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Minister of Electricity Mohamed Shaker
04:05 PM Egypt's renewable energy to reach 6.6 GW by year-end
Cairo – Mubasher: Egypt is planning to expand into renewable energy projects in a bid to increase its contribution to the energy mix, the country’s minister of electricity and renewable energy Mohamed Shaker said. Renewable power is expected to …
This is NEOM’s first partnership with leading renewable energy partners
03:47 PM NEOM, ACWA Power, Air Products ink $5bn agreement
Riyadh - Mubasher: Air Products has signed an agreement with ACWA Power, and NEOM for a $5 billion world-scale green hydrogen-based ammonia production facility powered by renewable energy. The project, equally owned by the three partners, will be …
Minister of Planning and Economic Development Hala El-Saeed
03:33 PM Egypt eyes EGP 5.2bn tourism investments in FY20/21
Cairo – Mubasher: Egypt’s tourism plan for fiscal year 2020/2021 includes investments worth EGP 5.2 billion, down by 28.8% from an expectation of EGP 7.3 billion in FY19/20. The drop in tourism investments is due to the coronavirus crisis which …
Egypt secured a $2.7 billion loan from the IMF
01:38 PM Egypt’s net foreign reserves rise $2.2bn in June
Cairo – Mubasher: Egypt’s net international reserves increased by $2.2 billion to $38.201 billion at the end of June, data by the Central Bank of Egypt (CBE) showed on Tuesday. The country’s foreign reserves reached $36.003 billion in May and …
A total of 295 water projects have been established at a cost of EGP 38.5 billion
01:21 PM Egypt implements water, wastewater projects at EGP 58.5bn
Cairo – Mubasher: The Egyptian Ministry of Housing, Utilities, and Urban Development announced the completion of 489 water and wastewater projects in cities at a cost of EGP 58.5 billion in the last six years. A total of 295 water projects have …
The airline aims to operate nearly 45% of its pre-COVID capacity by August
12:54 PM Etihad Airways to expand services to 58 cities worldwide
Abu Dhabi - Mubasher: Etihad Airways announced the gradual expansion of normal scheduled services to more cities across its global network following the relaxation of COVID-19 travel restrictions on outbound and inbound travel for citizens and …
The offers will be received on Tuesday 12:00 pm
10:49 AM Egypt launches int’l wheat tender
Cairo – Mubasher: The Egyptian General Authority for Supply Commodities (GASC) launched on Monday a global tender to import an unspecified amount of wheat during the period from 8 to 18 August, Reuters reported. The offers will be received on …
The Egyptian pound has recently appreciated against the US dollar
6 July 06:07 PM Int’l funds pump $440m investments into Egypt on Monday
Cairo – Mubasher: Several international institutions and funds have injected $440 million worth of investments into the Egyptian market on Monday, a banking source told the Middle East News Agency (MENA). These investments signal the return of …
The bank allocated $2.3 billion to support member countries withstand COVID-19
6 July 05:02 PM IsDB finances 338 projects in Egypt with $12.8bn
Cairo – Mubasher: The Islamic Development Bank (IsDB) has invested about $12.8 billion in 338 projects in Egypt in several sectors such as energy, industry, mining, agriculture, health and social services, trade, import of strategic commodities, …
North Cairo Electricity Distribution Company serves about 5 million people
6 July 03:46 PM Egypt invests EGP 450m in upgrading North Cairo’s electricity networks
Cairo – Mubasher: The Egyptian Ministry of Electricity announced investing EGP 450 million in raising the efficiency of electricity networks of North Cairo Electricity Distribution Company. A total of 148 power poles, 8.56 kilometres (km) of …
Five water projects have been implemented at a cost of EGP 229 million
6 July 01:43 PM Damietta sees EGP 1.7bn water, wastewater investments in 6 yrs
Cairo – Mubasher: Investments in water and wastewater sectors in the Egyptian governorate of Damietta have reached EGP 1.7 billion over the last six years, chairman of Damietta Water & Wastewater Company, Mohamd Badawy Asal, said. Five water …
The third phase of Cairo Metro Line 3 reached 36% completion
6 July 12:00 PM Egypt to invest EGP 512bn in metro projects up to 2024
Cairo – Mubasher: Egypt is planning to execute 22 projects at Cairo Metro with a combined cost of EGP 512 billion up to 2024, the country’s transport minister Kamel El-Wazir said. A total of eight projects have already been implemented at a cost …
Fields in the zone could produce around 500,000 b/d
6 July 11:32 AM Saudi Arabia, Kuwait resume oil output from Al Wafra, Khafji
