First Independent Mena Newspaper
The Public Investment Fund (PIF) of Saudi Arabia launched the Saudi-Egyptian Investment Company (SEIC) that will invest in swathes of Egypt’s economy from infrastructure and real estate to pharmaceuticals. The fund in a statement said SEIC is interested in the country’s promising sectors including infrastructure, real estate development, healthcare, financial services, food and agriculture, manufacturing, […]
The Suez Canal Authority (SCA) is considering listing three companies on the Egyptian Exchange (EGX) by the end of the year, Chairman of the SCA Osama Rabie said. Rabie, in an interview with Al-Arabiya, said that studies are underway with the finance and investment ministries and that the chosen companies are those that achieve the […]
Egypt’s Finance Minister Mohamed Maait has denied reports that the Arab Republic is seeking a $15 billion-loan from the International Monetary Fund (IMF) to shore up its finances. Goldman Sachs Group Inc. in a July report indicated that Egypt may need to secure $15 billion from the IMF to meet its funding requirements over the […]
Egypt is looking to attract $10 billion-foreign direct investments for the fiscal year 2022-2023, Arab Finance reports citing a report by the Ministry of Planning and Economic Development on the goals of the budget bill. The report says the government is also pursuing the creation of around 900,000 jobs annually to keep the unemployment rate […]
As Kenyans head to the polls on August 9, East Africa’s largest economy could be headed for tough times. With the country’s currency having depreciated sharply, Kenya’s Treasury will face difficulty paying back its huge dollar-denominated debt. Kenya is among developing countries facing an economic crisis, according to a recent report released by Moody’s Investors […]
More cooperation was needed among developing nations to overcome dwindling foreign currency reserves, a growing energy crisis and supply chain disruptions, according to business leaders and officials from eight developing nations meeting in Bangladesh. Representatives from Egypt, Nigeria, Turkey, Iran, Malaysia, Pakistan and Bangladesh under the banner of D-8, or developing eight countries, were discussing […]
New Delhi’s ambassador in Cairo Ajit Gupte announced plans by the Asian country to invest $700 million in the coming few years, Arab News reports. Gupte made the announcement during a meeting with Egyptian and Indian businessmen. Indian investments in Egypt currently stand at $3.15 billion, the diplomat also noted. The announcement came as a […]
Central Bank of Somalia (CBS) has recently granted its first two foreign banking licenses — to Turkey’s Ziraat Katılım bank and Egypt’s Banque Misr — in decades as the country seeks to rebuild its financial sector and attract international investment. Both state-owned financial institutions were approved by Somalia’s central bank at the start of July. […]
Following a visit to Egypt and the Republic of Congo, Russian Foreign Minister Sergey Lavrov has now (26 July) arrived in Uganda as Moscow aims at strengthening its ties with the continent. Uganda’s President Yoweri Museveni has a long history of balancing strong relations with Western allies and good ties with Moscow. Lavrov has earlier […]
Bahrain has officially joined the integrated industrial partnership alongside Egypt, UAE, and Jordan, Egypt’s Ministry of Trade and Industry said in a statement on Thursday. The announcement came during the second higher Committee meeting of the integrated industrial partnership, in the Egyptian capital Cairo. Egyptian Minister of Trade and Industry Nevine Gamea who chaired the […]