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  • Saudi Arabia, Gulf Countries Want Better Returns for Bailing Out Egypt

    The economy of the Arab world’s most populous country is in dire straits after the Covid-19 pandemic hit its tourism sector and the war in Ukraine pushed up global food and commodity prices. Inflation has soared to over 40% and Egypt’s currency is one of the worst performers globally this year, pushing millions more into poverty.

  • Non-oil activity in Egypt shrinks 28th month as inflation soars

    Egypt's non-oil private sector activity shrank for the 28th straight month in March as import and currency restrictions and rising inflation continued to hurt business, a survey showed on Tuesday. The S&P Global Egypt Purchasing Managers' Index (PMI) edged down to 46.7 in March from 46.9 in February, well below the 50.0 threshold that marks growth in activity.

  • Egypt’s Sisi visits Saudi Arabia amid financial pressure, regional realignment

    Egyptian President Abdel Fattah al-Sisi visited Saudi Arabia on Sunday, Saudi state news agency SPA said, as Cairo seeks financial inflows to ease pressure on its currency and bolster a faltering economy. Oil-rich Saudi Arabia has long provided financial support to Egypt but recently signalled it would no longer provide such backing without conditions attached, which observers think may have sparked a rare media clash between the two countries.

  • Egypt Makes Jumbo Rate Hike to Tackle Prices Hit by Devaluations

    Egypt resumed a cycle of monetary tightening as the central bank tries to tackle inflation that’s been stoked by currency devaluations. The Monetary Policy Committee raised the deposit rate by 200 basis points to 18.25% and the lending rate to 19.25%, it said in a statement Thursday. All but one of 11 economists surveyed by Bloomberg had predicted an increase although they were split on the magnitude.

  • Egypt to allow Iranians visas on arrival in Sinai as regional tensions ease

    Egypt will soon allow Iranians travelling with tour groups to obtain visas on arrival in the south of its Sinai peninsula with a view to extending access to other parts of the country, Egyptian tourism ministry officials said. The decision is part of a series of measures announced on Monday aimed at improving access to visas to boost tourism revenues at a time when Egypt has been struggling economically with an acute foreign currency shortage.

  • Plastic paving: Egyptian startup turns millions of bags into tiles

    Egypt is one of the worst polluters in the Mediterranean region with around 74,000 tonnes of plastic waste entering the sea per year, according to a 2020 report by the International Union for Conservation of Nature, a non-profit organisation.

  • What chicken feet tell us about daily life in Egypt

    The latest nutritional advice from the state suggested cooking up some chicken feet - a protein-rich part of the bird usually reserved as scraps for dogs and cats. This recommendation has sparked anger and intensified criticism of the government. Many countries are battling soaring inflation but running at just over 30% in March, Egypt is one of those suffering the most.

  • China Energy to build $5.1bn green hydrogen plant in Egypt

    Egyptian prime minister Mostafa Madbouly announced yesterday that China Energy Engineering Corporation will break ground in May on one of the country’s first green hydrogen projects. The move, which follows the signing of a memorandum of understanding in November, will create a development with an investment value of $5.1bn.

  • Smiling Sphinx Statue Unearthed in Egypt

    Archaeologists have discovered a small, Roman-era sphinx statue, Egypt’s tourism and antiquities ministry announced this week. Made of limestone, the artifact was found during excavations of the Dendera Temple, which is situated next to the Nile River in the Qena province. Experts think it may be a depiction of Claudius, the Roman emperor who ruled from 41 to 54 C.E. The Roman Empire controlled ancient Egypt for more than 600 years, from 30 B.C.E. to around 642 C.E. However, many Roman emperors—including Claudius—never actually visited.

  • Egypt central bank seeks advisor for United Bank sale

    Egypt's central bank has sent investment banks a request for proposals to pitch for an advisory role in the sale of United Bank of Egypt, which the central bank owns, two sources with knowledge of the matter said. Several big Western banks have received the request, one of the sources said. The search for advisors comes after talks with Saudi Arabia's sovereign wealth fund to acquire United Bank failed after disagreement over its valuation.