Mubasher: Saudi Arabia and Kuwait have resumed crude oil production from Al Wafra oilfield on 1 July after it has been halted for five years, the Kuwaiti Ministry of Oil announced on Monday. Meanwhile, crude oil production from Khafji oilfield, …
IHS Markit Egypt Purchasing Managers’ Index rose to 44.6 in June
6 July 11:26 AM Egypt's PMI rises to 4-month high in June
Cairo – Mubasher: The Egyptian non-oil private sector shrank again in June but at a softer pace with output and new orders rising to four-month highs. The seasonally adjusted IHS Markit Egypt Purchasing Managers’ Index increased to 44.6 in June, …
Aramco raised August prices to all markets
6 July 11:04 AM Saudi Aramco raises August oil prices
Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has raised the August official selling prices (OSP) for its Arab light crude oil sold to all markets, Reuters reported on Monday. The oil giant set the August OSP for Asian customers …
The issuance will be used to finance the country’s budget deficit
6 July 10:50 AM CBE offers EGP 21bn T-bills, bonds on Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills and bonds worth EGP 21 billion on Monday on behalf of the Ministry of Finance. The first tranche of the T-bills is valued at EGP 8 billion and will be offered through …
The state budget includes expenditures of EGP 1.7 trillion
5 July 06:00 PM Egypt’s parliament approves EGP 80bn additional allocation to 20/21 budget
Cairo – Mubasher: The Egyptian parliament approved a bill for earmarking an additional allocation of EGP 80 billion to the new budget for fiscal year 2020/2021, the Middle East News Agency (MENA) reported on Sunday. The final decision on the draft …
90% of the late fees will be waived if the taxes are paid within 60 days
5 July 05:29 PM Egypt's parliament passes law to waive late fees on taxes
Cairo – Mubasher: The Egyptian parliament approved a draft law for waiving late payment interest and penalties on taxes, including value-added taxes (VAT), the Middle East News Agency (MENA) reported on Sunday. Under the law, 90% of the fees will …
The CBE launched an initiative to support the industrial sector in December 2019
5 July 02:10 PM CBE offers EGP 69bn under industry support initiative
Cairo – Mubasher: The Central Bank of Egypt (CBE) has provided a total of EGP 69 billion in funding to 4,291 industrial, agricultural, and contracting businesses under its industry support initiative, an official source told the Middle East News …
Green bonds can be used to finance exiting or future projects
5 July 01:32 PM Egypt to implement green projects with EGP 447bn in FY20/21
Cairo – Mubasher: Egypt is looking to implement 691 green projects in fiscal year 2020/2021 at a total cost of EGP 447.3 billion.  About EGP 36.7 billion has been allocated to these projects in the current fiscal year, representing 14% of total …
The issuance will be used to finance the country’s budget deficit
5 July 10:48 AM CBE offers EGP 23.5bn T-bills, bonds on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills and bonds worth EGP 23.5 billion on Sunday on behalf of the Ministry of Finance. The first tranche of the T-bills amounts to EGP 9 billion and will be offered through …
A total of 19,311 vessels crossed Suez Canal
5 July 10:32 AM Suez Canal’s revenues slightly down to $5.72bn in FY19/20
Cairo – Mubasher: Egypt’s revenues from Suez Canal fell by $32.1 million to $5.72 billion during fiscal year 2019/2020 from $5.75 billion a year earlier, the Suez Canal Authority revealed. The slight drop in revenue was ascribed to the slowdown in …
Tourists were greeted with flowers and souvenirs
2 July 05:07 PM Hurghada Airport receives 151-passenger flight from Switzerland
Cairo - Mubasher: Hurghada International Airport welcomed 151 tourists aboard a flight from Switzerland on Thursday, Middle East News Agency (MENA) reported.  This marks the second flight arriving from overseas after the Egyptian government …
Eni holds 37.5% of working interest in the North El Hammad concession
1 July 06:05 PM Eni makes new gas discovery offshore Egypt
Cairo – Mubasher: Eni announced the drilling of the first exploration well in North El Hammad concession, offshore the Egyptian Nile Delta on the prospect called Bashrush at 22 metres of water depth, in collaboration with its partners BP and …
The state treasury will also incur the 14% annual pension raise starting from 1 July
1 July 03:42 PM Egypt pays EGP 160.5bn to National Organization for Social Insurance
Cairo – Mubasher: Egypt’s public treasury has paid a total of EGP 160.5 billion in the first instalment of its obligations to the National Organization for Social Insurance (NOSI) during fiscal year 2019/2020. In addition, the state treasury will …