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Financials and Investment News in Egypt

PM Follows Up on Phosphoric Acid Production Project in New Valley
7/26/2023 - Prime Minister Mostafa Madbouly held a meeting on 26/7/2023 to follow up on the developments of the phosphoric acid production project in New Valley governorate.
Vice President of NBE Reveals Details of New US Dollar Certificates
7/26/2023 - The National Bank of Egypt began issuing two new certificates of deposit (CDs) in US dollars for a period of three years, amid a hard currency scarcity.

It offers a return of seven and nin...
CBE Auctions EGP 83 Bln T-Bills on Tuesday
7/26/2023 - The Central Bank of Egypt (CBE) auctioned EGP 83 billion ($2.7 billion) in treasury bills (T-bills) on Tuesday to finance the government's debt, with two maturities available.

According to ...
Egypt Releases $131 Bln Worth of Goods From Ports in 21 Months: Finance Minister
7/26/2023 - Egypt has released $131 billion worth of imported goods through different customs ports and outlets over 21 months until the end of June, said the Minister of Finance Mohamed Maait.

There a...
Arab African International Bank Issues 3-Year 40% Saving Certificates
7/26/2023 - The Arab African International Bank (AAIB) has issued three-year certificates of deposit (CDs) with a 40 percent yield to be paid in advance, according to a statement .

The minimum value of...
30 New Locomotives Added to Suez Canal Fleet as Part of Development Plan
7/29/2023 - Lieutenant General Osama Rabie, head of the Suez Canal Authority, said that adding 30 new locomotives to the Suez Canal fleet is part of a future plan to develop the fleet.

He explained tha...
Minister: Egypt Enjoys Major Investment Opportunities in Electric Vehicles Manufacturing
7/29/2023 - Minister of Trade and Industry Ahmed Samir highlighted major investment opportunities that could be utilized by international automotive firms, in light of Egypt's strategy to localize the industry of...
Minister: Creation of Promising Investment Chances in Waste Sector Is Ministry's Top Priority
7/29/2023 - Minister of Environment Yasmine Fouad asserted her ministry is aiming to create more promising investment opportunities in the waste management sector in partnership with the private sector, civil soc...
Wabtec Delivers 20 Train Engines to Egypt
7/30/2023 - inister of Transport Kamel al-Wazir declared that 20 train engines supplied by Wabtec had arrived in the Port of Alexandria within a deal that consists of 100 units.

Twenty others had been ...
PM Reviews Measures to Support Presidential Housing Initiative
7/30/2023 - Prime Minister Moustafa Madbouli said Sunday that a presidential initiative to provide housing for all Egyptians is one of the most important projects implemented by the government in favor of the lim...
GAFI CEO Discusses Upgrading Alexandria Free Zone
7/30/2023 - CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba discussed during an expanded meeting Sunday upgrading Alexandria Free Zone.

A statement issued by GAFI said th...
Egyptian Consumer Businesses to Become More Lucrative in Q4 2023: HSBC
7/31/2023 - Egyptian companies operating in the consumer sector are expected to achieve higher profits during the fourth quarter of 2023, according to a report by HSBC Global Research published.

The re...
Egypt's Informal Economy: Untapped Potential That Could Add $127 Bln to GDP
7/31/2023 - Egypt’s informal economy still accounts for 40 percent of GDP, despite government efforts to regulate it through formal integration, according to recent data from the Cabinet's Information and Decisio...
Dubai Chamber of Commerce Reports 55% Membership Growth in April 2022
7/31/2023 - Benchmark US crude oil for September delivery rose $1.22 to $81.80 a barrel. Brent crude for September delivery rose 57 cents to $85.56 a barrel.

Wholesale gasoline for August delivery fell...
Abu Dhabi Islamic Bank Egypt Names Minister Al-Mashat As Board Member
7/31/2023 - Egypt's Minister of International Cooperation Rania Al-Mashat has been appointed as a member of the board of directors of the Abu Dhabi Islamic Bank Egypt, according to a bourse filing on Monday.
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Egypt Government Debt-To-GDP Estimated at 97% in FY2022/23: Finance Minister
7/31/2023 - 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.

Maait added that the ratio reached its lowest a...
Egypt Strategic Reserves of Sugar Enough Until February 2024 – Ministry
7/31/2023 - The Supply Ministry announced that Egypt’s strategic reserves of sugar are enough until February 2024.

In a statement, the Ministry said that, following directives by the political leadersh...
Saudi Approves $1.2 Bln in Yemen Aid: Officials
8/1/2023 - Experts and analysts believe that the high-yield US dollar savings certificates offered by the National Bank of Egypt and Banque Misr are a new attempt by the banking sector to attract the remittances...
Trade Min.: 30% of IDA surplus allocated for fund on supporting industrial zones
8/1/2023 - Minister of Trade and Industry Ahmed Samir issued a decision allocating 30 percent of the surplus funds of the General Authority for Industrial Development (IDA) for the fiscal year for the fund on su...
Int'l Cooperation: Saudi Grants Worth Dlrs 1.5 Bn to 3,524 Projects in Egypt
8/1/2023 - The Ministry of International Cooperation said that total funds presented by the Saudi Arabia Grant Management Committee (SAGMC) reached dlrs 1.5 billion for financing 3,524 projects in 27 governorate...

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