#Egypt

AD Ports Group to operate Egypt’s Safaga terminal

AD Ports signs concession deal to operate Egypt’s Safaga terminal

The 810,000 square metre project will have a dock length of 1,100 metres and a depth of 17 metres

Egypt raises $800m from hotels in divestment drive

Egypt raises $800m from hotels in divestment drive

The hotels, among Egypt’s grandest, include the Cataract in Aswan, the Winter Palace in Luxor, the Mena House in Cairo and the Cecil in Alexandria

ACWA Power and Dutch Companies sign MoU Image Acwa Power

Saudi’s ACWA Power inks $4bn green hydrogen deal with Egypt

The initial phase of the project will generate 3,000 tonnes of green hydrogen annually, with the subsequent phase harnessing 2.4 GW of wind energy to produce 500,000 tonnes of green ammonia

EGYPT-Cairo-City-GettyImages-83589386.jpg

How deep are Egypt’s economic troubles?

An over-valued currency, weak property rights and institutions, and an overbearing state and military have deterred investment and competition

GSMA Intelligence and Huawei consumer study shows that consumers largely think climate change is the world's biggest problem Image Supplied

Climate change is world’s No 1 challenge, reveals consumer survey

Research conducted by GSMA Intelligence with Huawei revealed that 80 per cent of consumers surveyed across 16 countries now view climate change as the world’s top issue

Travel

Travellers put off holiday trips to Middle East as Israel crisis rages

Leisure travel demand to the region was hit after the Israel crisis broke out on October 7

UAE sends supplies to build field hospital 6 additional aircraft sent as part of GAZA relief efforts Image WAM

UAE Gaza relief: 16 planes sent with supplies for field hospital so far

The UAE dispatched five planes on November 8 with essential supplies required to set up and operate an Emirati field hospital to treat impacted Palestinians

Agthia Group’s nine-month revenue soars 10.9%

UAE’s Agthia Group posts Dhs3.27bn in nine-month revenue

The company reported a 12.7 per year-on-year increase in profit to Dhs205.6m, with the faster rate of growth relative to revenue

Fitch Ratings cuts Egypt’s credit score one step to B-

Fitch downgrades Egypt one notch deeper into junk territory

The country’s debt problems have come amid a bruising economic crisis that has triggered a string of currency devaluations and record inflation

Air Arabia launches flight from Sharjah to Giza City image Air Arabia

Air Arabia launches direct flights between Sharjah and Giza City

Sphinx International Airport marks Air Arabia’s fourth destination in Egypt from Sharjah

Egypt

UAE agribusiness in talks to acquire land in Egypt: Report

Egypt has been able to reclaim some desert as it seeks to feed a growing population but still only cultivates about 4 per cent of its total land area

Egypt issues RMB3.5bn in 3-year panda bonds

Egypt sells RMB3.5bn in 3-year panda bonds in debut issue

The government has been looking to tap less conventional sources of finance since a foreign borrowing spree caused its repayment schedule to balloon

Egypt inflation

Egypt’s inflation at historic high in September, breaks 2017 record

It was the fourth consecutive month of record highs recorded on the central bank website

Egypt inflation

Egypt banks suspend debit card use in foreign currency

Banks in recent months have been tightening the amount of foreign currency clients can use in Egypt and on how much can they can charge to their credit cards while abroad

Egypt credit sector

Egypt: Driving financial independence

As the first licensee of consumer finance in Egypt, Contact has played a pivotal role in growing the non-bank credit sector

Egypt

UAE President Sheikh Mohamad bin Zayed meets Egyptian President

The meeting reviewed the UAE’s upcoming hosting of the COP28 and the need for advancing collective climate action

Fertiglobe, AD Ports to explore supply chain opportunities

Fertiglobe, AD Ports partner to explore supply chain opportunities

The two entities agreed to leverage AD Ports’ cargo handling and storage infrastructure to advance urea and ammonia storage and shipping capabilities

Valu issues EGP922.3m worth of securitised bonds

EFG Holding’s Valu issues EGP922.3m worth of securitised bonds

The transaction marks the financial technology firm’s third issuance this year, and the sixth concluded in partnership with EFG Hermes to date

EFG Hermes advises EMRC on EGP472m securitised bond issuance

EFG Hermes advises EMRC on EGP472m securitised bond issuance

The landmark securitisation programme makes EMRC the first refinance mortgage company to securitise portfolios for mortgage companies in the Egyptian market.

aiBANK partners with Visa to advance digital payments

EFG Holding’s aiBANK, Visa partner to advance digital payments

The partnership seeks to provide customers with a comprehensive range of innovative products and services tailored to modern digital payment preferences

Waldorf Astoria Cairo Heliopolis (Image: Supplied by Hilton)

Waldorf Astoria debuts in Egypt

Waldorf Astoria Cairo Heliopolis is located close to Cairo International airport

VALU

BNPL platform Valu announces strategic rebranding

Under the new brand identity, Valu has refreshed its logo, application and overall visual identity to represent the company in a more modern and dynamic way

Agthia Group is fostering UAE’s food security strategy

Exclusive: Alan Smith on Agthia Group’s growth and food security strategy

The group’s CEO explains how they are setting an example for the industry, contributing to UAE’s food security strategy

Al Dhara and ADEX to supply wheat to Egypt in $500m deal image WAM

Al Dahra, ADEX partner to supply wheat to Egypt in $500m deal

Al Dahra currently farms 28,000 hectares in Egypt that help sustain the country’s food security by producing staple crops

Agthia Group posts 6.6% first-half profit rise to Dhs144m

Agthia Group posts 6.6% increase in first-half profit to Dhs144m

The group’s revenues in the six months to June 30 surged by 10.3 per cent year-on-year to Dhs2.2bn

ACWA Power

Saudi’s ACWA Power granted land for 10GW wind project in Egypt

The power plant is expected to provide the Egyptian economy with $6.5bn in savings in annual natural gas costs and create up to 120,000 job opportunities

EFG Holding’s aiBANK launches instant payments via InstaPay

EFG Holding’s aiBANK launches instant payments via InstaPay

The bank said access to InstaPay App will offer its customers a new level of convenience and flexibility in managing their finances

FOO

SME story: Interview with Ghady Rayess, managing director of FOO

Financial services embedded into existing business models are no longer optional, but necessary

Here’s how Up-Fuse is turning plastic waste into trendy fashion

Yara Yassin, co-founder of Up-fuse, tells us how the slow fashion brand is wasting no opportunity to transform plastics bags, bottles and tyres into trendy fashion accessories

The Radisson Collection Resort, Marsa Alam Port Phoenice in Egypt (Image: Supplied by Radisson Hotel Group)

Radisson Collection resort announced for Egypt

The new-build property is expected to open in early 2025