News
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Emirati Dragon Oil to boost oil production in Egypt by 27% within two months
Dragon Oil will start production within two months from the North Safa field in the Gulf of Suez, with a capacity of 15,000 barrels of oil per day.
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Egypt's net foreign assets deficit soars 125 percent to $27 bln over a year: CBE
The deficit in Egypt's net foreign assets surged by over 125 percent on a yearly basis in June, according to data released by the CBE.
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Egypt OKs Danish Maersk’s proposal to purchase half of Zaafarana wind farm
Accordingly, the government requested Maersk to submit a financial offer to pave the way for negotiations.
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Egyptian expats to soon invest in high-return national projects through new company
A group of high-profile Egyptian investors abroad will soon establish an investment company to engage the country’s expats in high-return project.
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Tamweely Microfinance launches new financing line to back SMEs: Egypt
The new line will provide financing ranging between EGP 220,000 and EGP 7 million per ticket for a start, targeting SMEs.
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National Dialogue warns against unsustainable public debt
Abdel Fattah El-Gebaly, warned that Egypt's public debt has reached 113 percent of the GDP.
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Egypt: Delta Sugar’s net profits exceed $32mln in H1-23
The basic earnings per share (EPS) climbed by 100% year-on-year (YoY) to EGP 6.23 in the first six months (6M) of 2023 from EGP 3.12.
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Finance min.: Initial surplus recorded 1.3%, growth rate hit 4.2% in FY 2022-23
Maait was addressing the fourth edition of the Egyptian expatriates’ conference, which kicked off Monday, under the auspices of Prime Minister.
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Mienta inks $5mln deal to build its third factory in Egypt
This comes under the land allocation contract signed between Mienta and Elsewedy Industrial Development, a subsidiary of Elsewedy Electric.
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Huffs in the tobacco market
Imbabi had earlier said the upcoming tax increase is expected to range from LE0.5 to LE2 depending on the tobacco brand.
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Egypt: Abu Qir Fertilizers posts higher profits at $473mln in FY22/23
The net profits after tax of Abu Qir Fertilizers amounted to EGP 14.64 billion during fiscal year (FY) 2022/2023, higher by 61.70% year-on-year (YoY).
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Happy Joe's Pizza & Ice Cream opens 2nd store in Egypt
The group first opened in Egypt in the Cairo suburb of Roxy earlier this year.
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Egypt: Remco’s consolidated losses narrow 49% YoY in 2022
Remco is an Egypt-based company that operates in tourism and entertainment projects development and construction.
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Italian San Carlo opera to be held at Giza pyramids in a first for Egypt
The event is scheduled at the foot of the pyramids and will include a concert by some of the most famous opera singers.
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Int'l consortium starts development of new container terminal in Egypt
An international consortium has started the development of a new container terminal of Ain Sokhna Port on the Red Sea in northeastern Egypt.
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Egypt government debt-to-GDP estimated at 97% in FY2022/23: Finance minister
Egypt's government debt-to-GDP ratio is expected to reach 97 percent at the end of June 2023, according to Minister of Finance Mohamed Maait.
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Agriculture minister reviews mechanisms to support small farmers
Agriculture Minister al-Sayyed al-Qassir held a meeting with senior officials at his Ministry Monday to discuss mechanisms to support small farmers.
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Al Amal to temporarily shutter BYD assembly plant in Egypt on FX shortage
Al Amal Auto will temporarily suspend operations at its BYD assembly plant within weeks.
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Trade exchange between Egypt, African countries climbs 14.4% YoY in 2022
According to data from the Egyptian Cabinet’s Information and Decision Support Center (IDSC).
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Egypt’s capital inflows to come below the IMF’s baseline projections: Goldman Sachs
In Goldman Sachs CEEMEA Economics Analyst report, they updated their assessment of Egypt’s external financing outlook.