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Egypt to increase value of industrial investments by 10% during 2024
The goal is to reach a minimum of $3.6 billion, surpassing the $3.3 billion recorded in 2023.
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Egypt sees 4% growth in incoming tourist traffic
A proposal submitted to extend the aviation incentive program scheduled to end this April was discussed, with some amendments being made to it.
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CBE receives offers worth $1.117bn for USD-denominated T-bill auction
This auction, announced by the CBE on Monday, has a total value of $980m and is set to mature on 29 April 2025.
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Unification of FX in Egypt will attract Emirati, Saudi FDI: UAE-based Freezoner CEO
The recent unification of the foreign exchange rate in Egypt will contribute to attracting more foreign direct investments into the country.
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Egypt secures $230 million in budget support from Japan
Minister Maait emphasized the potential investment opportunities available to the Japanese business community in Egypt.
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SCZone Lays Foundation Stone for a Chinese Steel Pipe Factory with Investments of $146 Mln
The construction of the factory, which will provide 714 direct job opportunities, is scheduled to be completed during the first quarter of 2025.
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EU’s technical mission to visit Egypt to discuss macroeconomic support
During their time in Egypt, the mission will hold meetings with the Ministries of Finance, Social Solidarity, and representatives from the Cabinet.
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Egypt, Belarus sign MoUs to promote bilateral trade, investments
Relevant authorities in Egypt and Belarus will exchange expertise to enhance the business climate and achieve the sustainable development goals.
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High-level visit to Egypt’s industrial zones highlights UNIDO-Swiss-Egyptian initiative for sustainable industry
A high-level visit to the Suez Canal Economic Zone (SCZONE) on Monday marks a major step forward towards promoting sustainable industry in Egypt.
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Value of trade exchange between Egypt, Kuwait is $3B per annum
Kuwait is the third largest Arab trade partner to Egypt after the United Arab Emirates and the Kingdom of Saudi Arabia.
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Egypt Aluminum’s profits hike 33% YoY in 9 months
Net profit after tax reached EGP 5.227 billion in the nine-month period ended March 31st, 2024, compared to EGP 3.916 billion in the same period.
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Indonesia expresses interest in collaborating with SCZONE in ports, electric cars, and green fuel
This zone encompasses four industrial zones and six maritime ports along the Mediterranean and Red Seas.
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Egypt plans to implement 4 desalination plants worth $350M
Hanoura added that 17 consortia have qualified for the tender since nearly a year ago, and they will be notified to obtain the tender documents.
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Indian billionaire hosts lavish $3 million wedding at the Pyramids of Giza
Zahi Hawas stated that the couple had nothing but positive things to say about Egypt’s safety, stating that they did not encounter any problems.
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Orange and Huawei launch Huawei Cloud services in Egypt
Follows a few years after the two launched Orange Business Cloud in the country.
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Egypt’s National Railways announces one-day trip for Sham al-Nessim
As Sham al-Nessim approaches, the Egyptian National Railways Authority has announced a special one-day trip to celebrate the occasion on Monday.
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How Egypt’s 1Trolley became an all-in-one digitisation solution for retailers
Founded at the end of 2019, 1Trolley was initially a cross-category e-commerce aggregator platform, but it soon pivoted to become a B2B SaaS.
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Egypt to suspend load-shedding during Coptic Holidays
The state’s goal is to ultimately eliminate load shedding, the current electricity grid is capable of meeting Egypt’s electricity.
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Egypt to launch subsidized loans initiative for hotel rooms expansion
This move aims to encourage investing in the Egyptian tourism sector, the sources added.
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Egypt and Turkey Plan for Trade Relations Strengthen in 2024
Egypt is currently Turkey’s top trading partner in Africa, and Turkey is one of the most important destinations for Egyptian exports.
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National Bank of Egypt solidifies position as Egypt’s premier brand
Brand Finance’s research also found that National Bank of Egypt also came out on top for sustainability perceptions, leading across 3 key metrics.
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Egypt ascends from developing to advancing implementation category in sustainable finance rating
The upgraded classification, facilitated by the International Finance Corporation (IFC)-led SBFN, is a testament to the CBE's efforts.
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Egypt launches its first government data and cloud computing center
Situated along the Ain Sokhna highway, the center spans 23,500 square meters, with 10,000 square meters designated for current infrastructure.
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Egyptians brought 4.6 tons of gold from abroad in a year
There is no final decision yet regarding whether or not to extend the initiative to exempt gold imported for personal use from customs after 10 May.
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Key targets of Egypt’s FY2024/2025 budget plan
The FY2024/2025 budget is based on oil prices of $82 per barrel, up from $80 per barrel in the current FY2023/2024.
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Egypt to build international religious & cultural complex in Sharm el-Sheikh
The complex was designed in a manner to compliment Sharm el-Sheikh’s status as a tourist city.
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Egypt Expects to Achieve Primary Surplus of 5.75% of GDP in Current Fiscal Year
Egypt aims to achieve a primary surplus of EGP591.4 billion, or 3.5 percent of GDP, in the next fiscal year 2024-2025.
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Egyptian startups secure funding to boost expansion to Saudi Arabia following a period of stagnation
Egyptian fintech startup Waffarha has secured a seven-figure seed round from Value Makers Studio to expand its footprint.
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Egyptian fintech MNT-Halan lands $120M from Apis Partners, DisrupTech and others
More than 70% of Egypt’s young and fast-growing population of over 100 million is financially underserved, despite mobile penetration exceeding 90%.
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Egypt procures 750,000 MT in local wheat harvest so far
It aims to procure a total of 3.5 million metric tonnes this season, which began on April 15.