Latest news with #RasEl-Hekma
Daily News Egypt
31-07-2025
- Business
- Daily News Egypt
PM Madbouly reviews ongoing investment talks with Gulf states
Egypt's Prime Minister Mostafa Madbouly chaired a meeting on Wednesday to discuss major investment opportunities currently under negotiation with several Gulf countries. The meeting was attended by Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel Al-Wazir; Minister of Finance Ahmed Kouchouk; Minister of Investment and Foreign Trade Hassan El-Khatib; Minister of Public Business Sector Mohamed Shimi; Minister of Petroleum and Mineral Resources Karim Badawi; along with senior officials from the relevant ministries. Madbouly stressed that, as part of the government's strategy to actively promote investment in promising sectors and strengthen Egypt's economic competitiveness, the state is focused on showcasing the most viable projects and advancing executive measures to attract more foreign direct investment (FDI). Cabinet Spokesperson Counselor Mohamed El-Homsany noted that the meeting covered several projects under negotiation with Gulf partners across a range of sectors. These discussions aim to expand foreign investment and increase foreign currency inflows to support economic stability. He added that the meeting reaffirmed the government's commitment, as outlined in its action plan, to fostering both domestic and international investment by improving the investment climate and providing a package of incentives and facilitations. Gulf investments in Egypt have surged in 2025, led by the UAE's landmark $35bn Ras El-Hekma agreement—the largest FDI deal in Egypt's history—followed by Qatar's pledge of $7.5bn in direct investments. Saudi Arabia, Kuwait, and Bahrain have also stepped up their engagement, bringing total Arab investments to $41.5bn. These funds primarily target strategic sectors such as real estate, infrastructure, logistics, and energy, underscoring growing Gulf confidence in Egypt's reform agenda and economic potential.
Al-Ahram Weekly
23-07-2025
- Business
- Al-Ahram Weekly
FACTBOX: Egypt's current account deficit narrows by 22.6% in 9 months of FY24/25 per BoP data - Economy
Egypt's current account deficit narrowed by 22.6 percent year-on-year during the first nine months (July 2024–March 2025 ) of FY2024/2025, which ended at end of June, reaching $13.2 billion, down from $17.1 billion in the same period last fiscal year, the Central Bank of Egypt (CBE) announced on Tuesday. According to the balance of payments (BoP) data, this improvement was primarily driven by a stronger performance in the third quarter of 2025 (January–March). Despite the positive momentum, BoP recorded an overall deficit of $1.9 billion during the same period, reversing a surplus of $4.1 billion posted a year earlier. The shift was mainly attributed to a significant decline in capital and financial account inflows, which fell to $7.7 billion from a record high of $20 billion. The previous figure had been boosted by the one-off $15 billion Ras El-Hekma deal. Egypt is engaged in $8 billion loan deal with the International Monetary Fund (IMF). An IMF mission is expected to visit Egypt in September for the discussions on the fifth and sixth reviews of the deal, with projections that both reviews will be completed in December. The First review of the newly approved Resilience and Sustainability Facility (RSF) is also scheduled to be completed with these two reviews. The completion of the whole three reviews is anticipated to refresh Egypt's treasury with a total of over $2.6 billion. Key positive contributors to the current account's improvement Remittances from Egyptians working abroad surged by 82.7 percent to $26.4 billion, up from $14.5 billion, providing significant support to the current account. Meanwhile, the investment income deficit narrowed by 13.4 percent to $12.2 billion, bolstered by a 74 percent rise in investment income receipts to $1.9 billion and a 6.9 percent decline in investment income payments to $14.1 billion. Moreover, tourism revenues rose by 15.4 percent to $12.5 billion, up from $10.9 billion in the previous year, supported by a rise in tourist nights to 134.3 million from 116.4 million. Challenges limiting further improvement Regarding the BoP deficit, the data showed that the oil trade deficit more than doubled to $10.3 billion, up from $5.1 billion, primarily due to a surge in oil imports. Oil imports climbed to $14.5 billion from $9.7 billion, driven by higher imports of natural gas, oil products, and crude oil. Meanwhile, oil exports fell to $4.2 billion, primarily due to a decrease in crude oil and gas shipments, although an increase in oil product exports partially offset the decline. The non-oil trade deficit also widened to $28 billion, up from $23.7 billion in the previous period. Imports of non-oil goods increased by $10.3 billion to $53.6 billion, led by key commodities such as wheat, soybeans, maize, car and tractor parts, and raw tobacco. In comparison, non-oil exports increased by $6.1 billion to $25.6 billion, driven by growth in shipments of gold, ready-made garments, fruits, aluminium products, and electrical cables. Furthermore, the data showed that Suez Canal revenues dropped sharply by 54.1 percent to just $2.6 billion, compared to $5.8 billion the previous year. This was attributed to disruptions in maritime navigation in the Red Sea, leading to a 61.9 percent decline in net tonnage and a 44.8 percent drop in the number of transiting vessels. Capital and financial account: Cooling inflows The capital and financial account registered net inflows of $7.7 billion, a steep drop from $20 billion the previous year. Foreign direct investment (FDI) stood at $9.8 billion, down from $23.7 billion, which had included the $35 billion Ras El-Hekma deal. FDI in Egypt's oil sector returned to positive territory with a net inflow of $669.6 million, reversing a $175.6 million outflow last year. This came as inflows to the sector reached $5.0 billion, while outflows dropped to $4.3 billion due to lower cost-recovery payments to foreign partners. FDI inflows to the non-oil sector amounted to $9.1 billion, driven by $4.3 billion in greenfield investments and capital increases, $3.1 billion in reinvested earnings, $1.6 billion in real estate purchases by non-residents, and $396.1 million from the sales of domestic entities to foreign investors. In March, Egypt's headline Purchasing Managers' Index (PMI) for the non-oil private sector fell to 46.7, down from 46.9 seen in February, according to Standard and Poor's (S&P) Global index data. The index's latest reading for June showed that conditions across Egypt's non-oil private sector economy deteriorated, as demand weakness and declining output continued to weigh on business activity. Portfolio investments also declined, with net inflows reaching just $2.1 billion, compared to $14.6 billion in the corresponding period of the previous fiscal year. Meanwhile, Egypt recorded net repayments of $2.6 billion in medium- and long-term loans and facilities, as principal repayments surged to $10.1 billion, compared to $5.9 billion the previous year. Disbursements increased to $7.5 billion from $4 billion. The CBE also saw a net increase in liabilities of $429.9 million, reversing a net outflow of $1.4 billion in the same period a year prior. Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
