Day: February 29, 2024

Shell Egypt announced the successful conclusion of the framework agreement with the Egyptian Natural Gas Holding Company (EGAS) for managing and reducing greenhouse gas emissions (GHG) from the operations of all EGAS affiliates. This achievement follows the Heads of Agreement (HoA) signed by EGAS and Shell Egypt during COP27 held…

Madinet Masr, one of Egypt’s leading urban community developers, announced its standalone financial results for the year ended 31 December 2023 (FY 2023), reporting a net profit of EGP 2.1bn on total revenue of EGP 7.6bn. The Company also reported a net profit of EGP 764.4m for the quarter ended…

Egypt has received the first tranche of funds pledged by the UAE from a total of $35 billion. President Abdel Fattah al-Sisi said that some of the UAE’s funds have been deposited in the Central Bank of Egypt, and an additional tranche is expected to be received on Friday. During…

The Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva, said that Egypt’s announcement on Friday of a $35 billion investment deal from the UAE in the Ras al-Hikma project on the Mediterranean is a “very positive sign.” She added that the IMF’s agreement with Egypt will be finalized…

Leading pharmaceutical company Novartis Pharma (Novartis Egypt) officially inaugurated its new premises in Egypt located in the vibrant business district of New Cairo. The inauguration marks a significant milestone in the company’s long-standing presence in Egypt and reinforces its commitment to the country’s healthcare system and to patients. The ceremony,…

The Egyptian market is optimistic about the prospects of mergers and acquisitions (M&A) in the coming year, following the announcement of Egypt’s success in achieving a dollar yield that narrows the gap between the official and parallel exchange rates of the Egyptian pound against the US dollar. This gap has…

Egyptian Minister of Trade and Industry Ahmed Samir met with the Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala. They reaffirmed Egypt’s commitment to enhancing the multilateral trade system’s ability to respond to the successive challenges and crises that the world faces, such as geopolitical, health, and food crises.…

The General Authority for Investment and Free Zones (GAFI), represented by its CEO Hossam Heiba, and the Egyptian Junior Business Association (EJB), represented by its Chairperson Bassam El-Shennawy, signed a Memorandum of Understanding (MoU) to cooperate in promoting investment opportunities in Egypt and abroad and supporting small and medium-sized enterprises…

Sumou Holding, a Saudi real estate company, and Hassan Allam Properties, an Egyptian real estate developer, have signed a memorandum of understanding (MoU) to establish a joint venture company in the Kingdom of Saudi Arabia. The MoU was facilitated by ADEER International Egypt, a subsidiary of Sumou Holding that provides…

Egypt signed 7 agreements with 7 international developers on Wednesday to implement projects in the fields of green hydrogen and renewable energy. The agreements are expected to bring in investments of over $40bn over the next 10 years. The agreements were signed by Hala El-Said, Minister of Planning and Economic…