logo
Egypt: EGP keeps strengthening against USD on Tuesday

Egypt: EGP keeps strengthening against USD on Tuesday

Zawya5 days ago
Arab Finance: The exchange rate between the US dollar and EGP hit EGP 49.02 for buying and EGP 49.12 for selling at the Commercial International Bank Egypt (CIB) and the National Bank of Egypt (NBE) on Tuesday.
Meanwhile, the USD recorded EGP 49.01 for buying and EGP 49.11 for selling at Banque Misr.
The US dollar traded at EGP 49.05 for purchasing and EGP 49.15 for selling at the United Bank.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Dubai: Jumeirah Village Triangle to have its first man-made beach
Dubai: Jumeirah Village Triangle to have its first man-made beach

Khaleej Times

time5 minutes ago

  • Khaleej Times

Dubai: Jumeirah Village Triangle to have its first man-made beach

Dubai developer Binghatti has unveiled its latest project, Binghatti Flare, a twin tower development, with both tower 01 and 02 having a gross value of Dh2.1 billion. Featuring over 1,300 residential units and located in Jumeirah Village Triangle, the project is poised to become one of Dubai's boldest residential addresses. Its standout feature: the first-ever man-made beach in JVT, coupled with over 20+ resort-style amenities across both towers. In recognition of the strong and growing interest from Egyptian investors who rank among Binghatti's top international buyers a dedicated team will remain on the ground for five days following the event. Located at Rixos Premium Alamein, Binghatti's property showcase will offer tailored support, on-site consultations, and exclusive offers for prospective investors. The unveiling was held at Egypt's North Coast with a seaside event attended by over 7,500 guests, increasing the turnout of its previous Cairo showcase beneath the pyramids. The evening was headlined by Kadim Al Sahir, the legendary 'Caesar of Arabic Music'. Held at the scenic North Square Plaza in El-Alamein, the event drew a guest list of local celebrities, business leaders, and dignitaries. Hollywood icon Terry Crews served as master of ceremonies, joined on stage by celebrated Egyptian actor and presenter Ramy Radwan. Chairman Muhammad Binghatti commented: 'Egypt is a land of immense investment potential. Our presence here is a testament to our commitment to this market and toEgyptian buyers. With every project, we aim to blend bold architectural vision. Binghatti is not just building homes, we are crafting landmarks that redefine luxury and resonate across generations.' The evening also served as a networking platform, bringing together industry leaders, developers, investors, and key stakeholders, sparking strategic dialogue and partnership opportunities that extend beyond the UAE-Egypt axis.

Donald Trump prioritises 'food and safety' in Gaza as he hosts Kier Starmer
Donald Trump prioritises 'food and safety' in Gaza as he hosts Kier Starmer

The National

time35 minutes ago

  • The National

Donald Trump prioritises 'food and safety' in Gaza as he hosts Kier Starmer

US President Donald Trump and UK Prime Minister Keir Starmer discussed Gaza during a series of meetings at the American leader's golf resorts in Scotland. Mr Trump said food and safety must be the priority as the conflict drags on, with ceasefire talks at an impasse. He said he also planned to discuss the humanitarian situation with Starmer during his visit on Monday. 'We're giving a lot of money and a lot of food, and other nations are now stepping up,' Mr Trump said. 'It's a mess. They have to get food and safety right now.' The crisis in Gaza is a priority for the two leaders, but talks also expected to include the bilateral trade deal and efforts to end Ukraine war. The US President said he told Israeli Prime Minster Benjamin Netanyahu that the fight in Gaza against the Hamas militant group would have to be conducted in a different way after the latest talks on a ceasefire and hostage release agreement fell apart last week. UK officials said Mr Starmer had developed a plan for peace in Gaza that prioritised deliveries of immediate humanitarian aid shipments into the war zone as well as charting a path to a two-state solution. Mr Starmer hopes to promote a UK-led plan 'in the coming days' with his cabinet and with other international allies, including Arab states. The Prime Minister's spokesman added that it was a matter of 'when, not if' the UK recognises Palestine as a state, but that it must be one of the steps along a pathway to peace. The pair met at Mr Trump's luxury golf resort in Turnberry, on Scotland's west coast, before travelling on together later to a second championship estate owned by Trump in the east, near Aberdeen. Hundreds of police officers were guarding the perimeter of the Turnberry course and the beach that flanks it, with a helicopter hovering overhead, although there was no sign of protesters outside the course. Mr Trump said he expected Mr Starmer would be pleased with the US-EU trade agreement announced on Sunday. 'The Prime Minister of the UK, while he's not involved in this, will be very happy because you know, there's a certain unity that's been brought there, too,' Mr Trump said. 'He's going to be very happy to see what we did.' Mr Starmer had hoped to negotiate a reduction in steel and aluminium tariffs as part of the talks, but Trump ruled out any changes to the 50 per cent steel and aluminium duties for the EU. He has said the trade deal with Britain is 'concluded', though British officials are pressing for more access to those US markets.

