Author: Dina Khadr

Egypt took the lead within the region’s startup ecosystem, as the country with the highest funds at $45.7 million in December 2022, according to a report released in January 2023 by MENA accelerator, Wamda.  Egypt’s startup scene has been growing consistently and steadily over the years, with e-commerce, logistics, and fintech being the most popular within the ecosystem. Earlier in 2022, investments that came up top were in one of those three sectors, according to Zawya. However, in Egypt, e-commerce reigns.  UAE followed Egypt in terms of investments secured in 2022 with $31.8 million and Saudi Arabia came third with…

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Egypt’s net foreign reserves reached $34.22 billion by the end of January 2023, an increase of $221.5 million from December’s figure at $34.003 billion, according to the latest data available on the Central Bank of Egypt (CBE). The increase in net international reserve, coupled with the recent inflow of about $925 million of foreign exchange as of January 1, are indicators signaling investor appetite following the latest streak of currency devaluations. The ripple effect Tourism is one of the vital sources of foreign income for Egypt, accounting for almost 12% of the country’s gross domestic product (GDP), according to the…

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As part of Egypt’s Vision 2030, which seeks to transition into a green economy, Forbes announced its plans to build its first sustainable commercial tower internationally, in the North-African country’s New Administrative Capital. A joint partnership between Forbes, and Egyptian real estate company, Magnom Properties, the tower is set to challenge modern construction in its pursuit of a zero-carbon plan.  Plans for its creation were announced last month, during the Annual Meeting of the World Economic Forum (WEF), which took place in Davos, Switzerland, for it’s 53rd  edition.  What does sustainable construction mean?  Armed with solar panel rooftops, the commercial…

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Ancient Egyptian civilization bore witness to the pivotal role women play within a society when women were business owners, doctors, and judges. Today, while women make up more than 50% of the global population, as per World Bank data,  their presence in the workforce is uneven. The effects of this are also felt in the environmental crisis, with women and children being disproportionality affected. On a panel hosted on January 15, 2023, by the Women in Business Committee, entitled “Gender and COP27: Initiatives, Opportunities, and Challenges,” guest speaker and President of the National Council for Women, Maya Morsy shed light…

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The ancient Egyptian tomb of a royal goldsmith, discovered in Luxor by Egyptian and British researchers, has been unveiled to the public. The tomb was unearthed on the west bank of the River Nile, where the famous Valley of the Queens and Valley of the Kings lies, said Mostafa Waziri, head of Egypt’s Supreme Council of Antiquities. The tomb dates back around 3,400 years to Egypt’s 18th dynasty. It contains some rare wall paintings depicting hunting scenes and images from daily life in ancient Egypt. “In addition to its artistic value, this discovery is important for archaeological research because it…

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The IMF board has approved a $3 billion Extended Fund Facility for Egypt following a request from the country. The loan will help the country stave off rising economic challenges and bring back confidence in the financial sector. Egypt secured the $3 billion loan with exceptional access, as the country had already surpassed the cumulative access limit of 435 percent of its quota under the $5.2 billion Stand-By Arrangement loan it had secured in FY2020/21 to address the impacts of the COVID-19 outbreak. In December, Egypt received an immediate disbursement of $347 million upon approval from the IMF board. The…

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On December 3, the fashion industry stood in awe of Dior’s 75th-anniversary celebration, which saw the unveiling of the brand’s pre-fall collection for men, set against the backdrop of one of the seven wonders of the world: the Pyramids of Giza. With around 800 guests, including international press and celebrities, the fashion show was the first one to be held at the iconic site. Social media was set ablaze with stunning imagery of models sauntering across a catwalk teeming with history. “The buzz surrounding this, and especially that it’s Dior, will have an impact. Dior is one of the biggest…

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