The electricity went out in the Smart Village in Egypt today, causing the disruption of many companies and institutions in the vital economic zone.

According to workers in the region, the outage lasted for more than two hours, causing information darkness in the region, which includes important institutions such as the headquarters of the Egyptian Stock Exchange, the Financial Regulatory Authority, and Misr Clearing.

President Abdel Fattah El-Sisi asked the Egyptians to work in the software field weeks ago, and this request sparked widespread ridicule among Egyptians.

The power outage in the Smart Village today raised this irony once again, as companies’ operations stopped and were disrupted for hours.
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#Egypt #Egypt_News #Egypt_s_Economy #Egyptian_economy #Egyptian_Stock_Exchange #Electricity_Outage

Recent reports from “UBS” Bank stated that Egypt may witness a jump in the inflow of foreign currencies thanks to foreign direct investments, remittances from Egyptians abroad, and improved revenues from the Suez Canal.

The report developed three scenarios, the most optimistic of which indicates a 30% increase in foreign investments and remittances by Egyptians abroad compared to the years 2021 and 2022. These transfers will raise the total foreign currency entering the country to $20 billion in the next sixteen months, which will help the Central Bank of Egypt to strengthen its reserves. Cash until 2025.

The report stated that the less optimistic scenario shows reduced access to markets and a slow recovery in Suez Canal revenues, leading to net external flows ranging between $2 and $3 billion, which puts pressure on cash reserves.
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The World Bank raised its forecast for Egypt’s economic growth to 4.2% during the fiscal year 2024/2025, indicating that the “Ras El Hekma” deal that Egypt concluded with the UAE will enhance investment and support growth rates.

A recent report issued by the World Bank stated that global interest rates “will remain at double the average in the period from 2000 to 2019, which will curb growth and increase debt pressures on emerging market countries borrowing in dollars.”

The report indicated that “the economies of countries that represent 80% of the world’s population and their gross product will grow at a slower pace than before the Corona pandemic until 2026.
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#Corona_Pandemic #Economic_Growth #Egypt_News #Egyptian_economy #Global_Growth #Indermit_Gill #Interest_Rates #Ras_El_Hekma_Deal #UAE #World_Bank

The Ministry of Trade and Industry decided to stop the export of potatoes from four Egyptian companies to the European Union, the United Kingdom, and Russia until the end of the current agricultural season.

The Minister of Trade and Industry, Ahmed Samir, announced that this decision came in response to the requests of importing countries that request potatoes from areas free of brown rot, which is a plant disease that affects the quality of production.

For his part, the head of the General Syndicate of Farmers in Egypt, Hussein Abdel Rahman Abu Saddam, revealed that the decrease in exports to Russia came as a result of the rise in local prices, which encouraged merchants to stock up in the hope of achieving higher profits.
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#Agriculture #Ahmed_Samir #Egypt #Egyptian_economy #Egyptian_Ministry_of_Trade_and_Industry #Europe #European_Union #Export #Russia #United_Kingdom

Egypt is organizing tenders to purchase large quantities of gas this summer with the possibility of deferring payment for up to six months.

These new conditions make prices slightly higher, as Egypt is expected to pay more than the usual price to ensure its access to gas.

Sources in the Egyptian energy market indicate that Egypt will have to pay an additional premium on the price of gas, between one and two dollars per million British thermal units above the basic price, to secure the required quantities of gas.

Egypt expects to receive most of these shipments through the port of Ain Sokhna on the Red Sea, while some other shipments will be received at the port of Aqaba in Jordan.

Egypt faces economic challenges, including a shortage of hard currency and overdue debts to major companies, which makes the situation more difficult in light of these major tenders.
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The World Bank decided to provide financial support amounting to $700 million to Egypt, as part of a program aimed at enhancing macroeconomic stability and supporting sustainable growth.

These funds, allocated within the Development Policy Financing Program, will help the Egyptian government implement structural reforms to create an attractive business environment for investments and stimulate the private sector.

The financing comes in the context of supporting the Egyptian government’s efforts to overcome short-term economic challenges and facilitate the transition towards green transformation.

The program includes promoting the use of renewable energy, improving the efficiency of the electricity sectors, and restructuring the governance of government companies.

