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Egypt is targeting an “exceptional” improvement in its budget debt indicators while implementing a second package of tax facilities that includes cutting value-added tax (VAT) on medical equipment to 5% from 14%, Finance Minister Ahmed Kouchouk said on Tuesday. Speaking at the Hapi Journal Conference on economic competitiveness, Kouchouk stated…

Mohamed El-Shimy, Minister of the Public Enterprises Sector, announced that exports by affiliated companies reached approximately $1bn during fiscal year (FY) 2024/2025, with 40% of companies now exporting to international markets. He added that sector revenues rose by around 20% year-on-year, while the market capitalisation of publicly listed companies increased…

Egypt has held the first meeting of a committee tasked with rolling out a national “green label” certification system for plastic products and packaging, as part of broader efforts to promote sustainability and advance a circular economy, the Ministry of Environment said. The meeting was chaired by Yasser Abdallah, head…

Egypt has launched trial operations at Red Sea Container Terminal No. 1 at Sokhna Port, marking a significant milestone in its strategy to transform national ports into a regional hub for transport, logistics and transshipment. The launch was inaugurated by Deputy Prime Minister for Industrial Development and Minister of Industry…

Prime Minister Mostafa Madbouly urged business leaders to “double” their investments in Egypt on Monday, citing the country’s lowest trade deficit in a decade and record non-oil exports as evidence of a “vast and promising” economic climate. Speaking at a meeting with export council heads and Investment Minister Hassan El-Khatib,…

Prime Minister Mostafa Madbouly met executives from Italy’s Eni and the San Donato Hospitals Group on Monday to discuss cooperation in community development within the healthcare sector, including the management and operation of two hospitals in Cairo and the New Administrative Capital, according to a cabinet statement. The meeting was…

Egypt laid the foundation stone on Monday for a $210m solar energy manufacturing complex in the Suez Canal Economic Zone (SCZONE), a project involving Chinese, Emirati, Bahraini, and Egyptian partners with a targeted annual capacity of 2 gigawatts (GW). The “Atum Solar” project, located in the TEDA industrial zone, aims…

Egypt plans to drill 480 exploratory wells with total investments estimated at $5.7bn over the next five years, Minister of Petroleum and Mineral Resources Karim Badawi said on Monday, as the country seeks to reverse a decline in natural gas output. Speaking at the 9th Al-Ahram Energy Conference, Badawi stated…