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Telecom Egypt signs agreement with Orange Data to provide high-speed bitstream services
Telecom Egypt and Orange Data have signed new agreement on bitstream access services.
Egypt international remittance market to hit $20.5 billion by 2023, Ken Research
Remittance Market, International, Domestic and Bill Payments, in Egypt is still in its growth stage and a large portion of the remittance has to be formalized.
Egypt receives €18m grant from EU to finance six projects
Egypt has received grants worth €18 million for six development projects as part of the first phase of the European Union (EU) Cross Border Cooperation (CBC) program.
[Egypt] Radisson Hotel Group signs portfolio deal for six hotels
Radisson Hotel Group has signed six new hotels in Egypt as part of a portfolio deal across a number of its brands.
Egypt government enters into a $500 million supermarkets deal with Lulu Group International
The Egyptian government, represented in the Ministry of Supply and Internal Trade has signed an agreement with LuLu Group International, which is specialized in retail trade.
OECD upgrades Egypt’s rank in Country Risk Classification
The Organization for Economic Co-operation and Development (OECD) upgraded Egypt’s ranking in the Country Risk Classification to five.
Germany’s investments in Egypt tops $7billion
Germany has invested at least $7.1 billion across different Egypt fields with some 1215 German companies operating in the country.
Egyptian Exchange activates Tunisian Exchange MoU
The Egyptian Exchange has started activating the MoU with Tunisian Stock Exchange in preparation for the 17th Joint High Committee Meetings which will be hosted by Tunisia in the first quarter of 2019.
Egypt's bourse launches new index
The Egyptian Exchange has launched a new fixed-weighted index dubbed "EGX30 Capped" that will include the activities of top 30 companies in terms of liquidity.
Telecom Egypt announces changes in its board of directors
The government of Egypt, being Telecom Egypt’s major shareholder with an ownership of 80%, has announced changing some of its representatives in Telecom Egypt’s Board of Directors.
Enterprise partners with Premier Group to drive car hire growth in Egypt
Enterprise Holdings has announced its expansion into Egypt through a partnership with Premier Group.
Clarivate Analytics partners with the Egyptian Knowledge Bank to launch Converis
Clarivate Analytics has partnered with the Egyptian Knowledge Bank to launch Converis and implement a national research management system.
Serbian flights to Cairo to resume in 2019
Direct flights connecting Cairo to Serbia’s capital Belgrade will be resumed during 2019, after more than a decade of suspension.
Solar-plus-storage beats combined-cycle gas in Jordan and Morocco, study
Solar-plus-storage is already competitive with the world's most efficient form of gas generation in Morocco and Jordan, according to new research from Wood Mackenzie Power & Renewables.
[Egypt] EGX finishes the development of its 30 index methodology
The Egyptian Exchange (EGX) has finished the process of developing the methodology of entering the listing companies into EGX 30 index, as per its attempts to increase the efficiency of all market indices.
Egypt, Tunisia sign working program on fishing
Egypt and Tunisia have signed a working program to exchange expertise in the fields of sea fishing and fish farming for 2019/20.
Mercedes-Benz considers car assembly in Egypt
“Egypt is an attractive and competitive location for production and supporting logistics. With the planned local assembly we are confident to be able to expand our market position."
Afreximbank lends $170 million to Orascom for Pan African expansion
The African Export-Import Bank (Afreximbank) has signed a facility agreement lending $170 million to Egypt-based conglomerate Orascom Investment Holding.
Mercedes-Benz mulls resuming production in Egypt
Global vehicle manufacturer Mercedes-Benz looks forward to resuming production in Egypt soon, a senior official of the company has said.
[Egypt] Benban Solar Park set to become world’s largest solar installation
Until recently, Egypt’s government spent more on electricity subsidies than it spent on education, health care, and social welfare combined.
Egypt and Jordan sign supplemental deals on natural gas
Egypt Petroleum Minister Tareq el Mulla has held a meeting with Jordanian Minister of energy and mineral wealth Hala Zawati to discuss the latest developments of joint energy projects.
North Africa, Middle East economic growth improve on strengthened oil exports, imports, World Bank
Growth in the Middle East and North Africa is estimated to have improved to 1.7 percent in 2018, contributed by acceleration in activity of both oil exporters and importers.
