News / Government

Moody’s Affirms Egypt Credit Rating at B2 Stable

Moody's Investors Service has kept Egypt's credit profile at "B2 stable," reflecting concerns over the government’s weak, but gradually improving, finances and fiscal metrics, which shall boost annual growth to 6% by 2021.

Gov’t Delivers 25,440 Units in October Gardens

Minister of Housing, Utilities, and Urban Communities Assem El Gazzar announced on September 1 that 25,440 social housing units have been completed and handed over in October Gardens, west Cairo

Alexandria’s Mahmoudia Axis to See 2 Mixed-Use Projects

The New Urban Communities Authority (NUCA) has inked a cooperation protocol with subsidiaries of Holding Company for Cotton, Spinning, and Weaving on the development of integrated urban projects within two plots owned by the latter on Mahmoudia Axis, Alexandria

Online Industrial Allocation Portal to Launch in Egypt Soon

Egypt will launch an electronic platform for investors to buy industrial plots soon, amid efforts to promote transparency and fair competition within the sector, while promoting and making use of the available land opportunities.

Gov’t Forms Committee to Study Imposition of Beach Fees

The Egyptian government has decided to set up a legal committee, headed by the chairman of the Council of Ministers, to study the legal implications and determine a mechanism to collect the recently imposed fees on users of coastal beaches

Egypt Allots EGP 15.4 bn to Local Development in FY 2019/20

Egypt’s Planning Minister Hala El-Saeed said the government has allocated investments totaled at EGP 15.4 bn for the local development program in FY 2019/20.

Gov’t Scraps Monthly Customs Exchange Rate System

The Finance Ministry decided to revert to setting the monthly customs exchange rate on a daily basis according to FX rates announced by the Central Bank of Egypt (CBE)

Pyramids Renovation Project to Open in Q1 2020

Egypt is due to open its USD 500 mn Pyramids Renovation Project in Q1 2020, which will be managed and operated by Orascom Investment Holding (OIH), providing first-class facilities and recreational services on-site.

New Sohag to See 984 Social Housing Units Completed Soon

Minister of Housing, Utilities, and Urban Communities Assem El Gazzar said 984 social housing units, within 41 buildings, are nearly completed in Egypt's southern city of New Sohag.

DPM Issues Legislation to Regulate Abu Dhabi’s Private Housing

The Department of Urban Planning and Municipalities (DPM) issued on August 29 a legislation to regulate the construction of private villas in Abu Dhabi, UAE.

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