News / Government

November Inflation Logs Biggest Drop Since 2015

Egypt's annual headline inflation rate declined in November, logging the steepest fall in three and a half years that has reversed an upward trend and recorded 15.7% from 17.7% in October, according to state statistics agency CAPMAS, the first decline after it soared steadily in August on the back of subsidy cuts

Madbouly Orders Establishing Transport Regulation Unit for New Cities

Prime Minister and Minister of Housing, Utilities, and Urban Development Mostafa Madbouly has issued a ministerial decree for the establishment of a unit to organize the new cities' transport networks

Egypt Increases Urban Areas for Growing Population: Official

Tarek Shoukri, head of the Real Estate Development Chamber affiliated to the Federation of Egyptian Industries (FEI), said Egypt is witnessing the implementation of a massive volume of development projects to increase the number of urban areas, and thus, accommodate the ongoing population leap

Saudi PIF Launches New Project to Boost Sustainable Tourism

Saudi Arabia's Public Investment Fund (PIF) has announced the launch of a new sustainable tourism project called "Wadi Al Disah Development Project," on the southwest of Tabuk city in the Saudi kingdom

CBE to End Forex Repatriation Mechanism on December 4

The Central Bank of Egypt (CBE) decided on November 28 to terminate the foreign exchange repatriation mechanism, starting from December 4, for new portfolio investments

81 Investment Projects Approved in Over 16 Cities: Official

Walid Abbas, assistant minister for community affairs of the New Urban Communities Authority (NUCA), said that 81 investment projects have been approved in more than 16 cities, spreading over a total of 13,697 acres

Egypt Revenues Leap 35.5% in Q1 FY2018/19: Minister

Egypt's Finance Minister Mohamed Maait said that the state's revenues soared by 35.5% in Q1 of FY 2018/19, putting the government on track to achieve its targeted primary budget surplus of 2%

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

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