News / Egypt

Egypt’s Foreign Reserves Rise to USD 42.6 bn by January-End: CBE

The Central Bank of Egypt (CBE) announced on February 5 that net foreign reserves rose to USD 42.616 bn by the end of January 2019, compared to USD 38.2 bn in the prior-year period.

Hassan Allam Properties to Implement 1st Phase of HAPTOWN in April

Hassan Allam Properties (HAP) has begun the earthworks of the first phase of its HAPTOWN project in Mostakbal City, while planning to begin its construction works by next April.

Emirates NBD Egypt PMI Falls in January

The Emirates NBD Egypt PMI declined for the fifth month in a row in January 2019 to reach the lowest level since December 2017, yet above the series average.

RE/MAX Unveils New Corporate to Expand Egypt’s Real Estate Exports

Egypt's real estate marketing franchise RE/MAX has successfully launched RE/MAX Corporate, which aims at expanding the real estate exports market and initially targets achieving 6% of the company's total sales in 2019 from the same market.

Communications Ministry to Develop Technological Zone in Maadi

Prime Minister and Minister of Housing, Utilities, and Urban Development Mostafa Madbouly has issued a decree to authorize the communications ministry to establish a 75-acre technological area in Maadi, south Cairo, dedicated to activities related to the telecommunications industry.

Alassema to Launch Medical Project at NAC

Egypt-based property developer Alassema Real Estate plans to launch a new healthcare project at the New Administrative Capital (NAC), dubbed Medical Capital City (MCC), with EGP 750 mn target sales.

IMF Board Approves USD 2 bn Tranche to Egypt

The International Monetary Fund’s (IMF's) executive board completed on February 2 the fourth review of Egypt’s economic reform program, allowing the country to draw about USD 2 bn worth of loan, bringing the country's total disbursements to USD 10 bn.

Madbouly Reviews Latest Updates on New Cities

Prime Minister and Minister of Housing, Utilities, and Urban Development Mostafa Madbouly held a meeting with officials from the New Urban Communities Authority (NUCA) and the housing ministry’s leaders to follow up on the progress of projects in New Mansoura, New Aswan, and Nasser City - west Assiut.

German Investments in Egypt Exceed USD 7 bn

German Federal Minister for Economic Affairs and Energy Peter Altmaier has revealed that German investments in Egypt have recorded USD 7.1 bn.

Finance Ministry Signs 8 Contracts for 24 Language Schools

The Ministry of Finance has announced the signing of contracts with eight Egyptian and Arab investment companies for the establishment of 24 language schools in seven governorates.

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