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Latest in Economy

Egypt ranks 167th in PwC’s Paying Taxes 2018 report

Egypt ranked 167th globally, out of 190 countries, according to the World Bank (WB) and PricewaterhouseCoopers (PwC)’s Paying Taxes 2018 report, which rates countries by ease of complying with tax laws. Paying Taxes 2018 is one of the elements of the WB’s Doing Business 2018 study, in which Egypt ranked 128. Using the perspective of …

Nihal Samir

UAE company Khansaheb mulls entering Egyptian market: managing director

Amer Abdulaziz Khansaheb, managing director of the UAE-based Khansaheb Investment, said that his company is studying the available opportunities of investment in the Egyptian market, adding, “the construction and health sectors are very attractive.” Abdulaziz told Daily News Egypt that his company works in the fields of real state, health, retail, and consumer products, noting that …

Hagar Omran

French delegation to visit Egypt seeking investment opportunities next week

CCI International Normandie is organising with Business France a visit to Egypt for a delegation of French companies in the agriculture, health, environment, infrastructure, and oil and gas sectors. The delegation will visit Egypt from 22 to 24 April to discuss and study investment cooperation with Egyptian companies and small and medium enterprises (SMEs) and …

Daily News Egypt

Targeted growth rates, unemployment 

The government targets a gross domestic products (GDP) growth rate of 5.8% for FY 2018/19, according to the pre-budget announcement, with authorities targeting inclusive growth affecting all economic segments. Consequently, the government aims to create jobs to absorb the growing workforce; it is estimated that more than 700,000 join the work force annually. Many economic …

Daily News Egypt

Egypt’s social spending strives to curb negative effects of reforms

Subsidies FY 2015/16 (billions of EGP) FY 2016/17 (billions of EGP) FY 2017/18 (billions of EGP) FY 2018/19 (billions of EGP) Food commodity subsidies 42.7 47.5 82.2 86.2 Cash subsidies (Social solidarity pensions and Takaful and Karama programmes) 8.8 12.9 17.5 17.5 Number of beneficiaries 0.7 1.7 2.85 3.2 Sources: Ministry of Finance and Ministry …

Mohamed Samir

AlexBank, Jordan Post sign agreement to enhance remittances service

The Bank of Alexandria (AlexBank) announced on Monday in Amman the signature of a partnership agreement with the Jordan Post Company to facilitate the transferring of remittances to Egypt. The agreement was signed by Jordan Post Co General Manager Khaled Deib Al-Laham and Dante Campioni, managing director and CEO of AlexBank, and witnessed by Jordanian …

Daily News Egypt

Egypt targets 4% deficit by 2022: El-Garhy

Egypt’s Minister of Finance Amr El-Garhy said that his ministry aims to reduce the budget deficit to 4% by 2022, while continuing the economic reform programme, according to state-owned Middle East News Agency. El-Garhy’s statement came on the sidelines of the launch event of the “system of tax returns, discount, and collection, with the activation …

Mohamed Samir

16% decline in EGF Hermes’ profit in 2017

Egyptian Financial Group Hermes Holding (EFG Hermes) announced in a press statement a decline of 16% year-over-year in EFG Hermes’ consolidated profits during 2017. The company added that it achieved consolidated profits of EGP 1.25bn in 2017, compared to a profit of EGP 1.49bn in 2016, including minority shareholders’ rights. EFG Hermes also revealed in …

Daily News Egypt

IFC does not yet wish to sell its stake in AlexBank

International Finance Corporation (IFC), the World Bank Group’s investment arm, has shown no interest in selling its 9.25% stake in the Bank of Alexandria (AlexBank), a member of the Intesa Sanpaolo Group, up until now. Walid Labadi, IFC country manager for Egypt, Libya, and Yemen, said that the IFC will announce its intention to sell …

El Husseiny Hassan

Moody’s AFP

Moody’s ranks Egypt’s 1st movable collateral registry as credit positive for banks

Moody’s Investors Service announced on Sunday that Egypt’s first movable collateral registry, which was launched by the Financial Regulatory Authority last Sunday, is credit positive for Egyptian banks. The newly launched collateral registry will inform banks’ credit decisions and improve their ability to secure movable collateral, such as a borrowers’ machinery, inventory, patents, and crops, …

Mohamed Samir