Day: March 18, 2024

Hassan Allam Properties (HAP), a leading real estate developer in Egypt, has acquired a new 279-feddan land plot in MIDAR’s Mostakbal City, marking a significant expansion in one of Egypt’s fastest-growing real estate markets, particularly in East Cairo. The EGP 35bn mixed-use development will offer a variety of residential options,…

Al Ahly Sabbour has announced the launch of the “Summer” project in Ras Al Hekma and “At-East” in Mostakbal City, with a combined investment of EGP 135bn. In the first quarter of 2024, Al Ahly Sabbour Developments expanded its land holdings by 1,045 feddan, marking a 36% growth in its…

Al Qamzi Developments has forged a significant deal with Dar Alalamia Construction for the second phase of the esteemed Seazen project along the North Coast, valued at EGP 900m. This collaboration highlights Al Qamzi Developments’ strategy of partnering with leading, specialized firms to accelerate project completion while maintaining exceptional quality.…

Recent research backed by DP World and conducted by Economist Impact indicates that despite a challenging 2023 and concerns over geopolitical events affecting the economy, Egyptian businesses remain optimistic for 2024. The fourth Trade in Transition report underscores a surge in technology adoption and agile trade strategies among businesses. The…

The depositary receipts of CIB and EFG Holdings sustained their upward trajectory on the London Stock Exchange, marking the second consecutive week of gains. CIB’s depositary receipt climbed by 19.8%, closing last week at $1.81, while EFG’s receipt increased by approximately 5.2%, ending at $0.80. In other developments, Edita Food…

Shell has released its inaugural energy transition progress report following the introduction of its Powering Progress strategy in 2021. During our Capital Markets Day in June 2023, we highlighted how our strategy is designed to generate more value while producing fewer emissions, with a particular emphasis on the “more value”…

Finance Minister Mohamed Maait announced that following President Abdel Fattah Al-Sisi’s directives, the government has upheld its commitment to the financial resolution agreement with the National Social Insurance Authority. This is despite the budgetary constraints exacerbated by global crises and geopolitical tensions. On Sunday, the Ministry of Finance revealed that…

Hala El-Said, Egypt’s Minister of Planning and Economic Development, convened with Ayman Ashour, Minister of Higher Education and Scientific Research, to strategize on the Ministry’s investment plan for the fiscal year 2024/2025. El-Said highlighted that this meeting is a continuation of the investment planning process, emphasizing the government’s commitment to…

The Chinese government’s work report for 2024 sets an ambitious 5% economic growth target, surpassing not only previous forecasts by the IMF and World Bank but also the projected growth rates for the United States and Europe. Chinese Ambassador to Cairo, Liao Liqiang, highlighted this target as a robust indicator…

The EU has elevated its cooperation with Egypt to a Strategic and Comprehensive Partnership. In support of this, the EU proposed a €7.4bn financial and investment package for Egypt spanning 2024-2027. This package comprised €5bn in concessional loans for macro-financial assistance, an additional €1.8bn in investments under the Southern Neighborhood…