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The Egyptian government is establishing a 5.5 million square meter industrial zone in Minya for clothing and textile manufacturing, featuring over 600 factories. This initiative aims to create 800,000 to 1 million jobs, empower women, and boost textile exports to USD 12 billion by 2030, with a targeted annual growth rate of 20-25%.
In January, Saudi Arabia's total merchandise exports reached SR97.18 billion, a 2.4% year-on-year increase, with non-oil exports rising to SR26.48 billion, reflecting a 10.7% growth. China was the top destination for exports, receiving SR14.74 billion, while imports rose 8.3% to SR72.62 billion, primarily from China. The Kingdom's non-oil sector continues to expand, contributing significantly to economic diversification efforts under Vision 2030.
Saudi Arabia's chocolate imports reached 123 million kg in 2024, driven by rising consumer demand and special Eid Al-Fitr promotions. The Kingdom sources chocolate from countries like the UAE, UK, Jordan, Egypt, and Turkiye, with local sweets priced between SR30 and SR150 per kg, while imported varieties can be more expensive. Price stability is attributed to abundant production and low manufacturing costs, although premium chocolates can cost up to SR300 per kg.
Tanzania’s Sumet Technologies has secured $1.5 million in pre-seed funding to enhance its FMCG distribution operations across the country. The investment, from a mix of angel investors, will support the company's mission to facilitate market entry for new brands and optimize supply chains throughout Africa. CEO Hazem Afify emphasized the importance of this funding in strengthening their technology and expanding their market presence.
Saudi Arabia's non-oil exports rose by 10.7% year-on-year in January, with national non-oil exports increasing by 13.1%. The value of re-exports grew by 5.7%, contributing to a decrease in oil exports' share of total exports from 74.8% to 72.7%. Imports also surged by 8.3%, while the trade surplus fell by 11.9%.
The National Bank of Egypt (NBE) has launched a Visa credit card in US dollars to facilitate foreign currency transactions for customers both domestically and internationally. The card, available with dollar certificates, offers benefits such as exclusive fees, a 55-day grace period, and reward points through the ‘Al Ahly Points’ program. It can be issued with a minimum value of USD 2,000 and a maximum of USD 50,000, enhancing the electronic payment experience for users.
Egypt is partnering with the International Finance Corporation (IFC) to implement public-private partnerships (PPP) at 11 airports, including Hurghada International Airport, to enhance infrastructure and services without straining the national budget. This initiative is part of Egypt's Asset Monetization Program, aiming to attract private investment and improve air connectivity, ultimately fostering economic growth and tourism. The airports involved also include Sphinx, Sharm El Sheikh, and Luxor, among others.
Orascom Construction plans to reduce its projects in Egypt to a third by 2026, focusing on international expansion, particularly in the UAE and Saudi Arabia. CEO Osama Bishai emphasized the company's preference for foreign-funded projects and noted improvements in dues collection from government entities, despite ongoing local challenges. The firm is already engaged in significant projects abroad, including power plant expansions in Saudi Arabia and seawater treatment facilities in the UAE.
Opteam is transforming construction management in the MENA region through AI-driven automation, significantly reducing delays and inefficiencies. Co-founders Ahmed and Dr. Tarek Hegazy leverage their complementary expertise to enhance project tracking and decision-making, targeting the vast amounts of unused construction data. With recent funding, Opteam aims to expand its market presence in the UAE and Saudi Arabia, offering an intuitive platform that simplifies project management and fosters real-time communication on-site.
Egypt's cabinet has approved a draft budget of EGP 4.6 trillion ($91 billion) for the 2025-26 fiscal year, aiming for tighter finances under an IMF program. The budget anticipates an 18% rise in expenditures and a 19% increase in revenues, resulting in a projected deficit of EGP 1.5 trillion ($30 billion). Key allocations include a 15.2% increase in subsidies and social benefits, with significant funding for commodities, bread, and energy support.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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