Top 10 News: A Recap of the Dynamic Week

Updated 6/7/2024 9:00:00 AM
Top 10 News: A Recap of the Dynamic Week

Arab Finance: The five working days, which ended on June 6th, have been dynamic with a flurry of major news, from the presidential directives to form a new government to S&P Global's releasing its May survey on Egypt’s purchasing managers’ index (PMI).

So, to highlight the top 10 headlines reported throughout the week, we have put them together as follows:

1-El-Sisi assigns Madbouly to form new government 

Egyptian President Abdel Fattah El-Sisi has assigned Prime Minister Mostafa Madbouly, who submitted his resignation, to form a new government.

2-Egypt’s non-oil private sector slowdown softens in May: PMI 

Egypt’s purchasing managers’ index (PMI) surged to its highest level in nearly three years and was on the verge of entering growth territory in May.

3-Egypt allocates 41,700 km2 for green hydrogen projects 

The Egyptian government has allocated around 41,700 square kilometers (km2) for the New and Renewable Energy Authority (NREA) to expand renewable energy projects for green hydrogen production.

4-Exclusive| Experts Debate Over Education and Health Allocations inNew State Budget 

Experts are divided over the allocations for education and health in the state general budget for FY 2024/2025, recently approved by the Parliament.

5-Egypt’s NIR climb to $46.125B end-May: CBE 

Egypt’s net international reserves (NIR) rose to $46.125 billion at the end of May.

6-Exclusive| Gold Prices Keep Going Down in Egypt; Factors Behind Decline 

Gold prices in Egypt have continued their downward trend, coinciding with the drop in global gold prices.

7-Egypt targets primary surplus of 3.5% of GDP in FY2024/25 

Egypt is targeting achieving a primary surplus of EGP 591.4 billion, representing 3.5% of the gross domestic product (GDP), in fiscal year (FY) 2024/2025.

8-Parliament gives final nod to FY2024/25 economic, social development plan 

The House of Representatives has given its final approval on the country’s economic and social development plan for fiscal year (FY) 2024/2025.

9-ADNOC Distribution eyes new filling stations in Egypt within 6 months 

The UAE’s ADNOC Distribution is targeting to add 15 to 20 filling stations in the Egyptian, Saudi Arabian, and Emirati markets within the next six months.

10-InstaPay to enable QR code-based payments between individuals within days 

The InstaPay App will introduce a new feature enabling instant payments between individuals via a QR code within a few days.

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