News

The “Belayim offshore 133” well has commenced crude oil production in the Sinai fields at an initial rate of 1,500 barrels per day, the Ministry of Petroleum and Mineral Resources said in a statement on Tuesday. The well was drilled and placed on the production map by Petrobel, a joint…

Norway’s Scatec is committed to enhancing its investments in the Egyptian market following improvements in the business environment and effective cooperation from state authorities, Chief Executive Terje Pilskog said. During a meeting with Egyptian Minister of Investment and Foreign Trade Mohamed Farid, Pilskog expressed the company’s appreciation for government support…

Egytrans NOSCO and Nafith International have secured a 25-year usufruct concession from the General Authority of the Suez Canal Economic Zone (SCZONE) to develop and operate a smart truck management system at Sokhna Port, marking a significant step in Egypt’s drive to modernise its logistics infrastructure. The project will be…

Manal Awad, Egypt’s Minister of Local Development and Environment, held an expanded meeting with representatives of Qatar-based Al Mana Holding to explore cooperation on an integrated project to recycle used cooking oil into biodiesel. The initiative forms part of the government’s efforts to strengthen safe waste-management systems and maximise resource…

Soma Bay, Red Sea, Egypt – 2026 – Sheraton Soma Bay Resort proudly announces the completion of an extensive transformation, ushering in a new chapter for this iconic five-star destination on Egypt’s Red Sea coast. Reimagined in full alignment with Sheraton Hotels & Resorts brand standards, the transformation reinforces the…

Cairo, Egypt – February 2026 – Waldorf Astoria Cairo Heliopolis is pleased to announce the appointment of Joseph Yohanna as Director of Operations, effective February 2026. With over 22 years of progressive hospitality experience, Joseph brings an exceptional track record of commercial excellence, strategic leadership, and operational performance across luxury…

Gold prices retreated from a three-week peak on Tuesday, pressured by a surging US dollar despite lingering uncertainty over US trade tariffs and ongoing geopolitical tensions.   Market performance Spot gold dropped 1.5 percent to US$5,150.38 per ounce, while US gold futures for April delivery fell 1.1 percent to $5,170.70.…

The US Dollar Index (DXY) rose above the 97.8 level on Tuesday, rebounding after coming under pressure in the previous session as investors continue to assess the uncertainty surrounding US trade policy.   Legal and trade developments In the latest development, global logistics giant FedEx filed a lawsuit seeking a full refund…

Manal Awad, Minister of Local Development and Environment, affirmed that the state places significant emphasis on advancing development in Upper Egypt governorates to enhance citizens’ quality of life and stimulate economic growth. She noted that these efforts aim to create jobs, improve living standards, and upgrade public services. Her remarks…

Egypt’s Minister of Water Resources and Irrigation Hani Sewilam has reaffirmed Cairo’s commitment to strengthening cooperation with Nile Basin countries and sharing technical expertise during an official visit to South Sudan, which included a tour of Egypt’s irrigation mission in Juba and participation in Nile Day celebrations. Sewilam said the…