First Independent Mena Newspaper
Blu EV, an Egyptian electric mobility company of billionaire Naguib Sawiris, is planning to invest $100 million in Morocco in a project of electric conversion of fuel-powered motorcycles. Its expansion into Morocco is part of a larger plan to grow gradually across MENA. The company is building on its success in Egypt in providing affordable […]
The Central Bank of Egypt (CBE) has temporarily raised the daily cash withdrawal limit for individuals and businesses at bank branches from EGP 250,000 to EGP 500,000. This exceptional measure is intended to cushion the impact of ongoing telecommunications disruptions that have affected regular banking operations across the country. The CBE stated that the adjustment […]
A groundbreaking genetic study has revealed that ancient Moroccan populations played a foundational role in the emergence of Ancient Egypt’s early civilization. Published in Nature, the study presents the first fully sequenced genome of an individual from Egypt’s Old Kingdom (circa 2855–2570 BCE), showing that the majority of his ancestry traces back to Neolithic North […]
At least four crew members have been confirmed dead and four others remain missing after an oil-drilling ship capsized on Tuesday evening off the coast of Ras Ghareb in Egypt’s Gulf of Suez. The vessel, which had 30 workers aboard, overturned near Gabel el-Zeit, a key oil production hub roughly 300 kilometres south of the […]
As Egypt navigates its economic recovery, a notable divergence has emerged between Government projections and IMF estimates regarding public debt reduction. While the Egyptian Government targets a reduction of public debt to 85% of GDP by the end of FY2024/25 and to 80% by mid-2027, the IMF forecasts a slower decline from 92.9% to 73.9% […]
Wafa Assurance, one of Morocco’s leading insurance companies, has launched a public takeover bid (OPA) worth 925 million dirhams or $100 million to acquire a controlling stake in Delta Insurance S.A.E., a prominent Egyptian insurer. The bid, filed with Egypt’s Financial Regulatory Authority (FRA) on June 10, targets at least an acquisition threshold of 51%, […]
Egyptian fertilizer manufacturers were forced to suspend operations over the weekend after a major drop in natural gas imports from Israel, industry sources told Reuters. The disruption followed Israel’s military strikes on Iranian nuclear facilities, prompting the shutdown of key Israeli gas fields, including Leviathan and Karish. In response, Egypt’s Petroleum Ministry activated an emergency […]
Egyptian engineering firm Petrojet has secured a $21.76 million contract to develop a liquefied petroleum gas (LPG) facility in Jordan, marking a significant step in its regional expansion strategy. This project aligns with Petrojet’s broader objective to enhance its presence in the Middle East, particularly in energy infrastructure development. The company has been actively pursuing […]
Morocco and Egypt have called for an immediate ceasefire in Gaza and for unrestricted distribution of humanitarian aid to the starving Palestinians. This came during a meeting held in Rabat on Wednesday between Morocco’s Minister of Foreign Affairs, Nasser Bourita, and his Egyptian peer Badr Abdel Aty, who is visiting Morocco to convey a written […]
The European Parliament and Egypt held this week in Cairo the 14th EU-Egypt Interparliamentary Meeting (IPM) that focused on fostering parliamentary dialogue and cooperation. The EU parliament’s delegation for relations with the Mashreq countries (DMAS), led by Chair Laurent Castillo, and Egyptian MPs discussed a wide array of critical issues, including bilateral relations, regional stability, […]