Business - Economy

Egypt’s new cities receive $22.8 bln investments: Official

Total investments in Egypt’s new cities have reached EGP 705 billion ($22.82 billion), according to Walid Abbas, Deputy Chairman of the New Urban Communities Authority (NUCA).

Closing prices for crude oil, gold and other commodities

Benchmark U.S. crude oil for November delivery fell 3 cents to $89.63 a barrel Thursday. Brent crude for November delivery fell 23 cents to $93.30 a barrel.

Egypt’s central bank keeps interest rates unchanged

The Central Bank of Egypt (CBE) decided to maintain interest rates at current levels during its meeting on Thursday.

Egypt in talks to sell remaining 20% of Alexbank to Italian group Intesa Sanpaolo

Intesa Sanpaolo Group has started preliminary talks with the Egyptian government for a possible purchase of Alexbank’s 20% remaining stake, said Marco Rottigni, head of the International Subsidiary Banks Division.

Turkey central bank raises key rate to 20-year high

Turkey's central bank on Thursday raised its key lending rate to a 20-year high following a sudden turn towards conventional economics by President Recep Tayyip Erdogan.

Egypt raises GDP Growth Target for FY2023/2024 to 4.4 percent

Egypt has increased its economic growth rate target for the fiscal year (FY) 2023/2024 to 4.4 percent from the previously targeted 4.1 percent, said Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), on Wednesday.

Egypt licenses local electric car factory to start production by end of 2024

The Egyptian Cabinet agreed to grant the golden licence to private company EgyptSat Auto to build and operate a factory that will begin producing electric vehicles (EVs) by the end of 2024.

What will Federal Reserve do next?

The Federal Reserve is set to leave its key interest rate unchanged Wednesday as it seeks to guide the US economy toward a “soft landing" of cooling inflation without triggering a deep recession.

Egypt to set up €1 billion tyre manufacturing plant in Suez Canal Economic Zone

Egypt's Main Development Company for the Suez Canal Economic Zone (SCZONE) signed a contract with Rolling Plus for chemical industries to build a tyre manufacturing plant for passenger cars and light and heavy vehicles with €1 billion ($1.07 billion) investments in Ain Sokhna, read an official statement on Wednesday.

Egypt's banks set for three-day holiday to celebrate Moulid El-Nabi

The Central Bank of Egypt (CBE) announced on Wednesday a three-day holiday for banks, starting 28 September, to celebrate the Moulid El-Nabi, Prophet Muhammad's birthday. Banks will reopen on 1 October.

Asian shares decline ahead of Fed decision on rates

Asian shares declined Wednesday as markets awaited a decision on interest rates by the Federal Reserve.

Cityscape Egypt 2023 expo kicks off on Tuesday with 70 local, int’l participants

Egypt's largest real estate exhibition Cityscape 2023 kicks off tomorrow with attendance from over 70 local and international real estate developers, according to a statement on Tuesday.

Egypt invites inventors to sign up for P2 initiative to transform their patents into products

The Academy of Scientific Research and Technology (ASRT) launched the P2 Initiative on Tuesday, supporting inventors in transforming patented inventions into marketable products.

UAW strike against Big Three automakers enters fourth day with no end in sight

The United Auto Workers and Detroit’s Big Three carmakers – Ford, GM, and Stellantis – resumed talks aimed at ending a strike now in its fourth day, and under the threat that the walkout could soon spread.

Asian markets drop ahead of Fed decision, oil prices push higher

Asian stocks sank Tuesday following a sedate performance on Wall Street as investors nervously await the Federal Reserve's policy decision later in the week, while inflation worries were exacerbated by oil's push towards $100.

Egypt’s trade with G20 countries hit $88 bln in 2022

The trade exchange between Egypt and G20 countries reached $88 billion in 2022, up 10 percent from $80.1 billion in 2021, reported on Sunday by the Central Agency of Public Mobilization and Statistics (CAPMAS).

Egypt's Zohr field gas output shrinks by 11 percent in FY 2022/2023: Petroleum ministry

Gas production in the giant offshore Zohr field went down by 11 percent in fiscal year 2022/2023, Egypt's Petroleum and Mineral Resources Ministry stated on Monday.

Markets drop as traders prepare for Fed decision

Stock markets started the week limply Monday following a sell-off on Wall Street, with focus turning to the Federal Reserve's keenly awaited key policy decision.

No dates set for Egypt's IMF loan review: Sources

The times scheduled for the International Monetary Fund’s (IMF) reviews of the Egyptian economy for the $3 billion loan program with the fund are “tentative and not final," a high-level source familiar with the deal told Ahram Online.

Egypt purchased 3.8 million tons of wheat from local farmers this season: Cabinet

The Egyptian cabinet announced in a statement that the Ministry of Supply and Internal Trade purchased 3.8 million tons of wheat from the local farmers during this year's harvest season, which started in April and ended in September.

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