Browsing: Egypt

According to the United Nations Environment Programme (UNEP), the continent holds 30 per cent of the world’s mineral reserves Despite…

The European Union has imposed restrictions, including a partial oil embargo on Russia. The sanctions will see the E.U. ban seaborne imports of Russian crude oil by the end of 2022. Additionally, petroleum product imports would stand prohibited by early 2023. European Commission President Ursula von der Leyen reiterates the E.U. plans to reduce reliance on Russian fossil resources by 2027.

Because of the European Union’s political determination to minimize its reliance on Russia in response to Moscow’s invasion of Ukraine, the E.U. is now searching for alternative suppliers. The search implies that suppliers such as Africa’s underdeveloped frontier energy markets may discover new energy markets in Europe. Optimism remains high since it is clear the E.U. no longer rely on Russian gas. Russia has for years remained a primary gas supplier in Europe.

Dangote also plans to launch an oil refinery that would produce 650,000 barrels per day. Currently, the Dangote Group is the second-largest employer in Nigeria after the federal government, and a new plant is a tremendous opportunity to replace Russian fertilizer imports with African jobs that create warehousing, transport, and logistics infrastructure that help to reduce poverty.

Global wheat, sunflower, and oil crude prices have soared to unprecedented levels. Africa is heavily reliant on food imports from both countries, and the Continent is already experiencing price shocks and disruptions in the supply chain of these commodities.

Over the past decade, the Continent has seen growing demand for cereal crops, including wheat and sunflower, which has been mainly supported by imports than local production. Africa’s wheat imports increased by 68 per cent between 2007 to 2019, surging to 47 million tonnes.

The Africa Green Hydrogen Alliance targets accelerating the transition from fossil fuels overreliance that has made the continent reluctant, as…

The African firm which provides shared transportation services for both intracity and intercity movement acquired the Turkish firm at around…

The head of the Export Council for Engineering Industries, Sherif El Sayyad said that the highest hike in the sector’s history led the engineering industry’s exports to reach US$3 billion, compared to US$2.1 billion in the corresponding period in 2020.

The exports were distributed globally, with Europe accounting for 48 per cent (US$1.4 billion), Asia US$951 million, Africa $535 million, while South America and North America together contributed to a total of $77 million in exports.

Egypt’s engineering products have increased their exports to countries like the United Kingdom, Slovakia, France, Germany, Spain, the Czech Republic, Saudi Arabia, UAE, Iraq, Jordan, Kuwait and Lebanon. In Africa, Egypt’s engineering products importers include Morocco, Algeria, Libya, and Ghana. 

The annual meeting for the African Development Bank Group will be held in Accra, Ghana, from May 23-27, 2022 The…

The National Project for Developing the Egyptian Countryside is an initiative estimated to cost US$1.11 trillion. This project will impact at least 1,350,366 households. President Abdel Fattah al-Sisi said in January 2021 that the project would be completed in three years. US$519.28 million of the total funding will come from the International Fund for Agricultural Development (IFAD).

The government that took power in 2014 inaugurated a series of projects to reignite Egypt’s economy. As a result, Egypt’s planning minister, Hala al-Saeed, expects the country’s economy to grow to 5.6 percent in the FY2021-22. Prime Minister, Mostafa Madbouly, referred to Haya Karima as an “icon” project that will help Egypt rebuild its economy and better the lives of more than half the population in Egypt.

Norrsken22 plans on capitalizing on its general partners’ years of experience and investment philosophies to back startups in fintech, MedTech, Edtech, and market-enabling solutions such as B2B marketplaces and inventory management businesses.

Kolbe, whose previous firm Actis backed Egyptian fintech giant Fawry in 2019 as it prepared to go public, said Norrsken would look at Egypt ‘opportunistically.’ 

Deals from the country that may be of interest to the firm will be those planning an expansion into the four markets Norrsken22 is currently keen on, including Nigeria, Ghana, Kenya and South Africa.

In the first quarter of 2021, Egypt’s unemployment rate was at 7.4 per cent which marked a 0.1 decrease and a 2.3 per cent decrease during the same period in 2020.

According to CAPMAS, Egypt’s labour force in Q2 was estimated to be 29.115 million individuals in comparison to 29.284 million individuals in the first quarter which was a decrease of 0.6 per cent.

In urban areas, the labour force is estimated to be around 12.981 million persons while in rural areas it is estimated to be 16.134 million persons. The total number of females was recorded as 4.882 million individuals.