610 Articles
Mohamed Samir is an economic and political journalist, and analyst specialising in the Middle East. Over the past decade, he covered Egypt’s and the MENA region’s financial, business, and geopolitical updates. He is currently the Deputy Executive Editor of the Daily News Egypt.
The General Authority for Reconstruction Projects and Agricultural Development (GARPAD) and El Canal Sugar, a subsidiary of the Emirati Al Ghurair Group, signed a $1bn integrated investment project agreement on Monday, which includes the reclamation and cultivation of sugar beet crop, on an area of 181 feddans. Minister of Housing, Utilities, and Urban Communities Mostafa …
Government paid $200m of arrears owed to IOCs in January, $550m to follow in February, March
For most of the last decade, Egypt has been squeezed between turbulence and uncertainty, and a deteriorating economy. Various challenges had to be addressed, from political unrest and declining tourism to foreign currency and fuel shortages. To correct these structural issues within the economy, the Egyptian authorities adopted an economic reform programme in 2016. Consequently, …
Structural, interconnected nature of risks in 2018 threaten societies, economies on which international relations are based, Global Risks Report 2018 says
Debt to GDP ratio peaked at 100% in 2017, forecast to decline to 83% by 2021
Suez Canal Authority open to principle of friendly settlement, says Mamish
Development of Sinai, Suez Canal governorates of great importance
Egypt is one of the most populous countries in Africa and the Middle East with a population of around 100 million; the country’s population grows by about 2.5% annually. This also makes Egypt one of the world’s fastest growing markets for food and agricultural products. However, in the last decade, Egypt has been struggling with …
Supply goods subsidies increased by 65% to account for EGP 23.3bn
Saudi billionaire Prince Alwaleed bin Talal has been detained for over two months, along with other princes, following an anti-corruption crackdown. Bin Talal is currently negotiating a possible settlement with Saudi authorities but so far the terms have not been agreed, a senior Saudi official told Reuters on Sunday. The prince is the executive chairperson …
Media should highlight true success stories to attract investments, says Abraaj Group managing director
Surrounded by sparkling turquoise water on one side, and majestic mountains and desert on the other, the city of Dahab, a small coastal town, with a population of around 15,000, extends along the Red Sea coast in the Sinai Peninsula. At first, you would think that Dahab isn’t the first destination that will pop in …
Inflation to fall below 20% in January and to decrease to 10-12% in 2018, says El-Garhy
Ministry reconsiders increasing renewable energy share to 42% by 2035
Unemployment declined to 11.9% by the end of September 2017, its lowest since 2011
Bitcoin, the world’s largest cryptocurrency, was valued at around $13,833 on Tuesday, after losing about 28% of its value. The world’s most active cryptocurrency spiked above $19,000 in December for the first time ever. The market capitalisation of Bitcoin alone is currently more than $232bn. On Monday, Egypt’s Grand Mufti Shawki Allam issued a statement …
Remains of 2,600-year-old mudbrick walls and several artefacts that can be dated to different periods of the ancient Egyptian era, as well as four furnaces from the Late Period, were discovered by an Egyptian excavation mission from the Ministry of Antiquities at Tel El-Pharaeen archaeological site. The find was announced in a Tuesday press statement …
The Central Bank of Egypt (CBE) decided to extend its tourism support initiative to December 2018, an initiative that was originally launched in December 2015, according to a press statement released by the bank on Thursday. The initiative aims to provide financing facilities to tourism-related activities, including the construction and renovation of hotels and tourist …
Five international banks were chosen to arrange Egypt’s dollar-denominated eurobond issuance on 5 January 2018. The institutions are HSBC, JP Morgan, Morgan Stanley, Citibank and the National Bank of Abu Dhabi (NBAD), Finance Minister Amr El-Garhy announced on Thursday. El-Garhy said the $4bn eurobond issuance will be at the end of January 2018, which is …
Nearly 71% of Egyptians described their family income as insufficient for their needs and expenses, while 24% stated that their income does cover their needs, and only 3% said that they are able to save from their income, according to a survey conducted by The Egyptian Centre for Public Opinion Research (Baseera). Egypt adopted an …
The number of tourists that visited Egypt from the start of 2017 until November registered 7.5 million, marking a 54.7% increase compared to the same period in 2016, according to data released by the Egyptian government. Tourist arrivals are on an increasing trend, yet the number is still well below the peak of 14.5 million …
Egypt’s natural gas production to reach 5.4 bcf/day, says El Molla
The executive board of the International Monetary Fund (IMF) announced Wednesday its completion of the second review of Egypt’s economic reform programme, allowing the disbursement of $2bn, the third portion of the $12bn IMF loan to Egypt approved in November. The third portion brings the total disbursements to about $6.08bn. The IMF delegation completed their …
Two monorails are to be established in Egypt, one to link the New Administrative Capital with East Cairo and downtown at 52 kilometres in length, and the other to link Sixth of October City with Giza at 35 kilometres in length, acting Prime Minister and Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly revealed …
The Swiss Federal Council announced that it will end the freeze on the remaining $436m of frozen Egyptian assets, in a press statement on Wednesday. However, they extended the freeze on both Tunisian and Ukrainian assets. The Swiss Federal Council had frozen both Egyptian and Tunisian assets in the wake of the 2011 Arab spring …
Sharm El-Sheikh and Hurghada hotels were marked as touristic hotspots with a forecasted growth of 97% and 62%, respectively in revenues per available rooms (RevPAR). The surge is a result of recovering from the effects of the Metrojet incident in 2015, according to Colliers International’s “The MENA Hotel Forecast November 2017” report. Moreover, the report …
Tourism recovery will lead to US beef exports to Egypt
No one can control Libya’s oil field except GNA, Libyan army, says Hamad
According to a report issued by the Ministry of Agriculture and Land Reclamation, the total illegal agricultural land reclaimed was 8,625 acres in all governorates from 25 January 2011 until 3 December 2017, with the number of illegal agricultural land reclamation cases registered at 189,753. The government succeeded in reclaiming only 2,398 acres of the …
Uber celebrated four years in Africa in 2017, surviving violent protests, policy disputes, and price wars since the company first launched in the continent in 2013. Along the way, Uber has created tens of thousands of driver jobs and enlisted 1.8 million active riders in Africa. To become Africa’s most successful ride sharing application, Uber …
