RIYADH: Egypt’s economy is on track to grow 4 percent in the current fiscal year, driven by ongoing structural reforms, according to the minister of planning and economic development.

In a meeting with the National Press Authority, Rania Al-Mashat confirmed the country was still on course to hit that figure — originally flagged in April — despite output from the Suez Canal being affected by regional tensions.

The minister also used the meeting to outline Egypt’s plans to enhance its investment climate, with the government seeking $4.2 billion in macroeconomic support from global partners.

This comes against a backdrop of a surge in foreign direct investment inflows, which reached a record $46.1 billion in the 2023/2024 fiscal year, compared to just $10 billion the previous year, according to data released by the Central Bank of Egypt. 

Al-Mashat also emphasized the government’s commitment to prudent investment management, highlighting that the public investment budget for the current year is capped at 1 trillion Egyptian pounds ($19.78 billion), with a focus on completing projects that are at least 70 percent finished, according to a release. 

Between 2020 and 2024, the private sector secured $14.5 billion in concessional development financing from global partners. For the first time, soft international financing for the private sector has surpassed government financing in 2024, Al-Mashat noted. 

The minister also disclosed that negotiations are underway with the EU and other international partners for a second phase of macroeconomic support, totaling €4 billion ($4.10 billion) in budget aid, alongside €1.8 billion in investment guarantees. 

She highlighted Egypt’s renewable energy progress, with the National Platform for the “NWFE” program securing $3.9 billion in financing for renewable projects. The program is set to add 4,200 megawatts of clean energy capacity and phase out 1,200 MW of thermal power generation. 

Al-Mashat also outlined the ministry’s long-term vision following the merger of planning, economic development, and international cooperation portfolios. The aim is to drive sustainable growth and improve the quality and quantity of economic development in line with Egypt’s Vision 2030 and other strategic frameworks. 

The government is currently drafting the 2025/2026 Socio-Economic Development Plan, aligned with the mid-term budget framework. She pointed out that efforts to restructure the National Investment Bank and manage debt with key institutions, such as the National Bank of Egypt and Egypt Post, are also ongoing. 

Despite stringent controls on investment spending, human development remains a priority. Al-Mashat noted that nearly 50 percent of the 2024/2025 investment plan — amounting to nearly 2 trillion pounds — will go toward public investments, with a significant portion dedicated to human development and water and sanitation projects. 

The minister concluded the meeting by pointing out the role of 54 joint committees that the ministry oversees, which are designed to promote economic cooperation and opportunities with other nations. 

RIYADH: Saudi Arabia’s focus on artificial intelligence is starting to take shape after local firm Halo AI secured $6 million in seed funding.

The funding round, led by Saudi-based Raed Ventures and UAE’s Shorooq Partners, also garnered interest from former C-level executives from Snapchat, as well as leaders from Microsoft, Airbnb, Amazon, and investors behind gaming unicorns, according to a press release. 

This investment aligns with the Kingdom’s efforts in AI as it pursues its ambitious initiatives to position Saudi Arabia as a global leader in the field. 

The National Strategy for Data and Artificial Intelligence, launched in 2020, is a cornerstone of these efforts, seeking to attract $20 billion in investments by 2030 and cultivate a workforce of 20,000 AI and data specialists. 

Halo AI, which specializes in using the tech to enhance collaborations between brands and creators, is gearing up to move beyond its successful launch in the Kingdom to new markets, including Dubai and Kuwait, with further expansion across the Middle East and North Africa, and into Europe as well as North America. 

“After decades of building ad products at Meta and Snapchat, we recognized that traditional approaches couldn’t solve the fundamental inefficiencies in creator marketing,” said Vito Strokov, co-founder and CEO of Halo AI. 

“Our agentic AI operates as an intelligent partner in the collaboration process, making autonomous decisions about creator-brand matches, optimizing campaign performance in real-time, and consistently delivering breakthrough results,” Strokov added, stating that the platform reduces manual work by 85 percent while delivering performance metrics that exceed industry standards. 

The investment, announced during the 1 Billion Pitches competition at the 1 Billion Followers Summit in UAE, will support Halo AI’s global expansion plans. 

The creative economy is a sector set to be significantly impacted by AI. According to Halo, its technology is designed to automate and optimize creator-brand partnerships, claiming to achieve a 97 percent campaign completion rate compared to the industry average of 65 percent. 

Additionally, campaigns can be launched within 48 hours, while creators are guaranteed payment within 72 hours — claims that underscore Halo AI’s potential to develop the market. 

The company claims it has already secured partnerships with brands such as Kitopi, ToYou, 1/2M, and Syarah. 

Tina Daher, principal at Shorooq Partners, highlighted the platform’s impact on the creator economy. 

“Halo AI’s pioneering technology is a game-changer, bringing unmatched precision, scalability, and efficiency to this space. At Shorooq, we’re excited to support Halo AI’s vision to redefine how brands and creators connect, enabling them to unlock unprecedented value and impact across the region and globally,” Daher said. 

Raed Ventures also underscored the company’s significance in a rapidly growing sector. 

“The creator economy is booming, and brands are seeking authentic connections with their audiences,” said Wael Nafee, general partner at Raed Ventures. 

“Halo AI’s innovative AI-powered platform is transforming how creator-brand partnerships are formed and executed. We’re proud to lead their fundraising round and confident Halo AI will become a definitive platform in this rapidly growing market,” he added.