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Egypt aims for private sector to constitute over 70% of its economy
The Egyptian government is committed to empowering the private sector to take the lead in driving economic growth and capturing a significant share.
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Egypt’s finance minister says cutting inflation is priority
Maait also said the government aimed to sell more state assets, which would reduce the state’s role in the economy.
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Egypt’s external debt to remain high in FY23/24 due to EGP depreciation
Egypt’s external debt is projected to rise during the current FY2023/2024 due to the depreciation in the exchange rate, Era Dabla-Norris.
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Flour cost reduction fails to lower bread prices in Egypt
Several bakers in Cairo are not following the government's warning, and are instead basing their prices on the market, setting up a potential showdown
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Egyptian gold investment funds witness about 103K investors
The combined number of people who invested in two gold investment funds has reached approximately 103,000 by the end of March 2024.
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No changes to Egypt’s load-shedding plan: Official
Load-shedding before Ramadan extended for two hours in each area from between 11 am to five pm, and it will be returned in the same order.
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Investments in Egypt on a roll
The Ain Sokhna float plant in Egypt will see its capacity increased with the construction of a second flat glass production line.
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Abu Qir Fertilizers Joins Green Hydrogen Revolution In Egypt
A Memorandum of Understanding (MoU) was signed between Abu Qir Fertilizers Company, ABB International Group, MPS Infrastructure Company, and Petrojet.
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Egypt: Three companies propose to participate in New Heliopolis City project
Heliopolis Company for Housing and Development announced that the financial evaluation is expected to be concluded by the end of April 2024.
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Lowest offer at Egypt’s GASC tender at $218.9/MT for Ukrainian wheat, traders say
The lowest free-on-board offer presented at an Egyptian state purchasing tender for wheat on Tuesday was $218.90 per metric ton.
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Egypt gears up for launch of massive ‘500500’ oncology hospital
The Prime Minister stressed the need to safeguard the substantial investments made in this landmark facility and guarantee the delivery of top service
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Prices of electrical appliances drop by 30%
The downward trend in prices is anticipated to persist. Many electrical appliance firms have started to roll out promotional offers on select products
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Banks, companies contribute EGP 68.85bn to mortgage finance initiative for low-income individuals in Q1 2024
Amlak Mortgage Finance disbursed EGP 252.133m to 2,320 clients, while Tamweel Mortgage Finance allocated EGP 68.666m to 602 clients.
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Turkish exports to Egypt reaches $872M in Q1 of 2024
Among the leading destinations for Egyptian exports in Q1 2024, Turkey emerged as a key player with trade valued at $874 million.
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Egypt calls on foreign residents to quickly legalize their status by June 30
The cabinet issued a decision last year that foreigners applying for the right of residence for tourism or non-tourism purposes must show fee receipt.
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South Africa’s Standard Bank Group to set up Egypt office in 2024
The South African bank’s presence in Egypt will allow it “to capitalize on the significant emergence of the Gulf-sub Sahara Africa-Egypt corridor.
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Central Bank of Egypt to launch six tenders for T-bills, bonds totalling $2.51bln
The funds are earmarked for settling past debts and addressing the national budget shortfall.
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Egypt’s merchandize exports up 5.3% YoY in Q1 2024
Türkiye topped the list of importers of Egyptian merchandize exports during Q1 of 2024, with $874 million, followed by Saudi Arabia and the UAE.
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Minister of International Cooperation highlights World Bank's role in development financing
Al-Mashat also discussed regional and international challenges and their impact on developing countries and emerging economies.
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Faisal Islamic Bank’s standalone profits surge 179% YoY in Q1
Revenues grew 82.4% to EGP 10.175 billion in Q1 2024 from EGP 5.580 billion in the same quarter last year.
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Egypt, Japan discuss deepening strategic partnership
Japan is a key Asian development partner for Egypt, with a cooperation portfolio exceeding $3bn since 2010.
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Egypt to build 2 solar power stations with $20.6 million in EU funding
Projects signal Egypt's commitment to renewable energy expansion and economic development.
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World Bank raises its growth forecast for Egyptian economy to 4.2% in 2024/25
The bank has lowered its expectations for Egypt's economic growth during the current year to 2.8 percent from its previous estimates of 3.5 percent.
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Minister: We have state-of-the-art labs for testing food at AU or ME level
These laboratories have become reference points at both the African Union and the Middle East region, equipped with the latest advanced devices.
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Central Bank of Egypt Raises ATM Withdrawal Limits to EGP 30,000
Previously, the limit for ATM withdrawals was EGP 20,000, and for withdrawals from bank branches was EGP 150,000.
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13 Egyptian universities listed in QS World University Rankings 2024
Cairo University also ranked 38th globally for the first time in the field of library and information management to be followed by Alexandria Uni.
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EUROCONTROL Praises Egypt's Efficiency in Managing Air Traffic during Exceptional Circumstances
Eurocontrol explained that the air traffic management in Egyptian airspace immediately handled things smoothly and safely.
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Mobile Internet Use in Egypt Rose by 74% During Ramadan 2024
More people watched videos and use navigation apps this year, while online shopping dropped compared to last year.
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Egypt to increase funds for health sector by 25% in upcoming budget
This is in line with the nation’s goal to improve medical services for citizens, which is also an objective of Egypt’s Vision 2030.
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Egyptian potatoes gain access to the Moroccan market
The agricultural sector has shown significant growth, with exports in the first quarter reaching over 2.2 million tons, valued at around $1.5bn.