News
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ITIDA signs MoU with Huawei to enhance AI field in Egypt
In accordance with the LoI, a total of 20 MCIT-Huawei DTUs will be established in several governorates.
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30 new locomotives added to Suez Canal fleet as part of development plan
The canal has 3 arsenals, 2 in Suez and one in Port Said, adding that dredging is being built from the canal's budget.
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Egypt’s external debt rises nearly 5% in one year
Egypt’s external debt rose by 4.8 percent to $165.3 billion in the third quarter (Q3) of the fiscal year 2022/2023, compared to $157.8 billion.
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Egypt’s Prime Minister meets to discuss phosphoric acid production project in Abu Tartur
The production depends on using Abu Tartur phosphate ore and maximizing its added value instead of exporting it as a raw material.
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Egypt's agriculture exports jump 18 percent in 7 months
Egypt's agriculture exports reached more than 5 million tons during the period from 1 January until 26 July 2023, an 18 percent surge over 2022.
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Egyptian exports to Eastern Europe grow by 2.9% in January-April 2023
Egyptian exports to Turkey rose by $114.1 million to become $1.7 billion up from $1.6 billion.
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Flynas becomes 1st Saudi carrier to serve Sphinx International Airport
Flynas won the Best Low-cost Airline Award in the Middle East from the World Travel Awards in 2022 for the eighth year in a row.
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Largest Operating Renewable Projects in Egypt
Egypt plans to generate 42% of its electricity using renewable energy sources by 2035 and 60% by 2040.
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Egyptian-French consortium mull building 2 solar plants for metal industries
Orascom Construction PLC and Engie is considering the establishment of two solar energy plants.
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Egypt sold $2 bln of land in 6 months: Minister
Egypt has sold $2 billion worth of land between 1 January and 30 June 2023, announced Minister of Housing Assem El-Gazzar.
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Middle Egypt Flour Mills’ profits surge 11.25% YoY in FY2022/23
Middle Egypt Flour Mills is an EGX-listed company engaged in the manufacture, trade, import, export, packaging, warehousing, and distribution of grain
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Egypt’s Central Bank, Vietnam’s SBV ink MoU to boost cooperation
Lu Quand led a delegation to Egypt to discuss ways to boost its cooperation with the Arab country in the trade sector.
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Suez Canal pumps $143.8bln into Egypt’s public treasury since nationalization
The number of ships that crossed the canal since nationalization has reached roughly 1.71 million vessels.
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INTERVIEW: Egypt promotes a digital-first economy, says Canon’s MD
Japanese optical, imaging, and industrial producer Canon perceives Egypt as a leading market in North Africa in terms of digital transformation effort
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Sisi calls for ending rise in grain prices at Russia-Africa summit
He also stressed the importance of taking into account the needs of developing countries, especially in Africa.
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Sri Lanka to explore new areas of cooperation with Egypt
“Relations are to be elevated to the next level in all areas, including in economic and trade cooperation.”
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Egypt’s Energy Market: A Promising Destination for Foreign Investments
Egypt’s strategic location at the crossroads of Africa, Asia, and Europe, coupled with its access to key shipping routes, makes it an ideal hub.
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Egypt mulls establishing first blood bag manufacturing plant
The UPA has played an important role in developing the proposed project including the manufacture of blood bags and their requirements.
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Egypt’s hotel occupancy rate hits 80% in H1
The tourism industry contributes around 15% to the country’s gross domestic product (GDP) and is a key source of foreign currency.
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IMF projects Egypt’s growth forecast to be 3.7% in 2023
The IMF also projected that inflation in Egypt would record 24.4 percent this year and would increase to 32 percent in 2024.