Boom in China exports gives EAC first-ever trade surplus
Boom in China exports gives EAC first-ever trade surplus

Zawya

time35 minutes ago

  • Zawya

Boom in China exports gives EAC first-ever trade surplus

A surge in exports to China helped the East African Community (EAC) post its first-ever trade surplus with the rest of the world in the quarter to March 2025, signalling a potential turning point in the region's global trade position. The eight-member bloc recorded a joint trade surplus of $840 million with global trading partners, its first positive balance in recent history, largely driven by a sharp rise in exports to China, its largest trade partner. The shift may have been partly influenced by the escalating US-China tariff wars, which some economists say could be pushing Beijing to diversify its sourcing of key commodities like minerals and agricultural products. EAC countries cumulatively exported commodities worth $17.7 billion to the rest of the world during the three-month period, a 47 percent increase from $12 billion in the same quarter last year, according to data from the EAC Secretariat. Imports from countries outside the region fell short of exports for the first, despite posting a 5 percent rise to $16.8 billion in March from $16.1 billion a year ago. This resulted in a net inflow of foreign currency into the region, easing foreign exchange pressures and helping stabilise the East African currencies that have long endured significant volatility from global economic shocks over the past five years. Read: Pain of Trump's tariffs on African economiesComing in the wake of record tariffs imposed on imports from several African countries by US President Donald Trump, which have since been paused to August1 at least, economists interpret the jump as a rush to beat a potential return of the levies.'The fact that it comes from exports is very positive. It could be that some exports were brought forward ahead of the tariff impositions,' said Phyllis Papadavid, an economist and senior research fellow at London-based think tank Overseas Development Institute. Indeed, exports to the US saw a steep 35 percent or $73 million jump during the year to March, hitting $280 million. But this accounted for just 1.3 percent of the total rise in EAC exports, suggesting other factors were at play. Deepening trade disputeOne such factor could be the deepening trade dispute between the US and China, which may have prompted Beijing to seek alternative suppliers, especially for minerals and agricultural products –two of its key imports from Washington. Exports to China from the region jumped to $5.8 billion in the period, a 66 percent increase from $3.5 billion last year, while imports from the Asian economic giant rose by a measly 7.6 percent to $4 billion, from $3.7 billion in March 2024. This marks the first time the EAC has recorded a trade surplus with China, reversing a historically lopsided relationship dominated by high-value machinery and electronics imports from Beijing. At the same time, EAC exports to four of its other top trading partners – United Arab Emirates (UAE), Hong Kong, South Africa, and India – also surged, further supporting the trade surplus. Hong Kong, for instance, recorded a triple growth in exports from the region in the year to March, from $561.9 million in 2024 to $1.58 billion this year, making it the third leading export source for East Africa after China and the UAE. EAC also saw a notable drop in the total value of imports from some of its leading trading partners, including the UAE, India, Russia, and Germany, also contributing to the surplus.'The EAC's total trade with the world has been increasing, with exports growing faster than imports,' notes Benard Wabukala, an economist and lecturer at the Makerere University Business School. Dr Wabukala agrees that the rise in demand for East African goods from the Chinese market has been behind the surging exports, and the trade surplus has been a long way coming.'Exports to China surged significantly, reflecting the strong demand from that market, and improvement in value and diversification of export products particularly agriculture and minerals,' he told The EastAfrican.'This trend has been coming and is likely to be sustained in the medium term, with current rains favouring agricultural production.'The EAC data shows that the export commodity that saw the largest increment over the period is copper and its articles, which nearly doubled to $6.6 billion, from $3.9 billion in March 2024, indicating a surge in exports from the Democratic Republic of Congo. Other exports that increased significantly include pearls, precious metals and stones, which rose by 77 percent to $2.95 billion from $1.67 billion. These are also largely exported by the DRC, and partly Tanzania and Uganda. Read: China's delight as Uncle Sam's once-favourite Ruto comes callingCoffee, tea and spices, which are exported largely from Kenya, Uganda, and Tanzania, also recorded a jump of $364.4 million, or 30 percent, to hit $1.2 billion over the period. While China remains the EAC's largest trade partner, intra-African trade is also gaining momentum. Trade with other African countries now accounts for 27 percent of the bloc's total merchandise trade, up from 22 percent last year. Intra-EAC trade has grown from 12.1 percent to 15.2 percent over the same period. Conversely, trade with the European Union and the Association of Southeast Asian Nations (Asean) has declined—from 8.1 percent and 6.7 percent of total EAC trade, respectively, to 6.9 percent and 6 percent. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store