Egypt has already turned to its oil-rich allies in the Gulf, securing commitments for at least $22 billion through deposits and investments from Saudi Arabia, the UAE, and Qatar
Egypt economy
e-business
Egypt attracts startups, entrepreneurs by allowing e-companies to ‘set up shop’ without physical HQ
The country is increasingly turning to entrepreneurship as a means to boost its economy
Commodities
Egypt suspends import of hundreds of GCC products due to issues with registration compliance
The list includes companies from the UAE, the UK, the US, Germany, China, Turkey, Italy, Malaysia, France, Bulgaria, Denmark, and South Korea.
ADQ
Saudi Arabia, UAE, Qatar vie for stake in Egypt power plant, fuel distribution firm after investment pledges: report
Oil-rich Gulf countries are looking to bolster Egypt’s economy as the major food importer has been hit hard by record grain prices fueled by the Russia-Ukraine conflict, and is seeking help from the International Monetary Fund (IMF) to shore up its economy
AD Ports
AD Ports Group and Egyptian Group for Multipurpose Terminals ink MoU to further Egypt’s maritime industry
Ain Sokhna Port and a river port in Minya among the projects which will be jointly developed by the two entities
Egypt
Qatar’s sovereign wealth fund to pump $5 billion into investments in Egypt
Qatar’s pledge follows a $2 billion deal revealed by Abu Dhabi wealth fund ADQ to buy Egyptian state-owned stakes in publicly listed companies
Abdel Fattah al-Sisi
Abu Dhabi Crown Prince meets with Egyptian President Abdel Fattah El-Sisi
The two leaders met to discuss advancing cooperation between their respective countries
Abu Dhabi
Abu Dhabi’s ADQ agrees to $2 billion deal with Egypt
The agreement will see the UAE fund buy state-held stakes in some companies, including CIB
Banque du Caire
Egypt’s largest national banks, VC firm Global Ventures launch fintech fund approved by the Central Bank of Egypt
The fund creates opportunities for investors and entrepreneurs to come together and create scalable and affordable financial technology solutions that boost Egypt’s fintech sector and drive the nation’s economy forward
cashless economy
UAE payments giant Network International says Saudi launch plan ‘ahead of schedule’
CEO Nandan Mer says he continues to be positively surprised by the scale of opportunities as 2021 revenues, profits rise
Ain Sokhna
Anchorage Investments issues EPC tender on $2 billion petchem project in the Suez Canal Economic Zone
The petchem project aims to enhance the economic value of its feedstock of natural gas derivatives, contribute to the growth of Egypt’s GDP, boost the country’s petrochemical exports, stimulate further foreign direct investment inflows, and benefit from the favourable investment climate in Egypt
Egypt economy
Saudi Arabia, Egypt award contracts to link electricity grids
Power project could allow the countries to exchange as much as 3 gigawatts of electrical capacity
Coronavirus Pandemic
IMF approves release of $1.67bn in aid for Egypt
Action by International Monetary Fund comes as public debt and coronavirus threatens economic recovery
Covid-19 impact
Video: Tourism an important pillar of Egypt’s economy, international cooperation minister says
Egypt’s Minister of International Cooperation, Rania Al-Mashat, discusses the resumption of global tourism and its impact on the Egyptian economy.
Cairo
Video: Egypt reopens pyramids to tourists after virus closure
After a three month closure, the Giza pyramids are Egypt’s first tourist attraction to reopen, along with the Egyptian Museum next to Cairo’s Tahrir Square.
Arab uprisings
Look back at Egypt’s ousted former president Hosni Mubarak’s 30 years ruling – in pictures
Former Egyptian president Hosni Mubarak died in Cairo on Tuesday aged 91. He ruled the North African country from 1981 until he was forced out amid the mass protests of the Arab Spring in 2011.