Month: September 2023

The CEO of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba, met with the Swiss State Secretary for Economic Affairs, Helene Budliger Arteda, on Tuesday, to discuss the Egyptian-Swiss economic relations and the investment opportunities in Egypt. The meeting was also attended by the Swiss Ambassador to…

The Finance Minister and Governor of Egypt at the Asian Infrastructure Investment Bank (AIIB), Mohamed Maait, said that the private sector is the engine of economic recovery and sustainable growth in a world full of challenges. Maait expressed his enthusiasm about the private sector’s contribution to economic and development projects…

City Farm, an Egyptian company that specializes in exporting frozen vegetables to the US, aims to increase its sales in this market to $50m this year, a 43% growth from $35m in 2022.  The company has been operating in the US market since 2021, when it achieved annual sales of…

A new study by the USA’s National Cancer Institute (NCI) suggests that innovative smoking alternatives could lead to a rapid decline in the use of traditional cigarettes.  The study comes after a joint report by the NCI and the World Health Organization (WHO) that showed that heated tobacco products have…

Alpha Dhabi Holding, a diversified investment company, has announced its acquisition of a majority stake in Metito Holdings, a leading provider of smart water solutions. The deal, which is subject to regulatory approvals, marks Alpha Dhabi’s strategic entry into the water and wastewater sector. The acquisition aims to diversify Alpha…

Egypt’s President Abdel Fattah Al-Sisi said on Monday that the state has built an advanced and sufficient infrastructure over the past years by providing the required investment funding estimated at trillions of dollars, to pave the way for a better economic future. Al-Sisi made these remarks at the annual meetings…

Ever since the first Swiss trade representation opened its doors in 1906 in Alexandria, trade and investment have been at the forefront of Switzerland’s relationship with Egypt. Much has changed since then: diplomatic ties have been established, and new areas of cooperation have been added. But the fact that Switzerland…

The Italian Ambassador to Cairo, Michele Quaroni, announced on Sunday that Italy has cancelled US$100 million of debts owed by Egypt due to the Italian debt swap program. Quaroni explained that $75 million was allocated for a program to develop six advanced technological silos for storing grain in Egypt with…

The Central Bank of Egypt (CBE) announced on Monday that it has completed the third phase of the Egyptian Money Market Development project, which aims to improve the efficiency and transparency of trading and settlement of government securities. The project, which was coordinated with the Ministry of Finance, the Egyptian…

A government document obtained by Daily News Egypt revealed that Egypt plans to sell its stakes in several public and private assets by June 2024, aiming to raise $5bn from the divestments. The document stated that the government intends to sell 20% of the Ministry of Finance’s stake in AlexBank,…