Jan De Nul successfully completes first major umbilical installation project in Egypt
Jan De Nul Group has successfully completed the installation and burial of the two main subsea umbilicals for the exploitation of new gas fields in the West Nile Delta concessions, in the North Alexandria region, Egypt.
Protiviti unveils a new firm in Egypt
To further address the needs of its clients, global consulting firm Protiviti has unveiled a new member firm in Cairo, Egypt.
Merck Foundation partners with National Cancer Institute of Egypt to provide Masters Degree in Medical Oncology for African doctors
Merck Foundation, the philanthropic arm of Merck Germany partners with Egypt’s National Cancer Institute to provide Master Degree in Medical Oncology for African doctors.
[Egypt] Saudia Cargo launches sales office at Cairo Airport
Dedicated freight subsidiary of Saudia, Saudia Cargo has opened its newest sales office at Cairo Cargo City inside Cairo International Airport.
Egypt foreign reserves drop 4.4% in December
Egypt's foreign currency reserves dropped by 4.4 percent to 42.5 billion U.S. dollars in December 2018, compared with 44.5 billion dollars in November.
[Egypt] Cabinet approves Russian technical support for Dabaa nuclear project
Egypt is set to sign the fifth contract of extending financial and technical support offered by the Russian side to carry out Al Dabaa nuclear project.
EFG Hermes Leasing in deal with HSBC Bank Egypt to finance capital expansions for SMEs
EFG Hermes Leasing and HSBC Bank Egypt have signed a collaborative agreement that will help small and medium-sized enterprises (SMEs) get access to EGP400 million in leasing.
[Egypt] IFC invests $1 million in Vezeeta to bolster health innovations
IFC is investing $1 million in Vezeeta, an Egyptian technology company that operates an online platform that allows patients to quickly find doctors.
[Egypt] Shifting public funds from infrastructure to investing in people - World Bank report
Egypt has an opportunity to capitalize on current reforms by enabling more private investment in infrastructure and freeing up public funds for investments in people’s education, health and social protection.
Africa is an extremely important market for South Africa, Trade Minister
South Africa Minister for Trade and Industry Dr Rob Davies said that South African business people should consider the continent as an extremely important market, especially for trade in value added products.
[Egypt] e-health startup Vezeeta receives $1m funding from IFC
Egyptian e-health startup Vezeeta has raised $1 million in additional funding from IFC to add to the $12 million in Series C financing it raised earlier this year to continue its international expansion.
[South Africa] Liquid Telecom receives $180m investment from CDC Group
Liquid Telecom has reached an agreement with CDC Group, the UK’s development finance institution, to invest $180m in the company.
World Bank and Egypt sign $1b reform program agreement
The World Bank and Egypt have signed an agreement for a US$1 billion program to support the next phase of the country’s reform program.
Egyptian Government approves Mubadala Petroleum and BP in Nour North Sinai Offshore concession
The sale of a 20% participating interest to Mubadala Petroleum and a 25% participating interest to BP in the Nour North Sinai Offshore concession, Egypt, have today been approved by the Egyptian Government.
Senegal, Kenya, South Africa and Egypt projects reap from low carbon initiative
A new report has highlighted the impact of a project implemented by the United Nations Industrial Development Organization.
North Africa mobile phone market sees strong growth as demand for feature phones surges, IDC
The North Africa mobile phone market, comprising Egypt, Tunisia, Algeria, and Morocco, saw year-on-year shipment growth of 11.5% in the third quarter of 2018.
Liquid Telecom to invest $400m in Egyptian network infrastructure
Pan-African telecoms group Liquid Telecom has announced that it is investing 8 billion Egyptian Pounds (USD400m) in Egypt over the next three years.
IFC identifies 100 startups that are key to speeding up innovation in Africa
IFC and Egypt’s Ministry of Investment and International Cooperation have selected over 100 high-potential start-ups to participate in a new initiative designed to spur innovation in Africa.
Egypt, Israel announce $15 billion gas export deal
A $15 billion deal has been announced between Israel and Egypt to export natural gas.
World Bank announces $1 billion program to develop Egypt’s private sector
The World Bank has announced a new US$1 billion program to support the second generation of Egypt’s reform program.
