Arab Finance: The five working days ended on August 1^st have been full of major news, from the IMF announcing the completion of Egypt’s third EFF review to the SCZone posting its revenues for FY2023/24.

So, here is a weekly wrap-up of the most important news stories of the week starting July 28^th to August 1^st.

1. IMF completes Egypt’s 3rd EFF review

The Executive Board of the International Monetary Fund (IMF) completed the third review of Egypt’s $8 billion Extended Fund Facility (EFF) arrangement.

2. SCZone’s revenues hit EGP 8.245B in FY2023/24

The Suez Canal Economic Zone (SCZone) has achieved revenues totaling EGP 8.245 billion for the fiscal year (FY) 2023/2024, EGP 5.932 billion of which are in US dollars, comprising 72% of total revenues.

3. Demand for gold bars, coins in Egypt fall 27% YoY in Q2

Demand for gold bars and coins in Egypt dropped by 27% year on year (YoY) in the second quarter (Q2) of 2024 to 7.6 tons, compared to 10.4 tons in Q2 2023.

4. Egypt, Jordan eye purchasing LNG floating regasification unit

The Egyptian government, in partnership with the Jordanian government, is considering contracting with an international firm to manufacture a floating storage regasification unit (FSRU) for liquified natural gas (LNG).

5. EGX plans to launch index for companies under listing

The Egyptian Exchange (EGX) is looking to introduce an index for companies that are subject to listing on the EGX.

6. Act Financial aims to raise investments to EGP 6B in 2024

Act Financial is planning to boost its investments to around EGP 6 billion by the end of 2024.

7. Telecom Egypt seeks EGP 18B loan from local banking consortium

Telecom Egypt is seeking to secure an EGP 18 billion loan from a consortium of local banks led by Banque Misr and Commercial International Bank of Egypt (CIB).

8. Egypt seals $340M deals with Shell, Cheiron Energy to boost oil production

Egypt has signed two agreements worth a combined $340 million with Shell Egypt and Cheiron Energy to boost oil production at the Mediterranean and the Gulf of Suez.

9. Enara Group to invest $100M in renewables sector until 2027

Egypt-based renewable energy investment firm Enara Group is planning to invest up to $100 million in the renewables sector until 2027.

10. Eastern Company invests $20M to boost production efficiency

Eastern Company has made initial investments of $20 million to boost the efficiency of its production lines in the short term.

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