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Egypt Today
18-06-2025
- Business
- Egypt Today
Egyptian parliament approves of new national budget plan, gov't seeks 4.5% growth next year
Cairo – June 18, 2025: Egypt's House of Representatives has endorsed the national budget and economic development framework for FY2025/2026, setting a target for real GDP growth of 4.5 percent. This represents a significant increase from the 2.4 percent growth recorded in FY2023/2024. Planning Minister Rania Al-Mashat presented the plan amid ongoing regional uncertainties, noting that preliminary indicators from the first nine months of the current fiscal year signal improving economic performance. She highlighted that the plan focuses on structural reforms and concentrated investment to navigate these complex conditions. Public investment in the upcoming fiscal year is projected at approximately LE 1.158 trillion, up from about LE 1 trillion allocated in FY2024/2025. Nearly 28 percent of this amount—LE 327 billion—is dedicated to human development sectors, including health, education, and social services. The state budget will contribute LE 219 billion toward these areas. The government reiterated its commitment to the Haya Karima (Decent Life) initiative aimed at rural development, with phase one receiving LE 350 billion to improve living conditions for 18 million residents in over 1,400 villages across 20 governorates. The second phase allocates funds for essential infrastructure and expanding universal health insurance. In line with its reform agenda, the government plans to reduce direct state involvement in the economy. A new State Ownership Policy Law, recently passed by parliament, encourages greater private sector participation. Meanwhile, a review is underway to restructure 59 economic authorities, determining their future status through a committee supported by technical expertise. To enhance governance and investment management, the Adaa system—tracking 4,000 performance metrics across 36 ministries and agencies—will be further expanded. Training is ongoing to help public entities utilize a centralized digital platform covering 270 state-owned companies, aiming to improve transparency and efficiency. Funding for land compensation related to national projects has increased to LE 16 billion for the combined fiscal years FY2024/2025 and FY2025/2026, with more than LE 3.4 billion allocated to projects in Giza. Additionally, the government plans to conduct a new economic census via the Central Agency for Public Mobilization and Statistics (CAPMAS) to better capture informal economic activity and inform policy decisions. Minister Al-Mashat stressed that the plan's formulation took place amid 'delicate circumstances' worsened by rapid regional developments. She called for flexible planning and continuous monitoring to adapt to evolving conditions, while expressing gratitude for parliament's thorough review and constructive input.
See - Sada Elbalad
18-06-2025
- Business
- See - Sada Elbalad
Foreign Workers in Egypt's Private Sector Surge by 32% in 2024
Ahmed Emam Egypt has seen a significant rise in the number of foreign nationals working in its private and investment sectors, with figures climbing to 22,900 in 2024 — a 32% increase compared to 17,300 in the previous year. The data, published Tuesday by the Central Agency for Public Mobilization and Statistics (CAPMAS) in its *Annual Bulletin of Foreign Workers in the Private and Investment Sector*, highlights growing foreign interest in Egypt's labor market amid continued economic reforms and expanding investment opportunities. According to the report, 10,000 foreign workers received permits to work in Egypt for the first time, accounting for 43.7% of the total. Meanwhile, 12,900 had their contracts renewed, representing 56.3%. European nationals made up the largest share of foreign workers in Egypt last year, with 8,798 individuals — or 38.4% of the total. They were followed by non-Arab Asian nationals, numbering 7,224 and representing 31.5%. The surge in foreign labor reflects Egypt's sustained efforts to attract international talent across key sectors, including energy, manufacturing, construction, and telecommunications. Analysts say the trend underscores Egypt's evolving position as a regional hub for investment and skilled labor. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
CairoScene
18-06-2025
- Business
- CairoScene
Egypt Ranks 7th Globally in Remittance Inflows in 2024
Remittances to Egypt reach USD 22.7 billion amid digital reforms and policy shifts. Jun 18, 2025 Egypt has ranked seventh globally in remittance inflows for 2024, receiving a total of USD 22.7 billion, according to the Central Agency for Public Mobilization and Statistics (CAPMAS) in honour of the International Day of Family Remittances. The day was established by the UN General Assembly in 2018 to acknowledge the vital contributions of migrants to their families and home economies, particularly in rural and impoverished areas. This year's observance highlights the growing role of remittances in local development and climate resilience, emphasizing financial inclusion, digital infrastructure, cost reduction, and the integration of remittances into national development strategies. Around 75% of these transfers are spent on essential needs like food, healthcare, and education, with the remaining 25% directed toward investment, savings, or small business ventures. The 2024 International Migration Report noted that the global migrant population has reached 281 million, representing one in every 30 individuals. Since 2000, global remittance flows have increased sharply, rising from USD 128 billion to USD 831 billion in 2024. Over the past decade, remittances to low- and middle-income countries have surpassed USD 5 trillion, with projections reaching USD 4.4 trillion more by 2030. About one-third of this future sum is expected to benefit rural communities. In addition, a unified digital app is being developed to integrate services and incentives for Egyptians abroad, while housing units and land parcels continue to be made available to expatriates through official online platforms.
