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Local Economy

Minister of Supply and Internal Trade, Ali El-Moselhy
15 April 03:51 PM Egypt's strategic reserve of key commodities enough for four months
Cairo – Mubasher: The Egyptian Minister of Supply and Internal Trade, Ali El-Moselhy, announced that the country’s strategic reserve of key commodities is sufficient for four to six months, the Middle East News Agency (MENA) reported on Thursday. …
The activities in oil-exporting coutries are expected to recover in 2021
15 April 01:33 PM IMF expects MENA real GDP to grow 4% in 2021
Mubasher: The International Monetary Fund (IMF) has upgraded its outlook for the real gross domestic product (GDP) growth in the MENA region to 4% in 2021, compared to its October projection of 3.2%. The real GDP growth of the GCC countries is …
The agreement was signed on 13 August 2020
15 April 12:25 PM El-Sisi approves EUR 1.88bn loan for monorail lines
Cairo – Mubasher: Egyptian President Abdel Fattah El-Sisi issued decree no. 642 of 2020 for the approval of a EUR 1.88 billion loan agreement to finance the construction of two monorail lines, the Middle East News Agency (MENA) reported on …
The issuance will be used to finance the country’s budget deficit
15 April 10:38 AM CBE offers EGP 17.5bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 17.5 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 182-day notes valued at EGP …
The imported goods included wheat, sugar, legumes, and maize
14 April 03:35 PM Dekheila, Damietta ports collect EGP 2.7bn taxes, customs in March
Cairo – Mubasher: The total value of taxes, customs duties, and other charges collected at Dekheila and Damietta ports reached EGP 2.71 billion during March. The two ports collected EGP 451.94 million in taxes and customs duties for imported goods …
The UNDP Egypt Accelerator Lab is part of a global network of 91 accelerators
14 April 02:41 PM UNDP launches accelerator lab in Egypt
Cairo – Mubasher: With less than 10 years left to achieve the UN sustainable development goals (SDGs), the world is set on reimagining development, tapping into collective intelligence, to pave the way for the green, resilient, and inclusive …
The decision will be in effect for three years starting from mid-April
14 April 01:56 PM Egypt Aluminum reveals impact of anti-dumping aluminium tariffs
Cairo – Mubasher: Egypt Aluminum said that the Ministry of Trade and Industry’s decision to impose anti-dumping duty on aluminium imports will have a positive impact on the company’s results and local sales. The decision, which will be in effect …
The project has a planned annual capacity of 100,000 tonnes
14 April 11:29 AM Egypt to build $100m bioethanol project in Damietta
Cairo – Mubasher: The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, announced the construction of a new bioethanol project at Damietta Port with an investment cost of $100 million. The project has a planned annual capacity …
Minister of Petroleum and Mineral Resources, Tarek El-Molla
13 April 03:52 PM Petroleum sector contributes 24% to Egypt's GDP
Cairo – Mubasher: Egypt’s Minister of Petroleum and Mineral Resources, Tarek El-Molla, said that the legal and legislative reforms carried out since 2014 have managed to rebalance and stabilise the sector amid the challenges that impacted …
Online shopping has become more of a long-term behavior change
13 April 03:18 PM Online shopping in KSA, UAE likely to grow during Ramadan – Report
Riyadh – Mubasher: A greater surge in online shopping is expected to be witnessed during the month of Ramadan, which has just started today on 13 April, a recent survey Checkout.com unveiled. Online spending by consumers in the UAE and Saudi …
Minister of Agriculture and Land Reclamation, El-Sayed El-Qusair
13 April 03:00 PM South Sudan agrees to import poultry from Egypt
Cairo – Mubasher: Egypt’s Minister of Agriculture and Land Reclamation, El-Sayed El-Qusair, said that South Sudan’s First Vice President, Riek Machar, approved importing poultry from Egypt, according to a statement on Tuesday. El-Qusair visited …
The country aims to build about 3,000 dual EV stations
13 April 02:30 PM Egypt to start manufacturing Nasr E70 cars by mid-2022
Cairo – Mubasher: Egypt has assigned a committee to determine locations for setting up electric vehicle (EV) charging stations in Giza, the Minister of Public Business Sector, Hisham Tawfik, said. Afterwards, the committee will choose locations of …
The decision will be in effect for three years
13 April 01:33 PM Egypt imposes anti-dumping duty on aluminium imports
