Top 10 Trending Headlines to Go Through this Weekend

Updated 2/23/2024 9:00:00 AM
Top 10 Trending Headlines to Go Through this Weekend

Arab Finance: The workweek ended on February 22nd was buzzed with a whirlwind of news, from the recently announced plan at the Egypt Energy Show (EGYPES 2024) on the country’s target to attract more foreign investments in the oil and natural gas sector by about 25% in fiscal year (FY) 2024/2025 to the government’s plan to achieve an economic growth of 4.2% this fiscal year.

So, take a look at the key news stories that dominated headlines between February 18th and 22nd.

1-Egypt’s petroleum sector targets $7.5B in foreign investments for FY2024/25 

Egypt aims to increase foreign investments in the oil and natural gas sector by about 25% to $7.5 billion in fiscal year (FY) 2024/2025, from an expected investment of $6 billion in the current FY.

2-Egypt targets economic growth of 4.2% in FY2024/25: Elsaid 

Egypt is targeting achieving an economic growth of 4.2% in the coming fiscal year (FY) of 2024/2025, up from targeted growth of 3% in the current FY.

3-World Bank intends to back Egypt’s renewables 

The World Bank Group (WBG) is showing interest in financing new and renewable energies, notably green hydrogen, in Egypt.

4-IFC targets $1B investments in Egypt in 2024: Sylla 

The International Finance Corporation (IFC) is targeting investing $1 billion in the Egyptian market in 2024.

5-AfDB expects Egypt’s real GDP to hit 3.7% in 2024 

Egypt’s real gross domestic product (GDP) growth is projected to shrink to 3.7% in 2024 from an estimated 4% in 2023.

6-Cabinet approves amendments to Unified Public Finance Law 

The Egyptian Cabinet has approved amendments to some provisions of the Unified Public Finance Law and referred it to the House of Representatives for discussion next week.

7-Egypt Post eyes investing EGP 6B in several sectors in 2024 

Egypt Post is planning to make new direct investments worth EGP 6 billion in 2024.

8-Egyptians Abroad Investment Corporation to kick off operations in 2024 

The Egyptians Abroad Investment Corporation is likely to launch its operations this year.

9-Money transfers to Egypt via IBAG up 30% YoY in 2023: CEO 

The value of money transferred to Egypt via Western Union’s agent in the country IBAG rose by 30% year on year (YoY) in 2023 to $2.15 billion.

10-United Bank eyes acquiring up to 30% stake in 2 technology firms soon 

The United Bank of Egypt is planning to acquire from 20% to 30% stake in two technology firms in the coming few months.

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