weak property rights and institutions, and an overbearing state and military have deterred investment and competition

Total passenger traffic rises 64.4% in 2022

Global airlines poised for 2.7% jump in profit in 2024, says IATA

Industry profits will reach $25.7bn in 2024, which is a slight improvement over this year’s $23.3bn