The Minister of International Cooperation and Governor of Egypt at the World Bank Group, Dr. Rania Al-Mashat, confirmed that this program represents part of Egypt’s commitment to implementing economic and structural reforms aimed at laying the foundations of a competitive economy led by the private sector and supporting environmental transformation.
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#Dollar #Egypt #Egyptian_economy #Egyptian_Government #Renewable_Energy #Stephane_Gimpert #World_Bank

A report issued by the Institute of International Finance revealed that Egypt has repaid $25 billion of its domestic and external public debt since last March.

This payment came as a result of the “Ras Al-Hikma” deal, which included the transfer of Emirati deposits worth $11 billion at the central bank into investments in local currency, in addition to the repayment of “Eurobonds” worth $2 billion, which is equivalent to 7% of the gross domestic product.

The report indicated that international investors expressed their optimism about the future prospects of the Egyptian economy, supported by the huge inflows from the “Ras El Hekma” deal, during a virtual conference organized by the institute with the participation of 100 speakers and participants to discuss the economic situation in Egypt, according to the Egyptian newspaper “Al Borsa”.
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#Central_Bank_of_Egypt #Economic_Inflation #Egypt #Egyptian_Debt #Egyptian_economy #Institute_of_International_Finance #Ras_Al_Hekma_Deal #UAE

Data from the Central Bank of Egypt revealed a noticeable positive shift in the net foreign assets of Egyptian banks during last May, as the surplus amounted to about $14.3 billion.

This increase represents a development that has not occurred in 28 months, as it comes in light of a noticeable increase in dollar flows to Egypt during recent months.

This positive transformation is attributed to the financial support package that Egypt received worth eight billion dollars from the International Monetary Fund last March, in response to the significant devaluation of the Egyptian currency.
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#Central_Bank_of_Egypt #Egypt #Egyptian_economy #Egyptian_Pound #International_Monetary_Fund #US_Dollar

The new Egyptian government was sworn in before President Abdel Fattah El-Sisi, in light of major economic challenges and raging conflicts in neighboring countries.

The changes coincide with growing popular discontent due to years of economic mismanagement, the coronavirus pandemic, and the repercussions of wars in Europe and the Middle East.

The new government, headed by Mostafa Madbouly, witnessed fundamental changes in the ministerial portfolios related to defense and economy, and some ministers remained in their positions, such as the ministers of police, health, and transportation.

Sherif Fathi replaced Ahmed Issa as Minister of Tourism and Antiquities in the new government. Mahmoud Esmat was appointed as Minister of Electricity to deal with recurring power outages during the summer.
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The Egyptian Safwat Al-Qalioubi Group signed an agreement worth $500 million with the Emirati company KSH to implement a huge real estate development project on the Nile River in Cairo.

The agreement includes the construction of three residential and commercial towers and a five-star hotel in an area overlooking Warraq Island, north of the center of the capital, on an area of ​​20,000 square meters.

The UAE is considered one of the main Gulf countries that has large investments in Egypt, and as part of these investments, the ADQ Holding Company signed a historic deal worth $35 billion last February to develop the Ras El Hikma area on the northern coast of Egypt, in addition to projects Other.
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#Cairo #Egypt #Egyptian_economy #KSH_Company #Nile_River #Ras_Al_Hikma_Deal #Safwat_Al_Qalioubi_Group #UAE #Warraq_Island

The Egyptian Ministry of Petroleum and Mineral Resources announced a major project to drill 586 exploratory wells with investments amounting to $7.2 billion.

The Minister of Petroleum and Mineral Resources, Karim Badawi, pointed out the importance of cooperation with the Ministry of Electricity and Renewable Energy to ensure the provision of fuel necessary to operate power plants.

He also stressed the importance of coordinating with foreign partners to pay late dues to encourage them to pump more investments with the aim of increasing the production of crude oil and gas.
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Recent data from the Central Bank of Egypt showed that the private sector’s share of total banking sector loans declined to 46.2% in March 2024, compared to 51.9% at the end of 2023.

This decline is considered the first of its kind since March 2019, when the private sector’s share was 36% at the time.

According to banking sources, the decline is partly due to the large increase in interest rates announced by the Central Bank, which reached 6% in March. This increase raised borrowing costs, which prompted some companies to postpone expansion plans and reduce the amount of borrowing.

Private sector loans reached their highest levels in 2002, reaching 63% of total credit, but since the beginning of 2021, private credit has begun to gradually decline.
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#Central_Bank_of_Egypt #Egypt #Egyptian_Banks #Egyptian_economy #Inflation #Interest_Rates #Loans