Day: July 22, 2025

The Suez Canal Economic Zone (SCZONE), chaired by Walid Gamal El-Din, signed on Tuesday three new contracts with leading Chinese textile and ready-made garment companies, totalling approximately $52.6m (EGP 2.58bn) in investments. Together, these projects are expected to create around 3,500 direct job opportunities. The agreements were signed in Nanjing,…

Egypt’s balance of payments recorded an overall deficit of $1.9bn in the first nine months of the 2024/2025 fiscal year, swinging from a $4.1bn surplus a year earlier, the central bank said on Monday. The shift was mainly driven by a drop in capital and financial account net inflows, which…

Egyptian President Abdel Fattah Al-Sisi met on Tuesday with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi to review recent developments in the petroleum and mining sectors, the presidency announced in a statement. Presidential spokesperson Mohamed El-Shennawy said the minister presented the ministry’s current strategy,…

Commercial International Bank (CIB) reported second-quarter (Q2) 2025 consolidated net income of EGP 16.7bn, or EGP 4.88 per share, marking a 7% increase from Q2 2024. The bank’s management commented: “Building on a strong start to the year, CIB delivered another solid set of financial results in Q2 2025, closing the…

Chairperson of the Egyptian Drug Authority (EDA), Ali Ghamrawy, met with a delegation from Johnson & Johnson to strengthen collaboration with one of the world’s leading pharmaceutical companies. The meeting focused on fostering joint efforts in training, supporting pharmaceutical innovation, and facilitating access to advanced medicines—all in line with Egypt’s…

Egypt and the World Bank have discussed strengthening cooperation to support the country’s economic development, with the bank proposing that Egypt join a new global health initiative, the planning ministry said on Tuesday. The proposal was made during a meeting between Minister of Planning, Economic Development, and International Cooperation, Rania…