News
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USD approaches new high of EGP 57 in Egypt's parallel market
The USD has approached a new high of EGP 57 in the parallel market in Egypt, while gold prices started the week with EGP 100 jumps in the gram price.
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Egypt’s Pharmacy Sector Is in Crisis amid a Pricing Turmoil
The existence of disparate prices for identical medications, rapid surges in prices, and economic hardships for pharmacies have led to the crisis.
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Beltone, Evolve Holding launch new gold investment fund
As a result, gold prices reached an all-time high of $2,078 per ounce in 2023, representing a 15 percent year-on-year increase.
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Egypt's IPO programme attracted $3.5 billion so far: Finance minister
Egypt's Initial Public Offering (IPO) programme, which commenced in February 2023, has attracted $3.5 billion in investments so far.
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Egypt's Women Clothing Exports Reach USD 2.2 Billion in 2023
The sector’s exports to the European Union, the second largest market for Egyptian ready-made garments, rose by 6%.
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Infograph: Egypt's short-term external debt hits all-time-high in Q1 FY2023/2024
Short-term external debt includes government obligations that are scheduled to be paid off within a year or less.
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Red Sea Crisis Disrupts Egypt’s Orange Exports
The suspension of shipping operations has posed a severe crisis for Egyptian citrus producers and exporters.
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Egypt’s Mine Gold Reserves Reach 25 Million Ounces
With the majority being mined in Sukari in the Eastern Desert, Egypt’s annual gold production rates are about 15.8 tons.
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Egypt to launch world’s largest textiles factory in February
The Cotton and Textile Industries Holding Co, affiliated to the public business sector ministry, is finally getting ready to operate the factory.
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Light electric train starts operating to New Administrative Capital
Light rail stations were equipped with private parking spaces without any fees to attract private car owners to use public transportation.
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Egyptian government to introduce improved social protection package
The Egyptian government is preparing to introduce a social protection package that encompasses various improvements, including wage and pension.
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Egyptian carrots are 35% cheaper than the competition
The Egyptian carrot season has just begun, and this year the crop continues to gain in importance in terms of production and export volumes.
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Abu Dhabi wealth fund ADQ signs deal for stake in Egypt luxury hotels
Under the deal, a special purpose vehicle owned by ADQ and its unit ADNEC, with respective 49% and 51% holdings.
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Egypt's Nasser Social Bank introduces new certificates with up to 20% yield
Egypt's Nasser Social Bank (NSB) has launched new certificates of deposit (CDs) that offer an annual yield of up to 20 percent.
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Egypt Eyes 10GW Solar Project
The Chinese state firm will “begin preliminary studies and measurements to develop a solar energy project, with a capacity of 10GW".
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Egypt’s Milestone Wind Project: Creating Jobs and Powering a Million Homes in 25-Year Deal
This project aims to be the largest of its kind in the Middle East and one of the world’s largest onshore wind projects.
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Egypt’s amazing growth in Chinese frozen strawberry market. Fresh exports ahead?
The Egyptian exports to China from January to November 2023 have already surpassed the total amount of the previous year.
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JP Morgan removes Egypt from GBI-EM Index due to FX convertibility concerns
As of December 29th, Egypt held a weight of 0.61% in the Global Diversified Index, as disclosed by JPMorgan.
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bp lets offshore Egypt deepwater contract
bp PLC has let a contract to DeepTech for delivery of rig support ROV services for the West Nile Delta development offshore Egypt.
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China-built container terminal starts operation in Egypt's Alexandria
Its first phase was delivered in October 2023, said the head of CHEC Egypt Duan Kun, adding the construction is now in the second phase.