Latest news with #Cairo
Zawya
12 minutes ago
- Business
- Zawya
Egypt jumps to 9th in global FDI rankings as Africa sees rebound
Egypt's foreign direct investment (FDI) surged in 2024, making it the ninth-largest recipient globally and the main driver of a rebound in investment across Africa, according to a UN report launched in Cairo on Thursday. The World Investment Report 2025 from UN Trade and Development (UNCTAD) showed that Egypt's performance contrasted with a second consecutive annual decline in global FDI when excluding volatile financial flows. The global outlook for 2025 remains negative amid heightened investor uncertainty. FDI inflows to Africa rebounded by 75% in 2024 to $97bn, largely due to flows into Egypt. This increased the continent's share of global FDI to 6% from 4% the previous year, and its share of developing-country inflows to 11% from 6%. Egypt was identified as the primary driver of this turnaround, with a mega-project in urban development at Ras El-Hekma being a significant contributor. Globally, FDI rose 4% in 2024 to $1.5 trillion, but UNCTAD noted this headline div was inflated by volatile flows through conduit economies. When these are excluded, global FDI registered an 11% decline. The report also found that investment in sectors related to the Sustainable Development Goals (SDGs) in developing countries fell by 25–33% across infrastructure, renewable energy, water and sanitation, and agrifood systems. Only the health sector saw growth, though from a small base. 'This year's findings call for renewed efforts to mobilize private investment for sustainable development, especially in economies facing structural constraints,' said Richard Bolwijn, Director of UNCTAD's Investment Research Branch. While Africa experienced an overall FDI rebound, the report detailed a mixed picture across the continent. Announced greenfield projects fell in both number, by 5%, and value, by 37%, in most countries. Cross-border mergers and acquisitions turned negative, resulting in net divestments of $1.5bn compared with net investments of $9.5bn in 2023. However, announced international project-finance deals in Africa increased in value by 15%, boosted by a megaproject in Egypt, even as the number of such deals dipped by 3%. In Egypt, which jumped from 32nd to 9th place among global FDI recipients, project-finance commitments doubled, supported by large-scale investments in energy and transport infrastructure. The country also defied the continent-wide decline in announced greenfield projects. The report identified North Africa, led by Egypt, as the main growth engine for FDI on the continent. The findings were presented at an event hosted by the Government of Egypt to mark the report's launch. 'In a year marked by shifting global investment patterns, Egypt's consistent presence on the investment landscape, as captured in the World Investment Report, comes as we double down on an ambitious reform agenda that places industrial production, exports, and foreign direct investment at the heart of our economic development model,' said Dr Rania Al-Mashat, Egypt's Minister of Planning, Economic Development & International Cooperation. 'Our focus remains clear: unleashing private sector potential through structural reforms that foster quality growth and resilience by driving job creation, boosting productivity and increasing value-added.' Eng Hassan Elkhatib, Minister of Investment and Foreign Trade, added: 'Egypt is writing a new investment narrative, coupling deep structural reforms and clear, predictable policies with a competitive, transparent business climate and a dynamic private sector. This vision reinforces Egypt's growing role in the regional and global investment landscape, transforming the country into a hub of opportunity and connectivity.' The report also examined policy trends, finding that the number of investment policy measures reached its second-highest level on record in 2024, at 174. Of these, 78% were favourable to investors, although many were shaped by geopolitical and industrial-policy objectives. In the digital economy, the report noted that investment is expanding rapidly but remains highly concentrated, with data centres and fintech attracting most of the flows and leaving significant regional gaps. The launch event in Cairo included a technical briefing on the report's findings and a discussion with representatives from the private sector, international organisations and academia.
