News
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Egypt received 15% less remittances annually in 2023, World Bank
According to recent data from the Central Bank of Egypt, there was a reported 38 percent decline in remittance flows during the first half of 2023.
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Suez Canal disruption: What is at stake for Egypt and global economy?
The current disruption of the movement of shipping vessels through the Suez Canal -- due to the conflict in the Bab al-Mandab Strait -- poses a threat
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Temple of Greek Goddess Aphrodite Found Underwater at Heracleion, Egypt
The sunken city was originally found in 2000, but researchers are still finding many of the lost treasures.
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Cairo Opera House launches program to celebrate Christmas
The Cairo Symphony Orchestra will perform two Christmas concerts on Saturday, December 23 and Sunday, December 31, at the Grand Theater.
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CBE’s MPC keeps key interest rates unchanged as 2023 ends
This leaves the overnight deposit rate at 19.25 percent, the overnight lending rate at 20.25 percent, the rate of the main operation at 19.75 percent.
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International consortium backs Damietta port in Egypt
Since 2012, the EBRD has invested close to €11.2 billion in 170 projects in Egypt, with almost 80 per cent in the private sector.
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Egypt’s wheat reserves reach 4½ months
GASC, Egypt’s state grains buyer, said that its purchase of Russian wheat in an international tender is composed of 180,000 tonnes for Feb. 1-14.
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Egypt's PM reviews proposal to extract minerals from seawater desalination projects
This comes in light of the expansion of seawater desalination projects during the current stage.
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Egyptian 21-carat gold price to surpass EGP 3,000 by mid-2024
Dahab Masr projects that the price of 21-carat gold in Egypt will cross EGP 3,000 before mid-2024, as indicated in their technical analysis report.
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Luxor prepares for Solar Alignment phenomenon at Karnak Temple Complex
This coincides with the official start of winter, the season of germination for ancient Egyptians.
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Saudi Arabia’s ACWA Power signs $4B green hydrogen deal in Egypt
The second phase of the project could produce 2 million metric tons per year, the statement said, without providing details on the timeline.
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Egyptian e-payment company Basata to launch new services in 2024 promoting financial inclusion
Basata Holding, a leading Egyptian e-payment services company, announced plans to introduce new services in 2024 to promote financial inclusion.
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Egypt explores possibility of Gulf currency-denominated bonds
In November 2023, Egypt achieved a successful sale of nearly $500 million worth of 5-year Samurai bonds in the Japanese market.
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Egypt says talks over Grand Ethiopian Renaissance Dam have failed
Egypt has long opposed the project because of worries about its future supplies of water from the Nile, on which it is heavily dependent.
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Egyptian leading developer TMG finalizes $882 mln deal to acquire seven state-owned historic hotels
ICON, has finalized an $882 million deal to acquire a 39 percent stake in Legacy Hotels, which owns seven historical state-owned hotels.
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Egypt unveils EGP 50bn initiative to drive tourism growth, hotel construction
Every 15,000 additional rooms is estimated to generate EGP 1-2bn in value-added tax and EGP 2bn in commercial and industrial profit tax.
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EBRD provides $100 mln loan to National Bank of Egypt
Half of the loan will be dedicated to Egyptian private MSMEs in regions outside of Cairo and Alexandria.
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FRA explores trading real estate as assets
Azzam mentioned the possibility of listing commercial malls on the stock exchange, with a part of their shares offered to citizens for selling units.
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Egypt initiates negotiations with India for rupee-denominated bonds: Finance minister
Egypt has initiated negotiations with India to explore the possibility of issuing rupee-denominated bonds in the Indian markets.
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Egypt’s iSchool $4.5 million to accelerate global expansion
iSchool offers live gamified classes led by coding instructors, catering to students aged six to 18.