Author: Ola Noureldin

The Egypt Economic Profile is an essential reference for decision-makers looking for timely information about the country’s transforming economy. It is filled with key, up-to-date data on all of Egypt’s major services and goods sectors as well as a review of the current macroeconomic landscape – including foreign trade, investment and the stock market. This report is distributed to more than 2,000 AmCham Egypt member companies and affiliate members as well as local institutions that rely on well-researched, trustworthy information to guide their decisions. All AmCham Members receive one complimentary copy. The Egypt Economic Profile is sponsored by bp and…

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The Central Bank of Egypt (CBE) has launched in November its financial inclusion strategy for 2022-2025, which sets objectives for financial inclusion in the country. Egypt’s financial inclusion rate — the percentage of citizens above the age of 16 who hold a bank account, mobile wallet, or pre-paid card — has grown 131% between 2016 and 2022. 40 million adults, around 60.6% of Egyptians were banked by June 2022, up from 17.1 million in 2016, the report says. More than 56% of Egyptian adults — nearly 37 million people — were banked at the end of 2021, up from almost…

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John Kerry, a former US secretary of state and now the special presidential envoy for climate has called for the private sector to lead global decarbonization efforts and keep alive the goal of limiting temperature increases within a key global warming threshold of 1.5 degrees Celsius. “World leaders have less than twelve years to implement policies to avoid the worst consequences of the climate crisis, not the crisis itself,” Kerry told the special dinner event titled “US-Egypt Partnership: Towards a Sustainable Tomorrow,” hosted by the American Chamber of Commerce in Egypt, in partnership with the U.S Chamber of Commerce on…

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Egypt has a host of resources to support its transition from a fossil fuel-driven economy to a green, sustainable one. That transition started in earnest with the Renewable Energy Law 203 of 2014, which offered new tariff plans and other incentives to attract investors. In 2016, the state launched its 2035 Sustainable Energy Strategy, which addressed restructuring the gas sector, promoting energy efficiency, and combating global warming by reducing greenhouse gas emissions. To power a more sustainable, eco-friendly economy, Egypt needs to diversify its energy sources. AmCham Egypt’s latest Industry Insight highlights the growing investment opportunities in renewables, decarbonization, green…

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Bidayat, a subsidiary of Alsara Investment Group, the investment vehicle founded by Valentino board chairman, Rachid Mohamed Rachid, has acquired an undisclosed minority stake in Egyptian jewelry brand Azza Fahmy, a statement released Monday said. Financial details were not disclosed, but Azza Fahmy said the new capital is expected to support the brand’s regional development, retail expansion and international growth. Through the fund, Azza Fahmy is looking to boost its sales in the Middle East and North Africa as well as New America by launching two flagship stores in the first half of 2023, according to Fashion Network. Bidayat has…

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Egypt’s first climate-positive farm in Beheira governorate now boasts new agricultural mechanisms to adapt to challenges brought on by climate change and find solutions to mitigate the impact on agriculture. Tulima Farms spans over an area of ​​25,000 square meters and adopts climate-friendly methods to boost production while ensuring sustainability. The farm’s idea started with automated agricultural tents that are monitored to track the condition and growth of crops by the minute. The farm uses alternative soil made of coconut fibers. Through these ground coconut bristles, plants can grow in a medium free from diseases, molds and bacteria, Seif Salama,…

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Despite rising inflation and a falling pound, Egypt’s newly appointed Minister of Education Reda Hegazy has kept the 7% tuition increase restriction for private schools. Private schools have faced a strict cap on tuition increases the past four years after parents urged the Education Ministry to prevent what they saw as arbitrary increases. Private schools with tuition fees of EGP 10,000 annually have been limited to raising costs by only 7% per year on their 2015-2016 fees, which the government deemed their baseline year. Meanwhile, schools with yearly tuition costs less than EGP 10,000 are subject to a 10- 25%…

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The long-awaited project to develop tourist services and facilities on the Giza Plateau is now catching a glimpse of light as pilot operations of its first phase have launched with the trial operation of the plateau’s new main gate on the Cairo-Fayoum Road, the visitor center, the international restaurant complex, and the inauguration of the Khufu restaurant. Shaded seats and benches have been installed, and excursions for groups and individuals have been organized. The first environmentally friendly electric buses and golf carts are in trial operation, with seven stops on the plateau fitted with services for visitors and parking lots.…

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Egypt’s Suez Canal Economic Zone (SCZONE) has signed seven memoranda of understanding (MoUs) with global energy companies for green energy production projects worth a value of $31.75 billion. The MoUs were signed in partnership with The Sovereign Fund of Egypt (TSFE), the Egyptian Electricity Transmission Company (EETC), and the New and Renewable Energy Authority (NREA) at the Egyptian Cabinet headquarters in the new Alamein city, in the presence of Prime Minister Mostafa Madbouly, SCZONE said in a statement Thursday. In the past few months, the SCZONE signed several MoUs with private sector companies, including one with DP World in August…

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Despite their limited contribution to global emissions, MEA countries are among the most at risk from climate change and are the most in need of investment to adapt it. AmCham Egypt’s latest research note looks at energy sector decarbonization projects in the region and how they can help achieve the global net-zero emissions target by 2050. To read the report online, click here.

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