Day: April 12, 2025

The Egyptian government has unveiled plans to establish two integrated textile cities in Upper Egypt—one in Minya’s Wadi El-Saririya area and the other in the northern industrial zone of Fayoum—each covering 5.5 million square meters, for a combined total of 11 million sqm. Deputy Prime Minister for Industrial Development and…

Gold prices in Egypt surged by 7% over the past week, rising by EGP 310 to close at EGP 4,690 per gram during Saturday’s trading—the highest level recorded this week. This jump continues a sharp upward trend driven by soaring global gold prices and a persistently strong US dollar against…

The Central Bank of Egypt (CBE) has announced preparations for the second phase of its remittance digitization project targeting Egyptian expatriates, with 12 banks operating in the local market set to participate. The initiative is a key component of the CBE’s broader strategy to drive digital transformation, promote financial inclusion,…

Rasha Abdel Aal, Head of the Egyptian Tax Authority (ETA), confirmed that the deadline for submitting corporate income tax returns for the 2024 fiscal year remains 30 April 2025. She clarified that the extension period granted under the government’s tax relief initiative does not apply to corporate tax filings. Abdel…

Hassan El-Khatib, Egypt’s Minister of Investment and Foreign Trade, held a meeting with Yamamoto Nobuyuki, Chairperson of Yazaki Europe, Africa, and the Middle East, to discuss the company’s €30m investment project in Fayoum. During the talks, El-Khatib reiterated the Egyptian government’s full commitment to supporting Japanese companies seeking to invest…

Egypt is seeking increased financial support from the OPEC Fund for International Development to bolster the private sector and stimulate investment and employment, according to the Ministry of Planning, Economic Development and International Cooperation. The request was made during a meeting between Egypt’s Minister of Planning, Economic Development, and International…

United Bank has launched an integrated suite of digital banking services and advanced financial solutions, designed to meet the growing and evolving needs of business owners and investors in today’s fast-paced economic environment. Among the key offerings are a wide range of digital solutions for government-related payments. These include tax…

Abu Dhabi Islamic Bank–Egypt (ADIB Egypt) has officially joined the “Chapter Zero Egypt” initiative, a strategic step that underscores the bank’s strong commitment to sustainability and climate governance. This move reflects ADIB Egypt’s alignment with global environmental, social, and governance (ESG) standards and further enhances its role in promoting sustainable…

Banque Misr announced it arranged, led, and marketed six syndicated loan deals totalling EGP 285.5bn during the first quarter (Q1) of 2025. Acting as both mandated lead arranger and bookrunner, the bank facilitated financing for a broad spectrum of strategic sectors, including food industries, real estate, telecommunications, and petroleum. According…

The Central Bank of Egypt (CBE) announced that the total value of interbank payments in local currency processed through the Real-Time Gross Settlement (RTGS) system reached EGP 68.991trn during the first quarter (Q1) of 2025, across approximately 637,276 transactions. According to the CBE’s latest report, January accounted for 211,170 transactions…