Al-Ahram Weekly
17-06-2025
- Business
- Al-Ahram Weekly
32% rise in foreign workers licensed to work in Egypt in 2024: CAPMAS - Society
A total of 22,909 foreign nationals were granted work permits in Egypt in 2024, marking a 32 percent increase compared to 17,357 in 2023, per a Central Agency for Public Mobilization and Statistics (CAPMAS) Tuesday report. In its annual bulletin, CAPMAS reported a significant rise in the number of foreigners licensed to work in Egypt's private and investment sectors. Of those granted permits in 2024, 10,003 individuals—or 43.7 percent—were first-time applicants, while 12,906—56.3 percent—renewed existing work permits. Europeans lead, followed by Asian nationals Foreign workers from European countries made up the largest group, accounting for 38.4 percent (8,798 individuals) of all licensed workers. They were followed by non-Arab Asian nationals with 31.5 percent (7,224 individuals) and Arabs with 21.1 percent (4,826 individuals). Workers from non-Arab African nations represented 4.5 percent (1,026 individuals), while Americans made up 3.8 percent (868 individuals). Nationals from Oceania had the lowest representation, with just 110 workers—or 0.5 percent of the total. Labour directorates issued nearly half of all permits When broken down by licensing authority: Labour Directorates issued the largest share, with 11,197 permits (48.9 percent) Investment Offices issued 6,392 permits (27.9 percent) Company Offices issued 4,558 permits (19.9 percent) Petroleum Offices issued 762 permits (3.3 percent) Managers and specialists make up the largest occupational groups Managers made up the largest category of foreign workers by occupation, with 8,343 individuals (36.4 percent). They were followed by: Specialists in scientific fields: 5,453 workers (23.8 percent) Technicians and assistant specialists: 3,530 workers (15.4 percent) Public sector, utilities, and construction sectors dominate In terms of economic sectors employing foreign nationals: Public administration, defense, and mandatory social insurance employed 5,587 workers (24.4 percent) The electricity, gas, and steam supply sector followed with 4,726 workers (20.6 percent) Construction employed 3,676 workers (16 percent) The wholesale and retail trade and repair services sector accounted for 2,859 workers (12.5 percent) Follow us on: Facebook Instagram Whatsapp Short link:
Egypt Today
17-06-2025
- Business
- Egypt Today
Egypt, G7 Trade Hits $29.7 Billion in 2024
CAIRO - 17 June 2025: According to the latest figures released by the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt's exports to the Group of Seven (G7) countries climbed to approximately $9.5 billion in 2024, up from $8.6 billion in 2023. This reflects a year-on-year growth of 10.5 percent. Italy emerged as Egypt's top G7 export destination, with imports valued at $3.4 billion. It was followed by the United States at $2.2 billion, the United Kingdom at $1.6 billion, France at $1 billion, Germany at $989 million, Canada at $197 million, and Japan at $67 million. Key Egyptian exports to these markets included mineral fuels, ready-made clothing, electrical machinery, fruits, vegetables, fertilizers, aluminum, and plastic goods. On the import front, Egypt's total imports from G7 nations surged to $20.2 billion in 2024, rising from $17.4 billion the year before—a 16.1 percent increase. The United States was Egypt's largest source of imports within the G7, accounting for $7.6 billion. Germany followed with $4.4 billion, Italy with $3.2 billion, the United Kingdom with $2 billion, France with $1.8 billion, Japan with $819 million, and Canada with $369 million. These imports spanned a diverse array of sectors, most notably mineral fuels and oils, electrical appliances, vehicles and transport equipment, pharmaceuticals, iron and steel, and various agricultural products such as oil seeds and medicinal plants. In total, bilateral trade between Egypt and the G7 reached $29.7 billion in 2024, marking a 14.2 percent increase over the previous year's $26 billion. Foreign direct investment (FDI) from G7 countries in Egypt also saw solid growth. In the fiscal year 2023/2024, G7 investments totaled $9.2 billion, up from $8.1 billion the previous year—an increase of 13.6 percent. The United States led all investors with $3 billion, followed by the United Kingdom at $2.9 billion, and Italy at $2.1 billion. France, Germany, Canada, and Japan contributed $483.8 million, $421.6 million, $122.5 million, and $73.2 million respectively.
