Top 10 news stories to not miss out on this weekend

Updated 6/14/2024 9:00:00 AM
Top 10 news stories to not miss out on this weekend

Arab Finance: The second week of June saw some major news, topped by the World Bank maintaining Egypt's real gross domestic product (GDP) growth forecats for fiscal year (FY) 2024/2025 and FY 2025/26.

Below is a bundle of the top 10 news stories that happened in the Egyptian market from June 9th to 13th:

1-World Bank maintains Egypt’s economic growth forecast at 4.2% for FY2024/25 

The World Bank Group (WBG) has reaffirmed its forecasts for Egypt's real gross domestic product (GDP) growth, maintaining it at 4.2% for fiscal year (FY) 2024/2025 and 4.6% for FY 2025/26.

2-Egypt’s annual core inflation rate records 27.1% in May: CBE 

Egypt’s annual core inflation rate recorded 27.1% in May, compared to 31.8% in April.

3-Egypt, AD Ports ink final contract to operate 3 cruise ships terminals 

The Egyptian General Authority for Red Sea Ports has signed the final grant contract with Abu Dhabi Ports Group (AD Ports Group) to construct, develop, manage, operate, promote, maintain, and redeliver the superstructure of cruise ships terminals in Safaga, Hurghada, and Sharm El-Sheikh.

4-EBRD considers $71.7M loan for 200-MW wind farm in Egypt 

The European Bank for Reconstruction and Development (EBRD) is considering providing a long-term senior loan of up to $71.7 million to fund the development and construction of a 200-megawatt (MW) onshore wind farm in the Gulf of Suez’s Ras Ghareb region.

5-Egypt seeks to obtain $1B concessional loan from BRICS' NDB 

Egypt is seeking to obtain a concessional loan worth $1 billion from the New Development Bank (NDB), affiliated with the BRICS countries, before the end of 2024.

6-EGX launches Sharia-Compliant Index 

 The Egyptian Exchange (EGX) has launched the EGX33 Shariah Index, a new index compatible with Islamic law, including 33 companies.

7-TSFE acquires 20% stake in Care Pharmacies 

The Sovereign Fund of Egypt (TSFE), via its health-focused sub-fund, has acquired around 20% of Care Pharmacies for EGP 75 million, in cooperation with EZ International.

8-EMRA, EGC, IMEX International to set up JV to boost phosphate ores’ added value 

The Egyptian Mineral Resources Authority (EMRA), East Gas Company (EGC), and IMEX International have signed a shareholders’ agreement to establish a joint venture (JV) to maximize the added value of low-concentration phosphate ores.

9-Banque Misr, e-finance to activate e-collection mechanisms at NOSI 

The National Organization for Social Insurance (NOSI) has signed a cooperation protocol with Banque Misr, in cooperation with e-finance for Digital and Financial Investments, to activate e-collection mechanisms.

10-HSBC Egypt to launch EGP 1.5B fund for fintech SMEs 

HSBC Egypt is planning to launch a fund worth EGP 1.5 billion (around $31.5 million) to invest in small and medium-sized enterprises (SMEs) operating within the fintech sector in Egypt.

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