economy

Dollar prices stable at Egypt's major banks

Thu, 13 Jan 2022 - 11:21 GMT

At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate remained stable, recording EGP 15.64 for buying and EGP 15.74 for selling.

Maait: Egypt goes on right track economically

Thu, 13 Jan 2022 - 11:14 GMT

The finance minister added the economic reforms are mainly contributing to boosting the structure of the Egyptian economy and establishing a strong economy

Sinai witnesses unprecedented boom in developing electricity networks: Minister

Tue, 11 Jan 2022 - 02:39 GMT

Egyptian Minister of Electricity and Renewable energy revealed that Sinai has witnessed a great and unprecedented boom in developing its electricity networks to be able to meet the needs of citizens and the national and investment projects that are being carried out for the first time on the land of Sinai.

Egypt targets growth rate of 5.7% in 2022/23, 6% in 24/25

Wed, 05 Jan 2022 - 12:31 GMT

Maait added that the draft budget for the fiscal year 2022-2023 will witness greater spending on improving people's lives and facilitating decent livelihoods, in implementation of presidential directives.

Mulla: Eni signs new deal to invest $1bn in Egypt's oil sector

Fri, 24 Dec 2021 - 10:48 GMT

The Petroleum Ministry, in a statement on Friday, said that under the deal, Eni company is abiding by spending at least additional dlrs 20 million to dig four wells.

President Sisi directs government to begin localizing technology of manufacturing veterinary vaccines in Egypt

Thu, 23 Dec 2021 - 02:36 GMT

The meeting discussed efforts to maximize the value-added of minerals extracted from the black sands in Egypt, presenting the map of the various economic minerals found in the black sands in Egypt as well as their industrial applications.

Planning Ministry: General investments in Red Sea governorate in FY 2021-22 reach EGP 4.2 bln

Sat, 18 Dec 2021 - 01:04 GMT

The Planning and Economic Development Ministry announced on Saturday that the general investments directed to the Red Sea governorate in the 2021-22 fiscal year reach EGP 4.2 billion.

Cabinet: Int'l institutions continue issuing positive reports about Egyptian economy

Mon, 13 Dec 2021 - 02:37 GMT

The report pointed out that Egypt started to reap the fruit of the economic reform program despite world economic crises and challenges.

Sisi, Serbian parliament speaker discuss health, energy as potential fields of cooperation

Sun, 12 Dec 2021 - 01:32 GMT

Potentials of Egyptian-Serbian cooperation in health, energy, and tourism were discussed in a meeting between President Abdel Fattah el-Sisi and the speakers of the Serbian and Egyptian parliaments on Sunday.

Egypt's PMI stabilizes at 48.7 in November

Sun, 05 Dec 2021 - 01:51 GMT

A sharp rise in business costs continued to drive higher selling prices and lower demand across the Egyptian non-oil economy during November. New business fell at the quickest pace for six months, leading to a decrease in output as well as renewed cuts in employment and purchasing. Subsequently, expectations for future output fell to their weakest in a year.

Petroleum minister probes with Lukoil increasing investments in Egypt

Fri, 03 Dec 2021 - 01:11 GMT

El Molla stressed the importance of the years-long partnership and cooperation with the giant Russian oil company and the need to reinforce such ties ahead.

Egypt, Bulgaria discuss prospects of boosting economic cooperation

Thu, 02 Dec 2021 - 04:34 GMT

Tawfik asserted the Egyptian side’s keenness to strengthen relations with Bulgaria at all levels, the Public Enterprise Sector Ministry said in a statement on Thursday.

Egypt seeks to boost SMEs contribution to national economy -- Official

Tue, 30 Nov 2021 - 01:03 GMT

The committee is eyeing bigger contribution by SMEs to the national economy in order to reach 80 to 90 percent as in some major countries, Shafie said, noting that in Egypt it only stands at 20 percent.

Egyptian economy records highest quarterly growth rate in 20 years - cabinet

Mon, 29 Nov 2021 - 03:59 GMT

This came in an infographic report published by the Information Center under the title of "The Egyptian economy records the highest quarterly growth rate in 20 years".

Egypt aims to increase tax revenues by 2% of GDP in 4 years

Wed, 24 Nov 2021 - 06:19 GMT

Maait clarified that this is the result of the careful implementation of harmonious and balanced financial and economic policies.

Planning minister: Egypt's economy growth rate highest in two decades

Wed, 24 Nov 2021 - 05:47 GMT

The minister expected the annual growth rate to reach between 5.5 percent and 5.7 percent by the end the current fiscal year prompted by the growth rate achieved in the first quarter.

Discussed: Why Egypt’s taking over COMESA chair important

Tue, 23 Nov 2021 - 12:17 GMT

As Egypt takes over Tuesday the chair of the COMESA, economic experts highlighted the importance of this step on multiple dimensions.

Discussed: Why Egypt’s taking over COMESA chair important

Tue, 23 Nov 2021 - 12:17 GMT

As Egypt takes over Tuesday the chair of the COMESA, economic experts highlighted the importance of this step on multiple dimensions.

Assistant FM: Economic integration 'priority' for Egypt to achieve development in Africa

Mon, 22 Nov 2021 - 04:05 GMT

Assistant Foreign Minister Ambassador Soha Gendy said that Egypt's hosting of the COMESA summit at this time is a "clear message that economic integration is one of Egypt's top priorities to achieve the required development in Africa."

CBE: Egyptian expats’ money transfers hit dlrs 2.7 billion in August

Thu, 18 Nov 2021 - 12:11 GMT

Total remittances of Egyptian expatriates in the period from January to August 2021 increased by 10.4% compared with the corresponding period in 2020 to stand at 21.4 billion dollars

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