Dubai-based renewable energy company AMEA Power has signed Capacity Purchase Agreements (CPAs) to develop Egypt’s first standalone battery energy storage systems (BESS), marking a significant milestone in the country’s clean energy transition, a company statement showed on February 25. The agreements cover two major projects: a 500MWh BESS in Zafarana and a 1,000MWh BESS in Benban. These projects are expected to enhance grid stability and facilitate the integration of renewable energy sources into Egypt’s national energy grid. Hussain Al Nowais, Chairman of AMEA Power, emphasized that the deployment of advanced battery storage solutions will not only strengthen Egypt’s energy infrastructure…
Author: Fatema Fouad
The Trump administration’s push to restructure the United States Agency for International Development (USAID) is sending ripples through Egypt’s higher education sector, disrupting scholarship programs and potentially cutting billions in critical funding. As the U.S. shifts its foreign aid priorities, students, universities, and the broader economy face mounting uncertainty. A legacy for strategic investments For decades, USAID has played a vital role in supporting Egypt’s development, investing more than $30 billion in economic assistance since 1978, according to the U.S. Embassy in Egypt. A significant portion of this aid has been allocated to education, infrastructure, economic development, and healthcare—sectors that…
Concentrix, a global technology and services leader, has inked a memorandum of understanding (MoU) with the Information Technology Industry Development Agency (ITIDA) to invest around $1 billion in Egypt, according to a cabinet statement on January 28. Agreement details Under the agreement, Concentrix plans to expand its operations in Egypt, creating 16,000 new job opportunities. This will bring the company’s total workforce to 35,000 by the end of 2028, up from the current 19,000. Prime Minister Mostafa Madbouly highlighted the significant potential of outsourcing in Egypt, noting that “Concentrix’s interest in expanding its business here reflects the country’s prominent position…
Despite an increasingly fragmented world — both economically through trade barriers and politically through sanctions — there is a growing need for international cooperation and coalitions to drive investment and global economic growth. “It is absolutely imperative that we strengthen global cooperation, and the multilateral trading system, reform development finance, address debt challenges, and scale up climate financing to help vulnerable countries accelerate towards a path of sustainable and inclusive growth,” said Li Junhua, U.N. under-secretary-general for economic and social affairs, in January. In December, South Africa became the first African country to lead the Group of 20 (G20), a…
Japan has announced a $1.17 million grant to support the development of the Cairo Opera House in downtown Cairo, according to an official statement released on January 26. The agreement was signed by Lamia Zayed, president of the Egyptian Opera House, and Kato Ken, chief representative of the Japan International Cooperation Agency (JICA) in Egypt. Agreement details The funding will be used to equip the existing theatres with modern facilities and improve the overall experience for visitors at the Grand Theater. Egypt’s Minister of Culture, Ahmed Fouad Hano, emphasized the Cairo Opera House’s role as a key platform for artists…
The World Bank has kept its projection for Egypt’s real gross domestic product (GDP) growth at 3.5% for the current FY2024/2025, while raising the forecast to 4.2% for FY2025/2026, according to the Global Economic Prospects report released on January 16. These projections are in line with the World Bank’s projections released in October 2024. According to the report, Egypt’s economic activity will be fueled by private consumption, buoyed by easing inflation rates, remittance inflows, and improved sentiment, as well as investments supported by financing from the UAE. Conversely, the International Monetary Fund (IMF) has recently revised its projections for Egypt’s…
The health of Egypt’s banking sector continued to improve throughout the first nine months of 2024, with the sector’s capital adequacy ratio (CAR) increasing 0.5 percentage points from the end of 2023 to stand at 19.1% by the end of the third quarter of 2024, according to the Central Bank of Egypt’s (CBE) latest financial soundness indicators report. Capital adequacy ratio Banks’ CAR remains well above the central bank’s minimum threshold of 12.5%. “These figures indicate the preservation of high and stable liquidity rates,” the CBE said. The capital adequacy ratio — also known as the capital-to-risk-weighted assets ratio —…
Egypt aims to cut customs clearance time to two days, a move expected to save $284 million, enhance commercial competitiveness, and reduce logistical costs, Minister of Investment and External Trade Hassan El Khatib announced on January 13. The plan was first revealed during the “Future of Egypt’s Engineering Industries Exports” conference, organized by the Engineering Industries Export Council in November. The plan is set to be implemented in two phases, according to a statement from the investment ministry. The first phase aims to reduce customs clearance time to four days, improving customs operations. The second phase will further reduce clearance…
Private sector investments in Egypt totaled EGP 133.1 billion in the first quarter of FY 2024/25, accounting for 63.5% of total investments, according to the Ministry of Planning, Economic Development, and International Cooperation’s 2024 Annual Report, which highlights the country’s economic progress across various sectors. This marks a 30% increase compared to FY 2023/2024. Minister Rania Al-Mashat noted that “this update comes in line with the government’s objectives to increase the share of private investment to reach 50% of total investments by FY 2024/2025.” Conversely, the ministry’s data revealed a 60% slowdown in public investment, dropping to EGP 57 billion…
In an era of technological advancements, governments have to capitalize on the power of innovative industries, such as video gaming, that strongly appeal to younger generations. Mayuri Prasad, business partnership lead at Stream Shreek, noted in June that gaming in the Middle East “appeals to a broad demographic, especially the youth, ensuring a larger market and consistent revenue from in-game purchases and esports.” The latter refers to competitions with prize money in specific games to see who is best. In the Middle East and North Africa (MENA) region, the gaming economy has exploded from a niche interest to a mainstream…