News
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Western fears about the membership of Egypt and developing countries in the BRICS
Joining the BRICS will also reduce the dollar’s dominance in payments, which was discussed in previous summits.
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In a historic first, Suez Canal makes $1 mln in revenues in an hour
The Suez Canal Authority recorded total revenues of one million dollars in an hour for the first time in the country’s history.
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Trade exchange between Egypt, BRICS states rise by 21% in 2022
The study prepared by the researcher Asmaa Refaat showed that Egypt reaps a number of benefits from Egypt's accession to the BRICS bloc.
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Declining car market in Egypt raises concerns amidst economic challenges
A tough market has seen vehicle sales in Egypt in the first half of 2023 plummet by 69.8 percent compared to the same period last year.
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Egypt’s summer sale season extended to September 30
Minister of Supply and Internal Trade Ali al-Moselhi issued a ministerial decision to extend the summer sale season to September 30.
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Egypt’s manufacturing and extractive industries index dips in June, CAPMAS
Basic metals production was up by 4.16 percent to 59.59 in June 2023, compared to 57.21 in May 2023 when it dipped by 1.79 percent.
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Egypt’s Pathfinder Energy to establish EV charging stations in Jordan
500 charging stations to be established over 3 years at a total investment of $470mln.
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Sisi directs gov't to issue incentives including tax breaks to back strategic industries
Egypt’s President Abdel-Fattah El-Sisi directed the government on Sunday to implement a package of incentives, including tax exemptions.
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Egypt one of the first countries to produce green hydrogen, says UN official
The Egyptian government has signed on with many companies in the green hydrogen field as Egypt aims to be a regional center for it.
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British oil major BP to invest $3.5 bln in Egypt in 3 years: CEO
The company is also keen to provide scholarships to young Egyptian people to study in major British universities, Looney noted.
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Egypt: EFIC’s consolidated profits drop 12.9% YoY in H1
Established in 1929, EFIC is an Egypt-based company involved in the production and marketing of agricultural chemicals.
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Chinese Cady Textiles lays foundation stone for vast Egyptian textile factory
Egypt Cady Textile Company started the construction of a 145,500-square-meter eco-friendly clothing and textile factory in the TEDA-Egypt zone.
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Egypt, Russia discuss trade cooperation opportunities
The Alexandria Chamber of Commerce had a meeting with a Russian trade delegation to discuss means of cooperation with Egypt.
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Egypt Aluminum’s profits hike 47.6% YoY in FY2022/23
The company generated revenues of EGP 22.045 billion in FY 2022/2023, higher than EGP 14.481 billion in a FY earlier.
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President al-Sisi ratifies revocation of laws related to some banks
President Abdel Fattah al-Sisi on Sunday ratified law no. 170 of 2023 on the revocation of laws related to the establishment of some banks.
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Egypt starts building seven massive warehouses for strategic commodities
Minister of Supply and Internal Trade Ali Moselhi has laid the cornerstone for a new warehouse for strategic commodities in Luxor.
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Egypt eyes issuing licenses for rebar, flat steel production in 2024
The Russian metallurgical firm Novostal-M Holding is planning to pump initial investments ranging between $400 and $500 million.
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Egypt, Ethiopia and Sudan Resume Negotiations over GERD
The Blue Nile meets the White Nile in Sudan’s capital of Khartoum, before winding northward through Egypt to the Mediterranean Sea.
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Egypt’s e-trade exports record 2.9% in 2021: CAPMAS
Egypt also comes in the place in terms of the percentage of imports from e-commerce as the total merchandise trade increased from 3.5 percent to 4.8 %
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Expert reveals the steps BRICS can take to reduce the US dollar’s dominance
Damaty noted that the currencies of some countries in the group are still not listed with the central banks of other countries within the BRICS.