Post-Holiday Break: Catch Up on the Week’s Top 10 News Stories

Updated 5/10/2024 9:00:00 AM
Post-Holiday Break: Catch Up on the Week’s Top 10 News Stories

Arab Finance: With the resumption of work on May 7th, following Sham El-Nassim, we have got you covered with the most recent significant news in Egypt.

From Egypt’s annual headline inflation in April reported by CAPMAS to the country’s released non-oil private sector survey data by S&P Global, the three-day period ended May 9th have been jammed with major news stories, with the top 10 headlines as follows: 

  1. Egypt’s annual headline inflation hits 31.8% in April: CAPMAS

Egypt's annual headline inflation slightly declined to 31.8% in April, versus 33.1% in March.

  1. Egypt’s non-oil private sector continues downturn in April despite eased inflation: PMI

Egypt's non-oil private sector sustained its downturn through April.

  1. Madbouly directs initiation of community dialogue on Egypt's tax policy for 2024-2030

Prime Minister Madbouly has directed the initiation of a community dialogue on the proposed tax policy document for Egypt for 2024-2030.

  1. Egypt’s NIR rise to $41.057B end-April: CBE

Egypt’s net international reserves (NIR) jumped to $41.057 billion at the end of April.

  1. CBE to launch Digital Financial Identity Company in H2 2024

The Central Bank of Egypt (CBE) is set to launch the Digital Financial Identity Company in the second half (H2) of 2024.

  1. Ras El-Hekma to host specialized international tourist seaport

The Egyptian government has approved the establishment of a specialized international tourist seaport in Ras El Hekma aimed at accommodating yachts and cruise ships.

  1. GAFI, Credit Agricole Egypt ink MoU to boost FDI

CEO of the General Authority for Investment and Free Zones (GAFI) Hassam Heiba and CEO of Credit Agricole Egypt Jean-Pierre Trinelle have inked a memorandum of understanding (MoU) aimed at fostering foreign direct investment (FDI) into Egypt.

  1. Cairo Capital Securities to launch NIDIF in May

Cairo Capital Securities (CCS), the brokerage arm of Cairo Financial Holding, is planning to launch the Nile Industrial Direct Investment Fund (NIDIF) in May, in cooperation with the National Initiative for Developing Egyptian Industry (Ebda).

  1. EGAS to rent Norway's Hoegh LNG floating unit

The Egyptian Natural Gas Holding Company (EGAS) has signed a contract with Norway's Höegh LNG to rent the Höegh Galleon floating unit for liquefied natural gas.

  1. Egypt's government debt-to-GDP ratio inches up in Q1 2024

Egypt's government debt to gross domestic product (GDP) ratio rose marginally to 81.4% in the first quarter (Q1) of 2024 from 80.5% in Q1 2023, Asharq Business reported on May 8th.


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