Day: December 3, 2023

The British International Investment Corporation (BII), the UK’s development finance arm, portfolio in Egypt has reached $600m, Sherine Shohdy, Head of Egypt and Coverage Director North Africa, BII said. The corporation is also committing $700m in funding to address climate challenges in Egypt and across Africa. In an interview with…

SAK Developments is currently working on three projects in the New Administrative Capital (NAC), which include residential, administrative, commercial, and serviced apartments, according to its Chairperson Ahmed Kadri. Kadri said that the company has completed the excavation and replacement operations for The V Hub Mall, a project that covers 7,500…

Scatec, a Norwegian renewable energy company, and the Suez Canal Economic Zone (SCZONE) have signed a memorandum of understanding (MoU) to develop a green fuel bunkering terminal in East Port Said, Egypt. The project will cost $1.1bn and will include investments in clean energy generation, with a production capacity of…

Tarek Shoukry, the head of the Real Estate Development Chamber at the Federation of Egyptian Industries and the undersecretary of the housing committee at the House of Representatives, stated that the proposed initiative to sell real estate units in dollars is only for expatriates and foreigners, not for Egyptians living…

The Central Bank of Egypt (CBE) said the North African nation’s external debt registered $164.7bn at the end of June 2023, up by about $9.0bn or 5.8% year over year (Y-o-Y). This resulted from the rise in net disbursements of loans and facilities by $8.9bn and the depreciation of the…

BeNeshty Solar, a company specializing in solar energy solutions, has announced that Egypt has a great competitive edge in producing green hydrogen, a clean and renewable source of energy. According to Romany Hakeem, the chairperson of BeNeshty Solar, Egypt could become the second largest producer of green hydrogen in the…

The Central Bank of Egypt (CBE) has reported that the total financial position of banks operating in the Egyptian market, excluding the CBE, reached EGP 14.473trn by the end of August 2023, compared to EGP 14.150trn at the end of July 2023, reflecting an increase of EGP 323bn. According to…

Transcargo International (TCI), a veteran terminal operator in Egypt, has signed an agreement with Sinai White Portland Cement Company (SWCC), a subsidiary of the world’s largest white cement manufacturer, Cementir Holding N.V., to develop Egypt’s first bulk cement silos terminal in Arish Port. The project marks a significant milestone in…

NM Home Real Estate, a leading real estate developer, and Go Ads, a digital marketing agency, have teamed up to launch a new business complex in New Cairo, called The Office. The project aims to cater to the needs and aspirations of the Egyptian market for furnished and serviced office…

Shell plc has announced the appointment of Dalia El Gabry as the new Vice President and Country Chair for Shell Egypt N.V. (Shell Egypt), effective from 1 December 2023. El Gabry will succeed Khaled Kacem, who has been leading the Shell business in Egypt for more than four years. El…