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Tag: Egypt

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Red sea conflict slashes Egypt’s Suez Canal revenue

Houthi attacks on ships in the Red Sea have severely disrupted global trade, causing Egypt to lose around $7 billion in Suez Canal revenue for 2024. These attacks forced shipping companies to reroute vessels, leading to delays, higher shipping costs, and a significant economic impact on Egypt, which heavily depends on the canal for income. […]

Egypt leads Africa in foreign direct investment
Business

Egypt leads Africa in foreign direct investment

Bisola David The United Nations Conference on Trade and Development World Investment Report 2023, has revealed that Egypt experienced a tremendous increase in FDI, more than double of the $11 billion in 2022, establishing it as Africa’s leading economy with the most foreign investments. Business Insider reported that this considerable growth can be ascribed to increased cross-border merger […]

Egypt signs $40bn deals with UAE, IMF to stabilize currency
News

Egypt’s inflation hit 38% record high in September

Egypt’s inflation rate reached a new high of 38% in September, exceeding predictions. Reuters reported that according to figures from the statistics office CAPMAS, the annual rate of urban consumer price inflation recorded a significant increase from August’s 37.4%. According to information on the central bank website, which includes statistics going back to 2000, this […]

Egypt startup Buguard secures $500k seed funding
News

Egypt startup Buguard secures $500k seed funding

Egypt, Cairo-based cybersecurity firm specializing in offensive security services, Buguard, has successfully raised a substantial $500,000 in seed funding. This strategic injection of capital will play a pivotal role in advancing Buguard’s operations, with a key focus on team expansion, product enhancement, sales growth, and forging valuable channel partnerships. The funding round was spearheaded by […]

News

PHOTOS: CBN, Egypt sign FinTech agreements

The Central Bank of Nigeria, on Tuesday, signed FinTech collaboration agreements with the Central Bank of Egypt to improve regional technology investments.   The apex bank shared pictures from the event via its Twitter handle, with the Deputy Governor of the CBN, Aishah Ahmad, stating that Nigeria would deepen cross-border regulatory collaboration, information sharing through […]

Nigeria signs MoU with Egypt to promote trade
Business

Nigeria signs MoU with Egypt to promote trade

A Memorandum of Understanding has been signed by the Egyptian Competition Authority and the Federal Competition and Consumer Protection Commission to further commercial fairness between the two nations. The FCCPC and the ECA started talking about improving competition law and policy between their two organizations in 2019, however, the process got under way. According to […]