News
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Fitch downgrades ratings on four Egyptian banks
Ratings agency Fitch has downgraded its credit ratings on four Egyptian banks, including the largest private bank.
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94% of Egyptian commuters expect contactless fare payments on public transport
Around 94 percent of Egyptian commuters expect contactless payment options to be available on public transport, according to a survey.
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Egypt Discusses Attracting Japanese Investments in Renewable Energy, Green Hydrogen
The minister of electricity said that Japan has participated in Egyptian electricity sector projects over the past decades.
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Egyptian exports to African countries to rise by 10 percent by end of 2023 to $5.5B
El-Gabaly stressed that Egypt plays an important role as a reliable gateway to Africa during the IATF 2023 event held in Cairo.
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Qatari Group plans to invest over $60 million in Egypt in 2024
Al-Mana Qatari Group has announced plans to invest more than $60 million in Egypt in 2024.
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Afreximbank signs off on $3B worth of credit facilities to Egyptian companies
The remaining $2.4 billion will be distributed to undisclosed companies in Egypt.
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Israel gas flows to Egypt set to return to pre-war level
Egypt uses some Israeli gas to meet its domestic needs and exports the excess along with its own liquefied natural gas, primarily to Europe.
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EgyptAir brings Airbus A350 and Boeing 737 Max into its fleet
Egypt's state airline already has many aircraft models in its fleet. Now the Airbus A350-900 and Boeing 737 Max are joining.
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Egypt mulls barter trade with other countries
The matter is currently being studied, especially with the presence of the private sector in the market which makes things very different from before.
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The “Zero Customs” Initiative Ended, Citizens Imported 3.3 Tons of Customs-free Gold Within 6 Months
Last May, Prime Minister Dr. Mostafa Madbouly issued a decision to exempt gold imports from customs taxes and other fees. This decision expired.
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1,250 opportunities available as part of Egypt’s investment map: GAFI CEO
These opportunities are spread across 56 state entities, encompassing various sectors such as industry, services, agriculture, and tourism.
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MSMEDA, ERADA partner to fund 3,000 micro-projects with $3.23mln
The contract reflects MSMEDA’s interest in cooperating with microfinance companies in the Egyptian market to increase the microfinance portfolio.
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Egypt's ESIIC tenders to buy 50,000 metric tons raw sugar
The sugar can be sourced from any optional origins, and the deadline for submission of price offers in the tender is Nov. 18.
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Vodacom profit hit by Ethiopia losses but Egypt lifts revenue
Vodacom bought a 55% stake in the Egyptian arm of Vodafone for about $2.3 billion in 2021, the largest deal in the telecoms history.
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Egypt Thwarts Cyber Attack on Cairo AirPort Website
The source indicated that all services and data on the site are safe and were not affected by the hacking attempt.
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Egypt sells $1.61 bln of one-year dollar T-bills -central bank
The bills, which will be settled on Nov. 14, replace a similar amount of maturing one-year dollar T-bills that bore an average yield of 4.60%.
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Nile Basin Countries’ exports reach $1.7B in a 7.3% increase: CAPMAS
CBE report revealed that international trade during the financial year 2022/2023 reached $110.407 billion.
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Egypt to hold press conference for IPO programme updates
The Egyptian cabinet announced that it will hold a press conference soon to provide updates on the government IPO programme and future planning.
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CBE, Kuwait Investment Authority allegedly selling combing 40% of AAIB next year
The central bank and KIA each currently hold a 49.37% stake in AAIB, with the leftover 1.26% distributed to “others,” explains AAIB’s recent report.
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Emaar Misr implements Salesforce CRM, Nedap ID system at Marassi Egypt’s smart city
This has enabled Marassi to deliver greater convenience to its 30,000-plus residents and 100,000-plus monthly visitors.