Suez Canal’s shipping volume decline by 55%: IMF

Sun, 25 Feb 2024 - 02:30 GMT

In contrast, the Cape of Good Hope witnessed a surge of nearly 75 percent in shipping volume, as stated by Kozack

Egypt plans for $100B in annual exports with new industrial strategy

Sun, 18 Feb 2024 - 04:13 GMT

The government plans to achieve this goal by focusing on the development of the industry sector, enhancing the value of Egyptian products

Egypt Kuwait Holding to open wood factory with $120M investments

Sun, 18 Feb 2024 - 04:08 GMT

Al-Kharafi stressed the keenness and seriousness in searching for available investment opportunities in Egypt, as he offered to enter into some of the opportunities available within the Egyptian initial public offering (IPO) program

Egyptian Cabinet sets fixed cotton prices for the 2024/2025 season

Sun, 18 Feb 2024 - 04:00 GMT

Under the new pricing scheme, a medium-staple quintal of cotton in Upper Egypt will be set at LE 10,000, while a long-staple quintal in Lower Egypt will be priced at LE 12,000

Egyptian ready-made clothing exports reach $2.4B in 2023

Thu, 15 Feb 2024 - 01:08 GMT

The President of the Egyptian Ready-made Garments Export Council of Egypt (RMGEC), Marie Louis, stated that their goal for 2024 is to restore the positive performance of exports

Egypt, Turkey aim to boost trade to $15 Billion

Wed, 14 Feb 2024 - 03:16 GMT

President el-Sisi added, "I would like to welcome the Turkish President on his first visit to Egypt in over 10 years to open a new page between our two countries.

Egypt-Turkey relations: Extended economic partnership, tremendous investment opportunities

Wed, 14 Feb 2024 - 03:06 GMT

The visit of Turkish President Recep Tayyip Erdogan to Egypt gives a new impetus to enhancing economic cooperation and trade exchange between both countries, especially since they are linked with distinguished historical economic relations.

Volume of trade exchange bet. Egypt, Turkey record $6.6B in 2023: CAPMAS

Wed, 14 Feb 2024 - 02:58 GMT

According to CAPMAS, Turkish investments in Egypt amounted to $167.2 million in the Fiscal Year 2022/2023 (FY22/23), marking a 7.1 percent decline compared to the previous FY21/22 when it reached $179.9 million

SCA, Netherlands to cooperate across green transformation industry

Tue, 13 Feb 2024 - 04:53 GMT

Mollema emphasized the strength of the strategic relations between the Netherlands and Egypt, acknowledging the pivotal role played by the Suez Canal as a vital link between Europe and Asia

Turkey plans to establish industrial zone in Egypt: Trade Minister

Tue, 13 Feb 2024 - 04:37 GMT

The proposed industrial zone in Egypt aims to replicate the success of the existing industrial zone in Bursa, which specializes in various sectors including textiles, automobiles, aluminum, machinery, equipment, and advanced technologies

Egypt, Saudi ADES to extend partnership for offshore platforms with $120M

Thu, 08 Feb 2024 - 04:21 GMT

ADES currently operates ten offshore drilling rigs in Egypt, which is part of its larger fleet of 49 rigs, as stated on the Saudi company's website

Japanese logistics company Mitsui OSK Lines sees Red Sea disruption to last up to 1 year

Wed, 07 Feb 2024 - 01:05 GMT

"Before the Red Sea disruptions, 2-3 ships used to pass through the Suez Canal daily... currently no ships of the company are passing through the canal," CEO Hashimoto said on the sidelines of India Energy Week in Goa

Egypt's engineering industries exports jump by 10.5% in 2023: EECE

Mon, 29 Jan 2024 - 03:29 GMT

This marked the highest value achieved in the history of engineering exports, surpassing the $3.841 billion recorded in 2022, according to the statement

Egypt, Russia trade exchange increases by 14% during 2023

Sun, 28 Jan 2024 - 12:48 GMT

During the first 11 months of 2023, Egypt's exports to Russia valued at $469 million, showing a decrease of 13.7 percent, compared to $543 million in 2022

Estimated $150M in losses of Suez Canal revenues caused by Red Sea skirmishes: Bloomberg economist

Tue, 23 Jan 2024 - 05:05 GMT

Shipping companies continue to select alternative routes to their destinations as Houthi attacks target Israel-linked vessels near the strategic Bab Al-Mandeb Strait in the Red Sea

Egyptian Mercantile Exchange announces restructure plans, adds new commodities

Wed, 17 Jan 2024 - 04:44 GMT

Ashmawy revealed ongoing negotiations with Egyptian banks to provide financing to traders involved in commodity trading operations

Trade minister highlights vital role of industrial sector, Egypt among top 10 of global cement producers

Mon, 15 Jan 2024 - 05:23 GMT

Samir also emphasized the pivotal role of Egypt's cement sector as a pillar for the nation's infrastructure and urban development projects, as well as the industrial sector’s role as a key player in Egypt's recovery, addressing global and regional economic challenges

Egypt plans $50M logistics zone in Safaga to boost trade connectivity

Mon, 15 Jan 2024 - 02:56 GMT

The zone will serve as a central hub for the collection and unloading of goods to and from the high-speed train, effectively linking the Red Sea and Mediterranean Sea ports

Egypt aims to boost trading with Africa by 20% by 2029

Mon, 08 Jan 2024 - 03:51 GMT

Egypt, along with 47 countries, has ratified the agreement, explained Al-Wathiq Billah. He expected the rest of the countries to ratify the trade agreement by the second half of 2024

Egypt's trade balance deficit drops 16.6% in October 2023: CAPMAS

Mon, 08 Jan 2024 - 11:12 GMT

CAPMAS further indicated that Egypt's exports declined by 19.2 percent in October 2023, amounting to $3.23 billion, down from $4 billion in October 2022.