News
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Egypt signs financial closure deal with Norway's Scatec for 1 GW solar plant
Egypt finalizes a deal with Norway’s Scatec for a 1 GW Kom Ombo solar plant, marking a major step in clean energy expansion and climate finance.
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African Development Bank greenlights $184.1M to back Africa’s largest solar power facility in Egypt
AfDB funds Egypt’s 1GW Obelisk solar project with $184.1M, including battery storage, creating 4,000 jobs and cutting 1M tons of CO₂ annually.
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IFC, AMEA Power back Egypt’s first utility-scale battery storage project
IFC invests $72M in Egypt’s first large-scale battery storage system, boosting clean energy with 300 MW capacity tied to Kom Ombo’s MW solar plant.
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Egyptian exports to BRICS nations record $905M in 2024
Egypt’s exports to BRICS rose 31.5% to $905M in 2024, with imports up 40%, highlighting deepening trade ties and strategic economic integration.
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Al-Mashat discusses economic and investment ties with UK ambassador
Egypt and the UK deepen economic ties, focusing on climate finance, SME support, and sustainable investment through new bilateral channels.
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E& Egypt and MBC Group Shahid partner to deliver exclusive streaming experience to Egyptian customers
E& Egypt and Shahid launch an exclusive streaming deal, integrating premium Arabic content into telecom bundles to boost digital entertainment access.
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PM affirms gov’t readiness to expand industrial output
Egypt’s PM pledges full support for industrial expansion, job creation, and export growth amid regional tensions and energy supply precautions.
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Khalda Petroleum to bring 2 new wells into production in June
Khalda Petroleum to launch 2 new wells in June, adding 5,400 bbl/day to Egypt’s output as part of a national strategy to boost domestic oil production
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Egypt's airport modernization boosted by smart baggage and AI analytics
Egypt upgrades 11 airports with AI baggage tracking, smart control centers, and PPPs to boost tourism, efficiency, and global aviation standards.
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How Egypt, Saudi Arabia, and Oman Are Building the Middle East’s Chip Future
Egypt, Saudi Arabia, & Oman invest in chip design and manufacturing to build tech independence and diversify beyond oil in a high-stakes semiconductor
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Egypt’s trade to BRICS countries soars over 30% post-admission
Egypt’s trade with BRICS nations surged over 30% after joining the bloc, signaling stronger global ties and rising export-import momentum.
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Egypt activates emergency gas plan amid regional tensions
HSBC sees Egypt’s economy stabilizing with easing inflation and interest rates, despite Suez Canal disruptions and regional geopolitical risks.
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PCCW Global, Sparkle, Telecom Egypt and ZOI to construct AAE-2 subsea cable linking Asia, Africa and Europe
AAE-2 subsea cable to link Asia, Africa, and Europe, boosting global data flow and digital infrastructure through a high-capacity, resilient network.
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Egypt halts fertilizer production as Israeli gas disruptions deepen energy strain
A sharp drop in Israeli gas imports forces major Egyptian fertilizer firms to suspend operations, threatening exports and economic stability.
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AfDB approves $184.1 million for Africa’s largest solar project in Egypt
AfDB funds Egypt’s Obelisk solar project with $184.1M, launching Africa’s largest solar plant with 1GW capacity and 200MWh storage in Qena Governorate
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Egypt to launch two new oil wells this June, adding 5,400 barrels daily
Egypt to boost oil output by 5,400 barrels/day with two new wells, aiming to stabilize domestic supply and reduce reliance on imported crude.
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Automotive market sees surge in sales in April led by passenger vehicle segment
Egypt’s auto market rebounds with April sales up 117.7% YoY, led by passenger cars and trucks, signaling recovery from earlier supply chain shocks.
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Damietta Port bolsters Egypt’s hub vision with 5 giant cranes for Tahya Misr 1 terminal
Damietta Port receives 5 mega cranes for Tahya Misr 1 terminal, boosting Egypt’s logistics capacity and global shipping competitiveness.
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Red Sea land allocated for sukuk issuance, not sold
Egypt allocates Red Sea land for sovereign sukuk, aiming to reduce debt, boost investment, and fund development without selling state assets.
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Financial position of banks in Egypt rises to EGP 22.039trn in February 2025
Egypt’s banking sector hits EGP 22.039 trillion in assets, driven by rising deposits and credit facilities, signaling robust financial system growth.