Egyptian pound weakens against dollar on Thursday
Arab Finance: The exchange rate of the US dollar to Egyptian pound increased to EGP 50.6 for buying and EGP 50.7 for selling at the National Bank of Egypt (NBE)on Thursday at 3:22 PM.
Likewise, the USD traded at the same rate at both Banque Misr and the Commercial International Bank Egypt (CIB).
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
5 hours ago
- Gulf Today
Gold heads for weekly fall as Fed rate cut prospects weigh
Gold prices fell on Friday and were on track for a weekly decline, as an overall stronger dollar and the prospect of fewer US interest rate cuts offset support from rising geopolitical risks in the Middle East. Spot gold slipped 0.8% to $3,333.99 an ounce, as of 0604 GMT, and was down 2.5% for the week so far. US gold futures shed 1.4% to $3,361.80. Describing the situation in the Middle East as 'fluid', Kelvin Wong, senior market analyst, Asia Pacific, at OANDA, said it is causing traders to avoid taking aggressive positions both on the long and the short side of the trade spectrum. US President Donald Trump will decide in the next two weeks whether the US will get involved in the Israel-Iran air war, the White House said on Thursday, raising pressure on Tehran to come to the negotiating table. Meanwhile, Trump reiterated his calls for the US Federal Reserve to cut interest rates, saying it should be 2.5 percentage points lower. The Fed held rates steady on Wednesday, and policymakers retained projections for two quarter-point rate cuts this year. 'Macroeconomic developments, particularly steady yields and renewed USD strength, have not supported the (gold) price,' analysts at ANZ said in a note. 'Rising inflation expectations and the Fed's cautious stance have weighed on market expectations around the number of rate cuts this year.' The dollar was set to log its biggest weekly rise in over a month on Friday. A stronger greenback makes gold more expensive for other currency holders. Reuters
Arabian Business
a day ago
- Arabian Business
Americana in talks to acquire Five Guys in the region: reports
Americana Restaurants International, the largest out-of-home dining and quick service restaurant operator in the Middle East and North Africa and Kazakhstan with a portfolio that includes brands like KFC, Pizza Hut, Hardee's, Krispy Kreme, Wimpy and Costa Coffee, is reportedly considering adding Five Guys, Cinnabon and Seattle's Best Coffee to that list. Bloomberg has reported, with information from people familiar with the matter, that Americana is in talks to acquire Cravia Inc. from Fajr Capital, the private equity company that has owned Cravia since 2016. Talks are at an early stage, and there is no certainty a deal will be reached, the sources told Bloomberg, which could not get a response from Americana, while Fajr declined to comment. Americana eyes Five Guys acquisition Americana declared a revenue growth of 16.2 per cent for the first quarter of 2025, compared to the same period last year, with like-for-like sales improvements and the expansion of the store network. It reported an EBITDA of $121.7m, an increase of 17.4 per cent and net profit attributable to shareholders was $32.6m, a 16.5 per cent YoY increase. The company generated $33.5 million in Free Cash Flow during the quarter, while maintaining a strong balance sheet with no leverage and healthy cash reserves. Cravia has 78 outlets and more than 2,000 employees. In addition to Five Guys and Cinnabon, it operates or manages brands like Zaatar W Zeit, Seattle's Best Coffee and Carvel.
TECHx
a day ago
- TECHx
UAE Tops in Attracting AI and Skilled Talent in 2024
Home » Latest news » UAE Tops in Attracting AI and Skilled Talent in 2024 The UAE tops the Middle East and North Africa region as a leading destination for foreign direct investment (FDI), ranking 10th globally in 2024, according to the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2025. The country achieved AED 167.6 billion (USD 45.6 billion) in FDI inflows, marking an unprecedented growth amid a challenging global landscape. The UAE Foreign Direct Investment Report 2025, issued by the Ministry of Investment, revealed the nation's strong performance in attracting capital across strategic sectors. Despite global uncertainties, the UAE maintained its position as a preferred destination for investors. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, announced that the country accounted for 37% of all FDI inflows into the region in 2024. He highlighted that out of every $100 invested in the region, $37 comes to the UAE. The country also ranked second globally in the number of newly announced FDI projects, following the United States. The report showed a 48% increase in FDI inflows compared to the previous year. The UAE's goal is to attract AED 1.3 trillion in FDI over the next six years, further boosting its economy. Despite a global slowdown in greenfield FDI projects, the UAE recorded a 2.8% growth, reaching AED 53.3 billion (USD 14.5 billion) in announced greenfield investments. It ranked second globally with 1,369 new greenfield projects announced in 2024. The Ministry of Investment leads efforts to create a flexible and competitive environment for global capital. It works closely with federal and local authorities, investment agencies, and private sector partners to develop policies that enhance the UAE's attractiveness as an investment hub. Annual FDI inflows have risen steadily from AED 31.6 billion (USD 8.6 billion) in 2015 to AED 167.6 billion in 2024. The cumulative FDI stock reached USD 270.6 billion, reflecting a compound annual growth rate of 10.5% over nine years. Mohamed Hassan Alsuwaidi, Minister of Investment, stated that this FDI growth reflects the UAE's strategic vision and long-term leadership. He added that the ministry remains committed to providing a competitive business environment and regulatory framework aligned with national priorities. Key economic sectors driving FDI include software and IT services (11.5%), business services (9.7%), renewable energy (9.3%), coal, oil, and gas (9%), and real estate (7.8%). The energy sector attracted AED 4.8 billion (USD 1.3 billion) in greenfield FDI, supporting the UAE's goal to triple renewable energy production by 2030. The UAE's policies on full foreign ownership in mainland companies, a 9% corporate tax rate, streamlined licensing, and legal protections have fostered investor confidence. The Dubai International Arbitration Centre strengthens investor protection further. The country also ranks fifth globally in attracting highly skilled talent, according to the 2024 Global Talent Competitiveness Index by INSEAD. It ranks third in attracting AI talent, based on Stanford University's 2024 AI Index. The UAE's global partnerships support its investment environment, with 21 Comprehensive Economic Partnership Agreements and 120 bilateral investment treaties in place. Digital transformation investments continue to grow. For example, the USD 1.5 billion joint venture between Microsoft and Abu Dhabi-based G42 aims to advance AI capabilities and innovation. The National Investment Strategy 2031 targets doubling annual FDI inflows by 2031, aiming for AED 2.2 trillion in cumulative FDI. It focuses on priority sectors such as advanced manufacturing, renewable energy, financial services, and IT, emphasizing sustainability and innovation. Key Points: UAE attracted AED 167.6 billion in FDI inflows in 2024, ranking 10th globally. The country accounted for 37% of regional FDI inflows and ranked 2nd in new FDI projects. The National Investment Strategy 2031 aims to double FDI inflows, focusing on key sectors and innovation. This report confirms the UAE's position as a stable and attractive destination for foreign direct investment, supported by strong policies, strategic partnerships, and ongoing economic diversification. Source: Dubai Media Office
