First Independent Mena Newspaper
New York-based investment banking company Morgan Stanley has moved Egypt’s sovereign credit to a “dislike stance” from a “neutral” rating and noted that the cash-strapped country will face what it termed “mounting risks” in the coming months, Bloomberg reports. The bank argued that the upcoming December elections exacerbate the situation. The planned polls in which […]
Egypt’s incumbent leader Fattah al Sisi announced Monday his plans to seek another term in office in the December presidential elections after assuming power in 2014. “I am heeding the call of Egyptians once again, and I am determined to run for president,” El-Sisi stated. “O God, if someone is more worthy of it than […]
A huge fire occurred early this Monday October 2 at a police facility in the Egyptian Suez Canal city of Ismailia, injuring at least 38 people before firefighters contained the blaze. Videos on social media showed the city’s security directorate engulfed in flames. It is unclear what caused the fire outbreak. State television said fire-fighters […]
The Central bank of Egypt (CBE) and that of the United Arab Emirates (CBUAE) signed Thursday September 28 a Bilateral Currency Swap Agreement between the UAE Dirham (AED) and the Egyptian Pound (EGP). CBE Governor Hassan Abdullah and his UAE counterpart Khaled Mohamed Balama penned the deal that allows the exchange of local currencies between […]
Rolling Plus Chemical Industries will set up in Egypt’s Suez Canal Economic Zone a factory to produce tires with a total investment of above $1 billion, as part of the North African country’s automotive strategy aiming at developing the local car industry in order for the country to become a regional manufacturing hub. Rolling Plus […]
Egypt is set to launch on October 25 its national industrial strategy in cooperation with an international company, reports say. Ahmed Samir, the North African country’s Minister of Trade and Industry told “Asharq Business” that the strategy includes all industrial hubs, linking the Egyptian industry with industrial sector variables around the world. In line with […]
Egypt will in the first half of 2024 stage the country’s National Investment Forum with aim to promote the advantages and incentives of investment in Egypt, key investment opportunities in sectors and economic activities, the office of Prime Minister Mustafa Madbouly announced Monday 11 September. Madbouly according to the office chaired a meeting Sunday September […]
The Arab League Council of Foreign Ministers endorsed on Thursday September 7 Egypt’s former tourism and antiquities minister Khaled Enany as the Pan-Arab candidate for the post of Director-general of the UN Educational, Scientific, and Cultural Organization (UNESCO), Ahram Online reports. The election is set for the last quarter of 2025. The winner will head […]
Egypt Wednesday August 30 accorded South Korean tech giant Samsung a golden license to set up a mobile phone plant to produce, after the North African provided the firm another permit to manufacture tablets for educational use. The future factory, 6,000 square meters, is expected to generate 768 direct and indirect jobs and located in […]
British Petroleum (BP), an oil and gas global giant, announced Monday August 28 plans to inject $3.5 billion in Egypt for the next three years. BP’s chief executive Bernard Looney made the announcement after meeting with President Abdelfattah al-Sisi. The investments will go towards research, exploration and development, the office of the Egyptian leader announced. […]