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  • Egypt leads 2022 gains, Saudi marks first annual loss in 7 years

    According to Wael Makarem, senior market strategist – MENA at Exness, stock markets have witnessed a difficult period in 2022 as inflation, rising interest rates and the war in Ukraine strongly impacted investor sentiment.

  • Saudi Arabia’s investments in Egypt hit over $6bn

    Saudi Arabia has invested $6.1 billion into 6,017 projects across Egypt, becoming the second largest investor in the country, local media reported. The kingdom’s investments cover various sectors, including industry, construction, tourism, agriculture, services, finance, communications and information technology, Arab News reported, citing Egypt’s minister of trade and industry Ahmed Samir. Bilateral trade exchange rose 41.3 percent to $4.572 billion in 2021, compared to $3.236 billion in 2020.

  • Egypt holding up Red Sea island deal, sources say

    Egypt is holding up the implementation of an agreement over two strategic Red Sea islands that paved the way for Saudi Arabia to take steps toward normalizing relations with Israel, according to four Israeli officials and one U.S. source. Why it matters: The agreement, which was composed of a series of understandings between the U.S., Saudi Arabia, Israel and Egypt, was a significant Mideast foreign policy achievement for the Biden administration.

  • IMF board approves agreement for $3 billion loan to Egypt

    The International Monetary Fund’s executive board has approved a $3 billion support package for Egypt, whose economy has been hit hard by the fallout from the Russia-Ukraine war and the coronavirus pandemic. The approval of the 46-month loan will catalyse additional funding of about $14 billion, the Washington-based lender said in a statement. The package provides for a flexible exchange rate regime and enhanced social safety nets to protect the most vulnerable among Egypt’s 104 million people.

  • Egypt’s trade with Nile Basin countries jumps amid Ethiopia dam crisis

    Cairo’s exports and imports with the region increased substantially in 2021, but they still represent a small portion of the total and growth remains uneven.

  • Saudi Wealth Fund In Talks to Buy Egyptian Bank for About $600 Million

    Saudi Arabia’s sovereign wealth fund is in advanced talks to acquire Egypt’s state-owned United Bank in a deal that could be worth about $600 million, according to people with knowledge of the matter, as the kingdom extends its support for the North African nation. The $620 billion Public Investment Fund would carry out the acquisition through Saudi Egyptian Investment Co. unit, which it set up earlier this year to invest in swathes of Egypt’s economy, the people said, asking not to be identified as the discussions are private.

  • METATUT is the first Egyptian city on the Metaverse

    Inspired by the ancient Egyptian civilization, TUTERA, an Egyptian company – in cooperation with architectural studio Cube consultants – revealed the launch of METATUT, the first Egyptian virtual city in the Metaverse.

  • Saudi Arabia to Support Pakistan, Eyes Deals in Egypt and Turkey

    The kingdom has taken several steps to provide financial support to countries in the region as it looks to bolster allies and cement new relationships. It extended the term of a $3 billion deposit to boost foreign currency reserves and help Pakistan in overcoming economic repercussions of the coronavirus pandemic earlier this month.

  • Egyptian e-commerce startup SIDEUP raises $1.2m seed round for Saudi expansion

    Egyptian startup SIDEUP, which provides a suite of services for e-commerce businesses, has raised US$1.2 million in seed funding from regional and global investors to help it expand into Saudi Arabia.

  • Egypt’s Foreign Reserves Edge Up Slightly as IMF Loan Awaits Nod

    Egypt’s net international reserves climbed slightly in November, as the North African country awaits the final approval of an International Monetary Fund loan key to shoring up the economy. The figure reached $33.5 billion, compared with $33.4 billion at the end of October, the central bank said Tuesday.