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Tag: Egypt

Investment

Nigeria partners Egyptian firm to boost military equipment manufacturing

Nigeria is intensifying efforts to strengthen its indigenous defence industry with plans to establish local production lines for armoured vehicles, anti-drone systems and other specialised military equipment. The initiative is being driven by the Defence Industries Corporation of Nigeria in partnership with Eagles International for Defence Systems, to increase technology transfer, expand domestic manufacturing capacity […]

Economy

Egypt’s inflation rises to 14.9%, ends cooling streak

Egypt’s annual urban inflation rate rose to 14.9 per cent in July 2026, ending a three-month cooling streak as food prices accelerated despite a monthly decline. The latest figures were released by Egypt’s state statistics agency, CAPMAS. Inflation had eased from April through June after rising sharply in March, but pressures from fuel costs, currency […]

Economy

Egypt cuts interest rate again as inflation pressures eases

Egypt’s central bank on Thursday reduced its benchmark deposit rate by 100 basis points to 20 per cent, marking the fifth interest-rate cut carried out by the monetary authority this year. The latest reduction highlights growing confidence among policymakers that inflationary pressures are easing after an extended period of tight monetary policy aimed at stabilising […]

Economy

Egypt opens billion-dollar grand museum to revive tourism, economy

Cairo is finally set to open the Grand Egyptian Museum on Saturday—a long-awaited, billion-dollar showcase of pharaonic grandeur that Egypt hopes will help revive tourism and boost its troubled economy. Seventy-nine delegations, including 39 heads of state and government, are expected at the ceremony, which begins at 7:30 pm local time (1730 GMT). Germany, Japan, […]

featured Investment

Egyptian billionaire Nassef Sawiris plans $50bn US investment

Egypt’s wealthiest man, Nassef Sawiris, is planning a significant restructuring of his business empire, with a focus on investing up to $50 billion in United States infrastructure projects. Sawiris, who also owns English Premier League side Aston Villa, is close to finalizing the breakup of his Dutch-listed chemicals and fertilizer group, OCI Global. The group […]

Business

Fire erupts at Telecom Egypt’s headquarters, injures 14 

A major fire broke out at Telecom Egypt’s 10-story headquarters in downtown Cairo’s Ramses district on Monday, injuring at least 14 people and causing a temporary outage of internet and mobile phone services, according to authorities. The blaze, which originated in an equipment room on the seventh floor, prompted a swift response from emergency services, […]

News

Four dead, four missing as oil barge sinks in Gulf of Suez

An oil-drilling barge sank in the Gulf of Suez, leaving at least four crew members dead and four others missing. According to the Egyptian government, 22 people were injured when the Adam Marine 12 capsized on Tuesday night in the Gebel el-Zeit area. Egyptian media reported that the vessel was being towed to a new […]

News

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 […]

Kenya waives visa fees for Ethiopia, five other nations
Investment

Kenya, Egypt, Nigeria top Africa’s investment destination list – Report

Africa’s investment landscape is shaping up to be a captivating story of growth and expansion, with Kenya, Egypt, Nigeria, and South Africa emerging as the top funding destinations. According to the “Africa Investment Report 2023,” Kenya, Egypt, Nigeria, and South Africa would account for 68% of the continent’s total investment in 2023. According to the […]

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 […]

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