Emirates NBD-Egypt has introduced a personal loan option tailored to finance the purchase of solar panels, empowering individuals to embrace clean energy solutions, according to a company statement in February. Green loans The loan offers coverage of up to 100% of the solar panel costs, ranging from EGP 100,000 to a maximum of EGP 1 million, with repayment options spanning a 7-year tenor and competitive interest rates. This initiative aligns with Egypt’s Sustainability Strategy and 2030 Vision, furthering the bank’s commitment to international sustainable development goals and promoting clean energy initiatives. “This loan reinforces our ongoing commitment to sustainability, as…
Author: Doaa A.Moneim
Hossam Heibah, President of the General Authority for Investment and Free Zone (GAFI), signed a Memorandum of Understanding (MOU) with Todd Wilcox, Deputy Chairman and CEO of HSBC Bank Egypt, aimed at supporting the authority’s strategy of attracting foreign direct investment (FDI) to Egypt. Attracting FDI Under the pact, HSBC will facilitate the introduction of more international investors to Egypt’s growing business opportunities through closer cooperation with the Authority, Heibah noted. He added that this cooperation reflects Egypt’s commitment to enhancing the private sector’s role in the economy. GAFI will provide HSBC Egypt with information regarding investment opportunities in the…
Egypt’s Minister of Petroleum and Mineral Resources, Tarek El-Molla, announced plans to increase foreign investments in the oil and gas sector by approximately 25% in the upcoming fiscal year 2025/2024 to reach $7.5 billion, he said on the sidelines of Egypt’s Petroleum Exhibition and Conference “EGYPS 2024”. Foreign investments This is compared to the expected $6 billion in the current fiscal year 2023/2024, which concludes at the end of June, El-Molla highlighted. Foreign investments in Egypt’s oil and gas sector increased to $5.6 billion in FY 2022/2023, up from $4.7 billion in the previous fiscal year, according to data from…
Egypt signed a $35 billion investment partnership agreement with the Abu Dhabi Developmental Holding Company ADQ on Friday to develop Ras El Hikma’s coastal zone, located west of Alexandria. Ras El Hekma development Ras El-Hekma, located about 350 kilometers northwest of Cairo and spanning over 170 million square meters, is slated to become a premier destination in the Mediterranean, boasting unparalleled attractions such as hotels, yacht marinas, and entertainment facilities, Prime Minister Mostafa Madbouly announced in a press conference on Friday. Under the agreement, ADQ will acquire the development rights for Ras El-Hekma for $24 billion, aiming to transform the…
Amid Egypt’s economic challenges over the past two years and the repercussions of the Middle East conflict, industry leaders stress the crucial role of the private sector in driving growth and job creation, as discussed during a workshop organized by the Egyptian Centre for Strategic Studies (ECSS) in February. During two sessions, key figures in leading sectors in Egypt addressed some challenges facing both the Egyptian economy and the industrial sector, offering real-time solutions to navigate the complex situation. Here are the workshop’s main takeaways: Slow implementation Mohamed El Sewedy, Head of the Federation of the Egyptian Industries (FEI), highlighted…
Egypt’s Suez Canal Economic Zone (SCZone) signed in January five framework agreements to launch projects worth approximately $250 million in total, according to a Cabinet statement. Under the agreements, the Suez Canal Economic Zone will participate in the preparation of feasibility studies for various projects, which would be an initial step to 50 other agreements currently under negotiations, SCZone’s Chairman Waleed Gamal El-Dien stated. Agreement details The five agreements encompass a deal with the Aurajlo Company for the Garment Industry that will construct a ready-made clothes factory spanning 75,000 square meters, with investments amounting to $150 million under the usufruct…
The Egyptian Ministry of Finance has revised its projections for the budget deficit in the current fiscal year 2023/2024, ending in June, indicating an expected increase to 7.6% of gross domestic product (GDP), up from the previous estimate of 7%. The ministry also adjusted its forecasts for general revenues downward, anticipating a decrease of approximately EGP 153.6 billion. This revision brings the total general revenues to EGP 1.98 trillion, compared to the originally targeted EGP 2.14 trillion. The decrease in general revenues stems from reduced expectations for resources and other capital sources for investment financing, which have been revised to…
ICON, a subsidiary of Talaat Mostafa Group (TMG) Holding, has successfully acquired a 51% stake in Legacy Hotels, which owns historic hotels in Egypt. Through a capital increase, the final acquisition agreement grants ICON a majority stake with full management rights in Legacy, according to a bourse disclosure to the Egyptian stock exchange on Sunday. TMG owns 83.3% of ICON’s shares. The group transferred the agreed deposit to a foreign account within the banking sector, awaiting completion of capital increase procedures for transfer to Legacy Hotels, the real estate developer said. In December, TMG’s ICON finalized an $882 million deal…
Egypt’s state-owned and the country’s largest telecommunications network operator, Telecom Egypt, and Hungarian telecommunications and IT services provider 4iG Plc, will form a joint venture to build an express subsea cable between Albania and Egypt, according to a statement released on February 1. Subsea cable The express subsea cable will create a high-capacity, intercontinental connection linking Africa and Asia, through the Red Sea, to Europe, via Egypt, the Mediterranean, and Albania. The cable is the first of its kind to link the two countries. Telecom Egypt said that the planned subsea cable’s Mediterranean route will be unique, adding another layer…
The Egyptian House of Representatives has recently passed a new law permitting the sale of lands located outside urban areas, specifically desert lands, to foreigners in US dollars, in a bid to bolster the North African country’s foreign investment. Boosting foreign reserves The plots of land that the government offers to be purchased are located in the cities of New Damietta, 10th of Ramadan, Shorouk, Sheikh Zayed, Obour, Sadat, New Borg El-Arab, New Cairo, October Gardens, Badr, New Sphinx, New October, New Sohag, 6th of October, Obour, Sadat, and New Aswan. The decision was made following the cabinet’s approval of…