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Financials and Investment News in Egypt

Navigation Through Suez Canal Back to Normal After Broke-Down Tankers Towed: SCA
8/23/2023 - Navigation through the Suez Canal has been back to normal after tugboats managed to tow the two tankers that slightly collided and broke down in the global waterway, disrupting traffic.

In ...
Dollar Prices Stable at Start of Wednesday's Transactions at Major Egyptian Banks
8/23/2023 - The exchange rate of the US dollar against the Egyptian pound was stable at the beginning transactions at Egypt's major banks.

At the National Bank of Egypt (NBE) and Banque Misr, the doll...
PM Attends BRICS Summit on Behalf of Sisi
8/23/2023 - Egyptian Prime Minister Moustafa Madbouli arrived in Johannesburg, South Africa, earlier to attend the 15th summit meetings of the BRICS.

Madbouli is due to attend the summit, themed “BRICS...
Explainer: Four Key Benefits for Egypt As A Member of BRICS
8/23/2023 - The 15th summit of the BRICS (Brazil, Russia, India, China, and South Africa) is currently deliberating on applications from five countries seeking to join the bloc: Egypt, Saudi Arabia, the UAE, Alge...
Egypt's GAFI Approves Establishing $16.2 Bln Industrial City in Giza
8/23/2023 - The Egyptian General Authority of Investment and Free Zones (GAFI) has approved an application by GV Investments to establish an EGP 500 billion ($16.17 billion) industrial city near Atfih in the West...
Market Watch: Egyptian Exchange Ends in Red on Wednesday; Gold Prices Unchanged
8/23/2023 - The Egyptian Exchange indices declined after neutral to positive performance over the first three sessions of the week. Gold prices haven't nearly changed mid-day.

The benchmark EGX30 inde...
Supply Min. Lays Foundation Stone of Strategic Warehouse in Luxor With Cost of EGP 1.5 Bn
8/27/2023 - Minister of Supply and Internal Trade Ali Moselhy laid the foundation stone of state's second strategic warehouse in the Upper Egypt governorate of Luxor, with total investments of some EGP 1.5 billio...
Dollar Prices Stable st Start of Sunday's Transactions at Major Egyptian Banks
8/27/2023 - The exchange rate of the US dollar against the Egyptian pound was stable at the beginning transactions at Egypt's major banks.

At the National Bank of Egypt (NBE) and Banque Misr, the dolla...
Declining Car Market in Egypt Raises Concerns Amidst Economic Challenges
8/27/2023 - A tough market has seen vehicle sales in Egypt in the first half of 2023 plummet by 69.8 percent compared to the same period last year, according to a report by the Automotive Information Council (AMI...
Sczone Celebrates Laying Foundation Stone for Chinese “Cady Egypt” With $60 Mln Investments
8/27/2023 - The General Authority of the Suez Canal Economic Zone (SCZONE) announced, this morning, the laying of the foundation stone for Cady- Egypt factory, which specializes in manufacture of high-end functio...
Foreign Purchases Push EGX 30 to Historic High
8/27/2023 - The Egyptian Stock Exchange ended Sunday's trading with a collective rise, with the main index EGX 30 recording the highest peak in its history at the level of 18,516 points, up 1.7%.

The i...
Sisi Directs Gov't to Issue Incentives Including Tax Breaks to Back Strategic Industries
8/27/2023 - Egypt’s President Abdel-Fattah El-Sisi directed the government to implement a package of incentives, including tax exemptions, to support projects in strategic industries.

The Cabinet will ...
Market Watch: Egyptian Bourse's Main Index Reaches Highest Level Ever on Sunday
8/27/2023 - The Egyptian Exchange started the week with a record high as the new chairman started his term. The benchmark index EGX30 reached its all-time high at 18,516.59 points. On the other hand, gold prices ...
PM Asserts Gov’t Keenness on Providing Basic Goods in Markets
8/28/2023 - Prime Minister Mostafa Madbouli met, 28-8-2023, with Supply and Internal Trade Minister Ali Moselhi in the government’s HQ in New Alamein Cityto review efforts to provide main goods for citizens natio...
ECOSOC's Economic Committee Meetings Kick Off in Cairo
8/28/2023 - The economic committee of the Arab Economic and Social Council convened here on Monday in preparation for the 112th session of the Arab Economic and Social Council (ECOSOC), due to convene on Thursday...
Egypt, Portugal to Partner Up in Healthcare, Pharmaceutical Sectors
9/3/2023 - Egyptian Ambassador to Lisbon Wael al-Nagar met earlier this week Portuguese Minister of Health Manuel Pizzaro to discuss the implementation of cooperation agreed upon during the latter's visit to Cai...
Transport Minister Follows Up 1st Line of High-Speed Train
9/3/2023 - Transport Minister Kamel el Wazir checked on the workflow of the first line of the High Speed Rail network project (Ain Soukhna / El Alamein / Matrouh / Fayoum).

The minister's tour began ...
Egypt’s Foreign Assets Deficit Declines By 3% in July
9/3/2023 - The deficit in Egypt's foreign assets deficit declined by nearly 3 percent - EGP 24.92 billion ($807.95 million) - on a monthly basis in July, as assets rose at a pace faster than the growth in liabil...
COP28 Provides A Fresh Opportunity to Further Unite Global Efforts to Reduce Carbon Emissions
9/3/2023 - Tarek El Molla Minister of Petroleum & Mineral Resources, confirmed that the 28th Conference of the Parties on Climate Change (COP 28), which will be hosted by the UAE from 30th November to 12th Decem...
Egypt Signs €340 Mln Contract to Develop Cairo-Beni Suef Railway Corridor
9/4/2023 - Egyptian National Railways (ENR) signed a €340 million ($367.05 million) contract with the UAE's Orascom Construction and French electrical systems company Thales, to develop the Cairo-Beni Suef railw...

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