Egypt

Egypt’s trade deficit shrinks 10.3 percent to $3.57 billion in May 2024

Despite the narrowing trade deficit, Egypt's current account deficit widened in the first nine months of fiscal year FY 2023-24 to $17.1 billion

EFG Hermes ONE rebrands, launches new seamless trading experience

App's new trading options include market price, limit price, same-day trading, margin trading, short selling and conditional alerts

UAE faces 11.7 percent rise in malware detections as email attacks surge 293 percent globally: Report

Cybersecurity experts stressed the need for improved vigilance and protective measures against growing threats

Egypt’s non-oil trade deficit declines 16 percent to $15.9 billion in H1 2024

The decline in Egypt’s non-oil trade deficit during H1 of 2024 was primarily due to a $1.2 billion decline in imports

Egypt’s Suez Canal revenues surge to $170.7 million in 2023-24

Egypt's Suez Canal secured contracts worth $5.116 billion for 218 projects during 2023-24

IMF completes third review for extended arrangement with Egypt, approves $820 million disbursement

The decision follows a positive economic assessment since the program's launch in December 2022

Egypt signs $342 million in agreements to boost oil, gas production

Cheiron Energy to increase natural gas production from the West Burullus offshore field development project

Egypt central bank to begin cutting interest rates in September: Report

Egypt's inflation to average around 25 percent in H2 of 2024, down from 31 percent in H1

Egypt’s economy growth to rebound to 4.99 percent in 2025/26 amid policy tightening 

The country’s growth is projected at 4 percent for FY 2024/2025

Egypt sets sights on $5 billion investment goal with India by 2027

Through renewable energy, green hydrogen, and engineering initiatives

Egypt to raise electrical capacity with two $700 million renewable energy projects by October

Emirati company Al Nowais will launch the solar energy project in the Aswan Governorate's Kom Ombo by October

Egypt’s external debt dips 8.4 percent to $153.86 billion in five months

Foreign currency inflows into the local market have jumped by about 200 percent

$7.2 billion revenue at Egypt’s Suez Canal marks $2.2 billion decline amid Red Sea attacks

The canal's total tonnage fell by a third, and the number of transits declined by about 22 percent YoY

Egypt’s Central Bank holds key rates amidst 2.2 percent GDP growth and 27.5 percent inflation

The bank noted that "the current monetary stance is appropriate to support the sustained moderation of inflation."

Egypt’s trade deficit declines 2.5 percent to $2.68 billion in April 2024

Egypt's imports declined from $6.01 billion in April 2023 to $5.97 billion in April 2024

Egypt targets raising ICT sector’s contribution to GDP to 8 percent by 2030

ICT sector currently contributes 5.8 percent to Egypt’s GDP

Telecom Egypt partners with Nokia for 5G services in major cities

Nokia will deploy 5G radio access network (RAN) equipment from its industry-leading AirScale portfolio in Egypt

Egypt maintains position as Africa’s top investment destination for second consecutive year: UNCTAD

Egypt accounted for 18.6 percent of Africa's total investments, which amounted to $52.6 billion in 2023

Egypt’s annual urban inflation declines to 27.5 percent in June amid ongoing reforms

This downward trend extends from a record high of 38 percent reached in September 2023

Egypt approves $200 million in energy projects with foreign, national companies

Agreements include a deal to search for and exploit gas and crude oil in the North Port Fouad offshore area in the Mediterranean

Egypt’s economic reforms boost remittances: 26.6 percent monthly rise to $2.7 billion in May 2024

The remittances in May 2023 amounted to around $1.6 billion, as reported by CBE

Egypt’s exports to international blocs rise 5.1 percent to $42 billion in 2023

Egypt's imports from international blocs declined 22 percent in 2023 to $37.5 billion

Egypt’s new government aims for 4.2 percent economic growth in next three years

Egypt's new government aims to increase exports by more than 15 percent annually and attract 30 million tourists by 2028

Egypt’s shipping, logistics market to reach $14.56 billion in 2024, $18 billion by 2029

Promoting multimodal and integrated transport to transform Egypt into a transit trade center