Shams Pyramids for Hotels and Touristic Establishments posts net loss of $8.9 million in 2025
The annual financial results of Shams Pyramids for Hotels and Touristic Establishments for 2025 revealed net losses amounting to $8,953,725, compared to losses of $899,770 in 2024.
Key Economic News
President Abdel Fattah El-Sisi participates in the launch of the Egypt International Energy Conference and Exhibition (EGYPS 2026), ninth edition
President Abdel Fattah El-Sisi attended the opening session of EGYPS 2026 this morning. The event runs from March 30 to April 1, 2026, at the Al-Manara International Conference Center and Egypt International Exhibitions Center in New Cairo.
Prime Minister follows up with Minister of Health and Population on ministry files
Dr. Mostafa Madbouly, Prime Minister, held a meeting at the government headquarters in the New Administrative Capital with Dr. Khaled Abdel Ghaffar, Minister of Health and Population, to review several ministry files, attended by senior officials.
Prime Minister reviews the availability of pharmaceutical products and active ingredients in the Egyptian drug market
Dr. Mostafa Madbouly chaired a meeting to monitor the availability of pharmaceutical products and active raw materials in the Egyptian market.
Minister of Petroleum: Reduction of partners’ dues from $6.1 billion in July 2024 to about $1.3 billion currently
Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, announced the sector’s success in reducing partners’ dues from $6.1 billion in July 2024 to about $1.3 billion currently, with plans to fully settle them by June 30. He emphasized that this progress reflects restored confidence and encourages further investment.
Minister of Electricity meets the strategic committee to monitor government spending rationalization
Dr. Mahmoud Esmat, Minister of Electricity and Renewable Energy, convened the strategic committee to follow up on the implementation of work programs, evaluate performance, and ensure compliance with exceptional Cabinet decisions addressing regional military escalation impacts.
Minister of Finance: Citizen Bond to be reissued via post offices within days
Ahmed Kojok, Minister of Finance, announced that the “Citizen Bond” will be reissued through post offices nationwide in the coming days. The first issuance saw strong demand and achieved notable proceeds within three weeks.
Minister of Investment and Foreign Trade meets Indian Ambassador to deepen economic partnership
Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade, met with Indian Ambassador Suresh K. Reddy to discuss enhancing economic, trade, and investment relations, reviewing key topics of mutual interest to boost cooperation.
Minister of Agriculture: Targeting 5 million tons of wheat supply, strict oversight on subsidized fertilizers, and expanded inspections of pesticide markets
Minister Alaa Farouk confirmed that fair pricing policies for wheat encouraged farmers this season, with cultivated area reaching 3.7 million feddans. The target is to supply 5 million tons of wheat. He stressed expanding contract farming (currently covering 700,000 feddans) and announcing profitable prices in advance to stabilize farmers’ income.
Minister of Local Development and Environment follows up with governors on investment plan projects
Dr. Manal Awad, Minister of Local Development and Environment, held a video conference with governors from the ministry headquarters in the New Administrative Capital to review vital service projects and ensure implementation of presidential and prime ministerial directives.
Minister of Local Development and Environment meets CEO of L’Oréal Egypt to discuss sustainability and circular economy initiatives
Dr. Manal Awad met with Mohamed El-Araby, CEO of L’Oréal Egypt, to review the company’s sustainability roadmap, extended producer responsibility, awareness-raising, and nature conservation efforts.
Egyptian Electricity Transmission Company signs contract with El-Gamal General Contracting for expansions at Ismailia substation
Eng. Mona Rizk, Chairwoman of the Egyptian Electricity Transmission Company, signed a contract with El-Gamal General Contracting, represented by CEO Eng. Medhat Maher, to expand the Ismailia industrial substation from 11/66 kV to 66/220 kV, with a capacity of (175×3) MVA, expandable with a fourth transformer, using GIS technology under turnkey delivery.
Damietta Port launches new transit service via RoRo line to Gulf countries
As part of Egypt’s strategy to become a regional hub for transport, logistics, and transit trade, Damietta Port Authority inaugurated a new service for refrigerated and dry cargo arriving from Europe via the RoRo line linking Damietta and Trieste (Italy), to be transferred through Safaga Port to Gulf countries.
Egyptian Drug Authority discusses with AstraZeneca localization of pharmaceutical industry and expansion in African markets
Dr. Ali El-Ghamrawy, Chairman of the Egyptian Drug Authority, met with AstraZeneca’s Chairman to discuss progress in localizing the company’s products in Egypt and incentives for expanding local manufacturing, aiming to transfer modern technology, enhance production capacity, and improve drug quality to global standards.
Parliament’s Industry Committee outlines roadmap for financial and monetary policies
The Industry Committee, chaired by Eng. Ahmed Bahaa Shalaby, held a hearing attended by the Minister of Finance, representatives of the Central Bank, Ministry of Industry, Federation of Industries, SME Investors Association, Businessmen Association, and Investors Association, to review supportive financial and monetary policies for the industrial sector amid current geopolitical challenges.
House of Representatives approves five agreements for oil and gas exploration in several areas
The House of Representatives, chaired by Counselor Hisham Badawy, approved five reports from the Energy and Environment Committee on draft laws authorizing the Minister of Petroleum to conduct oil and gas exploration.
Central Bank sells half of targeted value in 3- and 9-month auction
The Central Bank of Egypt sold treasury bills worth EGP 38.393 billion in its latest auction, after initially offering EGP 70 billion (EGP 25 billion for 91 days and EGP 45 billion for 273 days).
Banque Misr adds supply chain and financing service to corporate internet banking
Banque Misr introduced supply chain and financing services to corporate internet banking to support suppliers and facilitate companies. The bank stated this step reflects its leadership in digital transformation and commitment to innovative solutions that enhance business efficiency and support suppliers in Egypt.