05-06-2025
- Business
- See - Sada Elbalad
Egypt Receives First Domestically Built ASD Tugboat 'Ras El-Hekma
H-Tayea As part of Egypt's ongoing efforts to localize military industrial capabilities and strengthen naval operational readiness, the Egyptian Navy has officially taken delivery of its first Azimuth Stern Drive (ASD) tugboat, named Ras El-Hekma. The vessel is the first of three ASD tugboats being built at the Alexandria Shipyard in collaboration with the French classification society Bureau Veritas (BV). The handover ceremony was attended by Vice Admiral Ashraf Atwa, Commander of the Egyptian Navy and Chairman of the Marine Industries and Services Authority, along with senior naval officials and representatives from global marine equipment suppliers. The Ras El-Hekma tugboat is of the RAstar 3200 class, known for its high-performance capabilities, including a competitive cost, enhanced maneuverability, and a powerful bollard pull capacity of 85 tons. The vessel is outfitted with state-of-the-art systems from leading international marine technology companies. This delivery marks a significant milestone in Egypt's naval industrial development. Alexandria Shipyard aims to position itself as a regional hub for the production of ASD tugboats, with ambitions to expand into global markets in the coming years. The initiative is part of a broader strategic directive by Egypt's political and military leadership to modernize the armed forces and promote local defense manufacturing. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
Al-Ahram Weekly
05-06-2025
- Automotive
- Al-Ahram Weekly
Egypt's Navy receives first locally built Azimuth tugboat "Ras El-Hekma" from Alexandria Shipyard - Defence
The Egyptian Navy received its first locally built Azimuth Stern Drive (ASD) tugboat, Ras El-Hekma, from Alexandria Shipyard on Thursday, the Egyptian Armed Forces announced. According to the Egyptian army, the tugboat is the first of three being constructed for the Navy under a contract between the Navy and Alexandria Shipyard, in cooperation with the French classification society Bureau Veritas (BV). The Ras El-Hekma tugboat (RASTR 3200 model) is competitive in price and has a powerful 85-ton bollard pull capacity and exceptional manoeuvrability. It is equipped with systems from top global maritime suppliers. This is the first time Egypt's marine industry has produced this model of tugboats. In manufacturing it, Alexandria Shipyard aims to enter the global tugboat market and aspires to become a regional hub for building and exporting this class of tugboats in the coming phase. Vice Admiral Ashraf Atwa, Commander of the Egyptian Navy and Chairman of the Marine Industries and Services Authority, attended the handover ceremony. In addition, Rear Admiral Hossam El-Din Ezzat, Chairman of Alexandria Shipyard, senior Navy officials, BV representatives, and delegates from leading international maritime companies attended the event. Follow us on: Facebook Instagram Whatsapp Short link:
Daily News Egypt
31-05-2025
- Business
- Daily News Egypt
Private sector lending rises 10.1% in Q1 2025 as inflation eases: CBE
The Central Bank of Egypt (CBE) has announced that local currency loans to the private sector grew by an average of 10.1% in the first quarter (Q1) of 2025, a sharp turnaround from the -8.7% contraction recorded during the same period in 2024. In a recent report, the CBE attributed this rebound primarily to stronger demand from private businesses, supported by a significant decline in the annual headline inflation rate in February 2025. The Bank noted that these developments signal a recovery in real economic activity across the private sector, a trend expected to continue in the coming months. On the monetary side, the CBE projects a slowdown in the growth of local liquidity, expecting it to ease to 23.2% by the end of June 2025—down from 28.7% a year earlier. Liquidity growth is forecast to stabilise at 22.8% by the end of June 2026. This anticipated deceleration reflects the diminishing impact of the March 2024 exchange rate unification, which had previously triggered a surge in the banking sector's net foreign assets and created a strong base effect beginning in March 2025. Looking ahead, the Central Bank expects headline inflation to average between 14% and 15% in 2025 and decline further to a range of 10% to 12.5% in 2026. This compares to an average of around 28.4% in 2024. While inflation is projected to continue falling throughout 2025 and 2026, the CBE cautions that the pace of decline will moderate following the sharp drop observed in early 2025. This more gradual disinflation is attributed to ongoing fiscal consolidation efforts and the slower retreat in non-food commodity prices. The Bank reiterated its commitment to achieving its inflation target of 7% (± 2%) by the fourth quarter of 2026. It affirmed that current monetary conditions remain appropriate to support this path, adding that it will maintain a positive real interest rate to help secure a sustained decline in core inflation and anchor inflation expectations. In a separate update, the CBE disclosed that the net foreign assets (NFAs) of the banking system—which includes both the Central Bank and commercial banks—turned positive as of May 2024, reaching a surplus of $15.1bn by March 2025. This improvement was largely driven by inflows from the Ras El-Hekma deal and renewed foreign investment in Egyptian debt instruments, buoyed by increased investor confidence following the exchange rate unification. Additional support came from a recovery in remittances from Egyptians abroad and continued backing from international financial institutions.
