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 (...)
Egypt's net international reserves (NIR) are down by $5.4 billion because of the coronavirus crisis. This is the first time in 14 months that the NIR have decreased, as they had previously been constantly on the rise due to improving economic (...)
“Egypt's reserves of staple food commodities are sufficient and secure,” the cabinet said this week, reassuring the public about the country's food security amid the Covid-19 crisis and with the approach of the Muslim holy month of Ramadan.
However, (...)
Egypt has launched a stimulus package to curb the impact of the Covid-19 outbreak on people's living standards and the economy.
The package, announced by the Central Bank of Egypt (CBE), was kick-started by a reduction of three per cent on key (...)
The world is holding its breath as the global economy sees daily deterioration on the back of the spread of Covid-19. Egypt has been no exception.
On Monday, the Central Bank of Egypt (CBE) slashed interest rates by three per cent during an (...)
Egypt's tourism sector, particularly workers working in Nile tourism, are anticipating the effects of the announcement that 45 cases of infection with the coronavirus were recorded on board a Nile cruiser going from Aswan to Luxor last week after (...)
The Egyptian Mineral Resources Authority (EMRA) will launch an international bid for gold exploration in a few days, marking the first tender since new amendments to the country's mineral resources law were passed to encourage investors to venture (...)
The airport of the Red Sea resort of Sharm El-Sheikh this week received the first two charter flights from the UK after close to a five-year ban. The charter flights of TUI, one of Europe's largest travel companies, flew from Gatwick and Manchester (...)
Businessmen working in industry have been having meetings with government officials in recent weeks to urge the cabinet to reconsider the price of gas being sold to Egypt's factories.
They argue that they are currently paying more than the (...)
