Arab Finance: The five working days ended on May 16th have been jam-packed with key news stories, including Egypt’s receiving the second tranche of Ras El-Hekma deal, in addition to the CBE’s forecast for the country’s medium and long-term public and guaranteed external debt services over the coming years.

So, here is a recap of the top 10 viral news stories covered during the week from May 12th through 16^th:

1. Egypt receives 2nd tranche of Ras El-Hekma development project

Egypt has received the second tranche worth $14 billion of Ras El-Hekma deal.

2. IFC’s investments in Egypt hit $9B

The International Finance Corporation (IFC) has invested around $9 billion in Egypt so far, in addition to a portfolio of advisory services.

3. HSBC expects CBE’s reversal of interest rate hikes amid stable inflation

HSBC Global Research forecasts potential policy shifts by the Central Bank of Egypt (CBE) during its May Monetary Policy Committee (MPC) amidst Egypt's stable inflation landscape.

4. EBRD expects Egypt's economic growth to slow to 3% in FY2023/24

The European Bank for Reconstruction and Development (EBRD) expects the growth of the Egyptian economy to narrow to 3% in the current fiscal year (FY) 2023/2024.

5. Egypt's medium, long-term external debt to hit $56.74B in 2024-2025: CBE

Egypt's medium and long-term public and guaranteed external debt services are forecast to climb by approximately $2.44 billion in 2024 and 2025, reaching a staggering $56.74 billion.

6. NBE lifts limit on international credit card transactions

The National Bank of Egypt, the country's largest government bank, has removed the cap on credit card usage for international transactions.

7. Shalateen Mineral Resources to launch international gold prospecting tender in Q4

Shalateen Mineral Resources is planning to launch a new international tender for gold prospecting in the Wadi Allaqi region in Egypt’s Eastern Desert within the fourth quarter (Q4) of 2024.

8. QatarEnergy acquires 40% of 2 natural gas exploration blocks in Egypt

QatarEnergy has acquired a 40% interest in two offshore natural gas exploration blocks in Egypt from ExxonMobil as per an agreement signed by both sides on May 12^th.

9. Exclusive | JV between government, Chinese investor, Egyptian partner to expand bus industry

State-run El-Nasr Automotive Manufacturing Company, in collaboration with private Egyptian partner and another Chinese one, will establish a new company specialized in the automotive industry.

10. Exclusive | Eastern Company sets sights on global markets via UAE investor-backed plan

Eastern Company aims to introduce its products to international markets as part of its expansion plan for the upcoming three to five years.

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