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 eased to 27.1% in June, compared to 27.4% in May.
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 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 Egyptians working abroad jumped 73.8% year-on-year to approximately $2.7 billion in May 2024.
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.
Prime Minister Mostafa Madbouly presented the government's plan titled "Together We Build a Sustainable Future" before the House of Representatives.
Azimut Egypt has obtained a license from the Financial Regulatory Authority (FRA) to launch its digital platform for investment funds and portfolios.
Prime Minister Mostafa Madbouly has announced a plan to adjust the prices of certain medicines in the market.
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.
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.