Power cuts will resume after Eid al-Fitr, causing power outages for up to two hours a day in order to conserve natural gas reserves for the hot summer months and manage rising energy costs, a source in the electricity sector told Enterprise. An end date for the blackouts in Egypt remains uncertain, the source added. However, there is a plan in place to gradually reduce the amount of time people experience power cuts. Ideally, this will lead to a complete elimination of blackouts as the...
In a significant escalation of tensions between Iran and Israel, Iran has confirmed launching a “massive” drone attack on Israel late Saturday, involving more than 50 drones. This assault marks the first direct Iranian military action on Israeli soil. News reports from Iran reported that some drones were also launched from Yemen, indicating a broader regional involvement. In response to the assault, the airspace over Israel, Iran, Iraq, Lebanon and Jordan has been closed or is in the process of...
Recent international investments were a lifeline for Egypt's economy. Now it's up to President el-Sissi to enact sweeping reforms to satisfy investors or risk again depleting the state's coffers, experts told DW.
The Egyptian Minister of Finance, Dr. Mohamed Maait, stated on 17 April that Egypt aims to empower the private sector to constitute 70 percent of Egypt’s gross domestic product (GDP), with a focus on increasing domestic production and exports. During a panel discussion in the event, “Governor Talks – Egypt: Lessons in Restoring Macroeconomic Stability” of the International Monetary Fund (IMF) and World Bank spring meetings held at Washington, DC, Maait announced, “We are implementing a...
The Central Bank of Egypt (CBE) announced an increase in daily cash withdrawal limits, the country’s State Information Service reported on 15 April. Bank branches now allow withdrawals of up to EGP 250,000 (USD 5,170) for individuals and companies – up from EGP 150,000 (USD 3,102) in January 2024. The adjustment, the second of its kind, follows the previous lift from EGP 50,000 (USD 1,034) to EGP 150,000 (USD 3,102). The daily ATM withdrawal limit was also raised to EGP 30,000 (USD 620) from the...
Egypt’s culinary landscape is undergoing a remarkable transformation, thanks to the presence of internationally acclaimed Michelin star chefs who have chosen to make their mark in the country. Leading the way is the esteemed Michelin star chef Luke Fouracre, whose culinary talents can be savored at Osteria Restaurant, in New Cairo. Chef Fouracre’s unwavering commitment to culinary excellence shines through in his creations, such as the heavenly Tempura halloumi, tantalizing Cauliflower and...
Egypt’s vibrant music festival scene is set to captivate audiences with a lineup of exhilarating events that will leave music enthusiasts craving for more. From the soulful melodies of jazz to the beats of electronic music, these festivals offer an eclectic mix of genres, fostering cultural exchange and providing unforgettable experiences for attendees of all ages. Cairo Jazz Festival Set to take place in November 2024 (exact date TBA) at Cairo’s AUC Tahrir campus, the Cairo Jazz Festival spans...
To strengthen the healthcare sector in Egypt, the Egyptian government announced on Sunday 14 April an increase in funding for healthcare in the upcoming fiscal year, starting in July 2024. Finance Minister Mohamed Maait revealed that allocations for the health sector will rise by 25 percent, reaching EGP 495.6 billion (USD 10.4 billion). This commitment aligns with Egypt’s Vision 2030, which prioritizes the improvement of medical services for its citizens. In addition to healthcare, the...
Egypt’s low-income housing program offers affordable residential units to financially challenged Egyptians, and the project is expanding in 2024, opening up in 14 more cities in Egypt. Founded in 2018, the Social Housing and Mortgage Finance Fund (SHMFF), is a governmental entity of the Ministry of Housing, Utilities & Urban Communities (MHUC), which provides affordable residential for low and middle-income Egyptians, with a variety of tenure, housing types, and locations. The SHMFF’s housing...
Egypt's inflation is likely to persist over coming months despite the sharp fall seen in March, experts said. Annual urban consumer price inflation rate slowed to 33.3% in March compared with 35.7% in February despite a devaluation of the local pound last month, Egypt government data showed on Monday. The price rise was unexpectedly lower than LSEG's consensus estimate of 36.6%, Experts advise caution as they feel the factors driving inflation upward persist within the system and price pressures...
Israel pulled its forces out of the southern Gaza Strip on Sunday “to prepare for future missions”, the country’s defence minister said.
The minimum wage for private sector workers in Egypt will increase to EGP 6,000 (USD 127) in May, according to a statement from the National Council of Wages on Sunday, 7 April. This increase aligns with President Abdel Fattah Al-Sisi’s commitment to supporting workers, the statement added. It aims to improve their quality of life and create a better work environment, ultimately benefiting both employees through higher living standards. Following the National Wages Council’s decision, Minister...