Day: February 7, 2024

Egypt’s President Abdel Fattah Al-Sisi announced a significant social protection package worth EGP 180bn to address the country’s rising inflation and support workers across various sectors.  The package, described as the “largest urgent social protection package” in the country’s history, includes a substantial increase in the minimum wage, pension hikes,…

IL Cazar Developments has launched its latest project, THE CREST, in New Cairo, with a total investment of about EGP 60bn. The project is part of the company’s expansion plan to launch several diverse projects in 2024 and 2025. Nader Khozam, the Chairperson of IL Cazar Developments, said that THE…

The Real Estate Development Chamber at the Federation of Egyptian Industries has proposed some ways to implement the government’s initiative that allows property companies to sell their projects abroad in dollars. The chamber’s board members and other real estate developers met with officials from the Ministry of Housing, Utilities, and…

The Information Technology Industry Development Agency (ITIDA) has launched the 19th round of its Graduation Projects Support Program, inviting students to apply their graduation projects in the fields of Information and Communications Technology (ICT) from the 28th of January to the 29th of February 2024. The program targets senior-year students…

Waleid Gamal El-Dein, Chairperson of the Suez Canal Economic Zone (SCZONE), met with Salih Mutlu Şen, the Turkish Ambassador in Cairo. The meeting aimed to discuss common issues and enhance bilateral cooperation between the two countries, especially in the economic aspect, which is witnessing increasing momentum. Gamal El-Dein gave a…

Hossam Heibah, President of the General Authority for Investment and Free Zone (GAFI) announced Wednesday the signing of a Memorandum of Understanding (MOU) with Todd Wilcox, Deputy Chairperson and Chief Executive Officer on behalf of HSBC Bank Egypt, regarding the cooperation between GAFI and the Bank to support the Authority’s…

The Central Bank of Egypt (CBE) revealed an increase in net foreign exchange reserves, reaching US$35.249 billion at the end of January 2024, compared to $35.219 billion at the end of December 2023 – an increase of $30 million. Cash reserve gold balances declined to $8.337 billion for the month…

Egyptian Prime Minister Mostafa Madbouly met with high-ranking officials from Samsung Electronics Egypt on 6 February to discuss ways to enhance investment prospects and cooperation in the country. The meeting, also attended by Minister of Trade and Industry Ahmed Samir and CEO of the General Authority for Investment and Free…

The National Bank of Egypt (NBE) has adjusted the return on the Platinum Savings Certificate with a variable return, in line with the recent Central Bank of Egypt’s decision to raise interest rates. The change in the return rate on the NBE certificates of deposit came on Sunday, with the…