News
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Egypt to operate its first double-decker train
It is a Desiro HC model, consisting of two floors, with a capacity of 849 passengers, and will operate on the lines at an operating speed of 160 km/h.
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Egypt hikes interest rates by 600 basis points, pound crumbles to record low
Egypt’s pound hit a record low against the dollar on Wednesday after its central bank hiked interest rates by 600 points and devalued the currency.
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Egypt’s tourism at ITB Berlin: Industry soars with 15 million visitors in 2023
Egypt announces at ITB Berlin: Tourism booms to 15M in 2023, a jump from 4.9M, with 1.6M Germans. A pivotal moment for Egypt’s global tourism.
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Egyptian government to import 1M tons of sugar in 2024
Households having four or more individuals would receive an extra two kilograms of sugar on their ration cards.
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Airport, business hub, entertainment & industrial areas to be part of Ras al-Hikma city
The meeting came to follow up on the executive procedures for the project to develop the city of Ras al-Hikma, in partnership between Egypt and UAE.
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Egypt scores higher than neighbors in security index: Analytics company
Tourist safety perceptions were lower in Turkey (84), Jordan (83.6) and Qatar (81.6) for the same period in February 2024.
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Egyptian Banks Issue 30% Saving Certificates
The National Bank of Egypt (NBE) decided to offer a three-year certificate with a decreasing interest, at an annual price of 30% for the first year.
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CBE Eases Limits on Foreign Currency Credit Card Use
On Wednesday morning, the Central Bank of Egypt raised interest rates by 600 basis points, equivalent to 6%, to reach levels of 27.25%.
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Dollar soars to EGP 49.5 on first day of exchange rate liberalisation
The average price of the dollar in the banking market reached EGP 49.4743 for buying and EGP 49.5743 for selling, according to the CBE
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Egypt, Norwegian Company to set up $1.1B solar station
This station will be established with a capacity of 2 gigawatts to produce electricity and feed the industrial complex in Nag Hammadi.
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GlaxoSmithKline Egypt concluded 2023 with significant sales leap, exceeding two billion pounds
he company's financial performance for 2023 reflected strong results, with sales reaching 2.24 billion Egyptian pounds, a 23% increase.
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Bust of Ramses II statue uncovered in Upper Egypt
It depicts King Ramses II wearing a double crown and a headdress topped with a royal cobra.
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Egypt unveils hydrogen plans for Suez Canal
Egypt has signed seven agreements with seven international developers to develop green hydrogen production plans and renewable energy installations.
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Bolt expands into North Africa with Launch in Egypt offering incentives for riders and drivers
The launch in Cairo comes with an attractive promotion to entice riders — a half-off discount for a six-month duration is being offered.
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Egypt begins immediate release of food commodities and medicines
At the same time, the government decision to exempt about 12 goods from duties for a period of six months expires on April 10.
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Egypt’s cooking oil prices drops by 20% to reach LE 80: Supply Minister
Al Moselhi attributed this decline to the devaluation of the dollar against the pound in the unofficial market.
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TAG Oil Targets Egypt's Largest Frack, Eyeing Significant Oil Market Impact
TAG Oil embarks on Egypt's largest fracking operation in the Badr Oil Field, signaling a strategic shift in the global oil landscape with over 500m.
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Net international reserves increase by $60M by end of February 2024: CBE
Madbouly stated that Egypt's external debt will decrease by $11 billion, transferred from an Emirati deposit in the central bank as an investment.
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Agriculture min. Confers with Saudi, Jordanian, Lebanese Counterparts on Boosting Joint Cooperation
The talks were held on the sidelines of the FAO Regional Conference for the Near East in Jordan.
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Gold Prices Increase, 21-Karat at EGP 2900 Amid Rise in Global Stock Market and US Dollar Parallel
The 24-karat gold reached EGP 3314, 18-karat registered EGP 2486, 14-karat gold sold at EGP 1934, and the gold pound hit EGP 23200.