OFID invests $50 million to support Egypt purchase gas, petroleum products
The OPEC Fund for International Development, OFID, has announced it is contributing $50 million to support Egypt’s purchase of crude oil, petroleum products and liquefied natural gas.
Egypt elected as President of Arab Telecom Council of Ministers
Egypt has been elected as the executive president of the The Council of Arab Ministers of Communication and Information, with Saudi Arabia as vice president, for the next two years.
ITC to launch SheTrades in Uganda and Egypt
The International Trade Centre (ITC) will next year launch the SheTrades programme in Uganda and Egypt.
Telecom Egypt partners with Nokia to upgrade its network capacity
Telecom Egypt has adopted Nokia's Photonic Service Engine (PSE) technology to double backbone capacity on its Delta Region DWDM backbone network.
[Egypt] UNCTAD, Competition Authority launch training centre to boost knowledge base of agencies
Implementing competition law and policy has an increasingly regional flavour as countries navigate the complex globalized world.
Egypt, Eurasian Union to start negotiating free trade agreement
Egypt and the Eurasian Economic Union have signed a framework document for negotiations on the free trade agreement between both sides
Mexico's investments in Egypt record $950m
Mexican investments in Egypt hit $950 million, in the fields of contracting, machinery parts factories, automobiles, technology, cement, petroleum, and veterinary medical materials.
Egypt's textile exports hit $678m in 9-month period
Egypt's textile exports increased during January-September, 2018 by 10% to reach $678 million compared to $614 million during the same period last year.
Egypt’s private sector wins big at the Africa Investment Forum
Projects from Egypt’s private sector showed strongly at the just concluded Africa Investment Forum during which transactions close to US$50 billion were promoted by sponsors in three days of Boardroom sessions.
[South Africa] Liquid Telecom extends Microsoft Azure from Cape to Cairo
Liquid Telecom has extended the availability of Microsoft Azure from the Cape to Cairo, continuing its lead in the African cloud revolution.
[Egypt] Eni sells 20% stake in Nour North Sinai Offshore concession to Mubadala Petroleum
The CEO of Petroleum & Petrochemicals, Mubadala Investment Company, Musabbeh Al Kaabi, and the CEO of Eni, Claudio Descalzi, have today signed an agreement for the sale of a 20% participating interest to Mubadala Petroleum.
[Egypt] TechnipFMC enters deal with MIDOR for modernization of complex
TechnipFMC has signed an Engineering, Procurement, and Construction (EPC) contract with Middle East Oil Refinery (MIDOR) for the modernization of existing complex near Alexandria, Egypt
IMF reaches staff-level agreement on the 4th review for Egypt’s extended fund facility
The IMF staff team and the Egyptian authorities have reached a staff-level agreement on the fourth review of Egypt’s economic reform program, which is supported by the IMF’s SDR 8.597 billion .
The Africa 2018 Forum | 8-9 December 2018 | Sharm El Sheikh | Egypt
Greater economic integration through increased investment flows into Africa
[Cameroon] Officials to review studies on accountable development planning
About 70 stakeholders comprising executives and planning experts, statistics executives and experts, members of the civil society and representatives from the private sector will converge in Yaounde to review and validate two ECA studies on accountability and statistics in development planning in Cameroon.
Intertek to build an IT products’ testing and certification lab in Egypt
Egypt’s ministry of ICT has signed an agreement with Intertek, specialized in inspection, physical tests, and certification.
CR2 in talks with two banks in Egypt to provide e-payment services
CR2, global banking software company, is negotiating with two banks operating in the Egyptian market to provide e-payment services, according to the company’s regional director Sherif Soliman.
Azerbaijan to launch direct flights to Sharm El-Sheikh, Egypt
Among the flights that are expected to be launched to accommodate the increasing number of tourists visiting Sharm El-Sheikh are flights from Azerbaijan to Sharm El-Sheikh that will start operating on November 8.
Telecom Egypt signs $500m medium term syndicated loan
Telecom Egypt has signed a $500million medium-term syndicated loan, which will be used to support its capital and operational expenditure and refinance an existing short-term facility.
UK announces a £12 mn fund to support education reforms in Egypt
The UK fund will include support for teacher training, through the ministry’s flagship education programme, and support children’s education in governorates across the country.
