Egypt unveils infrastructure projects to boost private sector investments

Egypt unveils infrastructure projects to boost private sector investments
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Egypt’s Minister of Investment and Foreign Trade Hassan Al-Khatib was speaking at a conference organized by the Center for International Private Enterprise. Facebook/Egyptian Cabinet
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Updated 07 October 2024
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Egypt unveils infrastructure projects to boost private sector investments

Egypt unveils infrastructure projects to boost private sector investments
  • Egypt’s private sector engagement is crucial for development cooperation, enhancing livelihoods, and advancing the 2030 agenda
  • Government is offering nine infrastructure projects through its partnership unit

RIYADH: Egypt is rolling out a series of infrastructure projects to boost private sector engagement, according to the minister of investment and foreign trade. 

During a conference organized by the Center for International Private Enterprise, Minister Hassan Al-Khatib outlined the government’s commitment to empowering the private sector as a catalyst for economic growth. 

Egypt’s private sector engagement is crucial for development cooperation, enhancing livelihoods, and advancing the 2030 agenda.

The government is currently offering nine infrastructure projects through its partnership unit, with Al-Khatib saying: “The government is committed to attracting more investments and enhancing the role of the private sector as a key engine of economic growth and innovation.” 

Al-Khatib added that public-private partnerships will be crucial in driving sustainable growth, creating jobs, and improving the investment climate through regulatory reforms. The government has prioritized investments in sectors such as industry, health care, agriculture, tourism, and energy. 

The minister also said that renewable energy, particularly in hydrogen production and energy storage, is a key focus area in line with Egypt’s energy goals. 

“The government is encouraging investments in solar energy technology, semiconductor production, data centers, and outsourcing services,” the Egyptian Cabinet said in an official statement. 

Diversifying export markets is another strategic priority for Egypt, and Al-Khatib said the government aims to expand export markets across Africa, Europe, Asia, and North America, targeting $145 billion in annual exports. 

“Efforts are underway to strengthen global trade relations and bolster the African Continental Free Trade Area agreement, alongside partnerships with the European Union and other global partners,” the minister said. 

The government is also working to reduce trade barriers, simplify customs procedures, and improve logistics infrastructure to connect Egypt with international markets. 

On the green hydrogen front, Egypt is positioning itself as a global leader in the production and export of green hydrogen. 

Al-Khatib discussed Egypt’s national low-carbon hydrogen strategy, which is a core part of its renewable energy transition to leverage the country’s rich solar and wind resources, making Egypt a hub for hydrogen exports to European and Asian markets. 

On the legislative front is Law No. 2 of 2024, which came into effect in January and established a comprehensive legal framework for green hydrogen projects, offering financial incentives and streamlined processes for investors. 

“The law grants the ‘golden license,’ a single license covering all stages of project execution and operation,” the minister said. 

Al-Khatib also touched on recent reforms to Egypt’s investment law, which introduced new incentives to attract local and foreign investments. 

The reforms include the launch of digital platforms by the General Authority for Investment to streamline company registration, licensing, and name reservation processes, as well as reducing paperwork requirements. 

Efforts to simplify land allocation and fast-track licensing for industrial projects were also highlighted, including expanding free zones for industries like petroleum refining, fertilizer manufacturing, and gas liquefaction. 

“The government is working to attract more industrial projects under this free zone model and has simplified the establishment criteria for these zones,” the Cabinet statement said. 

In support of entrepreneurship and startups, Al-Khatib referenced a decision by the prime minister to establish a permanent unit within the Cabinet. This unit, led by the CEO of GAFI, is tasked with developing policies and regulations to foster the growth of startups in Egypt. 

“It will also serve as a liaison between the government and entrepreneurs to address challenges and gather input for policy-making,” the minister said. 


CMA approves new rules to spur Saudi investment fund sector

CMA approves new rules to spur Saudi investment fund sector
Updated 09 July 2025
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CMA approves new rules to spur Saudi investment fund sector

CMA approves new rules to spur Saudi investment fund sector

RIYADH: Saudi Arabia’s Capital Market Authority has announced a package of regulatory enhancements aimed at strengthening the investment fund environment in the Kingdom, according to a press release issued on Wednesday.

The reforms, which involve amendments to the Investment Funds Regulations, Real Estate Investment Funds Regulations, and the glossary of terms used across CMA regulations, are designed to advance the regulatory framework governing investment funds.

The goal is to elevate the competitiveness of the asset management industry by identifying development opportunities, adopting international best practices, and enhancing transparency and governance.

The reforms reflect Saudi Arabia’s broader efforts to deepen its capital markets and attract more local and international investment, in line with Vision 2030 economic diversification goals.

