Month: December 2023

Egypt’s Ministry of Finance is setting its sights on Gulf markets, with plans to issue bonds and sukuk denominated in regional currencies like Saudi riyal and Emirati dirham as early as Q1 2024, sources revealed to Daily News Egypt. This strategic move comes as the country continues to diversify its…

The European Union (EU) is in talks with the Egyptian government and relevant authorities to provide a new funding package that includes loans, grants, and credits to address the economic challenges caused by the conflict in Gaza and other geopolitical issues, according to the Head of the European Union Delegation…

Icon, a subsidiary of Talaat Moustafa Group (TMG), has signed the final agreements to acquire a 39% stake and full management rights in Legasi Hotels, a new company that owns a unique and large portfolio of 7 historic hotels in Egypt. The stake will increase to 51% within a specified…

The Central Bank of Egypt (CBE) is anticipated to maintain its current overnight interest rates during the upcoming policy meeting on Thursday 21, December.    This decision is expected despite the forecast of economic reforms following President Abdel Fattah Al-Sisi’s recent re-election for a third six-year term, securing 89.6 percent…

XMatch DEMO Day, a groundbreaking initiative by Exits MENA and ECOSYS+, has achieved a remarkable milestone in the MENA region by attracting over $20m in potential investments for Small and Medium Enterprises (SMEs) and Startups in Egypt. This first-of-its-kind event, held over two days in Four Seasons Nile Plaza, has…

A meeting was held at the headquarters of the Suez Canal Authority (SCA) in Ismailia between Minister of Transport Kamel Al-Wazir, SCA Chairperson Osama Rabie, and representatives of the Saudi national maritime transport company “Bahri”. The meeting aimed to discuss the potential partnership between the Egyptian Ministry of Transport, the…

The Central Bank of Egypt (CBE) reported an increase in the total financial position of banks operating in the local market, excluding the CBE, to about EGP 14.742trn by the end of the third quarter of 2023. In its quarterly report on the financial soundness of banks, the CBE explained…

Banque du Caire and the General Authority for Investment and Free Zones (GAFI) have signed a memorandum of understanding (MoU) to enhance cooperation in the investment field, as part of the government’s plan to maximise the role of all institutions in promoting investment in Egypt. The MoU was signed by…

African Trade & Investment Development Insurance (ATIDI) has announced its plan to support the 20 MW Ituka West Nile Uganda Ltd solar project, developed by AMEA Power, a Dubai-based Independent Power Producer (IPP). The project will connect to the national grid through a new high-voltage transmission line operated by Uganda…

Kenya and the European Union signed the Kenya-European Union Economic Partnership Agreement in Nairobi on Monday, reaffirming their commitment to enhance economic cooperation. The signing ceremony was attended by Kenyan President William Ruto and EU Commission President Ursula von der Leyen at the State House. President Ruto said the agreement…