Business - Economy

Egyptian expats’ remittances rise by 12.8% in March to reach $3.3 bln: CBE

Remittances of Egyptian expats rose by 12.8 percent in March to reach $3.3 billion, up from then $2.9 billion recorded in the corresponding month of 2021, according to the Central Bank of Egypt (CBE).

Egypt’s PM discusses enhancing industrial cooperation opportunities with UAE, Jordan

Egypt’s Prime Minister Mostafa Madbouly met on Monday with Minister of Trade and Industry Nevine Gamea and other Egyptian officials to review means of enhancing cooperation with UAE and Jordan in the industry sector.

Wheat prices hit record high after Indian export ban

Wheat prices surged to a new record high in European trading on Monday after India decided to ban exports of the commodity as a heatwave hit production.

Egypt expected to reach agreement on new IMF programme within ‘very few months’: PM

Egypt is negotiating with the International Monetary Fund (IMF) on a new cooperation programme to support the country's comprehensive economic reforms and an agreement is expected to be reached within a “very few months,” Prime Minister Mostafa Madbouly said on Sunday.

Agriculture’s contribution to Egypt’s GDP increases to ‘more than 15 percent:’ Minister to Senate

Egypt's Minister of Agriculture El-Sayed El-Quseir announced Sunday that Egypt's agriculture sector has been able to absorb the shock of the coronavirus pandemic, and “as a result, the contribution of the agriculture sector to Egypt's GDP increased to more than 15 percent.”

Unemployment in Egypt down to 7.2% in first quarter of 2022

The unemployment rate in Egypt declined by 0.2 percent in the first quarter of 2022 compared to the same period last year to 7.2 percent of the workforce, the Central Agency for Public Mobilisation and Statistics (CAPMAS) said in its periodical manpower bulletin on Sunday.

Egypt to list 12 companies under IPO programme by end of 2022: PM Madbouly

Egypt plans to offer 12 companies under the government’s initial offering programme (IPO) on the Egyptian Exchange by the end of 2022, including two army-run companies and other firms that are under the umbrella of the public business sector, Prime Minister Mostafa Madbouly announced on Sunday.

Fitch Solutions revises Egypt’s real GDP growth slightly

Fitch Solutions revised up Egypt’s real GDP growth forecast by 0.1 percent for 2022 to reach 5.6 percent, up from the 5.5 percent it projected in April, according to Fitch Solutions’ MENA Monthly Outlook Report.

Egypt replaces payroll slips for 4.1 mln state employees with Meeza cards

The Central Bank of Egypt (CBE), in collaboration with the Ministry of Finance, has replaced 4.1 out of 4.3 million payroll slips for state-employees with Meeza cards, the bank announced on Sunday.

Egypt's food exports increase by 5% in 1Q of 2022

Exports of the Egyptian food industry increased by 5 percent in the first quarter of 2022, recording $1.04 billion against $996 million in the corresponding period in 2021, chairman of the Food Export Council Hany Barzy said on Sunday.

Q&A on Egypt’s FY 2022/23 budget highlights, targets

On 1 July, Egypt’s FY 2022/23 budget will be rolled out with a total value of EGP 9.2 trillion, the highest in the country’s history, growing by 16.3 percent compared to the current FY 2021/22 budget.

Remittance flows to Egypt expected to grow by 8% in 2022: World Bank

Remittance flows to Egypt are expected to inch up by eight percent in 2022 despite the repercussions of the global economic challenges, the World Bank stated.

Suez Canal Economic Zone to produce 300k tonnes of green ammonia annually

Prime Minister Mostafa Madbouly attended on Wednesday the signing ceremony for a Memorandum of Understanding (MoU) establishing a project to annually produce 300,000 tonnes of green ammonia from green energy inside the Suez Canal Economic Zone (SCZone) in its first phase.

Egypt plans to issue Chinese Yuan-dominated bonds: Finance minister

Minister of Finance Mohamed Maait announced on Wednesday that the government is considering issuing Yuan-dominated bonds that will target the Chinese market, which is the second largest bond market globally.

PM attends signing of deal to build, develop Damietta Port 2nd container terminal

An agreement has been signed on Tuesday between the Damietta Port Authority (DPA) and Damietta Alliance Container Terminal to build and develop the superstructure of the second container terminal Tahya Misr 1 in Damietta port.

Egypt-based Paymob raises $50 mln in Series B funding round

Egypt-based Paymob, a financial services for merchants platform, raised $50 million in Series B funding, which the platform will use to grow its product range, expanding in the Egyptian market as well as into new markets across the Middle East and Africa region.

Egypt’s inflation speeds up amid war in Ukraine, rising food and energy prices

Egypt’s headline annual inflation rate accelerated to 14.9 percent in April, up from the 12.1 percent recorded in March and 4.4 percent in the corresponding month in 2021, the Central Agency for Public Mobilisation and Statistics (CAPMAS) announced on Tuesday.

EBRD upgrades Egypt’s GDP growth forecasts in FY2021/22 by 0.8%

The European Bank for Reconstruction and Development (EBRD) raised its projections for Egypt’s GDP growth for the current FY2021/22 to 5.7 percent — which ends in June — up from the 4.9 percent it projected in November before slowing down to 5 percent in FY2022/23 — which begins in July — according to the Regional Economic Prospects Report the bank released on Tuesday.

Gold prices down in Egypt amid uncertain economic outlook, expected dollar price hike

Gold prices in the Egyptian market saw a fluctuation on Monday amid the uncertainty cast by an expected rise in the US dollar price and inflation caused by the Russian war in Ukraine, as well as rising food and energy prices.

Egypt, EU ink €138 mln development finance deals covering several sectors

Egypt and the European Union (EU) delegation in Egypt signed on Monday a number of development finance agreements worth €138 million covering healthcare, administrative reform, the environment, rural and social development, and enhancing governance.

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