Egypt, Turkey hold firm on interest rates

Turkish President Recep Tayyip Erdogan is adamantly opposed to raising interest rates, but some observers expected Egypt to raise rates in line with Gulf banks and the US Federal Reserve.

Egypt

Egypt, Saudi Arabia sign economic agreements worth $7.7 billion

Saudi Arabia intends to invest about $8 billion in various economic sectors in Egypt, which will ease the Egyptian economy's wheels amid the global crisis.

Egypt

Turkey says no evidence Ukrainian grains stolen by Russia reached its shores

Turkey is being lobbied by the UK to discuss the safe shipping of Ukrainian grain due to looming global shortages but denies any has reached its ports.

Turkey

Tourism to Dubai up nearly 200% this year

The Expo 2020 Dubai provided a big boost as the Emirati city continues to bounce back from the coronavirus pandemic.

Legacy: Gulf

Egypt participates in Russian economic forum

Egyptian President Abdel Fattah al-Sisi delivered a virtual speech at the opening session, stressing the need to find "effective solutions" to the global economic crisis.

Egypt

Palestinians call out PayPal for discrimination

PayPal's refusal to offer services in Palestine is impeding the region's economic growth and preventing many freelance knowledge workers from receiving digital payments.

Palestine

Egypt looks for upsurge in tourists from sanctions-hit Russia

Cairo and Moscow are holding talks to allow the Russian payment system MIR in Red Sea resorts.

Egypt

Egypt’s car industry suffers under dollar crisis

Car prices experienced a steep spike in Egypt over the past months as the dollar rose against the Egyptian pound and import restrictions were imposed amidst a decline in supply and a redirection of Egypt’s market shares to other countries.

Egypt

Egypt, Congo boost ties with electricity deal

Egypt and the Democratic Republic of the Congo agreed to partner in the field of electricity as part of Egypt’s plan to boost its presence in the African continent amid the stalled talks on the Grand Ethiopian Renaissance Dam crisis.

Egypt

Currency shocks, wild inflation mark Erdogan’s time as executive president

Turkey’s currency has lost 73% of its value against the dollar since Erdogan assumed sweeping executive powers in 2018 and remains prone to fresh shocks amid growing economic fragilities.

Turkey

Egypt looks for boost from gas deal with Israel, EU

The EU, Egypt and Israel signed an agreement for the export of natural gas to Europe, which would reduce the latter’s dependence on Russian gas.

Egypt

Saudi Arabia’s ACWA Power to develop wind project in Egypt

Wind power is slowly growing in the Middle East and North Africa, including in the oil-rich Gulf.

Legacy: Gulf