Egypt’s annual urban consumer price inflation revved for a third consecutive month to 26.5% in October from 26.4% a month earlier due to fuel price hikes, according to data released by Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS). The index increased 1.1% month-on-month in October, decelerating from September’s 2.1% jump, CAPMAS noted. On an annual basis, food and beverage prices, which make up the largest component of the inflation basket, rose by 27.3% compared to 27.7% in September. Hesham Hamdy, a financial analyst at Naeem Financial, noted in an interview with Asharq Bloomberg that the announced inflation figures…
Author: Fatema Fouad
Accor, a global leader in hospitality, has announced the rebranding of Conrad as Sofitel Cairo Downtown Nile, the fourth Sofitel in Egypt, a company statement showed on November 4. Sofitel Cairo Downtown Nile The new hotel, located in Cairo’s downtown Nile-front district, is set to begin operations in January 2025. Its prime location, surrounded by major cultural landmarks such as the Grand Egyptian Museum and the Giza Pyramids, is expected to attract a large number of guests. The Sofitel Cairo Downtown Nile encompasses 615 rooms and suites designed to offer panoramic views of the Nile. In addition, the hotel has…
Beijing Automotive Group (BAIC) and Egyptian International Motors (EIM Group), a subsidiary of Alkan Holdings, have inked an agreement to establish a new factory for electric vehicle manufacturing, according to a statement on October 27. The new factory, which will span 120,000 square meters and will commence operations by the end of 2025, targets the production of 20,000 electric cars in its first year, with plans to maximize production to reach 50,000 cars by the end of the fifth year. The project plans to encompass 48% of local inputs, with plans to increase this figure to reach 58%, the statement…
Deloitte UK will inject $30 million into Egypt’s economy on the sidelines of officially inaugurating the Deloitte Innovation Hub in Cairo, which started operations in September. According to a statement released by the Information Technology Industry Development Agency (ITIDA), the fund aims to boost the country’s talent ecosystem over the next three years. Launching the Hub in Egypt demonstrates Deloitte’s acknowledgment of the country’s rich talent base in Computer Science, Computer Engineering, Business & Information Systems, and Data Engineering. “The Innovation Hub will enable us to foster and develop local talent, making an impact that matters to Egyptian people and…
Saudi Arabia has signed deals exceeding $15 billion in various sectors in Egypt, including renewable energy, industry, real estate development, tourism, and technology, Bandar Al-Amiri, head of the Saudi-Egyptian Business Council, said on October 16. The deals were announced during Saudi Crown Prince and Prime Minister Mohammed bin Salman’s visit to Egypt this month. They encompass the establishment of the Egyptian-Saudi Supreme Coordination Council and other deals to safeguard and encourage investments between the two nations. The Supreme Coordination Council, co-chaired by the Egyptian president and the Saudi crown prince, will oversee and ensure the continuous development of various aspects…
Germany’s PtX Development Fund has granted Scatec €30 million to support the green hydrogen plant in Egypt, which the Norwegian renewables giant is establishing in collaboration with Fertiglobe, Orascom Construction, the Sovereign Fund of Egypt, and the Egyptian Electricity Transmission Company, according to a statement released on October 9. €30M grant The €30 million grant is part of a wider €270 million project to support green hydrogen production efforts in Egypt and six other countries. The initiative is set to accelerate green transformation in the Suez Canal Economic Zone, promoting climate neutrality in energy- and resource-intensive industries. The Ministry of…
The European Bank for Reconstruction and Development (EBRD) has partnered with Transfora, a business process automation company, and a subsidiary of the Kuwaiti firm Agility, to fund and develop a digital operations platform for the Suez Canal Economic Zone (SCZone), according to a statement released on October 2. SCZONE digitization As per the agreement, Agility will provide Transfora with a 360-degree enterprise management platform, which will help SCZone manage inquiries from prospective investors and essential documentation. Transfora is a low-code enterprise digitalization platform that integrates with a range of line-of-business systems, both in the cloud and on-premise. According to the…
Ongoing political and economic instability in Ukraine, Gaza, and elsewhere has dampened global trade activity, fostering the urge to achieve continental self-sufficiency in Africa. Intra-African trade is key to the continent’s economic progress and integration. “Enhancing intra-African trade presents a multitude of benefits for our region,” Olumide Olatunji, managing director of Access Bank Ghana, said in March. “By reducing our reliance on external markets, we fortify our resilience against global economic upheavals.” In that regard, the African Free Continent Trade Agreement (AfCFTA ), which came into force in May 2019, is essential for promoting regional trade. According to the African…
According to the U.S. Economic Development Administration, economic resilience in a local or regional economy is about anticipating risk, evaluating how that risk can impact key economic assets, and building a responsive capacity. In Egypt, the Egyptian National Competitiveness Council noted in May that “Enhancing economic resilience is crucial for Egypt to mitigate the risks associated with global disruptions and capitalize on new opportunities.” Under the theme of “Doing Business in a Fast-Changing World,” Mahmoud Mohieldin, U.N. special envoy for financing Sustainable development, spoke to AmCham Egypt members in July about the need for vigilant preparedness to navigate global uncertainties.…
Food security has been a rising global concern since COVID-19 lockdowns caused global logistics bottlenecks. It came to the forefront again due to the geopolitical fallout between two of the world’s biggest grain exporters (Russia and Ukraine). Egypt has been highly affected by those events, as it imports about 40% of its food needs, according to European Union data. It is also the world’s biggest wheat importer, securing most of its needs from Russia and Ukraine. That has put the government under immense pressure to reduce dependence on imported food. That is a massive task. President Abdel Fattah el-Sisi noted…