News
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French Saint-Gobain establishing €175 million glass factory in Egypt
French construction materials group Saint-Gobain laid on Wednesday the foundation for its third glass factory within Egypt’s Al-Ain Al-Sokhna zone.
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Egypt allocates over US$12 billion to support citizens in new budget
The Egyptian government in December raised the target of subsidizing petroleum products in the current fiscal year by 9%.
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Egypt's agricultural export strategy focuses on farmer support
Al-Quseir noted a record increase in fresh agricultural exports in 2023, reaching approximately 7.4 million tons.
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Why Egypt’s inflation continues to rise in February 2024
Egypt’s annual headline urban inflation rose to 35.7% in February 2024, up from 29.8% in January 2024.
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Egypt extends period for legalizing status of foreign residents
Foreigners applying for the right of residence for tourism or non-tourism purposes must submit a receipt indicating that they have transferred fees.
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SCZone Signs Agreement to Establish Training Center with Chinese Gov't
The training complex consists of a training center equipped with the latest technology laboratories for various industries.
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Ministry of Local Development outlines plans for industrial zones across Egypt
The Ministry has allocated EGP 15m, supplementing the EGP 50m previously sanctioned for plans for 67 industrial zones within 23 governorates.
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Rameda reports 37% year-over-year increase in 4Q23 revenue to EGP 534m
The company’s revenues rose by 37% year-over-year to EGP 534m in 4Q23, fueled by robust growth across all Rameda’s sectors.
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Egyptian pound Appreciates against Foreign Currencies
The exchange rates of foreign and Arab currencies declined against the Egyptian pound at the end of trading on Tuesday in Egyptian banks.
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S&P upgrades Egypt’s credit outlook to positive
S&P Global views Egypt’s exchange rate liberalization as a crucial milestone in bolstering confidence and fostering economic growth.
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Egypt’s Pharmacy Marts secures bridge round from Acasia Ventures
Pharmacy Marts claims to have covered 20 per cent of Egypt’s total market, and boasts over 200 suppliers on its platform.
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Egypt to allocate $2.66bln for bread subsidies in FY 2024/2025 budget
A finance ministry statement said on Tuesday citing Finance Minister Mohamed Mait.
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Egypt to impose strict limits on public investments, debt in FY 2024/25
Minister of Finance Mohamed Maait said the state is placing a stringent ceiling of EGP 1 trillion on public investments in the upcoming fiscal year.
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Egypt’s Modern Gas to develop $533K subsidiary in Saudi Arabia
The establishment of the new company is part of the petroleum ministry’s strategy and Modern Gas’ plan to expand abroad.
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Egypt: direct line to China from the seaport in Ain Sukhna at the end of March
For the manager of the shipping company, "the transport line with China aims to increase connections due to the growth of the domestic market".
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EGP 99.6bn allocated for petroleum sector development in 2023/24
El-Said highlighted that Egypt Vision 2030 identifies the petroleum sector as one of seven key areas driving economic growth.
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Egypt's new budget to boost exports by LE 23B: Finance Minister
The agreement with the International Monetary Fund (IMF) is expected to bring in foreign exchange inflows surpassing $20 billion.
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Egypt modernizes its Chinook fleet
Israeli media reports revealed on Monday that Egypt plans to modernize its fleet of heavy Chinook helicopters at a cost of about half a billion dollar
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Al Tadamun Microfinance boosts women’s funding to EGP 2.34bn in 2023
The foundation saw a 21% increase in disbursed funds, injecting approximately EGP 2.341bn into client projects, up from EGP 1.94bn in 2022.
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World Bank to provide over $6B in support to Egypt over next 3 years
The bank announced that this support includes $3 billion for financial backing to Government’s programs and $3 billion for the private sector.