First Independent Mena Newspaper
Egypt recorded its highest-ever monthly inflow of U.S. dollars in July 2025, reaching a staggering $8.5 billion, as announced by Prime Minister Mostafa Madbouly. This figure, which excludes volatile “hot money” investments, reflects robust economic confidence and includes a notable contribution from remittances—Egyptians working abroad sent over $3.6 billion in July alone. The surge in […]
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, has affirmed the government’s commitment to ensuring a stable and sustainable supply of natural gas this summer, particularly for the electricity and industrial sectors. His remarks came during an inspection of the National Advanced Transmission and Automation Centre (NATA), as the country faces soaring electricity loads […]
Egypt’s Environment Minister, Dr Yasmine Fouad, has officially resigned to assume her new post as Executive Secretary of the United Nations Convention to Combat Desertification (UNCCD), the Egyptian cabinet confirmed on Sunday, July 20. Prime Minister Mostafa Madbouly accepted her resignation and appointed Local Development Minister Manal Awad to temporarily oversee the Environment portfolio alongside […]
Egypt and the United Arab Emirates (UAE) have signed a landmark $35 billion investment deal to develop Ras al-Hekma peninsula on the Mediterranean coast that, economists say, will inject $35 billion of foreign direct investment into the struggling Egyptian economy, helping it to bolster economic growth and address a hard currency crisis. The deal is […]
Egyptian Prime Minister Mostafa Madbouly approved permitting the Suez Canal Authority (SCA) to co-establish Suez Canal for Modern Boats, State-run journal indicated Thursday December 7. Per the State-run media, the future company will manufacture, maintain, and export yachts and maritime units. The Suez Canal for Modern Boats will have a value of $5.1 million. It […]
Abu Dhabi Islamic Bank Egypt (ADIB Egypt) has named Rania Al-Mashat, Egypt’s Minister of International Cooperation as a member of the board of directors. Al-Mashat, Ahram Online reports, received a special waiver from Prime Minister Mostafa Madbouly to serve in the new position while maintaining her portfolio in the Egyptian Cabinet. Abu Dhabi Islamic Bank […]
Egypt is considering building three new Free Zones, Prime Minister Mostafa Madbouly announced Sunday to Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI). The future Zones, Madbouly’s office indicated in a statement, will be Alexandria, the 10th of Ramadan, and the 6th of October cities. The office also indicated that […]
The International Monetary Fund (IMF) said on Thursday it had agreed a $3 billion Extended Fund Facility (EFF) over 46 months with Egypt, Reuters reports. The deal is part of a four-year international financing program worth a total of $9 billion which also includes $1 billion from the IMF’s Resilience and Sustainability Trust (RST) and […]
Chinese vice Foreign Minister Zhang Ming arrived in the Egyptian capital Monday for an official visit seen as ground work for January visit by Chinese leader Xi Jinping. The Chinese diplomat who joined Cairo via Abu Dhabi will have a four-day work with Egyptian authorities. Ming’s official visit is seen as ground clearing trip to […]