Business

12:45

cairo, gmt + 2

19 March

Tuesday, 2024

These changes in the global agency's view of the Egyptian economy come after Cairo secured a $35 billion investment from the United Arab Emirates (UAE), adding to a string of international commitments and financing exceeding $50 billion.

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Magazine Egypttoday December 2023

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PM, CBE Governor follow up on updates of recent economic decisions

Mon, 18 Mar 2024 - 01:29 GMT

These decisions included the exemption of customs duties on goods and the floating of the Egyptian pound.

Egypt, EU trade volume declines by 19% in 2023

Mon, 18 Mar 2024 - 11:58 GMT

The value of Egyptian exports to EU members declined by 31.8 percent year-on-year, amounting to $11.8 billion and the value of imports from EU members witnessed a drop of 9 percent and were valued at $19.4 billion

Egypt requests $5B first tranche from IMF’s $8B loan

Mon, 18 Mar 2024 - 10:55 GMT

The purpose of this request is to strengthen Egypt's economy and ensure a sustainable infusion of foreign currency liquidity.

EGX flags in red at beginning of week, market cap. loses LE 27.41B

Sun, 17 Mar 2024 - 02:30 GMT

The benchmark EGX30 decreased 0.81 percent, or 254.55 points, to end at 31,061.88 points.

Egypt's external financing to witness $26.5B surplus over next four years

Sun, 17 Mar 2024 - 01:00 GMT

This positive development is attributed to various factors, including the UAE's investment in Ras El Hekma, the flotation of the Egyptian pound, and a financing deal with the International Monetary Fund (IMF).

Egypt aims $145B raise in petroleum, non-petroleum exports within 6 years

Sun, 17 Mar 2024 - 12:50 GMT

Samir added that Egypt plans to increase industrial production by 20 percent, enhance the green economy's contribution to the gross domestic product to a minimum of 5 percent, and provide number of job openings, targeting 7 to 8 million opportunities.

Egypt’s tax-free car import initiative generates $685M in revenues

Sun, 17 Mar 2024 - 12:21 GMT

Ghatoury further informed that payment orders had reached $1.6 billion by the end of the previous week, with a total of 464,000 beneficiaries having availed themselves of the initiative

Gov’t plans massive sugar production in current season to resolve months-long sugar crisis

Sat, 16 Mar 2024 - 11:06 GMT

Egypt plans to produce about 140,000 tons of sugar during the ongoing season of local sugar beet supply, aiming to put an end to the long-standing sugar crisis affecting the country.

Total volume of Islamic banking in Egypt reaches LE 606B

Thu, 14 Mar 2024 - 03:09 GMT

The number of Islamic banking branches also expanded to 263 by the end of 2023, with an addition of 18 branches compared to the previous year.

Total value of Egypt imports decrease by 13.5% in 2023

Thu, 14 Mar 2024 - 01:56 GMT

Italy and India were noteworthy as well, as Egypt imported goods worth $3.2 billion each from these countries. Additionally, Brazil's imports amounted to $3 billion, while Turkey and Kuwait had imports valued at $2.8 billion and $2.7 billion, respectively.

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