News / Government

OECD Raises Egypt’s Rating as Attractive Destination for Investment

The Organization for Economic Cooperation and Development (OECD) has raised Egypt’s rating on the country risk index from level six to five as an attractive destination for investment.

Planning Ministry Signs 2 Cooperation Procotols for State Employees

Egypt's planning ministry has signed two cooperation protocols with UK-based King's College London and Washington-based American University on raising the efficiency of employees of the state's administrative apparatus in preparation for the transition to the New Administrative Capital (NAC).

Egyptian Expats’ Remittances Up 5.7% in 11 M: CBE

The Central Bank of Egypt (CBE) has announced that remittances from Egyptian expats, one of the country’s main sources of foreign currency, hiked by 5.7% - or USD 1.2 bn - in the first 11 months of 2018 to USD 23.3 bn.

Parliament Preliminary Approves Draft Law on Reconciliation in Building Violations

Egyptian parliament’s General Committee gave preliminary approval for the draft law on reconciliation in building violations on January 25, which is expected to provide the government with about EGP 150 bn when issued.

Sphinx Int’l Airport Witnesses First Run of Domestic Flights

Ministers of Civil Aviation and Tourism witnessed the experimental operation of domestic flights for the first time from Sphinx International Airport, west Cairo, which began on January 25 and set to last until February 9, in a bid to boost the country's tourism.

Housing Committee to Discuss Real Estate Development Bill

The House of Representatives’ Housing Committee will discuss on January 28 a draft law to regulate real estate development and to establish a federation for real estate developers.

Gov’t Approves Operations of 4 Lulu Hypermarkets, Other Projects

The New Urban Communities Authority's (NUCA) board of directors approved on January 21 a contract with the Internal Trade Development Authority (ITDA) and UAE-based Lulu Hypermarket to manage and operate four new hypermarkets across Egypt.

Egypt to Begin Work on Africa’s Tallest Building Within Days: PM

Prime Minister and Minister of Housing, Utilities, and Urban Development Mostafa Madbouly has revealed that the foundations for Africa’s tallest building, a 385-meter tower, in the New Administrative Capital (NAC) will be poured within days and continuously over 80 hours

NUCA Invested EGP 5 trn in 4 Years: Official

Assistant Minister of Housing for the Affairs of the New Urban Communities Authority (NUCA) Waleed Abbas said the authority has developed 375 real estate projects in different cities with investments of EGP 5 trn over four years.

New Real Estate Firm Launched With EGP 300 mn Capital

Ministry of Investment and International Cooperation has announced the launch of two new companies at an issued capital of EGP 400 mn between January 3 and 9, including a new real estate company named Tharwa for Real Estate Development

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