10 viral news stories to catch up on this weekend
Updated 4/5/2024 9:00:00 AMArab Finance: The five-day workweek ended on April 4th have seen a flurry of significant developments in Egypt.
To keep you informed on the key events that have unfolded during this week, here is a roundup of the top 10 news stories you do not want to miss:
1-Egypt's non-oil private sector under pressure in March amid currency volatility: PMI
Egypt’s non-oil private sector continued to face a downswing in operating conditions in March, with business activity and new order volumes falling at similar rates as those observed in February.
2-Egypt permits 12% hike in cigarette prices for tobacco companies
Egypt has given the green light for cigarette companies to bump up prices by 12%.
3-Egypt’s GDP growth rate hits 2.3% in Q2 FY 2023/24
Egypt’s gross domestic product (GDP) growth rate at constant prices dropped to 2.3% in the second quarter (Q2) of the current fiscal year (FY) 2023/2024.
4-Egypt’s external debt records $168.03B in Q4 2023
Egypt’s external debt surged by around $3.51 billion in the fourth quarter (Q4) of 2023, hitting $168.034 billion.
5-El-Sisi swears in for 3rd term as Egypt’s President
President Abdel Fattah El-Sisi has sworn in for a third consecutive term of Egypt’s presidency on April 2nd.
6-Egypt’s renewable energy bill rise by EGP 700M monthly
The bill for renewable energy purchases by the Egyptian Ministry of Electricity and Renewable Energy has increased by around EGP 700 million monthly, hitting EGP 2 billion.
7-SCZone's revenues jump 54% YoY in 8 months
The Suez Canal Economic Zone's (SCZone) revenues has climbed 54% year on year (YoY) during the first eight months of the current fiscal year (FY) 2023/2024, amounting to EGP 5.3 billion, compared to EGP 3.45 billion in the same period a FY earlier.
8-Cabinet endorses draft on amending Competition Protection Law
The cabinet has authorized a draft resolution amending some provisions of the executive regulations of the Protection of Competition and Prohibition of Monopolistic Practices Law.
9-El-Sisi ratifies amendments to Unified Public Finance Law
The Egyptian President Abdel Fattah El-Sisi has granted his final approval for the amendments to the Unified Public Finance Law.
10-ADES intends to drill 6 oil wells in Gulf of Suez within H2 2024
The Saudi drilling services provider ADES Holding Company is planning to complete the drilling of six production wells within the second half (H2) of 2024 at an oilfield affiliated to Egypt’s General Petroleum Company (GPC) in the Gulf of Suez’s Ras Ghareb region.