Cairo – Mubasher: The Egyptian Minister of Trade and Industry, Nevine Gamea, issued a decision to impose anti-dumping duty on imports of aluminium products. The decision will be in effect for three years starting from mid-April, Gamea said in a …
This move will support the transition to digital payments in the country
13 April 12:01 PM Amazon Payment Services cancels service fees for MSMEs in Egypt
Cairo – Mubasher: Amazon Payment Services announced that it will waive all fees for new businesses wishing to use its digital payment services in Egypt. This move will support a recent initiative launched by the Central Bank of Egypt (CBE) to …
Net flows of FDI to Egypt declined by 32.3% to $3.4 billion
13 April 11:01 AM Egypt's BoP records $1.5bn surplus in H2-20 – CBE
Cairo – Mubasher: Egypt’s balance of payments (BoP) posted an overall surplus of $1.5 billion during the second half (H2) of 2020, compared to a deficit of $9 billion in H1-20 and a surplus of $410.9 million in H2-19, according to data by the …
The company plans to increase the number of subscribers to 39.6 million
12 April 05:51 PM Egyptian Electricity Holding Co. plans EGP 29.5bn investments in FY21/22
Cairo – Mubasher: The Egyptian Electricity Holding Co (EEHC) plans to implement investments worth EGP 29.5 billion in fiscal year (FY) 2021/2022. The company also plans to increase the number of subscribers to 39.6 million, a 3.6% increase from …
The imported goods included wheat, legumes, and maize
12 April 04:12 PM Alexandria Port collects EGP 7.6bn in customs duties, taxes in March
Cairo – Mubasher: Alexandria Customs collected EGP 7.651 billion in customs duties, taxes, and other charges during March. The total value of taxes and customs duties collected for imported goods at Alexandria port stood at EGP 2.043 billion …
Egypt has 34 projects, worth $3.3 billion, to achieve the targets of gender equality
12 April 03:58 PM Women representation in Egypt's Parliament reaches 25% - El-Mashat
Cairo – Mubasher: The Minister of International Cooperation, Rania El-Mashat, discussed the role of women in the business sphere in J.P. Morgan’s “Women in Leadership Engagement Session” on 29 March. “I was raised to be gender blind. The dilemma …
The delivery will take place between 5 and 25 June
12 April 01:45 PM Egypt plans to buy 5,000 tonnes of vegetable oils from local suppliers
Cairo – Mubasher: The Egyptian General Authority for Supply Commodities (GASC) announced the launch of a tender to purchase 5,000 tonnes of vegetable oils from local suppliers. The authority plans to buy 3,000 tonnes of soybean oil and 2,000 …
The issuance will be used to finance the country’s budget deficit
12 April 10:49 AM CBE offers EGP 13bn T-bonds on Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 13 billion on Monday on behalf of the Ministry of Finance. The first tranche of the T-bonds will be offered through three-year notes valued at EGP 7 …
Remittances of Egyptians living abroad fell by $116.9 million in January
11 April 04:37 PM Egyptian expat remittances grow $1.7bn in seven months
Cairo – Mubasher: Remittances from Egyptian expatriates increased by $1.7 billion or 10.6% year-on-year (YoY) to $18.1 billion from July 2020 to last January, compared to $16.3 billion, according to data by the Central Bank of Egypt (CBE). In …
The NBE will contribute 44.5% to the funding
11 April 03:47 PM SCZone inks EGP 10bn syndicated loan agreement with six banks
Cairo – Mubasher: The Chairman of Suez Canal Economic Zone (SCZone), Yehia Zaki, signed a long-term syndicated loan agreement with a consortium led by the National Bank of Egypt (NBE) as the senior mandated lead arranger, facility agent, and …
Central Bank of Egypt - (Photo Archive)
11 April 01:47 PM CBE to introduce instant payment module, soft POS in 2021 - Deputy Governor
By: Marina Gamil Cairo – Mubasher: The Central Bank of Egypt (CBE) will this year launch a full-fledged instant payment module, after finalising regulations, and introduce a soft point of sale (POS) system that allows the use of mobile phones as …
Minister of Planning and Economic Development, Hala El-Saeed
11 April 12:32 PM Egypt's sovereign fund releases info for Mogamma El Tahrir development
Cairo – Mubasher: The Sovereign Fund of Egypt (TSFE) has taken the first steps towards the development of the Tahrir building complex (Mogamma El-Tahrir) through completing and releasing the information memorandum to local and foreign investors …
State-run banks are the top purchasers of the government debt instruments
11 April 10:35 AM CBE offers EG 18.5bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 18.5 billion on Sunday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 91-day notes valued at EGP 11 …