As Egypt embarks on a journey to transform its education system, the road ahead is marked by significant hurdles—overcrowded classrooms, aging infrastructure, and an outdated curriculum. Yet, amid these challenges, a new wave of innovation is emerging. The private sector, traditionally a bystander, is now stepping up to fill the gaps, offering solutions that could redefine the future of education in the country. With a growing appetite for change, Egypt’s education revolution is not just a government-led initiative; it’s becoming a collaborative effort where private players are seeking to rewrite the rulebook for quality education, accessibility, and sustainability. Egypt has…
Author: Rana Salem
Egypt’s current account deficit surged to $5.9 billion in the July-September 2024 quarter, more than double the $2.8 billion recorded for the same period a year earlier, impacted by a higher trade deficit and a plunge in Suez Canal revenues, according to a statement by the Central Bank of Egypt (CBE) on January 16. Lower Suez Canal revenues Suez Canal revenues plummeted by 61.2% in the first fiscal quarter, starting July 1, to $931.2 million, from as high as $2.4 billion during the same period a year ago, the statement showed. This was mainly attributed to Red Sea tensions that…
Egypt’s Financial Regulatory Authority (FRA) has begun preparing the country’s first regulatory framework for crowdfunding in real estate investment funds, to diversify financing sources for companies and offer a new investment product for individuals, Chairman Mohamed Farid reportedly said on January 16. Focus on real estate Farid announced that crowdfunding will be initially introduced in the real estate sector, driven by increasing investment interest from individuals, he told Hapi Journal in an interview. The initiative aims to offer an investment tool that expands the ownership base while ensuring client protection and service provider efficiency within a regulated framework. He noted…
ExxonMobil Egypt has discovered natural gas off Egypt’s Mediterranean coast, a significant find that could play a key role in revitalizing the North African country’s struggling oil production, the Texas-based company said in a statement on January 16. Nefertari-1 well This marks a significant development in the company’s exploration activities within Egypt’s energy sector, which remains a focal point for local and international energy investments. Exxon said it completed the exploratory Nefertari-1 well in the North Marakia Block, located about eight kilometers off Egypt’s northern coast. The Nefertari well was drilled in the North Marakia area, which lies at a…
The General Authority for Investment and Freezones (GAFI) is reportedly preparing a new companies law to replace the existing Companies Act, aiming to align with recent investment sector developments and the increasing use of electronic documents. What to expect from the new law? The authority is expected to put the draft legislation up for public consultation after Ramadan, Hossam Heiba, President of GAFI told Hapi Journal in an interview on January 14. The Companies Act provides a regulatory framework for how companies in Egypt are incorporated, managed, and dissolved. The law also covers shareholder rights and the responsibilities of boards.…
Egypt’s Minister of Finance Ahmed Kouchouk and Minister of Investments and Foreign Trade Hassan El-Khatib unveiled a new mechanism to settle exporters’ outstanding dues from the Export Development Fund, totaling EGP 60 billion for shipments made up until June 30, 2024, a statement showed on January 8. Disbursement plan Under the new mechanism, 50% of the outstanding dues for exporting companies will be paid in cash over the next four years, starting this year, totaling EGP 8 billion annually. El-Khatib and Kouchouk explained that the government intends to pay the first installment of these dues by January 2025. The remaining…
President Abdel Fattah El-Sisi approved a bill to increase Egypt’s share in the International Monetary Fund (IMF) by 50% on January 9, part of a broader decision by the IMF’s General Assembly to raise the quotas of all member countries by 50%. This decision, formalized through Presidential Decree No. 247, also includes the reservation of the right to ratify, according to the Egyptian Gazette. Lower borrowing costs Moataz Yeken, chief economist at Lynx Strategic Business Advisors, told Business Monthly that Egypt’s increased IMF share will allow the country to access a larger borrowing limit without higher costs. This increase reduces…
Egypt’s annual headline inflation continued its downward trajectory for the third consecutive month in December, reaching 23.4%, down from 25% in November and 26.3% in October, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) on January 9. Inflation slows in December Headline inflation has primarily decreased due to a drop in the prices of several essential commodities, particularly vegetables, which fell by 14%. As a result, prices in the food and non-alcoholic beverages category dropped by 1.7%, contributing significantly to the inflation slowdown. However, not all sectors experienced price reductions. Fruits, garments, oils, and…
Egypt’s non-oil private sector saw worsening business conditions in December, with output and new orders shrinking at the fastest pace in eight months, according to a private survey by S&P Global. Inflation and currency volatility drive challenges The seasonally adjusted S&P Global Egypt Purchasing Managers’ Index (PMI), a key measure of operating conditions in the non-oil private sector, fell to 48.1 in December from 49.2 in November. This marks the fourth consecutive month of contraction, with a reading below 50 signaling a decline. “The latest Egypt PMI data showed that the non-oil private sector’s anticipated recovery is unlikely to be…
Egypt’s Ministry of Planning, Economic Development, and International Cooperation has forecasted a 4% growth rate for the country’s Gross Domestic Product (GDP) in fiscal year (FY) 2024/2025, a statement showed on December 31. Q1 growth In the first quarter of FY 2024/2025, Egypt’s economy grew by 3.5%, up from 2.7% in the same quarter last year. The ministry attributed the growth to government reforms stabilizing the macroeconomy and improving public investment governance. These efforts boosted momentum in several sectors, especially transformative industries, despite a decline in Suez Canal revenues due to regional geopolitical challenges, the ministry noted. In Egypt, the…