The Central Bank of Egypt (CBE) has announced a bold new step in its digital transformation journey, unveiling plans to establish a national digital financial identity system that will allow citizens to access banking services securely without visiting physical branches. The announcement was made during the opening of the 12th International Conference on Digital Payments, Financial Inclusion, and Digital Banking (PAFIX), where Central Bank Governor Hassan Abdullah’s keynote address was delivered on his behalf by Mohamed Amer, Acting Deputy Governor for Banking Operations and Payment Systems. Digital transformation as a strategic imperative In his remarks, Amer emphasized that digital transformation…
Author: Rana Salem
Cairo is bracing for a crucial engagement with the International Monetary Fund (IMF) as the Fund’s mission arrives in December to conduct the combined fifth and sixth reviews of Egypt’s $8 billion Extended Fund Facility (EFF) program, alongside the first review of the Resilience and Sustainability Facility (RSF). The outcome of these deliberations will be pivotal in unlocking further tranches of IMF financing and signaling the trajectory of Egypt’s economic reform agenda. At a recent press briefing, IMF Communications Director Julie Kozack confirmed the timing: “The mission for the Fifth and Sixth Reviews under the EFF and the First Review…
The official inauguration of the Grand Egyptian Museum (GEM) on November 1, 2025 marks a watershed moment in Egypt’s modern economic trajectory. More than a cultural milestone, the $1 billion complex is the centerpiece of a national strategy to turn heritage into a high-yield economic engine—one capable of spurring investment, reshaping tourism, and redefining Egypt’s global brand. Two kilometers from the Pyramids of Giza, the world’s largest museum dedicated to a single civilization now houses over 100,000 artifacts, including the full Tutankhamun collection displayed together for the first time. But the GEM’s significance goes well beyond its monumental scale. It…
Gold prices rose over 1% on Thursday after two consecutive sessions of losses, as renewed geopolitical risks bolstered safe-haven demand and as investors sought safety. Gold prices rebound Spot gold was up 1% at $4,132.76 per ounce, after falling to a near two-week low in the previous session. U.S. gold futures for December delivery settled 2% higher at $4,145.60 per ounce. Prices hit a record high of $4,381.21 on Monday, but logged their steepest drop in five years in the following session. “All the fundamental factors that have driven gold higher this year remain very much in place. There was…
Egypt reaffirmed its role as a cornerstone of regional stability and diplomacy during the Sharm El-Sheikh Peace Summit held on 13 October, co-chaired by President Abdel Fattah El-Sisi and U.S. President Donald Trump. The landmark gathering, which united leaders from over twenty nations to endorse a peace declaration supporting the Hamas–Israel agreement, also opened the door to significant economic opportunities for Egypt. Beyond its diplomatic success, the summit positioned Egypt as a key player in the region’s post-conflict reconstruction and trade revival. By leading the path toward peace, Cairo stands to benefit from increased investment flows, expanded regional partnerships, and…
At the World Energies Summit in London, Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, unveiled an ambitious five-year strategy aimed at transforming Egypt into a leading regional energy hub. The plan includes drilling 480 new oil and gas exploratory wells backed by $5.7 billion in investments, a move that underscores Cairo’s commitment to expanding energy production, modernizing infrastructure, and attracting global capital. Specifically, in 2026 alone, Egypt intends to drill 101 wells distributed across key regions: 67 wells in the Western Desert, 9 wells in the Gulf of Suez, 14 wells in the Mediterranean Sea, and 6 wells…
Egyptian billionaire Nassef Sawiris is launching a new chapter in his global business empire, with plans to invest up to $50 billion in US infrastructure projects through a landmark merger between OCI Global and Orascom Construction PLC. The combined company will be headquartered in Abu Dhabi, marking a strategic pivot that connects Egypt’s industrial legacy with the future of international infrastructure investment, according to his interview with the Financial Times in September. Sawiris — Egypt’s richest man and owner of Aston Villa Football Club — is finalizing a restructuring of his Dutch-listed chemicals and fertilizer group, OCI Global, following more…
Private investment in Egypt rose to 47.5% of total executed investments in fiscal year 2024/2025, its highest level in five years, according to new data from the Ministry of Planning, Economic Development, and International Cooperation. At the same time, public investment fell to 43.3%, signaling a significant shift in Egypt’s economic structure as the government seeks to empower the private sector and curb public spending. “Public investment decreased from EGP 627.5 billion in 2023/2024 to EGP 526.6 billion in 2024/2025, while private investment increased from EGP 474.7 billion to EGP 590.7 billion, indicating an expanding role of the private sector…
The International Monetary Fund (IMF) has recently updated its World Economic Outlook, making slight adjustments to Egypt’s growth projections while maintaining a cautiously optimistic stance. For the fiscal year 2024/2025, Egypt’s real GDP is now forecast to expand by 4.3%, up from the previous estimate of 3.8%. The outlook for 2025/2026 has also been revised upward to 4.5%, compared to the previously reported 4.3%. These revisions reflect the IMF’s recognition of Egypt’s resilience in the face of ongoing challenges, including softer global demand, subdued commodity prices, and the lingering effects of geopolitical tensions, all of which have weighed on export…
Egypt’s tourism and hospitality sector is entering a new phase of expansion as Sunrise Hotels and Resorts Group signed a landmark partnership with Minor International Hospitality Group, one of the world’s largest hotel operators, to develop and manage 50 new hotels across the country. The agreement — witnessed by Prime Minister Mostafa Madbouly, Minister of Tourism and Antiquities Sherif Fathy, Hossam El Shaer, Chairman of Sunrise Hotels and Resorts Group, and William E. Heinecke, Chairman of Minor International Hospitality Group — reflects the government’s intensified efforts to attract investment and expand hotel capacity in support of Egypt’s tourism growth strategy.…