News / Government

Egyptian Expats’ Remittances Grow 20.4% YoY in September: CBE

The Central Bank of Egypt (CBE) has announced that remittances from Egyptian expats, one of the country's main sources of foreign currency, jumped by 20.4% YoY in September to reach USD 1.8 bn, up from USD 1.5 bn in the same month in 2017

Egypt Aims to Reduce Budget Deficit to 7% in FY 2019/20

The Finance Ministry's FY 2019/20 draft state budget targets reducing Egypt's total budget deficit to 7% of the country's GDP, down from 8.4% in the current fiscal year, anticipating to see the deficit shrinking to 5.6% of GDP in FY 2020/21 and 3.9% in 2021/22

Egypt’s GDP Up to 5.3% in Q1 2018: Minister

Egypt’s Planning Minister Hala El-Saeed said that the country’s GDP jumped to 5.3% in Q1 2018, which began in July, compared to 5.2% in the prior-year period, amid the government's invested efforts to achieve comprehensive reforms in all sectors to maintain its upward trend

Annual Core Inflation Up to 8.86% in October: CBE

The Central of Egypt Bank (CBE) announced on November 11 that the annual core inflation jumped to 8.9% YoY in October, up from 8.6% in September, another leap in Egypt’s inflation indicators during the same month

Tourism to Comprise 15% of Egypt’s GDP in 2018: Minister

Minister of Tourism Rania Al-Mashat foresees that possibly 10 mn tourists will be visiting Egypt in 2018 in a feat that will see the industry contribute almost 15% to the country's GDP this year

S&P Affirms Egypt’s B/B Credit Rating With Stable Outlook

Standard & Poor’s (S&P) Global Ratings affirmed on November 9 the "B/B" long- and short-term foreign and local currency sovereign credit ratings on Egypt with a stable outlook, reflecting the potential of raising the country's rating next year

Saudi Arabia, CyBe Set Up Region’s First 3D Printed House

Saudi Arabia's National Housing and Industrial Development and Logistics Program has successfully built the region's first 3D printed house in the capital Riyadh, in partnership with Dutch company CyBe, a pioneer in the field

Egypt’s Foreign Reserves Reach USD 44.5 bn in October: CBE

The Central Bank of Egypt (CBE) announced on November 5 that the country's foreign currency reserves continued its upward trend and increased by USD 44.501 bn at the end of October, a bit higher than USD 44.459 bn in September

Tourism Ministry Opens Egypt’s Pavilion at London’s World Travel Market

Minister of Tourism Rania Al Mashat has announced the opening of Egypt's pavilion at the World Travel Market (WTM) in London, attempting to provide visitors with "an immersive glimpse of what the country has to offer to suit all tastes and budgets"

China’s CSCEC Plans to Train 10,000 Egyptian Construction Workers

Chairman of China State Construction Engineering Corporation (CSCEC), the company responsible for establishing the business and financial district in the New Administrative Capital (NAC), said the firm plans to train 10,000 Egyptian construction workers through free training courses as it builds the business district of NAC

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