#Egypt

Wizz Air Abu Dhabi Cairo

Wizz Air adds 10th aircraft, introduces direct flights between Abu Dhabi and Cairo

The flights will operate on Wednesday and Sunday, starting November 1

Air Arabia Egypt

Air Arabia Egypt resumes direct flights to Yanbu

The direct flights will connect Cairo International Airport with Prince Abdul Mohsin bin Abdulaziz International Airport starting from August 4, 2023

The 300-key voco North Coast is scheduled to open in December 2026 (Image: Supplied by IHG)

IHG confirms voco resort for Egypt

The 300-key voco North Coast is scheduled to open in December 2026

Flynas (Image: Supplied by flynas)

Flynas to commence flights to Egypt’s Sphinx International airport

It will operate thrice-weekly nonstop services from Riyadh and Jeddah

UAE Egypt sign deal to build 10GW_wind farm Image Masdar

UAE, Egypt ink deal to develop Africa’s largest wind farm, project valued at $10bn

The wind farm will help Egypt meet its strategic objective of sourcing 42 per cent of its energy from renewables by 2030

Hyatt Centric Cairo West (Image: Supplied by Hyatt)

Hyatt Centric brand to debut in Egypt

The 283-key Hyatt Centric Cairo West will open in the capital’s Pyramids Heights Business Park

Karim Awad Group CEO EFG Holding

EFG Hermes Holding rebrands as EFG Holding

The change in the brand name will not impact the current management structure and reporting lines, day-to-day operations, or the level of support and cross-selling that will continue between the group’s three verticals

FAB supply chain finance in KSA

UAE’s FAB launches supply chain finance in Saudi Arabia

The programme allows companies to monetise their receivables at competitive rates and get instant payments, without needing to borrow funds

EFG Hermes group CEO Karim Awad Image courtesy EFG Hermes Holding

EFG Hermes reports 157% rise in net profit to EGP885m in Q1 2023

The group recorded a 129 per cent year-on-year rise in revenue to EGP4.5bn in Q1 2023

IHG Hotels and Resorts signs the agreement with Arkan Palm for Real Estate Investment (Image: Supplied by IHG)

IHG confirms two additional properties in Cairo

The InterContinental West Cairo 205 and voco West Cairo 205 Suites will together add 390 keys to the group’s portfolio in Egypt

Telecom Egypt sells shares

Telecom Egypt offers over 162 million shares up for sale

The second offering, dedicated to staffers of Telecom Egypt, started on Sunday and will go on until May 25

Aldar Properties Egyptian investment

Aldar Properties reaffirms its commitment to Egypt

The property firm said its investment in SODIC was one of the largest foreign investments in the Egyptian real estate sector

ACWA Power’s Egypt solar project secures $123m financing

The project already has equity bridge loans of $14m from the EBRD and $45m from the APICORP

Air Cairo (Image: Sourced from Air Cairo website)

Air Cairo to start direct flights to Dubai from Sharm El Sheikh

The twice-weekly flights will operate from Dubai World Central airport every Thursday and Monday

Egypt

Egypt inflation surges to highest since July 2017 on food prices

On a monthly basis, prices grew 2.7 per cent, compared with 6.5 per cent in February

IsDB - bank signs off on $403m

Islamic Development Bank approves three projects valued at $403m

The bank signed off on EUR318m ($344.5m) towards the financing of Phase I of the Electric Express Train Project in Egypt

Borouge building material

Borouge supplies materials worth $26.5m to mega projects in MEA

The company’s materials contribute to reducing carbon emissions generated during the manufacturing process of the pipes and their operational lifespan

AD Ports partners with Egypt’s SCZone

AD Ports, Suez Canal Economic Zone partner to develop projects in Egypt

The ports operator will develop projects in the ports of East Port Said, West Port Said and Al Areesh

World Bank Egypt

World Bank approves five-year plan to support Egypt development

The framework’s projects will be supported with $7bn in lending, comprising of $1bn a year from the International Bank for Reconstruction and Development

GMG's new Africa HQ in District 5, Cairo

UAE’s GMG opens new office in District 5, Cairo

By 2025, GMG aims to double its global workforce through acquisitions, developing fresh concepts and entering new geographies

EgyptAir

EgyptAir takes delivery of Africa’s first Airbus A321neo

The A321neo brings 20 per cent reduction in fuel consumption and emissions per seat

UAE, Egypt, Jordan, Bahrain sign industrial deals worth $2bn

UAE, Egypt, Jordan, Bahrain sign industrial deals worth $2bn

The agreements were signed at the third Higher Committee meeting of the Industrial Partnership for Sustainable Economic Development, held in Amman on February 26

Emirates NBD arranges Egypt sukuk

Emirates NBD arranges Egypt’s $1.5bn sukuk

Emirates NBD said that the sukuk received strong appetite from regional and global emerging market investors

Emirates to increase flights on Dubai-Cairo route

Emirates to increase flights on Dubai-Cairo route

The Egyptian capital will be served with 28 weekly flights, starting October 29

Air Arabia reports 70% rise in 2022 net profit

Air Arabia reports 70% rise in 2022 net profit

The airline served more than 12.8 million passengers in 2022 from its seven hubs across the UAE, Morocco, Egypt, Armenia, and Pakistan

Abu Dhabi's ADNOC Distribution reports 22% rise in net profit for 2022

Abu Dhabi’s ADNOC Distribution reports 22% rise in net profit for 2022

The ADX-listed company reported a 15 per cent year-on-year growth in EBITDA, totalling Dhs3.52bn in 2022

Dana gas

Dana Gas reports 53% rise in adjusted net profit for 2022

Revenue rose 17 per cent to reach $529m last year, compared to $452m in 2021

Gameball

Adtech platform Gameball raises $3.5m for international expansion

Founded by Egyptian entrepreneurs, the platform enables omnichannel retailers to have a 360–degree view across all customer touchpoints

ADIB increases ownership in ADIB Egypt

Abu Dhabi Islamic Bank raises stake in ADIB Egypt

The bank’s ownership in the Egyptian unit has risen to 52.607 per cent

Dubai International Chamber launches offices in Egypt, two more countries

Dubai International Chamber launches offices in Egypt, two more countries

The new openings bring the number of Dubai International Chamber’s representative offices around the world to 15