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Pound’s flotation creates a competitive price for local products in global markets: chairperson of FEI’s Chamber of Engineering Industries

The Egypt Automotive Summit is a great annual opportunity to exchange ideas and views for the development of the automotive industry, said Hamdy Abdel Aziz, the chairperson of the Federation of Egyptian Industries’ (FEI) Chamber of Engineering Industries. Ahead of the summit, Daily News Egypt sat down with Abdel Aziz to discuss his thoughts about …

Ahmed Amer

Car prices set records a month after flotation

Price increases swept across the automotive industry in November, with 162 models across various brands experiencing record price hikes. Automotive companies decided to raise prices in response to the increased cost of importing vehicles and their components after the Central Bank of Egypt decided to float the Egyptian pound, more than doubling the value of …

Ahmed Amer

Making ends meet as prices skyrocket

While price increases and inflation are inevitable for any country, in recent months Egypt has seen unprecedented price hikes which have severely impacted families’ cost of living. In the wake of the Egyptian pound flotation, subsidy cuts, and higher fuel prices, the average family’s monthly income does not stretch nearly as far as it used …

Hisham Salah

20% target of renewable energy sources remains following flotation: NREA head

The target for 20% of Egypt’s power requirements to be generated from renewable sources will remain unchanged following the flotation of the Egyptian pound, according to Mohamed El-Sobky, head of the New and Renewable Energy Authority (NREA). El-Sobky hopes the flotation will not affect investors’ desire to invest in Egypt. He added that the new …

Hisham Salah

Flotation and increased fuel prices raise ceramic prices, increase market slump

Ceramic production companies have deemed it necessary to raise their prices in the coming period following the flotation of the Egyptian pound and its devaluation, besides the increased cost of production inputs, including gas, electricity, and fuel. During the eighth International Ceramic and Sanitaryware Exhibition (ICS), held between 9 and 12 November, surveyed ceramic manufacturers …

Hisham Salah

Will Egypt follow the example of Brazil or Argentina in dealing with the IMF?

Following the implementation of all of the International Monetary Fund’s (IMF) preconditions for the three-year, $12bn loan Egypt is bent on receiving, the government submitted a letter of intent to the IMF executive board two days ago. A letter of intent outlines one or more agreements between the two parties before the conclusive agreement is …

Shaimaa Al-Aees