News
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Egypt to import 360,000 tons of wheat to maintain strategic reserves
Egypt's General Authority For Supply Commodities (GASC) has sealed a deal to import 360,000 tons of wheat.
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Demand for gold bars and coins in Egypt records 300% in Q2 2023
The report showed that growth was universal across the MENA region, but Egypt was of the largest contributors by far along with Iran.
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PM follows up progress of establishment of Grand Egyptian Museum
This comes within President Abdel Fattah al-Sisi’s directives to provide a distinguished experience to visitors and tourists.
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Egypt adds EGP 2 bln to 6th phase of exporters support initiative
The Egyptian Cabinet approved allocating an additional EGP 2 billion ($64.73 million) for the sixth phase of the cash repayment initiative.
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Egypt’s central bank raises interest rates by 1%
The rates of the overnight deposit and lending return were raised by 100 basis points, to reach 19.25%, 20.25% and 19.75%, respectively.
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Shell to begin drilling oil exploration wells in Egypt in September
This is part of Shell’s plans to be an energy hub in the region amid the ongoing power cuts for the shortage of gas supply needed for power stations.
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Sidi Kerir Petrochemicals sees 158.33% YoY profit surge in H1
Meanwhile, revenues grew 69.19% YoY to EGP 6.563 million, up from EGP 3.879 million in H1 2022.
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Turkish Vestel, Zorlu to establish home appliances factory in Egypt with $70 mln
The project is by Turkish companies Vestel, a home and professional appliance manufacturer, and Zorlu, a multinational holding company.
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Zahraa Maadi’s net profits reach $3.7mln in H1-23
Revenues amounted to EGP 269.18 million in the January-June 2023 period, an annual increase from EGP 197.67 million.
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CIB launches 6 percent 1-year USD certificates in Egypt
The Commercial International Bank (CIB) launched Thursday a one-year USD-denominated certificate of deposits (CDs) with a monthly yield of 6 percent.
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Egypt: a transit station improves solid waste management in Cairo
Cairo has acquired a new solid waste transit station. The facility, located near the Port-Saïd road, has a capacity of 2,000 tonnes per day.
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Crédit Agricole Egypt generates over $81mln consolidated profits in H1-23
In the January-March 2023 period, the EGX-listed bank posted a 148.96% leap in consolidated net profit.
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15 new air-conditioned 3rd class railcars arrive in Alexandria Port from Hungary
The deal comes as part of President Abdel Fatah al-Sisi’s instructions to provide low-income citizens with air-conditioned rail carriages.
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Egyptian fertilizer producers report marginal impact after natural gas supply reductions
Seven Egyptian fertilizer manufacturers reported a marginal to moderate impact on operations following the reduction of gas supply by 20%.
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Will Egyptian banks offer new high-yield CDs?
Metwally added that after the decision, the variable interest rates on deposits will rise directly by one percent.
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EBRD invests €27 mln in Egyptian bonds to finance municipal infrastructure
The European Bank for Reconstruction and Development (EBRD) has invested €27 million in securitized bonds issued in Egypt.
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How Egypt’s Telecommunications Industry is Embracing Conversational Commerce
Exploring the Integration of Conversational Commerce in Egypt’s Telecommunications Industry.
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NCW head: Financial inclusion “cornerstone” of women’s economic empowerment
President of the National Council for Women (NCW) Maya Morsy has said financial inclusion is the cornerstone of women’s economic empowerment.
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Egyptian pound to be devalued in September/October: Morgan Stanley
US investment bank Morgan Stanley anticipates that the Egyptian pound’s exchange rate against foreign currencies will further decline.
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Al-Sisi directs intensifying efforts to develop Egypt’s health system
The President was informed on the operational position of the comprehensive health insurance system.