{
}
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.
The Arab African International Bank plans to open a branch in Saudi Arabia, aiming to support the growing influx of Egyptian investments in the Kingdom. With regulatory approval from Egypt secured, the bank is seeking permission from Saudi authorities to cater to the financing needs of large-scale projects, which have attracted significant Egyptian investors. Currently, there are 6,830 Egyptian companies operating in Saudi Arabia, with investments totaling USD 18.7 billion.
InstaPay will implement transaction fees starting April 1, 2025, charging 0.1% per transfer, with a minimum of 50 piasters and a maximum of 20 EGP. Users can check their balance or request mini statements for free up to ten times monthly, after which additional inquiries will cost 50 piasters each. This change follows the app's growth to 12 million users by the end of 2024 and aims to enhance its digital infrastructure in line with Egypt’s digital transformation vision.
The Ministry of Finance has allocated an additional EGP 4 billion for social protection programs, enhancing support for low-income households during Ramadan. This includes EGP 2 billion for food subsidies, with single-member ration cards receiving EGP 125 and multi-member households EGP 250. Additionally, five million families in the Takaful and Karama program will receive an extra EGP 300, and pensions will increase by 25% starting April 2025.
The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has allocated LE 11.9 billion to support 574,349 small and micro enterprises in Minya, Fayoum, and Beni Suef since 2014, generating 826,300 permanent jobs. This investment has enhanced business growth and infrastructure, while facilitating the licensing of nearly 21,000 small businesses, promoting formalization under Small Enterprise Development Law 152/2020. Additionally, MSMEDA's collaboration with international partners has resulted in 7.9 million workdays created through various infrastructure projects.
Emirates NBD has received approval from the Central Bank of Egypt to conduct due diligence for a potential 60% stake in Banque du Caire, as the Egyptian government awaits a fair valuation of the bank, speculated to be between USD 1 billion and USD 1.5 billion. The valuation is uncertain, with past estimates reaching USD 2 billion in 2008, and significant changes in the USD-EGP exchange rate since then. If the valuation is deemed unsuitable, the government may consider listing a stake in Banque du Caire on the Egyptian Stock Exchange instead.
EFG Holding Group is set to list its subsidiary, U Consumer Finance (Valu), on the Egyptian Exchange, distributing 20.488% of U’s shares to its shareholders. This move follows the approval of a fintech license from the FRA, aiming to enhance financial inclusion and provide a seamless digital experience. Valu's fair value is estimated at EGP 15.586 billion, with trading expected to commence after necessary registration and disclosure procedures.
AliExpress has expanded its local payment options across several African countries, allowing shoppers in Egypt, South Africa, Algeria, Ethiopia, Morocco, and Tanzania to transact in their national currencies. This initiative aims to enhance cross-border e-commerce by reducing transaction friction and improving payment security. The expansion coincides with a major promotional event and is part of AliExpress's broader efforts to improve logistics and customer experience in Africa.
Emirates NBD Egypt has secured EGP 3 billion to support the expansion of Egypt's public transport infrastructure, focusing on metro and monorail projects under the National Authority for Tunnels. This funding aims to enhance sustainable urban mobility, connecting Greater Cairo with the New Administrative Capital and 6th of October City. The investment underscores the bank's commitment to financing strategic sectors that promote economic growth and improve daily commutes for millions.
The Arab region's GDP rose by 1.8% to $3.6 trillion in 2024, driven mainly by growth in Saudi Arabia, the UAE, Egypt, Iraq, and Algeria, which account for over 72% of the total GDP. Looking ahead, a positive outlook for 2025 anticipates a growth rate of 2.9%, bolstered by increased oil production and major investments, particularly in Saudi Arabia under the Vision 2030 program.
Egyptian Pound
Currency
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Egypt unveils 91 billion dollar budget targeting financial reforms and deficit reduction
07:04 27.03.2025
Arab African International Bank to expand operations in Saudi Arabia
United States Dollar
Saudi Riyal
Egyptian Pound
Arab African International bank Bank
SAU
EGY
Talaat Mostafa
11:12 26.03.2025
instapay to introduce transaction fees starting april 2025
09:36 26.03.2025
Egypt allocates additional funds for social protection and food subsidies
01:00 22.03.2025
MSMEDA invests 11.9 billion LE to boost business growth in Upper Egypt
01:00 21.03.2025
emirates nbd seeks stake in banque du caire amid valuation uncertainties
11:31 20.03.2025
efg holding group initiates listing of valu on egyptian stock exchange
11:04 19.03.2025
aliexpress enhances local payment options to boost e-commerce in africa
South African Rand
Egyptian Pound
Algerian Dinar
Ethiopian Birr
United States Dollar
Alibaba Group Holding Ltd.
TZA
MAR
ZAF
DZA
EGY
ETH
Show more
01:00 18.03.2025
Egypt secures funding for public transport expansion and modernization projects
01:00 17.03.2025
Arab region GDP grows 1.8 percent to 3.6 trillion in 2024
United Arab Emirates Dirham
Egyptian Pound
United States Dollar
Iraqi Dinar
Algerian Dinar
Opec
Moody's Corporation
ARE
OMN
KWT
SAU
IRQ
DZA
EGY
Show more
13:49 16.03.2025
Trending
Subcategory
Stock Market Updates
Corporate News
Finance Mergers & Acquisitions
Industry Trends
Banking Regulations
Global Financial Events
Market Analysis and Predictions
Financial Scams and Security
Hedge Funds & Private Equity
Retail and Consumer Goods
Government Policies
CEO Changes
Startups & Entrepreneurship
Domestic Politics
Industry Mergers & Acquisitions
Workplace Trends
Consumer Protection Regulations
Government Economic Policies
Supply Chain Management
Economic Sanctions
Countries:
Companies:
JPMorgan Chase & Co.
Wells Fargo & Company
Tesla, Inc.
The Goldman Sachs Group, Inc.
Bank of America Corporation
Morgan Stanley
Citigroup Inc.
U.S. Bancorp
American Express Company
Apple Inc.
SpaceXCoin USD
Barclays PLC
UBS Group AG
AMERICAN EXPRESS
The Charles Schwab Corporation
lululemon athletica inc.
Capital One Financial Corporation
Citi Trends, Inc.
Northern Trust Corporation
Credit Suisse Strategic Income I
Currencies:
United States Dollar
Euro
Swiss Franc
Chinese Yuan
Indian Rupee
British Pound Sterling
Australian Dollar
Japanese Yen
United Arab Emirates Dirham
Canadian Dollar
Saudi Riyal
Chilean Peso
Russian Ruble
Singapore Dollar
Indonesian Rupiah
Ghanaian Cedi
Mexican Peso
People:
Elon Musk
Donald Trump
Michael J. Angelakis
Anand Selvakesari
Charlie Javice
Robin Leopold
Troy L Rohrbaugh
Jennifer Piepszak
Raja Akram
Mark Mason
Sergio Ermotti
Kevin R Johnson
Ravikumar Radhakrishnan
David M. Solomon
John Waldron
Karin Keller-Sutter
Pam Bondi
James L Chosy
Thomas A. South
Sara Wechter