Sign inSubscribe

Search Site

VideosInforgraphics
Sign inSubscribe
Trends banner

Economy

TSMC’s H1 revenue up 40 percent

Robust demand for AI technology behind the surge.

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Egypt’s foreign-currency reserves shot up to $40.3bn in May

By TRENDS Desk
June 5, 2021 5:38 am

    • The rise has been due to remittances sent by Egyptians working abroad

    • According to the Ministry of Planning, the reserves cover eight months of Egypt’s imports

    Egypt’s foreign reserves shot up to $40.3 billion at the end of May, a jump of $125 million from the month of April. The reserves stand at their highest since 2020, Asharq reported.

    According to the Ministry of Planning, the reserves cover eight months of Egypt’s imports, equivalent to about $5 billion a month. Remittances from Egyptians working abroad have strongly contributed to supporting foreign reserves, increasing by 10.5 percent in 2020 to $29.6 billion.

    Egypt’s central bank reported foreign-exchange reserves of $40.3 billion at the end of May, an increase of $125 million over the month and the highest level since February 2020, Asharq reported

    [adinserter block="5"]

    Most Read

    Getting vaccinated is ‘the most patriotic thing’ to do

    The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…

    UAE’s working mothers get extended maternity leave

    The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.

    Saudi Arabia to generate $150 billion in investments from its new transport policy

    The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…

    GCC healthcare: Transforming the region and impacting the world

    PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size

    New-Age Growth Comes Home to the GCC

    The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.

    [adinserter block="4"]