Weekend Roundup: Catch Up on Top 10 News of the Week

Updated 4/26/2024 8:00:00 AM
Weekend Roundup: Catch Up on Top 10 News of the Week

Arab Finance: The four working days ended on April 24th have been jammed with newsworthy headlines, from the Central Bank of Egypt (CBE) shaking up its main operations to the Financial Regulatory Authority’s (FRA) amendments to EGX regulations.

Here is our weekly news recap for the weekend, with the top 10 viral news stories in the economic and business landscapes from April 21st to 24th.

1-CBE applies amendment to main operation 

The Central Bank of Egypt (CBE) has decided to apply an amendment to its main operation, according to which the main operation will be carried out through a fixed-rate operation with full allotment at the mid-corridor rate as of April 23rd.

2-FRA issues amendment on registering, writing off securities 

The Financial Regulatory Authority (FRA) has issued an amendment to the regulations governing registering and writing off securities on the Egyptian Exchange (EGX).

3-Goldman Sachs expects Egypt to lower interest rates by 200 bps 

Goldman Sachs expects Egypt to lower interest rates by 200 basis points (bps) in May.

4-Egypt raises funding needs in FY2024/25 budget to EGP 2.849T 

Egypt has raised its funding needs for the draft budget of fiscal year (FY) 2024/2025 by 33% to EGP 2.849 trillion.

5-Egypt aims to boost private investments to 48% in FY2024/25 

Egypt is seeking to raise private investments to 36% of total investments in the current fiscal year (FY) and to 48% in FY 2024/2025.

6-Egypt targets raising $1.5B from government offerings in 2025

Egypt seeks to raise around $1 billion from government offerings in 2024 and $1.5 billion in the coming year.

7-Evolve to launch gold fund for NBE’s subsidiary by end-May

Evolve Investment Holding is planning to launch a gold investment fund for a subsidiary of the National Bank of Egypt (NBE) by end-May.

8-SCZONE, China’s Wu’an Xin Feng to establish $297M iron factory in Ain Sokhna 

The General Authority for Suez Canal Economic Zone (SCZONE) has inked a usufruct agreement with China’s iron manufacturer Wu’an Xin Feng to set up a factory for hot rolled iron in Ain Sokhna, with total investments of up $297 million.

9-Philip Morris Misr raises cigarette prices 

Philip Morris Misr has raised the prices of some of its products in the local market by around EGP 5, applicable as of April 23rd.

10-Shell Egypt, partners to initiate 11th phase development in WDDM concession

Shell Egypt, a subsidiary of Shell plc, in partnership with the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and Petronas, agreed to commence the 11th development phase in the Nile Delta offshore at the West Delta Deep Marine (WDDM) concession in the Mediterranean Sea.

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