According to a CMA board decision, the updated rules will help expand and develop the investment fund and REIT sectors, increase transparency for unitholders, and improve investor protection through more robust governance standards.

Key reforms

One of the major changes includes broadening the categories of entities allowed to distribute investment fund units. Under the new rules, fund units may now be distributed via licensed investment platforms and e-money institutions approved by the Saudi Central Bank, including through their websites and mobile apps.

Additional reforms cover the procedures for fund termination and the removal of fund managers, as well as new guidelines for voluntary withdrawal by managers of both public and private funds.

A key requirement is obtaining CMA approval for such withdrawals, and ensuring that the outgoing fund manager transfers all management responsibilities to a successor within 60 days. This is aimed at safeguarding investor rights and ensuring a smooth transition process.

REIT flexibility in parallel market

In a move to expand investment opportunities and increase potential returns for investors, the CMA will now allow traded real estate investment funds listed on the parallel market to invest in real estate development projects at the time of fund establishment.

These investments will not be bound by the standard asset allocation ratios and restrictions previously outlined in the Real Estate Investment Funds Regulations.


Egypt’s annual urban consumer inflation at 14.9 percent in June, stats agency says

Egypt’s annual urban consumer inflation at 14.9 percent in June, stats agency says
Updated 09 July 2025
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Egypt’s annual urban consumer inflation at 14.9 percent in June, stats agency says

Egypt’s annual urban consumer inflation at 14.9 percent in June, stats agency says
  • Urban food and beverage prices were down 1.2%

DUBAI: Egypt’s annual urban consumer price inflation slowed to 14.9 percent in June from 16.8 percent in May, data from statistics agency CAPMAS showed on Wednesday.

The drop in inflation is steeper than the median forecast of 15 analysts polled by Reuters, which had seen annual urban consumer inflation last month at 16.2 percent.

Urban food and beverage prices were down 1.2 percent overall compared to May 2025 but were up by 6.9 percent against June 2024, according to CAPMAS.

Urban inflation on a monthly basis inched down in June by 0.1 percent compared to May, as meat and poultry prices were down by 3.8 percent, fruits by 2.1 percent and vegetables by 1 percent, while the prices of bread and cereals were up by 0.3 percent and seafood by 0.8 percent.

Egypt’s annual inflation has plunged from a record high of 38 percent in September 2023, helped by an $8 billion financial support package agreed with the International Monetary Fund in March 2024. 


Most Gulf markets close higher shrugging off Trump’s tariff news

Most Gulf markets close higher shrugging off Trump’s tariff news
Updated 09 July 2025
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Most Gulf markets close higher shrugging off Trump’s tariff news

Most Gulf markets close higher shrugging off Trump’s tariff news
  • Saudi Arabia’s benchmark index eased 0.1%
  • Abu Dhabi index added 0.4%

LONDON: Most stock markets in the Gulf reversed early losses to close higher on Wednesday as investors appeared unfazed by the latest tariff threats from US President Donald Trump. 

Trump ramped up his trade offensive on Tuesday, announcing a 50 percent tariff on copper and renewed long-threatened levies on semiconductors and pharmaceuticals. He also reiterated plans to slap 10 percent tariffs on imports from Brazil, India, and other BRICS countries. 

Saudi Arabia’s benchmark index eased 0.1 percent, dragged down by a 3.1 percent slide in utilities heavyweight ACWA Power and a 0.9 percent decrease in oil giant Saudi Aramco.

In the UAE, Dubai’s main index gained 0.7 percent, hitting a fresh 17-year high, lifted by a 3.6 percent rise in Emirates Central Cooling Systems Corp. 

Emirates has signed a preliminary agreement with Crypto.com to accept payments through its platform. 

The UAE continues to grow as a regional hub for crypto firms, with several enabling crypto payments for real estate, tuition, and transport. 

Abu Dhabi index added 0.4 percent, posting its sixth straight session of gains. 

Abu Dhabi National Insurance Co. advanced 6.4 percent following regulatory approval to open a branch in India. 

Qatar’s benchmark index closed flat. 

Outside the Gulf, Egypt’s blue-chip index, which traded after a session’s break, finished 0.4 percent higher, with Commercial International Bank rising 0.6 percent higher. 

Egypt’s stock exchange suspended trading on Tuesday, citing ongoing disruptions affecting brokerage firms’ ability to communicate efficiently across the trading system, after a fire broke out on Monday in a telecoms data center in Cairo. 


