Skip to main content Skip to footer ![Mastercard brings Apple Pay to customers in Egypt](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/12/Apple-Pay-Egypt-1.jpg/w=1024,h=682)
Apple Pay is available with the National Bank of Egypt, Banque Misr and Commercial International Bank
![Egypt’s inflation falls to 25.5 percent in November](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/12/Egypt-inflation.jpg/w=1024,h=683)
Headline inflation climbed to a record high of 38 percent in September 2023 after falling to 26.5 percent in October
![flydubai launches daily flights to Egypt’s Al Alamein for summer 2025](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/11/Fz_MAX_Boeing_NEW_S6A0146-1.jpg/w=1024,h=683)
With the addition of its summer operations to Al Alamein, flydubai grows its network in Egypt to three destinations including Alexandria and Cairo
![Egypt central bank keeps overnight interest rates unchanged](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/11/Egypt-central-bank.jpg/w=1024,h=683)
Egypt's annual headline inflation remained broadly stable for the third consecutive month, at 26.5 percent in October 2024
![flynas to launch three direct flights between Madinah and Cairo’s Sphinx airport](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/11/52-A320neo-1.jpg/w=1024,h=581)
flynas connects Egypt to Saudi Arabia with more than 120 weekly direct flights from five Saudi cities
![G20: Crown Prince of Abu Dhabi engages in talks with Presidents of France, Egypt, and South Africa](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/11/Sheikh-Khaled-Macron-G20-1-1-1.jpg/w=1024,h=682)
Yesterday, Sheikh Khaled also engaged in official discussions with Brazilian President Luiz Inácio Lula da Silva
![Egypt’s inflation remains stable for third month straight, reaches 26.5 percent in October](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/11/Egypt-inflation.jpg/w=1024,h=683)
Annual nationwide headline inflation increased to 26.3 percent in October 2024, up from 26 percent in September 2024
![EFG Hermes launches $300 million Saudi Education Fund, acquires Britus Education portfolio of 7 schools](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/11/EFG-Hermes.jpeg/w=1024,h=683)
After having created the leading K-12 operator in Egypt, EFG Hermes aims to replicate its success story in the Saudi market
![COP29: Egypt reiterates 42 percent renewable energy target for 2030, calls for international support](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/11/Madbouly1-COP29-1.jpg/w=1024,h=683)
As of July 2024, solar, wind, and hydropower make up 11.5 percent of Egypt's electricity generation
![QatarEnergy expands Egypt exploration footprint, acquires 23 percent interest in North El-Dabaa (H4) Block](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/11/QatarEnergy.jpg/w=1024,h=683)
Block lies about 10 kilometers offshore the Egyptian Mediterranean shore at water depths ranging between 100 meters and 3,000 meters
![Fitch raises Egypt’s long-term foreign-currency rating to ‘B’ with stable outlook](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/11/Egypt-Fitch.jpg/w=1024,h=682)
The agency highlighted improvements in external finances driven by notable foreign investments and strengthened policy initiatives
![IMF to review Egypt’s loan program on Tuesday with GDP growth projected at 4.2 percent for FY2025](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/11/IMF-Sisi-1-1.jpeg/w=1024,h=683)
Georgieva noted that Egypt's inflation reached 37 percent in 2023 but has decreased to between 25 percent and 26 percent
![Egypt signs MoU with DP World to explore development of 500-acre public free zone](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/10/Egypt-DP-World-main-1.jpg/w=1024,h=682)
This initiative aims to target key industries such as electronics, automotive, apparel, and footwear
![What makes Egypt a popular real estate market for GCC investors](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/10/Egypt-inflation-1-1.jpg/w=1024,h=683)
As many as 94 percent of wealthy GCC investors have expressed a desire to invest in Egypt
![Modon Holding partners with LuLu to develop retail facilities in UAE, Egypt](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/10/Modon-Lulu-1.jpeg/w=1024,h=682)
The two entities will identify prime retail locations, implement smart innovations, enhance logistics, and improve customer experiences
![UAE President engages with world leaders on trade and development at BRICS Summit](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/10/UAE-President3-1-1.jpg/w=1024,h=683)
The summit, which runs until October 24, is themed 'Strengthening Multilateralism for Equitable Global Development and Security,’
![Central Bank of Egypt holds key interest rates steady amid inflation control, mixed economic indicators](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/10/Egypt-interest-rates-1.jpg/w=1024,h=683)
The committee noted that this decision reflects recent global and local developments
![Saudi Arabia, Egypt ink maritime connectivity agreement to enhance passenger transport and expertise exchange](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/10/Saudi-Egypt-maritime-logistics.jpg/w=1024,h=683)
The collaboration areas include yacht and marine passenger transport, plus passenger ferries
![Saudi Arabia-Egypt trade exchange surges 41 percent to $8 billion in H1 2024](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/10/Saudi-Arabia-Egypt.jpg/w=1024,h=683)
Egyptian investments in Saudi Arabia amounted to around $4 billion, involving more than 3,000 companies
![UAE advances Egypt’s Ras El Hekma project, drives investments from key Emirati players](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/10/UAE-Ras-El-Hekma.jpeg/w=1024,h=683)
The development is set to attract $110 billion in investments during its development phase
![Ras El Hekma megaproject: ADQ appoints Modon Holding as master developer](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/10/ADQ-Ras-Al-Hekma-2.jpg/w=1024,h=683)
The project’s investments are likely to reach $110 billion by 2045, and it’s set to contribute $25 billion annually to the country’s GDP
![Egypt’s external debt falls by $15 billion in six-month period, says PM Madbouly](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/10/Egypt-external-debt-1.jpg/w=1024,h=683)
Egypt's external debt stood at $168 billion in December 2023 and fell to $152.8 billion by last June
![Egypt’s FDI net inflows surge to all-time high of $46.1 billion in FY2023-2024, says central bank](https://economymiddleeast.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economymiddleeast.com/2024/10/Egypt-FDI.jpeg/w=1024,h=683)
Net FDI inflows into the non-oil sector rose to $46.4 billion following the $35 billion Ras-El Hekma deal
![aiBANK announces major brand name, identity change to Bank NXT](https://economymiddleeast.com/wp-content/uploads/2024/09/Bank-NXT-1024x682.jpeg)
Strategic move aims to usher in a new era of growth, digital innovation and customer-centric solutions