Day: March 11, 2024

TAQA Volt, a subsidiary of TAQA Power, the electricity operating arm of TAQA Arabia group, the leading energy and utility solutions provider in Egypt, has partnered with Wadi Degla Development, a prominent real estate developer, to install more than 14 electric vehicle (EV) charging stations in Wadi Degla’s projects. This…

Mazaya Egypt, a leading brand in the Egyptian market, has announced its plan to expand its presence in the North Coast region, where it currently operates 7 branches in different locations. The company’s digital manager, Basem Samy, said that Mazaya is looking forward to opening its first branch in Ras…

Tanmeyah, a subsidiary of EFG Holding and a leading provider of financial services in Egypt, announced Sunday a strategic partnership with the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) to finance micro-enterprises with a contractual agreement valued at EGP 200m. This partnership reflects Tanmeyah’s commitment to enhancing financial inclusion…

Retal Developments has announced the full acquisition of Center Point Development, which owns the Harmony business complex in the New Administrative Capital (NAC). Saeed Hassan, the chairperson of Retal Developments, said: “This acquisition is part of our expansion plan to increase and diversify our business. Center Point is one of…

The EU Ambassador to Egypt Christian Berger, the UNDP Egypt Resident Representative Alessandro Fracassetti, and the Assistant Minister of Environment for Environmental Tourism Hoda El-Shawadfy visited the EU and UNDP funded projects in Sharm El-Sheikh under the joint project “Supporting the COP27 Presidency”. They explored the solar power plants funded…

The Central Bank of Egypt (CBE) has decided to liberalise the exchange rate of the Egyptian pound against the dollar, a move that has been welcomed by real estate developers. Alaa Fikry, the First Deputy Chairperson of the Real Estate Development and Contracting Committee of the Egyptian Businessmen’s Association and…

Two new contracts worth EGP 200m were signed between the Micro, Small and Medium Enterprises Development Agency (MSMEDA) and Tanmeyah Microenterprise Services Company. The contracts aim to finance micro-enterprises in various governorates and help informal enterprises formalize their businesses. The signing ceremony was attended by Basil Rahmi, CEO of MSMEDA,…

The Central Bank of Egypt (CBE) shocked the business community and economists by raising the interest rates on the pound by 600 basis points in one move last Wednesday, as part of its plan to reform the foreign exchange market. The overnight lending rate at the CBE reached 28.25%, imposing…

Walid Gamal El-Din, the Chairperson of the Suez Canal Economic Zone (SCZONE), met with the Latvian ambassador Andris Razāns to discuss areas of mutual interest and cooperation between the two parties. This meeting is considered important in light of SCZONE’s efforts to attract various global investments in its ports, logistics…

The Central Bank of Egypt (CBE) reported that the monthly core inflation rate, which excludes volatile items such as food and energy, rose to 13.2% in February 2024, up from 8.1% in February 2023 and 2.2% in January 2024. The annual core inflation rate reached 35.1% in February 2024, compared…