A new mega land-reclamation project dubbed the New Delta received a boost this week during a meeting between President Abdel-Fattah Al-Sisi, Prime Minister Mustafa Madbouli, and Minister of Agriculture and Land reclamation Al-Sayed Qoseir.
The (...)
More than 400 vessels had either to change routes or lie in wait when the container ship Ever Given blocked the Suez Canal for six days last week. The Panamanian vessel, one of the world's largest, was finally freed on Monday afternoon following (...)
Private-sector workers in Egypt are standing by in anticipation of a decision by the National Council for Wages (NCW) to raise their minimum wage to LE2,400 a month on a par with government workers as per a recent presidential decree.
The NCW, (...)
The Central Bank of Egypt (CBE) launched a new real estate initiative targeting low- and middle-income individuals this week.
The presidential initiative, announced on Sunday, will enable such people to buy their own residential units thanks to (...)
Earlier this month, the Ministry of Trade and Industry raised the fees on exports of nitrogen fertilisers. An export fee had already been in place, as stipulated by ministerial decree 59/2021, but the Ministry of Trade and Industry has now amended (...)
The Central Bank of Egypt (CBE) decided on 7 February to amend the financing regulations for the real-estate sector. Loans may now be disbursed to the private sector to pay for land, provided that the land on which housing units are to be built is (...)
“The Covid-19 pandemic cast a long shadow on the real-estate sector in 2020, but its impact was not as dire as the repercussions of the global financial crisis of 2009 or the 2011 Revolution in Egypt,” said Mohamed Nabil, a real-estate analyst at (...)
Egyptian Minister of Trade and Industry Nevine Gamea met with her Sudanese counterparts to mull over increasing bilateral trade cooperation when she attended the Khartoum International Fair from 21 to 28 January in the Sudanese capital.
Egypt was (...)
In a move designed to protect the Egyptian banking sector's liquidity during the coronavirus pandemic, the Central Bank of Egypt (CBE) has decided to ban the country's banks from distributing cash dividends among shareholders.
The banks are not (...)
A number of investment banks expect the Egyptian pound will not depreciate against foreign currencies on the back of the slowed growth of Egypt's foreign currency earners like tourism, the Suez Canal, and exports owing to the Covid-19.
“The dollar (...)
Radical changes to state policies to increase access to commodities and services have taken place over the past decade to halt the waste of subsidies on social groups that do not need them. In the past, fuel subsidies, for example, were mainly used (...)
On 8 December, Handicap International announced the results of an economic inclusion project that aims to give persons with disabilities in the Warraq and Imbaba areas greater access to social services and employment and livelihood opportunities (...)
Egypt's poverty rate declined to 29.7 per cent in fiscal year 2019-20, down from 32.5 per cent two years earlier, according to poverty, consumption, and income research conducted by the Central Agency for Public Mobilisation and Statistics (...)
Google has decided to bypass the regional choke-point of Egypt and to build its new marine fibre-optic cable, dubbed Blue-Raman, through Saudi Arabia and Israel, the tech giant announced last week.
The $400 million cable will carry Internet traffic (...)
Seven international and four local companies out of the 17 that applied for licences have been awarded tenders to explore for gold in Egypt's Eastern Desert, Tarek Al-Molla, the minister of petroleum, recently announced.
The tender was the first (...)
Egypt's real-estate companies have been offering a host of lucrative deals in an attempt to attract clients and save the market from the stagnation that hit the sector hard following the Covid-19 outbreak earlier this year.
The Cityscape Egypt (...)
Educational support for the children of families enrolled in the Takaful and Karama (Solidarity and Dignity) social-protection programmes has now been extended to include university education.
The expansion of the conditional and unconditional (...)
The Ministry of Finance has launched an initiative to pay export-subsidy arrears from the Export Development Fund before the end of the year, helping to provide exporters with the liquidity they need to keep their labour force amid the coronavirus (...)
Egypt may see its worst tourism season for years this winter if reservations continue at their present rate, with bookings from Eastern Europe at the moment providing the only ray of light.
Due to increasing numbers of infections with the (...)
Throughout the Covid-19 crisis, the state has backed the hard-hit tourism sector with initiatives intended to alleviate the repercussions of the pandemic on this vital sector of the country's economy.
However, the real-estate sector has not received (...)
Following a suspension of five months, the cabinet has given the green light to the holders of valid building permits issued before the decision to stop construction taken on 24 May and people who had already started building before that date to (...)
Contradicting previous expectations, Egyptian expatriate remittances from abroad recorded an increase of $3.3 billion in the first nine months of the last fiscal year to $21.5 billion and up from $18.2 billion a year earlier, an increase of 18 per (...)
Egypt's cement sector is scrambling for survival. With supply exceeding demand, a number of cement factories are facing the prospect of closure after they were forced to reduce their production capacity and have endured heavy financial (...)
The Central Bank of Egypt (CBE) and Federation of Egyptian Banks (FEB) have launched a joint campaign to raise awareness about the merits of electronic payments that aims to increase public interaction with points of sale (POS) and increase the use (...)
Egypt's Chemical and Fertilisers Export Council filed a request in late August to the Ministry of Trade and Industry asking for a reduction of gas prices to $3.5 per million British thermal units (MBTU).
The cost of gas makes up about 40 per cent of (...)
