#Egypt

UAE FDI in investment in early 2024 - Image-by-WAM

UAE’s FDI estimated at $2.5tn by early 2024: UAEIIC secretary-general

This robust financial footprint strengthens the UAE’s position as a significant global economic force

EFG Hermes exit Oman

Egypt’s EFG Holding notches up record revenues

One of Egypt’s biggest banking and investment firms has recorded that its net profit after tax and minority interest rose 39 per cent year-on-year

EGYPT-TOURISM

Egypt’s credit outlook upgraded to positive by S&P amidst foreign investments

Egypt’s commitment to exchange rate liberalisation combined with budgetary consolidation targets are crucial for boosting international confidence

Egypt gets EUR7.4bn aid package from the EU

Egypt secures EUR7.4bn aid package from the EU

The funding program will prioritise economic stability, investments and trade as well as migration and security

UAE President receives Egypt President photo Wam

S&P upbeat on Egypt rating after $35bn UAE deal

Moody’s on Thursday affirmed its CAA1 rating but changed its outlook on Egypt to positive citing significant official and bilateral support

EFG HERMES - gcc economy - sector

EFG Hermes reveals five must watch sectors for 2024

Following the theme of its conference, EFG Hermes highlights opportunities available in frontier emerging markets

Egypt raises minimum wage by 50% as part of ‘urgent’ package

How big are Egypt’s economic challenges?

As many as 60 per cent of Egypt’s 106 million citizens are estimated to be below or close to the poverty line

Egypt signs expanded $8bn loan deal with IMF

Egypt secures IMF deal after pound plunge, bumper rate hike

The central bank raised the overnight lending rate to 28.25 per cent and its overnight deposit rate to 27.25 per cent

UAE makes $35bn FDI investment in Egypt-GettyImages-520265584-e1703142282632

UAE’s mega $35bn deal marks largest FDI in Egypt’s history

The project is expected to create significant job opportunities, attract further foreign investment, and contribute to the North African country’s tourism and economic growth potential

IMF, Egypt sees progress on loan program

IMF sees progress on Egypt loan program amid Gaza pressures

IMF spokesperson told a regular news briefing that IMF staff and Egyptian authorities agreed on the main elements of program changes

Why ADNOC is teaming up with BP for Egypt gas venture

Here’s why ADNOC is teaming up with BP for Egypt gas venture

The deal, which is subject to regulatory approvals, is likely to be completed in the second half of this year

oil

Oil heads for weekly gains after Israel rejects ceasefire offer

Non-OPEC output from Norway and Guyana is increasing while Russia is exporting more crude in February than it planned

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

ADQ and ADNEC Group to acquire stake in Egyptian hotel company GettyImages-520265584-e1703142282632

UAE’s ADQ, ADNEC Group to acquire 40.5% stake in Egyptian hospitality company

ADQ and ADNEC will invest in the company through a special purpose vehicle, with 49 per cent equity ownership by ADQ and 51 per cent equity ownership by ADNEC

AD Ports Group creates Khalifa Port drydocks

UAE’s AD Ports Group to support cruise tourism in Egypt  

The collaboration will see AD Ports Group investing $3m over 15 years in the management and operation of the three cruise terminals to provide new services, improve access for cruise operators and add new itineraries

suez canal

Shipping traffic through Suez Canal down 20% due to Middle East tensions

The Suez Canal is an important source of dollar revenues for Egypt

AD Ports Group to operate Egypt’s Safaga terminal

AD Ports signs concession deal to operate Egypt’s Safaga terminal

The 810,000 square metre project will have a dock length of 1,100 metres and a depth of 17 metres

Egypt raises $800m from hotels in divestment drive

Egypt raises $800m from hotels in divestment drive

The hotels, among Egypt’s grandest, include the Cataract in Aswan, the Winter Palace in Luxor, the Mena House in Cairo and the Cecil in Alexandria

ACWA Power and Dutch Companies sign MoU Image Acwa Power

Saudi’s ACWA Power inks $4bn green hydrogen deal with Egypt

The initial phase of the project will generate 3,000 tonnes of green hydrogen annually, with the subsequent phase harnessing 2.4 GW of wind energy to produce 500,000 tonnes of green ammonia

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

GSMA Intelligence and Huawei consumer study shows that consumers largely think climate change is the world's biggest problem Image Supplied

Climate change is world’s No 1 challenge, reveals consumer survey

Research conducted by GSMA Intelligence with Huawei revealed that 80 per cent of consumers surveyed across 16 countries now view climate change as the world’s top issue

Travel

Travellers put off holiday trips to Middle East as Israel crisis rages

Leisure travel demand to the region was hit after the Israel crisis broke out on October 7

UAE sends supplies to build field hospital 6 additional aircraft sent as part of GAZA relief efforts Image WAM

UAE Gaza relief: 16 planes sent with supplies for field hospital so far

The UAE dispatched five planes on November 8 with essential supplies required to set up and operate an Emirati field hospital to treat impacted Palestinians

Agthia Group’s nine-month revenue soars 10.9%

UAE’s Agthia Group posts Dhs3.27bn in nine-month revenue

The company reported a 12.7 per year-on-year increase in profit to Dhs205.6m, with the faster rate of growth relative to revenue

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

Fitch downgrades Egypt one notch deeper into junk territory

The country’s debt problems have come amid a bruising economic crisis that has triggered a string of currency devaluations and record inflation

Air Arabia launches flight from Sharjah to Giza City image Air Arabia

Air Arabia launches direct flights between Sharjah and Giza City

Sphinx International Airport marks Air Arabia’s fourth destination in Egypt from Sharjah

Egypt

UAE agribusiness in talks to acquire land in Egypt: Report

Egypt has been able to reclaim some desert as it seeks to feed a growing population but still only cultivates about 4 per cent of its total land area

Egypt issues RMB3.5bn in 3-year panda bonds

Egypt sells RMB3.5bn in 3-year panda bonds in debut issue

The government has been looking to tap less conventional sources of finance since a foreign borrowing spree caused its repayment schedule to balloon

Egypt inflation

Egypt’s inflation at historic high in September, breaks 2017 record

It was the fourth consecutive month of record highs recorded on the central bank website

Egypt inflation

Egypt banks suspend debit card use in foreign currency

Banks in recent months have been tightening the amount of foreign currency clients can use in Egypt and on how much can they can charge to their credit cards while abroad