Egypt’s economy expanded by 4.77 percent in the third quarter of the fiscal year 2024/2025, marking its fastest growth in three years. This increase comes as growth rebounded in key sectors including non-oil manufacturing, tourism, and telecommunications, according to official data released by the Ministry of Planning, Economic Development, and International Cooperation. The preliminary figures...
Maseera Holding for Financial Investments (Maseera), a subsidiary of 2PointZero, has successfully acquired the Egyptian consumer finance platform ADVA. This acquisition aligns with 2PointZero’s earlier commitment of $1 billion in long-term capital aimed at scaling Maseera’s financial services platform globally, particularly focusing on enhancing access to credit in underserved markets. Founded in 2020, ADVA has...
Abu Dhabi’s Modon Holding has partnered with Egypt’s Elsewedy Industrial Development to develop a new industrial zone at Ras El Hekma, which is expected to generate 20,000 new jobs. This collaboration was formalized through a letter of intent (LOI) aimed at building and operating the industrial zone that will support the larger Ras El Hekma...
Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, has confirmed plans for the development of an $8 billion green hydrogen plant in the Suez Canal Economic Zone (SCZONE) in collaboration with the Indian company ReNew Power. This announcement was made during a recent meeting with Vikram Kapur, Group President at ReNew Power. The initiative...
MIDBANK has entered into a long-term partnership agreement with Visa, which is recognized globally as a leader in payment technology and digital solutions. This announcement was made in an emailed press release and marks a significant step for MIDBANK in expanding its digital payment offerings. The collaboration aims to provide customers with the latest digital...
Emirates NBD Egypt announced on Monday that it has signed a financing agreement worth 3 billion Egyptian pounds, approximately $59 million, with the National Authority for Tunnels (NAT). This deal is aimed at providing long-term credit facilities to support the development of public transportation projects in Egypt. The agreement was formalized by Tamer Ragheb, the...
Hadayieq Company has announced plans for the grand reopening of Giza Zoo and Orman Garden in September 2025 following a significant renovation project. The redevelopment, which was showcased at ITB Berlin, aims to reposition these historic attractions as premier global destinations for adventure and exploration. To achieve this ambitious goal, Hadayieq is collaborating with leading...
Daikin, a global leader in advanced air conditioning and refrigeration solutions, has officially inaugurated its new headquarters in New Cairo, Egypt. This upgraded facility is designed to enhance customer convenience and value, positioning Daikin to take advantage of growing business opportunities in the region. According to Zawya, the new office is located in the Marakez...
AMEA Power has signed Capacity Purchase Agreements (CPAs) with the Egyptian government to develop the first standalone battery energy storage stations in Egypt. The projects will have a total capacity of 1,500MWh, which includes a 500MWh battery energy storage system (BESS) in Zafarana and a 1,000MWh BESS project in Benban. These initiatives are expected to...
Egyptian Prime Minister Mostafa Madbouly met with Saudi Energy Minister Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud on Monday at the Al Manara International Conferences Center. This meeting occurred alongside the 8th Egypt Energy Show (EGYPES 2025), which was inaugurated by Egyptian President Abdel Fattah Al-Sisi. During the meeting, Madbouly reaffirmed Egypt’s commitment to...