Category Archives: Egypt News
Africa presents a mixed foreign direct investment (FDI) picture – EY Africa Attractiveness report. Egypt, Kenya, Morocco, Nigeria and South Africa (the key hub economies) collectively attracted 58% of the continent’s total FDI projects in 2016. Investment from the Asia-Pacific region into Africa hit an all-time high in 2016. According to EY’s (http://EY.com) latest Africa Attractiveness report, heightened geopolitical uncertainty and “multispeed” growth across Africa present a mixed FDI picture for the continent.
Following a meeting with Egypt’s President Abdel Fattah El Sisi in Washington today, Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement:
“President Sisi and I discussed the progress of Egypt’s economic reform program supported by the IMF’s $12 billion Extended Fund Facility arrangement.
Forecast urges aviation sector stakeholders to open up the skies.
Infomineo reveals rising global interest in the Middle East Africa region from Fortune 500 companies
Overall, there was a 17% increase in the number of companies in MEA in 2016 compared to 2015, with Johannesburg being the leading destination for Africa
The new cycle of Innoventures has been launched after a successful third cycle which held a grand finale last December. The fourth cycle of the accelerator program ‘Startup Reactor’ is now accepting applications in partnership with VC4A and comes along with the launching of a new 30 million EGP venture capital fund.The program creates an environment to connect entrepreneurs, investors and mentors for a duration of six months. Participating investors and mentors will receive an equity stake in the ventures which they choose to support. Interested startups can apply for the program before the deadline of April 1st https://VC4A.com/innoventures/startup-reactor-4.
Gulf Council Countries renewable energy targets have been reported to have the potential of creating an average of 140,000 direct jobs per year. The report which was published last year by International Renewable Energy Agency (IRENA) on renewable energy market analysis in the Gulf Council Countries (GCC) region sees an appreciable growth of renewable energy in the region and also declares Saudi Arabia as the world’s seventh largest oil consumer and the world’s largest oil exporter, thus making it an oil dependent economy. However, the country has declared plan to diversify its economy by depending on more green technology and sustainable sources.
Demand for Liquefied Natural Gas (LNG) in some countries with the Middle East and North Africa region has been on rising demand making setting a high task for suppliers. Over the past decade, demand for LNG in Egypt, and Dubai, Jordan, Kuwait, and Pakistan has risen significantly reaching a current demand of 20.8 million tonnes per annum in 2016. Egypt’s demand has been very crucial leading the country to set up a scheme which awards huge tenders for short-term and medium-term supplies – attracting imports to handle demand deficits. The once known oil economies and exporters now importing liquefied natural gas. According to Platt, this is very bad and allows new entrants in the region to use short-term purchasing strategies, which is creating additional liquidity.
African Travel Spend expected to rise 24 Percent with Introduction of African Union Passport Introduction in 2018
New research released by global travel technology provider, Sabre Corporation, has revealed that African air travel spend is expected to rise 24% with the introduction of the pan-African passport in 2018. The new passport will enable African travellers to visit other countries on the continent without a visa.
The IMF Executive Board will meet on Friday, November 11 to discuss Egypt’s request for financial assistance under an Extended Fund Facility (EFF) for the amount of $12 billion
‘The Egypt Petroleum Show’ held under the high patronage of the President, His Excellency Abdel Fattah El Sisi, and support of the Ministry of Petroleum and Mineral Resources promises to be the largest oil & gas industry gathering North Africa has ever seen taking place in Cairo from the 14-16 February at the Cairo International Convention Centre.