Closing Bell: Saudi main index slightly dips to 11,278; Nomu gains

Closing Bell: Saudi main index slightly dips to 11,278; Nomu gains
Updated 09 July 2025
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Closing Bell: Saudi main index slightly dips to 11,278; Nomu gains

Closing Bell: Saudi main index slightly dips to 11,278; Nomu gains
  • Parallel market Nomu gained 104.43 points to close at 27,448.22
  • MSCI Tadawul Index edged down 0.27% to 1,445.25

RIYADH: Saudi Arabia’s Tadawul All Share Index dropped marginally on Wednesday, shedding 16.34 points or 0.14 percent to close at 11,277.73. 

The total trading turnover of the benchmark index was SR5.48 billion ($1.46 billion), with 140 of the listed stocks advancing and 109 declining. 

The Kingdom’s parallel market Nomu, gained 104.43 points to close at 27,448.22.

The MSCI Tadawul Index edged down by 0.27 percent to 1,445.25.

The best-performing stock on the main market was Umm Al Qura for Development and Construction Co. The firm’s share price increased by 8.62 percent to SR26.70. 

The share price of Saudi Real Estate Co. also rose by 7.68 percent to SR20.89. 

Retal Urban Development Co. also saw its share price advance by 6.62 percent to SR16.10. 

On the announcements front, Alinma Bank said that it completed the issuance of US dollar-denominated sukuk worth $500 million, under its Trust Certificate Issuance Program. 

According to a press statement, the sukuk issue is expected to settle on July 15. 

The share price of Alinma Bank declined by 1.19 percent to SR26.68. 

Jahez International Co. for Information System Technology announced that it has signed an agreement to acquire a 76.56 percent stake in Snoonu Corporation Holding LLC, a Qatari-based technology and logistics firm that operates an e-commerce and on-demand delivery platform. 

In a press statement, the company revealed that it will acquire 8.14 million shares, representing 75 percent of Snoonu’s share capital, from existing shareholders for $225 million. 

Jahez will also subscribe to 723,960 newly issued shares in Snoonu, representing 1.56 percent of the stake, for $20 million. 

The share price of Jahez edged up by 1.11 percent to SR27.44. 


Saudi POS spending up 5% in early July driven by hotel sector

Saudi POS spending up 5% in early July driven by hotel sector
Updated 09 July 2025
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Saudi POS spending up 5% in early July driven by hotel sector

Saudi POS spending up 5% in early July driven by hotel sector
  • Hotels led the growth, up 22.7% to SR260.74 million
  • Telecommunication division recorded 9.8% increase in transaction value to SR136.09 million

RIYADH: Saudi Arabia’s point-of-sale transactions climbed 5 percent to SR14.3 billion ($3.81 billion) in the week ending July 5, driven by increased spending across multiple sectors.

The latest data from the Kingdom’s central bank, also known as SAMA, showed that hotels led the growth, registering the largest jump in transaction value, up 22.7 percent to SR260.74 million. 

The sector also saw an 18 percent rise in the number of transactions, reaching 802 million.

According to SAMA’s bulletin, the telecommunication division followed, recording a 9.8 percent increase in transaction value to SR136.09 million.

Public utilities spending ranked next, rising 8.8 percent to SR56.92 million, with transactions up 7.2 percent to 740 million.

Food and beverages — responsible for the largest share of total POS value among the defined categories — recorded a 6.9 percent increase to SR2.13 billion.

Transportation spending rose 4.1 percent to SR776.28 million, while restaurants and cafes saw a 3.5 percent increase, totaling SR1.95 billion and claiming the second-biggest share of this week’s POS.

Miscellaneous goods and services claimed the third-largest share of the total transaction value, with an uptick of 8.6 percent to SR1.79 billion.

The smallest spending gains were in gas stations, rising by 1.1 percent to SR974.03 million, and electronics, which increased by 3 percent to SR187.56 million.

The health and furniture sectors also saw upward changes, increasing by 3.7 percent and 8 percent to reach SR871.34 million and SR289.99 million, respectively. 

On the downside, spending on education dipped by 33.5 percent to SR141.12 million, followed by a 6 percent decrease in spending on jewelry.

Recreation and culture followed the trend, falling 2.3 percent to SR287.79 million.

Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.87 billion, a 3.9 percent increase from the previous week. 

Jeddah followed with a 6.8 percent rise to SR2.06 billion, while Dammam ranked third, up 1 percent to SR680.17 million.

Tabuk saw the smallest increase, inching up 0.1 percent to SR278.76 million, followed by Khobar with a 0.5 percent uptick to SR387.48 million.

Hail recorded 4.21 million deals in transaction volume, up 6.4 percent, while Makkah reached 8.9 million transactions, rising 8.8 percent.