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Egypt

October 9, 2024

Cairo 8:34 am

25°C

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Middle East startups see 34% uptick in global investors

Data firm MAGNiTT reported Tuesday that the Middle East far outperformed other markets and regions, including Africa and Southeast Asia, which saw steeper drops.

A Middle East Airlines commercial aircraft taking off from Beirut's international airport flies amid smoke billowing above the Lebanese capital's southern suburbs, in the aftermath of overnight Israeli airstrikes, on Sept. 28,2024.

Middle East airlines alter, axe flights following Iran missile attack on Israel

Late on Tuesday, Iran launched more than 180 ballistic missiles at Israel in what it said was in retaliation for last Friday’s assassination of Hassan Nasrallah, the chief of Lebanon-based militia Hezbollah.

A man walks near the new headquarters of Egypt's Central Bank at the New Administrative Capital megaproject about 45 kilometres east of the current capital Cairo on Aug. 1, 2023.

Analysis

Egypt-Saudi deals beckon after $5B PIF pledge but question marks cloud outlook

After a massive financial bailout powered by the UAE in early 2024, Egypt is banking on big Saudi investments that have been slow to materialize in recent years.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Turkey’s President Recep Tayyip Erdogan on Wednesday hosts Abdel Fattah al-Sisi during the Egyptian leader's first-ever Turkey visit, in Ankara, on Sept. 4, 2024.

Analysis

With reconstruction in mind, can Turkey-Egypt thaw offer lifeline for Libya?

The complex interplay of regional and international interests and entrenched divisions within Libya itself suggest that progress may be slow and difficult to achieve.

Mohamed Eljarh

By Mohamed Eljarh

Latest News

Analysis

Ethiopia’s naval ambitions, Egypt-Somalia alliance shake Horn of Africa balance

Paratroopers jump off an Egyptian C-130 Hercules military plane during the "Guardians of the Nile" joint military drill between Egypt and Sudan in the Um Sayyala area, northwest of Khartoum, on May 31, 2021.

Jonathan Fenton-Harvey

By Jonathan Fenton-Harvey

In Exmouth, reporting on North Africa and Gulf politics

Analysis

Race for historic Middle East Olympics is on post-Paris

The Olympic rings are seen during preparation works at the Eiffel Tower stadium in Paris on July 24, 2024, ahead of the Paris 2024 Olympic Games.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

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George Helmy becomes first Coptic Christian sworn into US Senate

US President Pro Tempore of the Senate Patty Murray (D-WA) swears in US Senate-Designate George Hemly (D-N.J.).

In first under Biden, Egypt to receive full military aid tied to human rights

Egyptian President Abdel Fattah El-Sisi and his US counterpart Joe Biden hold a meeting on the sidelines of the COP27 summit, in Egypt's Red Sea resort city of Sharm el-Sheikh, on Nov. 11, 2022.

Beatrice Farhat

Associate Editor (Lebanon)

In Beirut, reporting on regional news, culture, conflict

Jonathan Fenton-Harvey

In Exmouth, reporting on North Africa and Gulf politics

Mohammed Magdy

In Berlin, reporting on Egyptian politics

Ayah Aman

In Cairo, reporting on politics and culture

Salwa Samir

In Giza, reporting on politics

Nada Shaker

In Cairo, reporting on culture

Ballistic missile Zelzal is launched during the second day of military exercises, codenamed Great Prophet-6, for Iran's elite Revolutionary Guards at an undisclosed location on June 28, 2011.

As Egypt tells airlines to avoid Iran, region braces for attack on Israel

Iran is expected to strike Israel in response to the assassination of Hamas leader Ismail Haniyeh in Tehran, prompting flight suspensions and safety notices for Iranian airspace.

Tourists walk past the pyramids of Khufu, Khafre, and Menkaure on July 21, 2024 in Giza, Egypt. The colossal tombs near Cairo, built around 4,500 years ago for Pharaoh Khufu and completed circa 2560 BCE, are the only surviving wonders of the original Seven Wonders of the Ancient World. (Photo by Ahmad Hasaballah/Getty Images)

IMF greenlights release of $820M to Egypt, cites economic improvement

The Washington-based fund said in a statement that the decision was a result of the third review of Egypt’s 46-month Extended Fund Facility arrangement that was approved on Dec. 16, 2022.

Amir Levy/Getty Images

Analysis

Are Israel, Egypt inching closer to deal on Gaza’s Philadelphi Corridor?

