News
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Egypt in talks with IMF for new timeframe: PM
The Egyptian government is in talks with the International Monetary Fund for a new timeline for the loan deal, Prime Minster Mostafa Madbouly said.
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Egypt secures $5.6 bln from selling stakes in 14 state-owned companies
Egypt has secured $5.6 billion from the partial and full sale of stakes in 14 state-owned companies, Prime Minister Mostafa Madbouly stated.
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Egypt imports 50,000 tons of sugar amid price increase
GASC has imported 50,000 tons of raw sugar to be delivered in February 2024 amid an alarming price increase in the local market.
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Lawyer files lawsuit to halt WhatsApp in Egypt following controversial update
Egyptian lawyer Walid al-Fouly warned that the latest update to the WhatsApp application carries serious security risks.
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Mastercard, Masria Digital Payments launch 1st carbon calculator in Egypt
Global e-payment giant Mastercard has partnered with Egyptian Masria Digital Payments company (MDP) to launch a carbon calculator in Egypt.
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Prices of home appliances expected to rise following a climb in input prices
Factories manufacturing in Egypt are facing a surge in steel prices, with the most recent increase by Ezz Dekheila Steel Company (Ezz Steel).
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Oil Rises to Highest Level in Two Weeks amid Red Sea Shipping Concerns
The recent escalation in attacks by the Iranian-backed Houthi group in Yemen has fueled a rise in oil prices.
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Egypt-Based Healthtech Chefaa Secures $5.25 Million Investment
The investment follows Chefaa’s expansion into the Saudi Arabian market, where it is currently operational in eight cities.
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Centamin raises estimate for Egypt’s Sukari gold mine reserves by 10%
Global gold mining company Centamin has raised its estimates of gold reserves in Egypt's largest producing mine by 10 percent.
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Sugar Scarcity in Egypt Leads to 275% Price Hike: Minister Vows Resolution
Egyptians had to endure hours-long queues to acquire only two kilograms of sugar, and in some regions, the allocation is reduced to one kilogram.
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Egypt Signs MoU with Romania's “CIS” to Support Implementing Natural Gas Networks
The memorandum of understanding was signed by Mohamed Fathi, Chairman of Town Gas, and the General Manager of the Romanian CIS Gaz Company.
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Egypt’s Beltone to acquire majority stake in National Seeds Company
Beltone Capital is in the process of acquiring a 51 percent stake in the National Seeds Company (NSC) for EGP 150 million.
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Egypt’s foreign financing decreases by more than a third in 2023
The volume of development financing provided to Egypt last year amounted to $13.7 billion, an increase of 37 percent over the previous year.
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Shipping firms redirect vessels from Red Sea as Houthi attacks increase
The Houthis have been attacking ships in the Red Sea in response to Israel's war in Gaza, targeting a route that would take ships through the Canal.
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Egypt extends contract with Lukoil for Eastern Desert oil concession
Egypt extends Lukoil's contract for the West Esh El-Milaha oil field, boosting production and attracting significant foreign investment.
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EGX reportedly studying new upgrade to trading system to address tampering concerns
The main objective will be to address concerns surrounding tampering with the auction session, a critical factor influencing the closing price.
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Xmatch attracts over $20 mln in potential investments for Egypt’s SMEs, startups
Xmatch Demo Day has secured more than $20 million in potential investments for Small and Medium Enterprises (SMEs) and startups in Egypt.
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Egypt advances six places globally in fixed internet speeds in November
Egypt has climbed six places in global rankings for fixed broadband internet speeds, sitting at 77th place, with a speed of 64.53 megabytes per second
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After a 15 day pause, Egypt’s banks resume fees on issuing cards and opening accounts
Banks operating in Egypt on Sunday resumed collecting fees on opening accounts (current or savings), adhering to the minimum account balance.
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In landslide victory, Abdel Fattah al-Sisi has been elected the next president of Egypt
Candidate Abdel Fattah al-Sisi, symbol of the star, received 39,702,451 votes, or 89.6 percent of the total valid votes – a landslide victory.