Weekly Rundown of Top 10 Trending Headlines

Updated 5/31/2024 9:00:00 AM
Weekly Rundown of Top 10 Trending Headlines

Arab Finance: From the government announcing the subsidized bread price increase to announcing to the possibility of ending electricity load reduction plan by year-end, the five working days ended on May 30th have been dominated by interesting news headlines that should not be missed.

The following are snippets of the top news stories posted from May 26th to 30th.

  1. Egypt raises subsidized bread price to EGP 0.20 starting June 1st

The price of subsidized bread loaf will be increased to EGP 0.20 as of June 1st.

  1. Egypt's total budget deficit decline to 5.58% of GDP end-April

Egypt's total budget deficit dropped during the 10 months of fiscal year (FY) 2023/2024, reaching 5.58% of the gross domestic product (GDP) at the end of April, compared to 5.64% in the same period a year earlier.

  1. FRA issues controls regulating Robo-Advisor for Investment program

The Financial Regulatory Authority (FRA) has issued controls regulating the operation of the Robo-Advisor for Investment program.

  1. TSFE plans to launch communications-focused sub-fund

On May 13th, Minister of Planning and Economic Development Hala ElSaid announced that TSFE is studying the launch of a new industry-oriented sub-fund.

  1. Government to possibly end electricity load reduction plan by year-end: Madbouly

Egyptian Prime Minister Mostafa Madbouly has assigned Ministers of Electricity and Petroleum to study the possibility of ending the electricity load reduction plan by November or December at the latest.

  1. Exclusive | Experts expect steady real estate prices amid weak purchasing power

Real estate prices in Egypt are expected to remain steady in the coming period.

  1. MSMEDA collaborates with OECD to boost small enterprises in MENA region

The Egyptian Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has joined forces with the Organization for Economic Co-operation and Development (OECD) to further support the small enterprises in the Middle East and North Africa (MENA) region.

  1. PaySky targets automating remittance transfer from GCC to Egypt

The payment solutions provider PaySky is currently working on automating the transfer of remittances from Gulf Cooperation Council (GCC) countries, such as Saudi Arabia and the UAE, to Egypt to facilitate the process.

  1. IDSC, Huawei Egypt seal LoI in IT, research fields

The Egyptian Cabinet's Information and Decision Support Center (IDSC) has inked a letter of intent (LoI) with Huawei Egypt to boost cooperation in technology and research fields.

  1. Egypt signs MoU for 1st project of ship scrapping, recycling

Egypt’s Holding Company for Maritime and Land Transport and El Wehda Industrial Development have signed a memorandum of understanding (MoU) to implement the country’s first ship scrapping and recycling project.

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