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 (...)
The end of the six-month grace period granted to those violating building regulations is just a month away, and the government is adamant that all buildings put up in violation of the regulations will be demolished along with all buildings built (...)
The digital transformation and e-payments company Fawry became the first listed tech company in Egypt with a market capitalisation of $1 billion last week.
At the end of trading on 17 August, the market value of the company had jumped to LE15.56 (...)
A new initiative to alleviate the economic burdens on many people and encourage the purchase of locally made products was launched in July. Dubbed “Not Expensive for You”, the presidential initiative is part of state plans to counter the (...)
Egypt has started to catch its breath after the slump that befell its tourism sector during the restrictions put in place to halt the spread of the coronavirus, with tourist flights returning to the Red Sea resorts of Sharm El-Sheikh and Hurghada (...)
Even as the coronavirus crisis has changed the economic equation the world over and harmed the Egyptian economy, driving the dollar to appreciate against the pound to reach LE16.25, the US currency took a dip to less than LE16 this week after (...)
The International Monetary Fund (IMF) on Friday approved a new $5.2 billion one-year stand-by arrangement (SBA) for Egypt almost a year after the latter had received the last tranche of a $12 billion loan agreed in November 2016.
The new arrangement (...)
Egypt's annual inflation rate has defied predictions made earlier this year by dropping from 5.9 per cent in April to five per cent in May despite the latter coinciding with the holy month of Ramadan when the consumption of food and beverages (...)
The Ministry of Planning and Economic Development has launched a new public campaign called “Egypt will Pass” to retain the country's private-sector workforce despite the current labour bottleneck and protect it against the repercussions of the (...)
Egypt's non-petroleum imports declined by 24 per cent in the first quarter of 2020 compared to the same period last year to $13.81 billion, according to Minister of Trade and Industry Nevine Gamea, citing figures from a report issued by the General (...)
