Day: October 4, 2024

Modon Holding PSC, the master developer for the Ras El-Hekma megaproject on Egypt’s Mediterranean coast, has taken a significant step forward by securing key partnerships for the ambitious development.  The project, situated on Egypt’s north coast, is envisioned as a leading urban and tourist hub, boasting a wide array of…

Abu Dhabi-based investment and holding company ADQ has appointed Modon Holding PSC as the master developer for the Ras El-Hekma megaproject, a major development spanning 170 million square metres on Egypt’s northwestern coastline. The appointment was announced in the presence of Egypt’s President Abdel Fattah Al-Sisi and UAE President Mohamed…

Egypt President Abdel Fattah Al-Sisi and UAE President Mohamed bin Zayed Al Nahyan witnessed the launch of the Ras El-Hekma development project on Egypt’s western North Coast, a significant step in strengthening economic ties between the two countries. The total investment in the development of Ras El-Hekma City is $110bn,…

The 75th edition of the Cairo Fashion & Tex exhibition opened on 3 October 2024 at the Cairo International Exhibition and Conference Centre. The event is being held under the patronage of the Ministries of Industry and Investment, and the Ready-Made Garment Chamber of the Federation of Industries. Sherif Al-Mawardy,…

Egypt is on track to secure $2.9bn in new financing from a group of development partners, including the European Union, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat told Daily News Egypt. The funds are intended to support the country’s general budget and strengthen structural reforms. This announcement…

Egypt’s GDP growth rate slowed to 2.4% in the fourth quarter of fiscal year (FY) 2023/24, bringing the annual growth rate to 2.4%, down from 3.8% in the previous year. The slowdown was attributed to a combination of factors includingongoing geopolitical tensions, global economic uncertainty, and the government’s contractionary policies…

The Egyptian pound maintained its stability against the US dollar on Friday, following a decline on Thursday. Below is a breakdown of the latest dollar exchange rates as reported by major Egyptian banks. Suez Canal Bank: The dollar was trading at 48.29 Egyptian pounds for buying and 48.39 pounds for…