Egypt allowed its currency to weaken sharply on March 6 after keeping it fixed to the dollar for nearly a year
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%
This robust financial footprint strengthens the UAE’s position as a significant global economic force
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’s commitment to exchange rate liberalisation combined with budgetary consolidation targets are crucial for boosting international confidence
The funding program will prioritise economic stability, investments and trade as well as migration and security
Moody’s on Thursday affirmed its CAA1 rating but changed its outlook on Egypt to positive citing significant official and bilateral support
Following the theme of its conference, EFG Hermes highlights opportunities available in frontier emerging markets
As many as 60 per cent of Egypt’s 106 million citizens are estimated to be below or close to the poverty line
The central bank raised the overnight lending rate to 28.25 per cent and its overnight deposit rate to 27.25 per cent
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 spokesperson told a regular news briefing that IMF staff and Egyptian authorities agreed on the main elements of program changes
The deal, which is subject to regulatory approvals, is likely to be completed in the second half of this year
Non-OPEC output from Norway and Guyana is increasing while Russia is exporting more crude in February than it planned
Navigation movement in Egypt’s Suez Canal is regular from both directions, says a top official from that country
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
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
The Suez Canal is an important source of dollar revenues for Egypt
The 810,000 square metre project will have a dock length of 1,100 metres and a depth of 17 metres
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
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
An over-valued currency, weak property rights and institutions, and an overbearing state and military have deterred investment and competition
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
Leisure travel demand to the region was hit after the Israel crisis broke out on October 7
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
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
The country’s debt problems have come amid a bruising economic crisis that has triggered a string of currency devaluations and record inflation
Sphinx International Airport marks Air Arabia’s fourth destination in Egypt from Sharjah
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
The government has been looking to tap less conventional sources of finance since a foreign borrowing spree caused its repayment schedule to balloon