“Egypt is a larger economy, and growing faster,” Cerwinka told Egypt Today that this is the main reason for picking Egypt for the company’s investment.
He added that the company aims to take advantage of the advantages offered by Egypt, whether from its strategic location or the many trade agreements that allow it to enter the markets with large customs discounts, such as the Agadir Agreement with North African countries, the COMESA Agreement, as well as the the Greater Arab Free Trade Area (GAFTA) agreement.
Manzalawi said during the press conference held to announce the details of the new partnership, that the new factory aims to export 50 percent of production to African countries and the Middle East.
What if Egypt won’t devalue its currency in the short term?
Harmgart stated that the pressure of global food prices has led to more diversification strategies.
Harmgart expressed her eternal optimism with in particular, labor costs slow in and with declining exchange rate in big markets like Egypt.
The report, which focuses on the retail and office sectors, said that the retail market was naturally impacted by the global supply chain bottlenecks, import restrictions, local currency devaluation, widespread inflation, and spillover effects from the Russian-Ukrainian conflict.
Legrand also launched INNOVAL Egypt, an integrated services center that provides specialized training and support for technical staff and after-sales services, and technical studies and designs for Legrand partners and customers.
The benchmark EGX30 declined 0.56 percent, or 96.08 points, to end at 17,002.08 points.
Tourism Minister Ahmed Issa said in a meeting with the American Chamber of Commerce in Cairo, that About 13 million tourists visited Egypt in 2019.
The benchmark EGX30 increased 0.06 percent, or 9.78 points, to end at 15,561.25 points.
FIFA regulations allow each club to receive $10,000 for every day a player stays in his country’s camp during his participation in the World Cup, starting from November 14 until the end of his career in the tournament.
Regarding the group business in Egypt, Smith pointed out that they are keen to start building their export portfolio from the Egyptian borders.
The first installment of the loan value, which amounts to about $750 million, will be delivered within days.
Egypt’s Minister of Tourism and Antiquities, Ahmed Issa, revealed a set of figures and statistics related to the tourism sector in Egypt, explaining that his ministry plays its role as an organizer and supervisor of nearly 8,000 tourist facilities.
The benchmark EGX30 increased 0.35 percent, or 51.26 points, to end at 14,838.31 points.
This is the highest level of inflation recorded in Egypt since December 2017, when it recorded 21.9 percent, a month after the Central Bank of Egypt, led by its former president Tarek Amer, liberalized the exchange rate of the pound in November 2017.
Madbouli elaborated that the government is aware that there is a rise in prices.
The benchmark EGX30 increased 1.19 percent, or 170.52 points, to end at 14,498.29 points.
The benchmark EGX30 increased 1.77 percent, or 249.24 points, to end at 14,327.77 points.