Day: January 30, 2024

The Egyptian pound’s depreciation in the black market reached a new historical high this week, surpassing 70 EGP against the US Dollar, which is over 50 percent of the official rate. Despite remaining anchored at 30.80 EGP per USD since the last Central Bank adjustment in January 2023, the official…

Standard Chartered Bank (StanChart) officially commenced operations in Egypt on Tuesday, marking a strategic move to support the country’s economic development ambitions. Receiving the final green light from the Central Bank of Egypt (CBE), StanChart brings its global expertise and extensive network to bear on Egypt’s vibrant markets. The launch…

CAIRO, Jan 28 (MENA) – Egyptian Exchange (EGX) indexes posted collective gains at the close of Sunday’s trading session backed by purchases of Egyptian and foreign investment funds. The market capital gained about LE 77 billion to register at LE 2.048 trillion, amid transactions that totaled LE 65.22 billion. The…

Robust, an emerging technology company that specializes in logistics with artificial intelligence (AI), has secured a $3m funding round led by Silicon Badia, with participation from Reimagined Ventures, Flat6Labs, and Saudi angel investors. The company will use the new funds to accelerate its regional expansion and enhance its digital transformation.…

Egypt’s tourism numbers, soaring at about 8 times the global tourism rate of 4.5%, have been crucial in boosting overall growth, according to JLL’s “A Year in Review” report of the North African country’s real estate market. From January to October 2023, Egypt recorded about 13.9 million tourist arrivals, a…

SAK Developments plans to allocate EGP 300m in 2024 to finish construction works in its projects in New Administrative Capital (NAC), according to Chairperson Ahmed Kadri. Kadri said that the company is examining several opportunities in east and west Cairo to launch a new project this year, along with the…

Mabany Edris for real estate investment is getting ready to launch the second phase of Central Avenue in Sheikh Zayed City, with a total investment of EGP 600m. The second phase of Central Avenue consists of 63 units, including medical clinics, offices, commercial units, warehouses, and open spaces. Central Avenue…

The government of Egypt is trying to increase its foreign currency reserves and collect the highest amount possible in hard currency to meet its obligations. This was evident in the recent offer of lands that required paying their value in dollars. The Administrative Capital for Urban Development Company (ACUD) offered…

Madinet Masr, one of Egypt’s leading urban community developers, has tripled its total contractual sales amounting to EGP 34.95bn in 2023, up from EGP 11.2bn during the same period in 2022. The company said that this impressive performance is driven by its expansion and growth strategy, which focuses on developing…

The Engineering Export Council of Egypt announced that the sector’s exports increased by 10.5% in 2023, reaching approximately $4.25bn for the first time in the history of engineering exports, compared to $3.84bn in 2022. The exports of cables achieved a growth of 53.2%, household appliances exports recorded an increase of…