Arab News
10 hours ago
- Business
- Arab News
Israel restarts limited gas exports amid ongoing conflict, Egypt still waiting
CAIRO: Israel has resumed limited natural gas exports from surplus supplies, the country's Energy Ministry said on Thursday, nearly a week after shutting down two key offshore fields as Israel and Iran waged an air battle. A ministry spokesperson told Reuters that exports are now resuming 'from surpluses, after domestic needs are met.' An energy ministry source said most of the limited exported gas is currently flowing to Jordan, and only 'tiny volumes' reached Egypt this week. Egyptian fertilizer producers, who were forced to halt operations due to the supply disruption, told Reuters they have yet to receive any gas but expect flows to resume next week. The Egyptian Petroleum Ministry did not immediately respond to a Reuters request for comment. Following military escalation in the region, Israel halted exports on June 13 after closing the Leviathan field, operated by Chevron and the Karish field operated by Energean. Only the Tamar field has remained operational, supplying mainly domestic demand. Israeli Energy Minister Eli Cohen said on Wednesday that exports would only resume once military authorities deemed it safe. 'I don't want to use our strategic storage, so therefore, I needed to cut exports,' he told Reuters. Egypt, which has increasingly relied on Israeli gas since a domestic production decline in 2022, is scrambling to compensate for the supply gap. The country has ramped up fuel oil use in power plants and has signed deals to import over $8 billion worth of liquefied natural gas, while preparing additional floating regasification units. Israeli gas typically accounts for up to 60 percent of Egypt's total gas imports and around a fifth of its total consumption, according to data from the Joint Organizations Data Initiative (JODI).
Yahoo
11 hours ago
- Business
- Yahoo
VXI Continues to Expand Egypt Operations with New Contact Center Seats
Growth accelerates in one of the world's fastest-growing outsourcing destinations, with plans to reach 5,000 employees by 2028. LOS ANGELES, June 19, 2025 /PRNewswire/ -- VXI Global Solutions, a leading provider of customer experience (CX) and business process outsourcing (BPO) solutions, announced the addition of several hundred new contact center seats in its delivery center in Egypt, marking the latest period of expansion and growth at the site since its inauguration in March 2024. To mark this milestone, Egypt's Minister of Communications and Information Technology, H.E. Dr. Amr Talaat, visited VXI Egypt's site, accompanied by Ahmed El-Zaher, CEO (ITIDA), Ryan Collins, VXI's Chief Operating Officer, and Ahmed Bahgat, VXI's VP Operations, Egypt and MEA region. The high-level delegation toured the facility, engaged with employees, and reviewed VXI's expansion strategy, which aims to scale the company's local workforce to more than 5,000 full-time employees by 2028. "Our engagement with global companies like VXI underscores the Ministry's commitment to fostering a thriving and competitive ICT business environment in Egypt. We continue to develop a business-friendly ecosystem that supports growth, innovation, and talent development," said H.E. Dr. Amr Talaat, Minister of Communications and Information Technology. "At the heart of our strategy is a clear vision to position Egypt as a global hub for high-value offshoring services by investing in digital skills, offering targeted incentives, and expanding the pipeline of multilingual talent to meet the evolving needs of international businesses." With the site's launch, VXI Egypt entered one of the world's fastest-growing outsourcing hubs. Thanks to Egypt's deep talent pool, regional and linguistic alignment with Europe, the Middle East, and Africa, and a pro-business environment, VXI has scaled rapidly and efficiently. Since the launch in March 2024, the operation has grown steadily — adding nearly 1,000 seats. When asked about the achievement, Ryan Collins, VXI's COO, stated, "Our expansion in Egypt reflects the incredible potential of the region — not just as a cost-effective location, but as a hub of multilingual talent and strategic access to EMEA markets. The rapid growth we've seen is a testament to the delivery strength of our local teams and the quality of talent for scalable CX solutions in Cairo." "VXI's expansion aligns with Egypt's strategic efforts to grow digital exports and strengthen the digital economy's contribution to GDP," said Ahmed El-Zaher, CEO of ITIDA. "Egypt offers a stable and secure business environment, advanced digital infrastructure, and a multilingual talent pool—positioning the country as a leading hub for global enterprises seeking scalable and cost-effective delivery centers." Ahmed Bahgat, VXI's VP Operations, Egypt and MEA region, added, "VXI