Top 10 news stories to not miss out on this weekend
Updated 12/22/2023 9:00:00 AMArab Finance: The third week of December saw some major news, topped by the Prime Minister's announcement regarding the proceeds raised so far from Egypt's IPO program and the IIF’s estimation for the country's financing gap during the current fiscal year.
Below is a bundle of the top 10 news stories that happened in the Egyptian market from December 17th to 21st:
1-Egypt secures $5.6B so far from stake sales under IPO program: Madbouly
The Egyptian government has achieved $5.6 billion so far from fully or partially exiting from 14 companies within the initial public offering (IPO) program.
2-IIF estimates Egypt’s financing gap for FY2023/24 at $7B
The Institute of International Finance (IIF) has estimated Egypt’s financing gap for fiscal year (FY) 2023/2024 at around $7 billion.
3-HSBC projects further devaluation of EGP in Q1 2024
The UK-based bank HSBC expected a further devaluation of the Egyptian pound during the first quarter (Q1) of 2024, which could range between EGP 40 and EGP 45 against the US dollar.
4-Egypt’s exports of outsourcing services likely to reach $9B by 2026: Talaat
Egypt’s exports of outsourcing services are expected to reach $9 billion by 2026.
5-Egypt, UAE seal MoU to develop data centers
Egypt and the UAE have signed a memorandum of understanding (MoU) to cooperate in the field of establishing data centers.
6-Russia’s Lukoil to invest $73M in Egypt’s West Esh El Mallaha oil field
The Russian energy firm Lukoil will invest $73 million to develop the oil reserves and increase the production capacity of the West Esh El Mallaha oil field in Egypt’s Eastern Desert.
7-SODIC, Delta Oil cooperate to establish sustainable biodiesel ecosystem in Egypt
Six of October Development and Investment (SODIC) has partnered with the waste oil management startup Delta Oil to build an ecosystem that supports the biodiesel industry.
8-El Gouna Film Festival launches EGP 8M Seed Fundings to empower filmmakers
El Gouna Film Festival has launched a Seed Fundings initiative in collaboration with Orascom Development’s O West, with the first phase of the fund valued at EGP 8 million.
9-Beltone Capital's NEPIT to acquire 51% stake in National Seeds
Beltone Financial Holding’s wholly-owned subsidiary Beltone Capital and its investment platform NEPIT are in the process of acquiring a 51% stake in the National Seeds Company (NSC) for EGP 140 million.
10-Centamin raises estimates for gold reserve from Egypt’s Sukari mine by 10%
Centamin PLC has raised its gold reserve estimates from its Sukari gold mine in Egypt by 10% to 5.8 million ounces.