EgyptAir to launch two new routes to Rwanda and Cameroon
EgyptAir will launch two new routes in the African continent as of the end of January 2019. The new routes are to Kigali, Rwanda and Douala, Cameroon.
Russia keen to boost airline security with Egypt
Russian Foreign Minister Sergei Lavrov said on Saturday that his country was eager to work with Egypt to boost airline security, three years after a bomb attack downed a Russian plane, killing more than 200 holidaymakers.
Trade volume between Egypt, France hits $1.459b over 8 months
The volume of trade exchange between Egypt and France hit $1.4 billion during the first eight months of 2018, with $460 million in exports and $999 million imports.
Egypt Aviation Ministry finalizes steps to inaugurate Sphinx Airport
Egypt’s Aviation Ministry has begun finalizing the preparations to open the Sphinx Airport, west of Cairo to become the 33rd Egyptian airport.
[Egypt] Smartphone maker, Silicon Industries Corp, to expand in Africa
Egypt's first smartphone maker is looking to enter the broader African market by the end of 2018 or early 2019 as it seeks to boost exports, its sales director said.
Philip Morris International recognized as Africa's top employer
Philip Morris International Inc. has been recognized for the third consecutive year as a Top Employer in Africa, awarding the company’s commitment to creating an excellent work environment for its employees.
Moody’s upgrades Egyptian banking system outlook to positive
Moody's Investors Service upgraded its outlook of the Egyptian banking system to positive from stable.
The Next 100 African Startups Initiative to invest in African startups
Egypt’s The Next 100 African Start-ups initiative, organized jointly by the country's Ministry of Investment and International Cooperation (MIIC) and the International Finance Corporation (IFC) has announced that it will invest in 100 promising startups from Africa.
Egypt’s foreign reserves show $40m increase
Egypt’s foreign reserves increased by $40 million by the end of September 2018 to reach $44.459 billion, compared to $44.419 billion by the end of August 2018, according to the Central Bank of Egypt.
Egypt auto market to maintain 40% growth rate
The Egyptian automotive market will maintain the growth rates achieved during the first half of 2018, Former Head of the Automobile Manufacturers Association Hassan Mostafa said.
iCommunity,Egypt's community platform raises $600K in Series A funding
Egypt’s first mobile community platform for the real estate industry iCommunity has announced $600K in Series A funding from Algebra Ventures, Egypt’s largest venture capital fund.
Telecom Egypt, Airtel sign submarine cable systems agreement
Telecom Egypt has signed an agreement with Bharti Airtel to formalize its strategic partnership announced on 6 August 2018.
[Egypt] USTDA awards BPI contract for power plant
The U.S. Trade and Development Agency, USTDA, has awarded a grant to Benchmark Power International SAE (BPI), an Egyptian independent power developer, supporting the development of a combined cycle gas turbine power plant at Tawerat, Egypt.
Noble Energy in deal to support gas delivery from Israel to Egypt
Oil and gas exploration company Noble Energy, Inc. has announced that it has executed multiple agreements to support delivery of natural gas from the Leviathan and Tamar fields, offshore Israel, into Egypt.
[Egypt] Ibnsina Pharma adopts Infor systems to streamline operations
Infor, a provider of industry-specific cloud applications, has announced that Ibnsina Pharma, one of Egypt's largest distributors of pharmaceutical products, has invested in Infor EAM warehouse management system.
[Egypt] IFC, Banque Misr ink new deal to support female entrepreneurs
IFC, a member of the World Bank Group, has signed an agreement with Banque Misr, Egypt’s second-largest bank, to help expand the number of women-led businesses in its SME Banking portfolio.
OFID invests in Egypt’s renewable energy youth program
The OPEC Fund for International Development – has extended grants in support of the Regional Centre for Renewable Energy and Energy Efficiency (RCREEE) and Bibliotheca Alexandrina.
Telecom Egypt acquires 50% of EISCC for $15m
Telecom Egypt announces that its board of directors has approved the acquisition of 50% of its subsidiary Egyptian International Submarine Cable Company at a value of USD 15mn.
OFID grants support renewable energy youth programs in Egypt
OFID, the OPEC Fund for International Development has extended grants in support of the Regional Centre for Renewable Energy and Energy Efficiency (RCREEE) and Bibliotheca Alexandrina.
