#Egypt
The latest review, approved in late July but released only on Monday, was Egypt’s third and followed the expansion of the package size in March
The country’s finances were boosted in February when it sold the development rights to Ras El-Hekma to the UAE for $35bn
The consortium, comprising Egypt’s Infinity Group and UAE-based Masdar, will develop, finance, and operate the onshore wind project
Soliman’s resignation had been anticipated, with one government source saying Egypt’s political leadership wanted to introduce fresh faces into key positions, as part of a broader reshuffle
The hydrogen-powered tower will feature advanced cybersecurity systems, two ultra-fast VIP elevators, and a helipad
Olam presented the lowest offer for 60,000 metric tonnes for an October 1-15 shipping period
The central bank hiked interest rates by 600 basis points (bps) on March 6, bringing total increases in 2024 to 800 bps
Many airlines, globally, are revising their schedules to avoid Iranian and Lebanese airspace while also calling off flights to Israel and Lebanon
The country has been one of the world’s largest wheat importers, mainly to provide subsidised bread for tens of millions of its people
Currently available in Egypt and Kuwait, and soon to be launched in the UAE, EFG Hermes ONE grants users access to 35 global markets through OLT
The North African country has been using its net foreign assets to help prop up its currency since at least September 2021
Tam Finans operates through a network of 39 branches and has more than 40 per cent of the Turkish micro-leasing market
The company, which has witnessed substantial growth since its inception, serves over 188,000 retailers across 17 Egyptian cities
The government raised domestic fuel prices by up to 15 per cent ahead of the IMF review, which had been postponed from July 10
The country’s external debt fell to $154 billion as of the end of May from $168bn at the end of December
The IMF estimated that Egypt will spend EGP331bn ($6.85bn) on fuel subsidies in 2024/25 and EGP245bn in 2025/26
Several banks in the region are reportedly considering acquisitions in Turkiye, Egypt, and India to diversify business models and enhance profitability
The central bank raised interest rates by 600 bps on March 6 as part of an agreement with the International Monetary Fund
The government buys wheat internationally and locally in order to offer tens of millions of its citizens subsidised bread
The deal includes three residential towers and a five-star hotel in an area overlooking the Nile’s Warraq Island
The value of residential projects in Egypt totalled around $36bn in Q1 2024, ranking the country third after Saudi Arabia and the UAE
Spanning 23 million square metres, “South Med” will feature over 2,000 hotel rooms and residential units, and a large international marina
The country fully awarded 20 cargoes of LNG in June to cover heavy summer demand from July through September
European officials say they want to help Egypt become more resilient by boosting investment in the private sector
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
The exchange would allow buyers to purchase directly from producers
The country plans to spend more than $1bn to import enough gas and mazut fuel oil to end the blackouts this summer
The World Bank projects that the support programme will create jobs, strengthen the economy, and enhance Egypt’s resilience to environmental and economic challenges
Sahl’s strategic vision is to dominate Egypt’s EGP2.5tn digital payments sector by capturing a significant portion of collections for utility companies, a segment worth EGP250bn annually
The agreement, which includes a total investment of $4.7m over the next 15 years, aims to make the terminals operational by 2025