Top 10 news stories to not miss out on this weekend
Updated 6/28/2024 9:00:00 AMArab Finance: The fourth week of June saw some major news, topped by the Prime Minister's announcement on the government’s allocation of $1 billion to end the power outage crisis in Egypt.
Below is a bundle of the top 10 news stories that happened in the Egyptian market from June 23rd to 27th:
1-Egypt allocates $1B to completely resolve power outage crisis
The Egyptian government has allocated $1 billion to end its power outage crisis.
2-JICA to provide $300M financing for Cairo Metro Line 4’s Phase 1 soon
The Japan International Cooperation Agency (JICA) will soon provide a $300 million tranche of its $733 million agreed-upon loan to finance Phase 1 of Cairo Metro Line 4.
3-El-Sisi ratifies law allowing private entities to operate healthcare facilities
President Abdel Fattah El-Sisi has ratified Law No. 87 of 2024 allowing private entities to set up, manage, and operate healthcare facilities for a period between three and 15 years.
4-Egyptian merchandize exports surge 9.8% YoY in 5 months
Egypt's merchandize exports were valued at $16.551 billion in the first five months of 2024, up by 9.8% from $15.074 billion during the same period last year.
5-Fertilizers prices up 54% MoM in June amid natural gas supply shortfall
Fertilizer prices in the Egyptian open market have increased by around 54% month on month (MoM) in June to up to EGP 20,000 per ton, compared to EGP 13,000 per ton.
6-Abu Qir Fertilizers resumes operations after receiving feed-in gases
Abu Qir Fertilizers and Chemicals Industries Company (ABUK) has started receiving feed-in gases again, resuming operations at its plants.
7-Saudi-based ADES Holding, Egypt’s SUCO pen SAR 185M jack-up drilling contract
The Saudi drilling services provider ADES Holding Company has inked a jack-up rig contract worth SAR 185 million with Egypt’s Suez Oil Company (SUCO) to oversee offshore drilling operations in Egypt.
8-Egypt revokes licenses of 16 travel agencies for unregistered Hajj trips
Egyptian Prime Minister Mostafa Madbouly has ordered revoking the licenses of 16 travel agencies and referring their managers to public prosecution for illegally facilitating pilgrims’ travel to Makkah.
9-French investments in Egypt hit $7.2B via 940 firms
French investments in Egypt have reached around $7.2 billion through 940 French companies operating in the fields of infrastructure, banking, insurance, energy, transportation, communications, and others.
10-SCZONE, China’s BEFAR to set up chemicals production project in TEDA-Egypt
The General Authority for the Suez Canal Economic Zone (SCZONE) has signed a framework agreement with the China-based petrochemicals firm BEFAR Group to launch a chemicals production project within TEDA-Egypt in the Sokhna industrial zone.
