Egypt’s gold reserves rise by $2.2bn in 2024

The Central Bank of Egypt (CBE) has reported a $2.2bn increase in the value of gold included in the country’s foreign exchange reserves in 2024, bringing the total to $10.644bn by December 2024, compared to $8.440bn in December 2023. After a decline in the early months of 2024, the value…

90% of Egypt’s Great Transfiguration in Saint Catherine completed

Prime Minister Mostafa Madbouly chaired a meeting on Sunday to review the progress of the Great Transfiguration project in Saint Catherine, South Sinai, with the participation of several ministries and relevant authorities. The Prime Minister opened the meeting by highlighting the special attention the project has received from President Abdel…

Egypt’s external debt decreases by $11.8bn in FY24: CBE

The Central Bank of Egypt (CBE) has reported a significant decrease in the country’s external debt, which fell by $11.8bn during the fiscal year (FY) 2023/2024. As of June 2024, Egypt’s external debt stood at $152.9bn, down from $168bn in June 2023, marking its lowest level in two years. In…

Egypt to begin gas production from two new wells in February 2025

The Ministry of Petroleum and Mineral Resources has announced the successful completion of drilling operations for two new wells at the Raven gas field in the Mediterranean Sea by BP. The operations, carried out with the drilling vessel Valaris DS-12, began in the second half of 2024. Currently, offshore installation…
Need help? Chat with us