Author: Doaa A.Moneim

The Egyptian Stock Exchange (EGX) has been experiencing fluctuations in performance, largely due to global and regional tensions impacting markets worldwide. Notably, the severe losses on “Black Monday” in August echoed the global financial crisis of 2008, as major indices like the Dow Jones Industrial Average and S&P 500 faced steep declines following a significant drop in the Japanese Nikkei index. Concerns about China’s economic slowdown further fueled this deterioration. In response, the Egyptian government recently announced a delay in implementing the capital gains tax on profits from shares and stakes listed on the EGX. Initially scheduled to take effect…

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In an exclusive interview with Business Monthly, Marwa Abbas, the General Manager of IBM Egypt, reveals how the tech giant is fueling Egypt’s digital revolution. From pioneering artificial intelligence (AI) and cloud technologies to boosting public-private partnerships, Abbas outlines IBM’s pivotal role in shaping Egypt’s future and its ambitious plans to support its Vision 2030. The interview has been edited for length and clarity. Business Monthly: What key sectors can potentially drive Egypt’s growth in the short term? Marwa Abbas: Over the past few years, the ICT sector has emerged as a leading driver of growth in Egypt, maintaining double-digit…

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The Central Bank of Egypt (CBE) has announced its intention to sell a portion of its shares in United Bank (UB) on the Egyptian Exchange (EGX) by the end of the first quarter of 2025, an official statement showed. UB stake sale The transaction is contingent upon receiving necessary approvals from the Financial Regulatory Authority (FRA) and the Egyptian Stock Exchange (EGX). The decision was announced shortly after the government completed the sale of 100% of the state-owned Tamwwely microfinancing company to an international consortium, marking a clear indication that the government is resuming its divestment plan, which includes the…

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The Egyptian government has announced plans to prepare the Ras Banas region on the Red Sea for investment opportunities, similar to the development deal for Ras El-Hekma that was finalized with the UAE earlier this year, a ministry statement showed. Further details have not yet been provided. Minister of Housing, Utilities, and Urban Development Sherif El-Sherbiny said that this initiative aims to enhance Egypt’s efforts to attract more tourists, with development plans inspired by the successful Ras El Hekma project. Ras Banas is home to the world’s largest pristine coral reef ecosystem, stretching 50 kilometers into the Red Sea and…

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The U.S. has announced a $129 billion investment facility for Egypt, facilitated by the U.S. Agency for International Development (USAID) to support the country’s economic reforms, focusing on transitioning to a private sector-driven economy, improving public education and health services, and promoting government transparency and accountability, an official statement showed on September 19. U.S.-Egypt Strategic Dialogue The announcement was made during the Egypt Strategic Dialogue, with U.S. Secretary of State Antony Blinken and Egyptian Foreign Minister Badr Abdelatty in attendance. Key areas of collaboration discussed included alignment with Egypt’s Vision 2030, initiatives to protect cultural heritage, and efforts to boost…

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The South Africa-based AngloGold Ashanti board has approved a plan to acquire Australia’s Centamin in an all-share transaction worth $2.5 billion, positioning the newly formed company as the world’s fourth-largest gold producer, according to a company statement on September 10. The deal will grant AngloGold control of the Sukari Gold Mine, Egypt’s largest and first modern gold mine located in the North African country’s Eastern Desert. “This transaction will add a Tier 1 asset to our portfolio and is accretive from day one,” according to Alberto Calderon, CEO of AngloGold Ashanti. Under the terms of the deal, Centamin shareholders will…

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The International Monetary Fund (IMF) has published its detailed report on the third review of Egypt’s Extended Fund Facility (EFF) loan program. Initially approved in December 2022 for $3 billion, the program was expanded to $8 billion in March 2024 to address Egypt’s economic challenges exacerbated by global and regional geopolitical tensions. Here are the key changes and highlights from the IMF’s latest report: Central Auditing Organization Reports The requirement for timely publication of the Central Auditing Organization’s annual audit reports has been rescheduled from March 2024 to November 2024. This adjustment reflects the authorities’ ongoing amendment of the CAO…

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The Sovereign Fund of Egypt (TSFE) has appointed Noha Khalil as its new acting Chief Executive Officer (CEO), succeeding Ayman Soliman, who resigned effective June 4th. The appointment was confirmed by the Ministry of Planning, Economic Development, and International Cooperation. The decision was made during a TSFE board of directors meeting chaired by Minister Rania Al-Mashat. The meeting also included a review of TSFE’s independent and consolidated financial statements, as well as the Accountability State Authority’s (ASA) report. Additionally, the board approved the fund’s budget statement, which is now slated for submission to the general assembly for final approval. Established…

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Increasing the private sector’s role and fostering public-private partnerships are central to the Egyptian government’s strategy for the next three years, as outlined in its program for 2024/2025 to 2026/2027. This focus raises important questions about the most effective public-private partnership (PPP) model to achieve these goals in the short term. To shed light on this issue, Business Monthly consulted with experts to explore the optimal PPP model that could drive a dynamic and impactful investment environment, even amidst economic challenges. Holistic approach needed In an interview with Business Monthly, Karim Khadr, Head of Equity Capital Markets at CI Capital,…

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To restore Egypt’s economy to pre-pandemic levels, the government has revamped its Cabinet, introducing 20 new members and merging several portfolios. The new administration faces the tough challenge of achieving 4.2% real gross domestic product growth (GDP) amid ongoing global and regional uncertainties. As Egypt approaches the fiscal year 2024/2025, ending June 30, 2025, the key question is which sectors will spearhead this growth in such a turbulent economic climate. Marwa Abbas, General Manager of IBM Egypt, highlighted the transformative potential of the information and communication technology (ICT) sector in driving Egypt’s economic growth. In an interview with Business Monthly,…

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