Egypt appreciates the huge opportunities that the Egyptian government is availing to the BPO industry, putting us in the top three countries attractive to foreign investments." With the government of Egypt's support, VXI plans to pursue more investments in the region through expansion of the current site in Cairo and additional sites. About VXI Global Solutions VXI Global Solutions is a BPO leader in customer service, customer experience, and digital solutions. Founded in 1998, the company has 43,000 employees in more than 40 locations in North America, Asia, Europe, and the Caribbean. VXI delivers omnichannel and multilingual support, software development, quality assurance, and CX advisory, automation, and process excellence to the world's most respected brands. VXI is backed by private equity investor Bain Capital and is one of the fastest growing, privately held business services organizations in the United States and the Philippines. For more information, visit View original content to download multimedia: SOURCE VXI Global Solutions, Inc Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
12 hours ago
- Entertainment
- Daily Mail
Internet shocked after tribute tattoo for young girl goes HORRIBLY wrong: 'Demon-like'
A tattoo meant to be a tribute to a child went horribly wrong after the internet claimed the heartwarming body art looked more like a 'demon' than a baby. Back in April, tattoo artist Thomas Tattoos, from Cairo, Egypt, shared a now-viral clip showcasing the ink design of a young girl that he had done on a man's chest. He wiped away access ink to reveal the permanent body art, but many people on the web felt that tat was a little scarier than expected. What should have been the face of a smiling baby girl was replaced with, what some described as 'Shrek's kid,' 'Gollum from Lord of the Rings,' or a 'demon.' The tattoo was very dark with intense shading on her face, and it appeared that her eyes and nose weren't done correctly, leaving the father with a jarring new piece. Thomas also tattooed the child's name - Tallin - at the bottom of the portrait in dark lettering. The video has amassed over 30.6 million views in over a month, and users rushed to the comment section to express their horror. 'What days are you closed?' someone asked, while another joked, 'Ayo do you accept walkouts?' 'Just needs some shading. A black four-inch square over the whole thing will make it pop,' a different user suggested. 'I don't have an appointment, but I still want to cancel,' one person wrote. 'They kept wiping it as if it was going to get better,' another comment read. In another post about the tattoo, Thomas placed the stencil next to the complete piece to show a before and after. But that only erupted in more backlash from his followers, who pointed out that there was a clear difference between the two. 'Poor little girl! The tattooist made her look like Gollum from Lord of the Rings. Do you really believe that you can tattoo?' someone penned. 'I honestly don't believe you [have] customers. They must not see how you work before they book in.' 'This post is bad for business. Haha,' another responded. 'Not every artist can do portraits. With all due respect, please don't,' a different person requested. 'Brother, respectfully, this is terrible. You really should apologize to him and give him a full refund,' someone else shared. 'Then set him up with another tattoo artist who can do it properly then cover up the mess you made.' 'Shrek called - he wants his kids back,' a different person said.
Zawya
13 hours ago
- Business
- Zawya
Egypt: Contact's consolidated profits jump 305.4%YoY in Q1 2025
Contact Financial Holding recorded 305.408% higher consolidated net profits attributable to the owners at EGP 58.406 million in the first quarter (Q1) of 2025, according to the financial results. The quarterly profits were compared with EGP 14.406 million in Q1 2024. Earnings per share (EPS) increased to EGP 0.05 at the end of March 2025 from EGP 0.01 a year earlier. Meanwhile, net interest income jumped to EGP 269.484 million from EGP 239.178 million. As for the standalone business, the company's net losses hiked to EGP 12.174 million in Q1 2025 from EGP 3.858 million in Q1 2024. Loss per share declined to EGP 0.010 in the first three months of 2025 from EGP 0.003 in the year-ago period. Contact Financial Holding management commented: 'Contact's strong first-quarter results reflect the impact of our strategic pivot toward higher-margin products and the resilience of our business model, supported by gradually improving economic conditions.' 'The group's net income surged by an impressive 306% YoY increase, coupled with the exceptional performance from our insurance division, which recorded a 767% increase in net income to reach EGP 43mn.' © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
