News

IBAG, a leading international money transfer company, has announced the launch of its new brand identity under the name “Rimmit”, marking a strategic evolution in its journey to deliver advanced non-banking financial solutions in Egypt and globally. The rebranding coincides with the company’s 30th anniversary, celebrating three decades of leadership…

In a move reflecting clear flexibility in liquidity management, both the National Bank of Egypt and Banque Misr have announced an increase in the yield on three-year fixed-rate certificates to 17.25%, emphasising that the decision is aimed at offering savings instruments suited to the needs of different segments of society.…

CAIRO, April 23 (MENA) – Minister of Petroleum and Mineral Resources Karim Badawi conferred on Thursday with CEO of Elsewedy Electric Ahmed El Sewedy on steps to speed up implementation of the phosphate industries complex in Ain Sokhna. The project is being developed in cooperation with the Mineral Resources Authority…

An Orascom Construction-led consortium, chaired by Egyptian businessman Nassef Sawiris, has finalized plans to develop a 900 MW onshore wind farm in Ras Shokeir. This major renewable energy venture, located in the high-wind corridor of the Gulf of Suez, is being executed in partnership with France’s ENGIE and Aeolus (a…

Finance Minister Ahmed Kouchouk affirmed that the new fiscal year 2026/2027 budget aims to meet citizens’ basic needs, improve services, and support economic activity. During his presentation of the financial statement for the 2026/2027 draft budget before the House of Representatives on Wednesday, the minister said that projected public revenues…

Finance Minister Ahmed Kouchouk said EGP 80bn has been allocated in the fiscal year (FY) 2026/2027 budget to programmes aimed at supporting and stimulating production, manufacturing, entrepreneurship, and exports of goods and services. The allocation includes EGP 48bn for export rebate schemes, EGP 6.7bn to support the tourism sector, and…

Minister of Planning and Economic Development Ahmed Rostom told parliament’s plenary session that Egypt’s economy is projected to grow by 5.4% by the end of the fiscal year (FY) 2026/2027, rising to 6.8% by the end of the medium-term plan in 2029/2030. Rostom said the government has adopted a cautious…

Huawei and AIS have signed a Memorandum of Understanding (MOU) to jointly develop local manufacturing of Grid-Forming Battery Energy Storage Systems (BESS) in Egypt. This strategic alliance represents a pivotal step toward strengthening Egypt’s renewable energy infrastructure, supporting national goals for industrial localization, and accelerating the deployment of advanced energy…

Pharco Pharmaceuticals has inaugurated a new specialized production line for ophthalmic (eye) drops at its Amreya City facility in Alexandria, with total investments exceeding EGP 500m. Nearly EGP 300m was allocated to the new line, which reflects Egypt’s growing pharmaceutical capabilities and supports national efforts to localize drug manufacturing, reduce…