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Huawei launches MENA’s first public cloud in Egypt
Huawei Cloud launched its Cairo Region on Tuesday, becoming the first company to launch a public cloud services suite in Egypt, the first in the MENA
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Egypt's EFG Hermes acquires minority stake in Danish fintech Kenzi Wealth
The acquisition of a minority stake in Kenzi Wealth represents EFG Hermes’ significant commitment to driving innovation in the fintech sector.
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Velaro EGY high speed train for Egypt on test
The first of the Velaro EGY high speed trainsets which Siemens Mobility is to supply to Egypt is undergoing dynamic testing at the Wegberg-Wildenrath.
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Chilean energy firm Enap Sipetrol looks to Egypt for concessions, oil exploration
The company aims to enhance production and inject further investments into Egypt's petroleum sector.
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EBRD extends $119.5 mln loan to National Bank of Egypt for MSME financing
The loan is part of a potentially larger financing programme that could be implemented in multiple stages.
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Uber demands access to government database in Egypt
Representative Amr Darwish warned that Uber’s request to access the citizen database violates national security.
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Egypt welcomes 4.6 million tourists in first 4 months of 2024
Egypt’s tourism revenues hit $4.3 billion over the first four months of 2024, according to the country’s Minister of Tourism Ahmed Issa.
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Egyptian VC firm Glint announces $3m 1st close of 2nd fund
The Egypt-based VC firm Glint has completed the first close of its second venture fund, which will invest in early-stage startups, at US$3 million.
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Devaluation of Egyptian pound hits Orascom’s revenue
The devaluation of the Egyptian pound has dented revenue at contractor Orascom, although this was partially offset by a strong performance in the US.
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Egyptian Exports to Arab Nations Reach USD 13.6 Billion
Saudi Arabia emerged as the top importer of Egyptian goods, with imports totaling USD 2.7 billion.
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Egypt’s Wepco kicks off the first phase of USD 420 oil storage project
The added storage capacity is expected to contribute to oil storage and export operations for the upcoming 2024 - 2025 fiscal year.
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Egypt’s real estate portfolio valued at $200 billion, ready for international export
In 2022, Egypt launched an initiative to export real estate with an aim to bolster the local property market and increase foreign currency reserves.
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Normalization in ties between Türkiye, Egypt spurs tourism surge
This revival caused the significant increase in the number of tourists traveling to Egypt from Türkiye, thanks to the visa facilitation process.
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Egypt textile circularity programme concludes
The SwitchMed III initiative was funded by the European Union (EU) and implemented by the United Nations Industrial Development Organization (UNIDO).
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Cash, Microfinanza launch $2.4 million project to support Egyptian entrepreneurs
Egypt-based Cash for Microfinance, a subsidiary of Beltone Holding, has partnered with Microfinanza Italia to launch a $2.4 million project.
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UN study warns of potential $20bln economic loss for Egypt amid Gaza conflict escalation
Under the least severe scenario, the projected cost to the Egyptian economy would decrease to $5.6 billion for the current and the upcoming FYs.
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Samsung starts first factory in Middle East, Africa to boost Egypt's manufacturing sector
Jung detailed that the factory's current production capacity stands at 6 million units annually, encompassing televisions, mobile phones, and tablets.
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Four Egyptian banks receive positive outlook on improved foreign currency liquidity
These revisions reflect reduced pressures on these banks' capital ratios in the upcoming FY2024/2025.
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EgyptAir expands Cairo-New Delhi service to daily flights
EgyptAir, the national carrier of Egypt, is set to expand its Cairo-New Delhi service to daily flights, up from the current four flights per week.
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The tourist flow from Russia to Egypt in January-April increased by 15%
Egypt plans to increase the foreign tourist flow annually by 25% in order to reach the figure of 30 million tourists by 2030.
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Al Ahli Bank Of Kuwait – Egypt Records EGP 3.2 Billion Net Profit In The First Quarter Of 2024
Net Interest Income increased by 71% to reach EGP 1.4 billion by the end of March 2024 compared to EGP 841 million over the same period in 2023.
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Global inflation raises Egypt’s import bill by $4 bln monthly
Egypt's import bill rose by $4 billion per month due to the rise in global prices, increased shipping costs, and exchange rate fluctuations.
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Egyptian doctors raise concerns over bill to lease government hospitals
Abdel-Hay expressed the Medical Syndicate’s welcome to encourage the private sector to participate in providing health services.
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Entlaq Company wraps up Dutch Startups Matchmaking Program in Egypt
Ehab stated that this program represents an investment opportunity for companies, workers, and investment institutions.
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Korean Delegation to Meet with Egyptian Gov't, Chamber of Commerce for Economic Cooperation
The accompanying Korean delegation includes a group of Korean businessmen and CEOs of 19 companies operating in 11 fields.
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Egypt aims to attract 60 million tourists annually
Egyptian Prime Minister Mostafa Madbouly announced that his government aims for the tourism sector to attract 60 million tourists annually.
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Egypt signs land access agreement for world’s largest wind farm project
Egypt signed on Wednesday a land access agreement with an Egyptian-Emirati consortium to build a 10GW capacity onshore wind farm in Upper Egypt.
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ADQ to commence construction work in Ras El Hekma Project before end of 2024
El-Gazzar highlighted that the project’s developer has established the plans, secured ministerial decisions, and acquired the necessary licenses.
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SCZone Aims to Attract 1,000 Chinese Companies by 2030, Says Chairman
This came during his meeting Friday, with a delegation from the Chinese city of Tianjin, inside the industrial developer TEDA.
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Egypt’s Customs Authority returns tariff on expatriate gold
The head of the Customs Authority Al-Shahat Ghatouri told Al-Masry Al-Youm We returned as it was before the exemption decision because it ended May 10