The country will spend close to $8 billion to meet power demand in the country as citizens and industries suffer from outages
Egypt
Latest in Egypt
25hours Hotels
Egypt to get its first 25hours Hotel in West Cairo
The hotel is launched through a partnership between Majid Al Futtaim and Ennismore, marking the 25hours brand’s entry into the Egyptian market
ADNOC Distribution
ADNOC Distribution launches nationwide availability of Voyager in Egypt
Voyager lubricants being produced locally at a new facility in Borg El Arab, supporting Egypt’s industrial growth and export potential
Egypt
Plans to connect Saudi and Egypt through rail complete, says minister
Transport Minister indicates it could be a bridge or a tunnel; If completed, it would integrate railways into Asia-Europe trade
Egypt
Salah says Liverpool fans played a role in him rejecting lucrative Saudi move
The Egyptian star says “negotiations were serious” with Saudi Premier League officials before he rejected a reported deal of $678mn
Egypt
Egypt could splash $3bn for LNG as energy crisis intensifies in peak summer
President al-Sisi asks the government to do whatever is necessary, and this could mean buying 40-60 cargoes of liquefied natural gas
Abu Dhabi
AD Ports Group to build and operate logistics park near Suez Canal
The strategically located KEZAD East Port Said Industrial Zone is to be constructed as part of a 50-year renewable usufruct agreement
Egypt
Minor Hotels partners with Soma Bay Hotel Company SAE to develop first Anantara property in Egypt
The deal marks Minor Hotels’ entry into Egypt’s hospitality market
Egypt
UAE’s Maseera acquires Egyptian fintech ADVA
The move marks a critical milestone in Maseera’s regional expansion strategy
Egypt
Egypt and Jordan thank the European Parliament for new financial aid
The European Union members recently approved loans worth $4.4 billion in three instalments to Egypt and $555 million to Jordan
Egypt
Abu Dhabi’s Modon to develop Ras El Hekma industrial zone in Egypt, 20,000 new jobs expected
Abu Dhabi’s Modon and Egypts Elsewedy Industrial Development to create 20,000 new jobs at Ras El Hekma industrial zone in Egypt
Abu Dhabi Fund for Development
Abu Dhabi Fund for Development launches $120mn luxury hotel project in Egypt
The Sofitel Legend Pyramids Giza project will be financed through a strategic partnership between the private sectors of the UAE and Egypt
climate change
IMF approves $2.5bn in funding for Egypt, backs climate finance initiative
Fund cites “mixed progress” on reforms as Egypt faces Red Sea disruptions costing $6bn in Suez Canal revenue while struggling with high debt and fiscal challenges
AD Ports Group
AD Ports Group to get new-gen Panamax-class cranes for its new multipurpose cargo terminal in Egypt
AD Ports Group said it is investing AED 193 million in three ship-to-shore (STS) cranes and six hybrid rubber-tyred gantry (RTG) cranes for the terminal
Cairo
Downtown Cairo deal: Alabbar says he has experience to give Egypt ‘something that has never been seen anywhere in the world’
The Downtown Cairo investment could reach $15bn, span 3mn square meters, sources told Arabian Business
ACWA Power
ACWA Power signs $2.3bn deal for Egypt’s largest wind farm
The PPA with the Egyptian Electricity Transmission Company includes a 2.0 GW Wind Project, exceeding ACWA Power’s current 1.1 GW Suez Wind Farm
acquisition
Agthia increases its stake in Egyptian healthy snacks company to 80%
Abu Auf has opened more than 100 stores and increased EBITDA by over 70% in AED terms over the past two years