Weekly Recap of Top 10 Trending Headlines

Updated 7/12/2024 9:00:00 AM

Arab Finance: The second week of July has been laden with compelling news headlines in Egypt, from the CAPMAS announcing the country’s headline inflation in June to the Prime Minister revealing a plan to adjust the prices of certain medicines in the market.

Below is our lineup for the 10 top news stories of the week.

Egypt’s annual headline inflation records 27.1% in June: CAPMAS

Egypt's annual headline inflation eased to 27.1% in June, compared to 27.4% in May.

Cabinet to submit regular progress reports to Parliament, Presidential office

Prime Minister Mostafa Madbouly announced that the cabinet will provide reports every three to six months to the House of Representatives and President Abdel Fattah El-Sisi's office detailing the progress made in achieving the goals outlined in the government’s work program.

Bank of America predicts surge in EGP value soon

Bank of America sees that the exchange rate of the Egyptian pound is close to its fair value, expecting its value to rise in the short term on the back of cash flows from the UAE.

Remittances from Egyptian expats up 73.8% YoY in May

Remittances from Egyptians working abroad jumped 73.8% year-on-year to approximately $2.7 billion in May 2024.

Egypt’s BoP records surplus of $4.1B in 9 months

Egypt’s balance of payment (BoP) saw an overall surplus of $4.1 billion during the first nine months of the previous fiscal year (FY) 2023/2024, compared to a surplus of $281.9 million in the same period of FY 2022/2023.

Madbouly unveils 3-year government plan on Egypt’s development, sustainability

Prime Minister Mostafa Madbouly presented the government's plan titled "Together We Build a Sustainable Future" before the House of Representatives.

FRA licenses Azimut’s digital platform for investment funds, portfolios

Azimut Egypt has obtained a license from the Financial Regulatory Authority (FRA) to launch its digital platform for investment funds and portfolios.

Madbouly announces planned price adjustments for medicines

Prime Minister Mostafa Madbouly has announced a plan to adjust the prices of certain medicines in the market.

Madinet Masr, Aboelwafa Contracting ink MoU to execute EGP 1B construction works at Sarai project

Madinet Masr has signed a memorandum of understanding (MoU) with Aboelwafa Contracting and Real Estate Investment Company to execute the construction works of Sarai mixed-use project, with total investments exceeding EGP 1 billion.

Adeer International to invest $400M in Egyptian real estate market over 5 years

Saudi Arabia-based Adeer International is planning to invest $400 million in the Egyptian real estate market within five years, in partnership with Hassan Allam Properties (HAP) and Melee Development.