Patrick Werr

Cairo

Journalist at Reuters

Columnist at Freelance

Economics and finance journalist based in Egypt for 33 years, writing on the Egyptian economy for Reuters.

Featured in: Favicon

reuters.com (+1) Favicon

msn.com

dailymail.co.uk Favicon

mirror.co.uk Favicon

yahoo.com (+14) Favicon

smh.com.au Favicon

usnews.com Favicon

infobae.com Favicon

globalnews.ca Favicon

ibtimes.com + 92 more

Articles

Egypt allocates Red Sea land for issuing bonds and lowering debt

2 weeks ago | zawya.com | Mohamed Ezz |Nafisa Eltahir |Patrick Werr

CAIRO - Egypt has allocated a 174 square km (67 square mile) plot on the Red Sea coast to the finance ministry for use in Islamic bond issuances and in efforts to lower the country's public debt, the official gazette said on Tuesday. The gazette did not elaborate on how the land would be used, but Egypt, which has been mired in a slow-burning economic crisis, signed a $35 billion deal with the United Arab Emirates early last year to develop a 170-square-km tract along the Mediterranean coast.
Egypt's net foreign assets retreat in April after March jump

3 weeks ago | zawya.com | Patrick Werr

Egypt's net foreign assets (NFAs) fell by $1.5 billion in April, central bank data showed on Wednesday, retreating from March, when the approval of the fourth review of the country's IMF programme sparked a jump. NFAs slid to the equivalent of $13.54 billion, from $15.08 billion at the end of March, according to Reuters calculations based on official central bank currency exchange rates.
Egypt's non-oil private sector contraction slows in May, PMI shows

3 weeks ago | zawya.com | Patrick Werr

CAIRO - Activity in Egypt's non-oil private sector edged closer to stability in May, with softer contractions in new business and output, according to an S&P Global survey released on Tuesday. The headline seasonally adjusted S&P Global Egypt Purchasing Managers' Index (PMI) rose to 49.5 from 48.5 in April, remaining below the 50.0 threshold that separates growth from contraction.
Egypt ‘making progress but needs to widen its tax base’

1 month ago | businesslive.co.za | Patrick Werr |Jaidaa Taha

Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers. Tourists stand next to museum exhibits displayed at the Grand Egyptian Museum, set to officially open fully on July 3.
IMF says Egypt making progress, still needs to widen tax base

1 month ago | dailydispatch.co.za | Patrick Werr |Jaidaa Taha

Tourists stand next to museum exhibits displayed at the Grand Egyptian Museum, set to officially open fully on July 3, following a partial opening last year in Giza, on the southwestern outskirts of the capital Cairo, Egypt, on May 23 2025. Egypt has made progress towards macroeconomic stability and has been streamlining tax and customs procedures, but still needs to widen its tax base, the International Monetary Fund (IMF) said on Tuesday after a review mission to the country.
IMF says Egypt making progress, still needs to widen tax base

1 month ago | zawya.com | Patrick Werr |Jaidaa Taha

CAIRO: Egypt has made progress towards macroeconomic stability and has been streamlining tax and customs procedures, but still needs to widen its tax base, the International Monetary Fund said on Tuesday after a review mission to the country. An IMF team visited Egypt from May 6 to May 18 as part of its fifth review of an $8 billion financial support agreement signed in March 2024.
Egypt working to integrate railways into Asia-Europe trade

1 month ago | reuters.com | Patrick Werr

CAIRO, May 25 (Reuters) - Egypt is working to integrate the country into a railway network connecting Asia and Europe, but a long-planned bridge that would link Saudi Arabia to Egypt's Sinai Peninsula has yet to be finalised, transport minister Kamel al-Wazir said on Sunday. Egypt has been expanding its railways along seven separate axes, he said.
Egypt's EFG Holding says Q1 revenue fell 34% after previous FX gain

1 month ago | zawya.com | Patrick Werr

CAIRO - Egyptian financial services company EFG Holding's revenue declined by an annualised 34% in the first quarter, due to an exceptional foreign currency gain in the same period of 2024, the company said on Wednesday. Revenue fell to 5.6 billion Egyptian pounds ($112.45 million), while net profit after taxes and minority interests fell 34% to 1.2 billion pounds in the quarter.
Egypt's Central Bank Expected to Cut Rates by 175 bps

1 month ago | gurutrade.com | Patrick Werr |Aidan Lewis

CAIRO, May 19 (Reuters) - Egypt's central bank is expected to lower overnight interest rates by a median of 175 basis points on Thursday, extending a reduction begun in April as inflation remains relatively low, a Reuters poll shows. The median forecast of 16 analysts was for the central bank to cut the deposit rate to 23.25% and the lending rate to 24.25%.
Egypt's non-oil private sector contracts further in April, PMI shows

1 month ago | zawya.com | Patrick Werr

CAIRO - Egypt's non-oil private sector economy contracted further in April after a decline in domestic and foreign demand caused new orders and output to fall for a second month, according to a survey released on Tuesday. The S&P Global Egypt PMI headline index dropped to 48.5 in April from 49.2 in March, marking the lowest reading so far in 2025. A figure below 50 indicates contraction and one above 50 indicates growth.