Business - Economy

UAE-based property firm Aldar eyes majority stake in Egypt’s state-owned real-estate developer Madinet Nasr

UAE-based Aldar Properties PJSC eyes a majority stake in the Egyptian state-owned real-estate developer Madinet Nasr for Housing and Development.

Q&A: State Ownership Policy — cornerstones, mechanisms

As Egypt seeks to grant the private sector a greater role to play in the country’s economic activities, Prime Minister Mostafa Madbouly launched on Monday the State Ownership Policy Document that charts a roadmap for expanding the private sector’s role in a number of economic activities in the Egyptian market going forward.

Worries about South Korean economy grow amid truckers' strike: AP report

South Korea's prime minister warned Tuesday that the disruption of cargo transport could cause 'irrecoverable' damages on the country's economy, as a nationwide truckers' strike entered its eighth day.

UAE-based investment firm Chimera offers to acquire Egypt-based Beltone Financial

UAE-based investment company Chimera Investments submitted a non-binding offer to Egypt’s Financial Regulatory Authority (FRA) to acquire a controlling stake in Egypt-based Beltone Financial Holding, according to statements issued by the three parties on Monday.

Yen slides to 24-year low against dollar

The yen plunged to its lowest level against the dollar since 1998 on Monday as sky-high US inflation fuels a widening monetary policy gap between Japan and the world's largest economy.

Bitcoin slumps under $25,000, lowest in 18 months

Bitcoin tumbled Monday to an 18-month low under $25,000 as investors shunned risky assets in the face of a global markets selloff.

FAB Egypt completes merger of Bank Audi, to operate as FABMISR

​First Abu Dhabi Bank (FAB) Egypt announced on Sunday the completion of their merger with Bank Audi Egypt.

Egypt's agricultural exports hit 3.5 mln tonnes since January 2022: Agriculture minister

Egypt’s agricultural exports reached 3.5 million tonnes from January till 11 June 2022, the Agriculture Minister El-Sayed El-Quseir announced on Sunday after receiving a report from the head of the Central Administration of Plant Quarantine.

INTERVIEW: ICIEC committed to cooperating with Egypt's government, private sector: CEO

Egypt hosted the 47th annual meetings of the Islamic development bank (IsDB) Group in Sharm El-Sheikh over the course of four days early in June for the first time since the 1990s.

World Bank concludes 5-day visit to Egypt to discuss support amid impact of Ukrainian war

A World Bank (WB) delegation concluded on Wednesday a five-day visit to Egypt where it discussed with a group of Egyptian government officials how to support the country amid the repercussions of the Russia-Ukraine war.

Egypt’s annual inflation hits 15.3% in May: CAPMAS

Egypt’s annual inflation reached 15.3 percent in May, compared to 4.9 percent in the same month of 2021, the Central Agency for Public Mobilization and Statistics (CAPMAS) said Thursday.

PM reviews Egypt’s investment opportunities with representatives of global funds

Prime Minister Mostafa Madbouly reviewed in a meeting on Tuesday evening Egypt’s available investment opportunities with a group of representatives of major global investment funds, noting that the government is currently adopting new policies focusing on increasing the private sector's contribution to the national economy.

World Bank raises projections for Egypt's economic growth to 6.1% this year

The World Bank (WB) expects the Egyptian economy to grow from 5.9 percent to 6.1 percent in the fiscal year (FY) 2021/22.

Egypt’s international reserves down in May

Egypt’s net international reserves (NIRs) dropped in May to $35.5 billion, down from $37 billion posted in April, the Central Bank of Egypt (CBE) announced on Monday.

Egypt delays sukuk issuance to FY2022/23: Finance minister

Egypt plans to issue its first sukuk (Islamic sovereign bonds) in the upcoming FY2022/2023 with a key objective of financing the budget deficit, Minister of Finance Mohamed Maait told Ahram Online.

IsDB Group 47th annual meetings conclude with focus on green transition and private sector

The 47th annual meetings of the Islamic Development Bank (IsDB) group concluded on Saturday by emphasising the importance of a green transition and continued support for the growing role of the private sector in the country’s economy.

Egypt to offer $40 bln in state-owned assets for Egyptian, foreign investors

Egypt will offer $40 billion worth of state assets to Egyptian and foreign investors in the form of profit sharing, production and management partnerships, and having a share in the companies’ capital, according to Minister of Public Business Sector Hisham Tawfik.

Egypt, Qatar affirm importance of boosting cooperation amid global economic crisis

Egypt’s Finance Minister Mohamed Maait and his Qatari counterpart Ali bin Ahmed Al-Kawary affirmed the importance of boosting bilateral cooperation amid the current global economic crisis in order to mitigate its impact on citizens.

Egypt to host 1st meeting on industrial partnership initiative with UAE, Jordan in July

Egypt will host in July the first meeting of the higher committee of the Integrated Industrial Partnership for Sustainable Economic Development signed by Egypt, Jordan and the UAE, Egyptian Minister of Trade and Industry Nevine Gamea announced on Friday.

Egypt purchases 465,000 tons of wheat from Russia, Bulgaria and Romania

Egypt’s General Authority for Supply Commodities (GASC) announced on Wednesday that it has signed a contract to purchase 465,000 tons of wheat from Russia, Bulgaria and Romania in what is reportedly the country’s largest wheat purchase since the start of the Russian invasion of Ukraine in late February.

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