Business - Economy

Infograph: Egypt’s food, headline inflation records lowest levels in 6 months

Egypt’s food and beverages (F&B) annual inflation recorded 63.9 percent, while headline annual inflation registered 36.4 percent, their lowest levels since May 2023, according to the official statistics agency, CAPMAS.

Global aerospace companies to report 10 percent higher profit in 2024: IATA

The profits of global aerospace companies are expected to surge by 10 percent to $25.7 billion in 2024 from $23.3 billion in 2023, according to a report by the International Air Transport Association (IATA) published on Sunday.

Egypt allocates EGP 100.7 billion to manufacturing industries sector in FY2023/24

The Egyptian government has allocated EGP 100.7 billion in investments for the country's manufacturing industries sector during the current fiscal year (FY) 2023/24, said Minister of Planning and Economic Development Hala El-Said.

Egypt's annual core inflation decelerates by 2.2 percent in November

Egypt's annual core inflation rate decelerated by 2.2 percent in November, recording 35.9 percent, down from 38.1 percent in October, according to the data released by the Central Bank of Egypt (CBE) on Sunday.

Egypt forges partnership with World Bank to boost climate-smart agriculture

Egypt’s Ministry of International Cooperation formed a partnership with the World Bank to incentivize innovation in climate-smart agriculture (CSA), according to a ministerial statement on Sunday.

Egypt's exports surge 19.4% in 2022, exceeding $52 bln: CAPMAS

Egypt’s exports increased by 19.4 percent in 2022 to reach $52.1 billion, up from $43.6 billion in 2021, according to the data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Saturday.

Egypt’s annual headline inflation cools to 36.4% in November: CAPMAS

Egypt’s annual headline inflation decelerated to 36.4 percent in November, down from 38.5 percent a month prior, according to the data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Sunday.

Emirati energy giant Mubadala seeks to expand in Egypt

The Emirati energy company Mubadala is seeking to inject new investments in Egypt, CEO Mansoor Al-Hamed stated on Thursday during a meeting with Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla.

Sweetening life: Why Egyptians struggle to find sugar?

Amidst great scarcity and inflated prices of sugar in many areas across Cairo, Fathy Mohamed, a 31-year-old Egyptian, wanders the capital as he struggles to bring a couple of kilos of sugar back to his family.

Egypt increases amounts of subsidized sugar amid shortage

The Egyptian Ministry of Supply and Internal Trade increases the rations of subsidized sugar to families, amid a shortage felt in the market, according to a Cabinet statement on Thursday.

Egypt in discussions with IMF for additional funding

The IMF is currently discussing with Egyptian authorities providing additional financing to ensure the successful implementation of the policy package for Egypt to help it withstand the repercussions of the recent conflict in the Middle East and its potential adverse impact on tourism revenues, Julie Kozack, the IMF’s Director of Strategic Communications (COM), told Ahram Online.

Egypt's Suez Canal Authority to co-establish boat manufacturing company

Egyptian Prime Minister Mostafa Madbouly approved permitting the Suez Canal Authority (SCA) to co-establish Suez Canal for Modern Boats, a joint-stock company, per the decree published in the Official Gazette on Thursday.

Egypt’s net international reserves inch higher in November

The international reserves at the Central Bank of Egypt (CBE) inched up by $71 million to record $35.17 billion in November, according to CBE data on Thursday.

Egypt’s revenues rise steadily in recent years: Infographic

The Egyptian government’s revenues surged 29.5 percent year-on-year to EGP 335.13 billion ($10.83 billion) during the first three months of the fiscal year (FY) 2023/2024, according to data released by the Ministry of Finance.

EU proposes three-year delay on UK electric car tariffs

Brussels proposed Wednesday a three-year delay on tariffs on the sale of electric vehicles between Britain and the EU that was meant to kick in from January, in a major reversal of its previous position.

AUC Business School dean appointed on CBE board of directors

The American University in Cairo (AUC) announced that Sherif Kamel, dean of the School of Business Administration, has joined the Board of Directors of the Central Bank of Egypt (CBE) as a financial expert, read an AUC statement on Wednesday.

Higher debt service bill to widen Egypt’s budget deficit in FY2023/2024: Report

Egypt’s budget deficit will increase by one percent in the fiscal year (FY) 2023/2024 to account for 7.1 percent of GDP, up from 6.1 percent in FY2022/2023, due to the increase in debt service payments, according to a report by Investment bank HC Securities and Investment on Wednesday.

Fewer exports widen Egypt’s trade deficit by 10.3% in September

Egypt’s trade deficit increased by 10.3 percent to reach $3.24 billion in September compared to $2.84 billion in the same month last year, according to the data released by the Central Agency for Public Mobilization and Statistics (CAMPAS) on Wednesday.

Asian shares surge as weak US jobs data back hopes for an end to rate hikes

Asian shares advanced on Wednesday after most stocks slipped on Wall Street following a mixed set of reports on the U.S. economy.

Egypt's constructive involvement shines at COP28

Egypt’s delegation to the 28th UN Climate Change Conference (COP28), headed by President Abdel-Fattah El-Sisi, finalized crucial agreements, MoUs, and initiatives spanning green energy, climate action, and gender equality during the first week of the conference.

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