News
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Egypt starting point for Russian business in Africa
Egypt working on plans to strengthen mutual relations with most African countries through the implementation of huge projects.
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Egypt's economy grows 2.9% in Q3-20/21
The country is projected to achieve 5.2-5.5% economic growth in Q4 of FY20/21, the minister noted.
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NBE receives $100 mln from EBRD
NBE will on-lend the funds to SMEs operating in the sectors of industry, commerce and agriculture to help improve the use of energy, water and land.
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Egypt’s shift to green economy in FY 2021/22 is ‘priority’
The plan also addresses the issue of the transition to a green economy with a focus on environmental improvement initiatives, El-Said added.
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Almentor closes $6.5 mln Series B
In 2016, Almentor closed a $3.5 million seed round and two years ago raised $4.5 million Series A led by Egypt’s Sawari Ventures.
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Egypt bets on ancient finds to pull tourism
Officials are betting that the new ancient discoveries will set it apart in the mid-and post-pandemic tourism market.
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Egypt lifts price of subsidised vegetable oils
Egypt's strategic supplies of vegetable oils were sufficient to last five months, the ministry said in a statement.
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Egypt, UN launch roadmap for strategic partnership
The roadmap aims to organise the stages of preparing the new framework for the strategic partnership in a practical and elaborate manner.
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New Holiday Inn in Assiut Asayla
With a strategic location, the power of IHG’s scale and resources, and their well-known signature hospitality, the hotel will be a great success.
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Flatlabs6 closes $13.2m fund
Launched in 2011, Flat6Labs is a regional seed accelerator with offices in Egypt and Tunisia. They invest in more than 100 startups across Egypt.
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Some banks report good results in Q1
The net profit at Al Baraka Bank – Egypt increased by 2% in Q1 of 2021 compared to Q1 of 2020, and by 108% compared to Q4 of 2020, recording EGP 269m.
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Egyptian business tycoon Ahmed Bahgat passes away
Ahmed Bahgat established the first residential community in the 6th of October City, then established the largest amusement park in the Middle East.
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Telda announces $5M pre-seed
A newly launched digital bank, Telda, is announcing a $5 million pre-seed round to digitize how Egyptians save, send and spend money.
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Egypt: Expanding export capacities
Al-Ahram Weekly reports on suggested changes in Egypt’s export-support programme.
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Egypt, AfDB ink €145 mln for railway
Under the agreement, Egypt’s Railway Authority's main lines will be extended with 953 km controlled by the European Train Control System (ETCS-L1).
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Egypt’s e-payments transactions at EGP 37bn
e-payments to suppliers, state worker salaries record EGP 628bn, EGP 377bn respectively. Total of 13.5 million transactions worth EGP 37bn.
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Bosta raises $6.7M to expand e-commerce delivery
Egypt, one of the most active e-commerce countries in the region, is anticipated to grow 33% annually to reach $3 billion by 2022.
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Egypt’s central bank obligations reach 2.1tln
Despite the Central Bank of Egypt's total assets growing by the end of April, gold and cash assets dropped compared to December's data.
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Egypt fines mobile operators EGP 20m
Mobile companies were fined for unjustified rejections of number porting requests.
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Hyundai Rotem delivers trains to Egypt
Hyundai Rotem delivers to Egypt 2 metro trains, parts to assemble another.