Day: March 20, 2024

For over 20 years, Lebaladna Development Foundation has been aiding communities across Egypt, transforming lives alongside its faithful volunteers. Their Aswan Winter Camp 2024 aimed to address healthcare, education, and shelter needs in various villages throughout the region. It’s important to highlight that Lebaladna’s initiatives encompass medical convoys, hygiene awareness…

The Egyptian government has allocated LE596 billion (US$12.66 billion) to the support system, as part of the upcoming draft budget (2024/2025) in order to reduce the burdens on middle and low-income people impacted by rising inflation rates and the erosion of the pound. Egyptian Finance Minister Mohamed Maait said in…

EFG Hermes, a subsidiary of EFG Holding Company and a premier investment bank in the MENA region, has successfully advised on a strategic M&A transaction for Cenomi Retail, Saudi Arabia’s leading franchise retailer. The deal involved the sale of a curated portfolio of fashion brands to Abdullah Al Othaim Fashion…

The Ministry of Local Development, led by Minister Hisham Amna, is committed to fostering investment across Egypt’s governorates. The Ministry’s strategy includes developing a clear vision of each governorate’s competitive strengths and potential investment areas. Efforts are underway to enhance land connectivity with essential utilities and services, establish modern infrastructure,…

Egypt’s annual headline urban inflation rose to 35.7% in February 2024, up from 29.8% in January 2024. This increase was due to a surge in core food and non-food prices, which outweighed the previous favourable base effect. As a result, annual food inflation, which had been slowing down for four…

Amr Talaat, Minister of Communications and Information Technology, presided over the signing of a commercial agreement between Telecom Egypt (TE), the nation’s premier integrated telecommunications operator and a major regional submarine cable operator, and EXA Infrastructure, a prominent European entity specializing in fiber infrastructure and transatlantic submarine cables. This agreement…

Nevine El-Kabbaj, the Minister of Social Solidarity, presided over the Ministerial Committee for the Protection and Empowerment of Irregular Workers’ meeting. This meeting was convened as part of the presidential directives to devise a framework for the protection of irregular workers and to strategize their economic and social care and…

Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda), a prominent Egyptian pharmaceutical company, disclosed its consolidated financial outcomes for the quarter concluding on 31 December 2023. The company’s revenues rose by 37% year-over-year to EGP 534m in 4Q23, fueled by robust growth across all Rameda’s sectors. The private…

The Internal Trade Development Authority (ITDA) has revealed that 11 regional and local investors are vying for 12 new investment opportunities. These opportunities span across 8 governorates, covering a total of up to 405 feddan. This initiative is part of ITDA’s ongoing efforts to foster successful private-sector partnerships and to…

Prime Minister Mostafa Madbouly has highlighted the ongoing journey towards economic stability, emphasizing the government’s commitment to reform. He acknowledged the World Bank’s $6bn funding as a significant support for Egypt’s reformative actions. At the recent Egypt-EU Summit, Madbouly appreciated the recognition of Egypt’s role in regional security and crisis…