Prime Minister Benjamin Netanyahu insists that Israel must preserve physical control over the Philadelphi Corridor, but security officials are offering other solutions.

Rina Bassist

By Rina Bassist

In Paris, reporting on Israeli politics and European affairs

In this picture taken on May 10, 2023, people attend the UAE Climate Tech Forum in Abu Dhabi. Faced with mounting pressure over planet-heating pollution, the Arab Gulf's energy giants are turning to humble tech start-ups as they search for ways to remove emissions while keeping oil flowing. (Photo by Karim SAHIB / AFP) (Photo by KARIM SAHIB/AFP via Getty Images)

Tech investment slump reaching critical stage for cash strapped Middle East startups

Samuel Wendel

In Washington, DC, reporting on regional business and tech

TOPSHOT - A deliveryman balances a tray of freshly baked bread while riding his bicycle along the al-Darb al-Ahmar district in the old quarters of Cairo on March 6, 2024. (Photo by Amir MAKAR / AFP) (Photo by AMIR MAKAR/AFP via Getty Images)

Can Egypt's new cabinet overcome public skepticism, economic discontent?

The new cabinet in Egypt is expected to address the country’s economic woes, although some analysts doubt its ability to do so.

WASHINGTON, DC - JANUARY 30: CIA Director William Burns and Director of National Intelligence Avril Haines depart from the U.S. Capitol Building on January 30, 2024 in Washington, DC. Burns and Haines attended a briefing on Ukraine, Israel and the Middle East for the House Intelligence Committee and House Leadership. (Photo by Anna Moneymaker/Getty Images)

US officials Burns, McGurk in Cairo to close gaps in Gaza cease-fire talks

A White House spokesperson said there are differences that remain between the two sides, even after Hamas softened its demands in its latest counterproposal.

People walk past a currency exchange shop displaying a giant US dollars banknote in downtown Cairo on November 3, 2016. Egypt floated the country's pound as part of a raft of reforms, after a dollar crunch and exorbitant black market trade threatened to grind some imports to a halt. / AFP / KHALED DESOUKI (Photo credit should read KHALED DESOUKI/AFP via Getty Images)

Egypt’s remittances reach $2.7 billion in boost to foreign reserves

Egypt’s liquidity crisis has been alleviated by recent investment from the United Arab Emirates and help from the International Monetary Fund, though inflation and debt remain issues.

Migrants from Tunisia and Lybia arrive onboard of an Italian Guardia Costiera (Coast Guard) boat in the Italian Pelagie Island of Lampedusa on Aug. 1, 2020.

Analysis

As Europe's far right surges, North Africa immigration takes center stage

The election of far-right politicians in power across Europe will impact EU policy toward North Africa, which has proven to be an invaluable energy partner since Russia invaded Ukraine in February 2022.

In Bristol, reporting on regional business, climate change, AI, tech

A composite image shows Egypt's new Foreign Minister Badr Abdel-Aty (L) and new Finance Minister Ahmed Kouchouk (R).

Meet Egypt’s new foreign, defense, finance ministers after cabinet shuffle

Cairo's new government is coming in at a challenging time for Egypt, which is facing a deep economic crisis amid the ongoing war in the Gaza Strip.

The sun sets behind high voltage transmission towers (electricity pylons) along a highway in El-Shorouk, a satellite city about 47 kilometers outside the city center of Cairo, on July 24, 2023.

Analysis

Climate change, overreliance on Israeli gas add to Egypt's power crisis

For a year now, load-shedding linked to falling gas production, rising demand and a shortage of foreign currency has led to scheduled two-hour daily power cuts in most parts of the country.

Rosaleen Carroll

By Jack Dutton , Rosaleen Carroll

TOPSHOT - Smoke billows as an Egyptian farmer burns hay stubbles in Qaliubia, some 40 kms north of Cairo, on October 23, 2006. The post-harvest burning suffocates Cairo, one of the most polluted cities in the world. AFP PHOTO/KHALED DESOUKI (Photo by Khaled DESOUKI / AFP) (Photo by KHALED DESOUKI/AFP via Getty Images)

Climate crisis stokes growing challenges amid Middle East economic diversification drives

European Commission president Ursula Von der Leyen and Egypt president Abdel Fattah el-Sisi pictured during a diplomatic meeting on March 17, 2024, in Cairo, Egypt.

Egypt looks set to secure $1.1B EU loan to boost economic recovery

The latest injection is part of a larger two-proposal package from the 27-state bloc to help the North African country's struggling economy.