Arab Finance: In the five working days ended on March 28^th, important news events have unfolded in Egypt. From unveiling the country’s draft budget for the upcoming fiscal year (FY) 2024/2025 to the expectation of the government receiving the second tranche of the Ras El-Hekma deal within weeks, the following is a snapshot of the week’s major news stories that have dominated headlines.

1. Egyptian cabinet thumbs up FY2024/25 draft budget

The Egyptian cabinet has approved the country’s draft budget for the upcoming fiscal year (FY) 2024/2025 which begins on July 1^st.

2. Egypt targets GDP growth of 4% in FY2024/25

Egypt is planning to achieve gross domestic product (GDP) growth of 4% during the next fiscal year (FY) 2024/2025. 

3. Industrial zones, ports secure $2.8B contracts in 9 months: SCZone’s Gamal El-Dein

Total contracts signed in the industrial zones and ports reached 127 projects in the period from July 2023 to March 21st, with investments of around $2.8 billion.

4. Capital Economics forecasts EGP to dip to 49/USD by end-2024

Capital Economics expects a drop in the exchange rate of the Egyptian pound to reach 49 against the US dollar by the end of 2024, compared to the current average rate of EGP 47.

5. GAFI grants new Golden Licenses to 6 companies

The General Authority for Investment and Free Zones (GAFI) has granted new Golden Licenses to six companies, bringing the total number of projects that secured the license to 29.

6. Egypt, ADES pens 2 agreements for oil exploration in Gulf of Suez’s brownfields

Minister of Petroleum and Mineral Resources Engineer Tarek El-Molla and CEO of ADES Holding Company Mohamed Farouk witnessed the signing of two agreements for exploration and production services in selected areas of brownfields in the Gulf of Suez.

7. Act Financial eyes EGP 1B from minority stake sale on EGX

The investment management company Act Financial is seeking to raise around EGP 1 billion from offering a minority stake on the Egyptian Exchange (EGX). 

8. Türkiye to establish logistics industrial zone in Egypt’s Jarjoub

Egyptian Group for Multi-Purpose Terminals Company (EGMPT) has signed a memorandum of understanding (MoU) with the Türkiye-based DOGUS Company to lay the foundation stone for the establishment of a Turkish logistics industrial zone in the economic zone in Jarjoub. 

9. Egyptian banks successfully finance clearance of piled-up import goods

Egyptian banks have completed the financing process of all the piled-up import orders of essential commodities at ports.

10. Egypt to receive 2nd tranche of Ras El-Hekma deal in coming weeks: Madbouly

Egypt will receive the second tranche of payments for the Ras El-Hekma project within the upcoming weeks, Prime Minister Mostafa Madbouly said.

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