Dubai – Egypt’s economic strategy for the upcoming fiscal year is marked by a commitment to addressing vital subsidies and bolstering financial stability. In its 2024/2025 state budget, the government has allocated over 125 billion Egyptian pounds ($2.66 billion) for bread subsidies and more than 147 billion pounds for petroleum products subsidies. These subsidies are […]

In response to mounting challenges in Egypt’s sugar market, the cabinet has extended the ban on sugar exports by an additional three months. This decision, aimed at stabilizing domestic supply amidst escalating prices and shortages, reflects the government’s proactive approach to addressing pressing economic concerns. Acknowledging the severity of the situation, the government had previously […]

The Arab Monetary Fund (AMF) has reported a significant milestone in the region’s financial markets, with the combined market capitalisation of Arab stock exchanges surpassing $4.5 trillion in February, marking a notable increase from the previous month’s $4.4 trillion. Leading this surge is the Abu Dhabi Securities Exchange, boasting a market capitalization of $775.1 billion, […]

Tunisia’s economic outlook brightens as recent data from the National Statistics Institute (INS) reveals a notable 24.3% reduction in the trade deficit during the first two months of 2024. The deficit, now standing at TND 1,784.1 million, shows a significant improvement compared to the same period last year. While facing challenges in trade relations with […]

In a significant development for South Africa’s financial landscape, the Financial Sector Conduct Authority (FSCA) has granted operating licenses to 59 cryptocurrency businesses. This move reflects the country’s commitment to regulating the rapidly growing crypto industry while ensuring consumer protection and mitigating financial risks. The decision follows the FSCA’s classification of crypto assets as financial […]

The Moroccan government unveiled a significant commitment on Monday, earmarking an extensive 1 million hectares for green hydrogen projects. This strategic move, commencing with an initial phase covering 300,000 hectares, is poised to attract investors seeking sustainable ventures. Green hydrogen, produced through electrolysis using renewable energy sources, stands as a pivotal solution in the global […]

The International Monetary Fund (IMF) has allocated $120 million to Uganda as part of the Extended Credit Facility (ECF) program, aimed at aiding the nation’s economic revival in the aftermath of the Covid-19 pandemic. This disbursement marks the fourth installment of support under the ECF arrangement, totaling $870 million since its commencement in 2021. Notably, […]

Zambia’s President Hakainde Hichilema delivered significant news on Saturday, confirming the successful negotiation of a crucial creditor agreement with China and India. This development comes after Zambia faced financial turmoil, defaulting on its foreign debts in November 2020. The agreement, a long-awaited breakthrough, marks a pivotal step in Zambia’s efforts to navigate its debt restructuring […]

The International Monetary Fund (IMF) has advised Morocco to establish a clear inflation target for its central bank, Bank Al Maghrib, amidst a backdrop of easing inflationary pressures. Morocco saw a reduction in annual inflation to 6.1% in 2023 from 6.6% in 2022, with further moderation expected to 2.4% in the current year. This decline […]

The Arab Organization for Industrialization (AOI) and a Saudi-Egyptian consortium, including Alupco “Olayan Group,” Okta International, and City Edge Developments, have signed a crucial Memorandum of Understanding (MoU) to support real estate projects in Saudi Arabia. Key figures attending the ceremony included Saudi Ambassador Osama bin Ahmed Nugali, AOI President Major General Eng. Abdel Rahman […]