East Africa economy best performing in the continent, ICAEW report
Despite an economic slowdown, most African countries are reported to have a positive economic outlook. This is according The Institute of Chartered Accountants in England and Wales, ICAEW.
Afreximbank closes $150m Korea-focused club facility
The African Export-Import Bank has closed a Korea-focused $150 million club facility which has Shinhan Bank as coordinator and lender.
Egypt’s software piracy drop, legal reforms boost foreign investment
Egypt has seen a two percent drop in its software piracy rate to reach (59%), the U.S.-based Business Software Alliance said in its recent study, released last June.
Egypt’s software piracy drop boosts foreign investment, study
Egypt has seen a two percent drop in its software piracy rate to reach 59 per cent, the U.S.-based Business Software Alliance said in its recent study, released last June.
Telecom Egypt concludes the acquisition of MENA Cable
Telecom Egypt has announced the conclusion of the acquisition of Middle East and North Africa Submarine Cable, MENA Cable, from Orascom Investment Holding.
Egypt signs with international firms to explore for petroleum, gas
Egypt's Minister of Petroleum and Mineral Resources Tarek El-Molla signed on Saturday two deals with international firms to explore for petroleum and gas in two deep-water areas in the Mediterranean and the Western Desert.
Convergys continues to expand operations in Egypt
Convergys Corporation, a global player in Customer Management Outsourcing, is one of the largest and expanding BPO companies in Egypt.
ITFC signs new financing agreements to support Egypt’s main sectors
The International Islamic Trade Finance Corporation (ITFC) has signed two new Agreements between with the Government of the Arab Republic of Egypt.
[Egypt] ITFC to implement $3b framework agreements to support Egypt
The International Islamic Trade Finance Corporation has announced the signing of two new Agreements between ITFC & the Government of the Arab Republic of Egypt, initiating the utilization of the 5th Framework agreement.
Marrakech emerges key African hospitality hotspot, Cairo next - data
Based on H1 2018 figures from STR, provider of data and analytics for the global hotel industry, Marrakech has emerged as a standout performer among key African cities.
Afreximbank presents trade facilitation program to Egyptian banks
The African Export-Import Bank (Afreximbank) has met in Cairo with leaders of the Egyptian Banking sector to present a new trade facilitation programme which it has developed to transform Africa's trade.
Egypt agrees to import 1 million tons of rice from Vietnam
Egypt has agreed with Việt Nam to import one million tonnes of white rice for the next three to four months after curtailing cultivation earlier this year.
Eni announces gas discovery in the Egyptian Western Desert
Eni announces a gas discovery in the Egyptian Western Desert. The discovery well has been drilled on the Faramid South exploration prospect located in East Obayed concession, 30 km North-West of the Melehia Concession.
IFC, Egypt government partner to support 100 African startups
IFC, a member of the World Bank Group, and Egypt’s Ministry of Investment and International Cooperation (MIIC) have signed an agreement to support young entrepreneurs and start-ups in Africa to drive innovation and economic growth.
UN Habitat to develop Ras El Hekma waterfront city in Egypt
UN-Habitat, General Organization for Physical Planning and New Urban Communities and UN-Habitat have announced the launching of the project RAS EL HEKMA Waterfront new city in Egypt.
SDX Energy conducts successful gas test at South Egypt well
North Africa focused oil and gas company SDX Energy Inc. has announced a successful production test at its SD-3X appraisal well at South Disouq, Egypt.
Telecom Egypt shows LE2.1b net profit for H1 2018
Telecom Egypt has announced that its consolidated results slipped 18.2 percent during the first half of 2018, recording LE 2.06 billion, compared to LE 2.52 billion during the same period of 2017.
Eni granted new exploration license offshore Egypt
A new Concession Agreement, aimed at governing an offshore exploration license in the prolific East Nile Delta Basin of the Mediterranean Sea, has received approval by Egyptian authorities.
Investment strategy pays off for Telecom Egypt
Telecom Egypt has announced its quarter two 2018 financial results ending 30 June 2018 with a strong operational performance indicating the success of its long-term investment strategy.
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Making money with cryptocurrencies - here's how, financial expert
Cryptocurrency has become especially popular over the last few years, as this is one of the ways of additional, and for some people an even primary source of income. Everything is straightforward: buy cheaper, sell more expensive. As well as an investment in the common currency... read more