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    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt secures $66 mln from EU, AFD to expand wheat storage

    Egypt secures $66 mln from EU, AFD to expand wheat storage

    Agreements signed to establish 4 food factories in Jordan

    Agreements signed to establish 4 food factories in Jordan

    Morocco set to launch potash project: report

    Morocco set to launch potash project: report

    Food Africa and pacprocess MEA to launch in December with an even larger area

    Food Africa and pacprocess MEA to launch in December with an even larger area

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

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      Number of BIA passengers up by 26.90% annually YTD APRIL 2023

      Number of BIA passengers up by 26.90% annually YTD APRIL 2023

      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

      International investors keen on entering Saudi market, says minister

      International investors keen on entering Saudi market, says minister

      Egypt aims to enhance contribution of IT sector to GDP: Talaat

      Egypt aims to enhance contribution of IT sector to GDP: Talaat

      Saudi airports witness 42% rise in passengers in first 4 months of 2023

      Saudi airports witness 42% rise in passengers in first 4 months of 2023

      Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

      Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

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      Oman gears up for its first smart city

      Oman gears up for its first smart city

      Saudi real estate ‘booming’ on big office space demand

      Saudi real estate ‘booming’ on big office space demand

      Value of Saudi construction contracts jump 35% to $51.3bn: report

      Value of Saudi construction contracts jump 35% to $51.3bn: report

      Qatar to implement new strategies for real estate development

      Qatar to implement new strategies for real estate development

      Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

      Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

      Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

      Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

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        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

        First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

        First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

        Oman’s refinery products output jumps by 44%

        Oman’s refinery products output jumps by 44%

        Iraq agrees to 30% stake in TotalEnergies $27bln energy project

        Iraq agrees to 30% stake in TotalEnergies $27bln energy project

        Oman signs $20bn hydrogen deals

        Oman signs $20bn hydrogen deals

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          Qatar: Over 700 hotel keys added in Q1

          Qatar: Over 700 hotel keys added in Q1

          Jordan’s tourism income surges 88% as visitors flock to the country

          Jordan’s tourism income surges 88% as visitors flock to the country

          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

          Leisure sector in Qatar stronger after World Cup 2022

          Leisure sector in Qatar stronger after World Cup 2022

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

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        • Agrofood
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          • Agriculture
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          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Agreements signed to establish 4 food factories in Jordan

          Agreements signed to establish 4 food factories in Jordan

          Morocco set to launch potash project: report

          Morocco set to launch potash project: report

          Food Africa and pacprocess MEA to launch in December with an even larger area

          Food Africa and pacprocess MEA to launch in December with an even larger area

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
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            • Transport & Logistics
            Number of BIA passengers up by 26.90% annually YTD APRIL 2023

            Number of BIA passengers up by 26.90% annually YTD APRIL 2023

            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            International investors keen on entering Saudi market, says minister

            International investors keen on entering Saudi market, says minister

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Oman gears up for its first smart city

            Oman gears up for its first smart city

            Saudi real estate ‘booming’ on big office space demand

            Saudi real estate ‘booming’ on big office space demand

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Qatar to implement new strategies for real estate development

            Qatar to implement new strategies for real estate development

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              Oman’s refinery products output jumps by 44%

              Oman’s refinery products output jumps by 44%

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Oman signs $20bn hydrogen deals

              Oman signs $20bn hydrogen deals

              Trending Tags

              • Hospitality
                Qatar: Over 700 hotel keys added in Q1

                Qatar: Over 700 hotel keys added in Q1

                Jordan’s tourism income surges 88% as visitors flock to the country

                Jordan’s tourism income surges 88% as visitors flock to the country

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Leisure sector in Qatar stronger after World Cup 2022

                Leisure sector in Qatar stronger after World Cup 2022

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

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              Egypt's Central Bank eases restrictions on import requirements

              Reuters

              March 7, 2016
              in Economy, Trade
              0
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              Egypt's central bank raised the cap on foreign currency deposits at banks fivefold to $250,000 on to help relieve a dollar shortage that has seen imports of essential goods piling up at ports.

              The central bank imposed a cap of $50,000 a month on deposits at banks almost a year ago in an effort to crush a black market for dollars that ballooned as pressure to devalue the Egyptian pound mounted.

              Importers and manufacturers alike criticized the original limits, which made it more difficult to open letters of credit and left cargoes stuck at ports.

              The new deposit cap of $250,000 a month only applies for imports of essential foodstuffs, capital machinery, manufacturing components and medicines. The central bank says it wants to ensure precious dollars are put to the best use and to reduce dollar demand by cutting the import bill by a quarter.

              The move drew a cautious welcome from importers, who have urged the central bank to scrap dollar caps entirely.

              "It is a positive step but we hope it will be extended to all companies," Ahmed Shiha, head of the importers' division at the Cairo Chamber of Commerce, told Reuters.

              Egypt has struggled to restore growth since a mass uprising in 2011 drove away tourists and foreign investors – two major sources of hard currency the import-dependent country needs to finance its purchases of everything from wheat to cars.

              Gulf Arab allies have averted a crisis by depositing billions of dollars in Egypt's central bank in recent years. But with oil prices down, they may no longer be able to step in.

              STEP TOWARDS LIBERALISATION
              With forex reserves at half their pre-uprising level, the central bank cannot defend the currency indefinitely. Yet it surprised markets in November by strengthening the pound against the dollar and holding it steady ever since.

              ".. the move means the central bank has started to admit there is a crunch. That is the step before the last step that will head to liberalizing the exchange rate," said Hany Genena, economist at Beltone Financial.

              Economists and businesspeople said the looser cap would meanwhile see companies turn back to the black market to source dollars and channel them into the banking system.

              That could further widen the gap between the official exchange rate of 7.7301 pounds to the dollar and the black market rate, which on Tuesday was around 8.62 pounds.

              The central bank said in its statement that the $50,000 per month cap would remain in place for ordinary deposits not used for imports of the listed "essential goods". Those stipulations are in line with its aim of rebalancing the trade deficit by eliminating unnecessary imports.

              Bassem Hussein, a manager at family-run Interfood Egypt which imports and processes coffee and spices, said it remained to be seen how the new measures would be applied.

              Coffee, for instance, is not considered an essential foodstuff, though his company could benefit from the changes as it imports raw beans in large volumes for processing in Egypt.

              "It will open up business for factories and manufacturers but for traders it is still the same as it only applies to basic goods," he said.
              Reuters
              7 March

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