Must-read news highlights for this weekend
Updated 8/9/2024 9:00:00 AMArab Finance: The first week of August saw some major news, topped by Egypt's expectations to raise up to $2.5 billion in proceeds from the state's IPO program during the current fiscal year (FY) 2024/2025.
Below are the 10 most viral news stories of the week ended August 8th:
1-Egypt targets to raise $2.5B from government IPO program in FY2024/25
Egypt expects to raise between $2 billion and $2.5 billion from the resumption of the state’s initial public offering (IPO) program during the current fiscal year (FY) 2024/2025.
2-Egypt's non-oil private business records marginal decline in July
Egypt’s non-oil private sector businesses signaled a modest downturn in business conditions in July, with marginal decline in new business and output.
3-Foreign currency deposits at Egyptian banks hit EGP 2.531T end-June: CBE
Total deposits in foreign currency at Egyptian banks increased to EGP 2.531 trillion at the end of June, compared to EGP 1.516 trillion in June 2023.
4-Egypt’s total budget deficit declines to 3.6% of GDP in FY2023/24
Egypt’s total budget deficit dropped to 3.6% of the gross domestic product (GDP) during the fiscal year (FY) 2023/2024.
5-Egypt’s NIR hit $46.488B end-July: CBE
Egypt’s net international reserves (NIR) edged up to $46.488 billion at the end of July.
6-Egypt’s auto sales up 26.6% YoY in June
Automotive sales in Egypt rose by 26.6% year on year (YoY) in June to 8,017 vehicles, compared to 6,331 vehicles.
7-Egypt raises price of wheat used in subsidized bread production by 20%
The Egyptian Ministry of Supply and Internal Trade has raised the selling price of domestic and imported wheat supplied to mills for making subsidized bread by around 20% to EGP 13,750 per ton as of August.
8-Egypt partners with Eni, Apache to boost natural gas production
Egypt is turning to the Italian energy giant Eni and the American company Apache to boost its natural gas production, aiming for self-sufficiency once again.
9-Beltone Holding secures SME finance license from FRA
Beltone Holding has received final approval from the Financial Regulatory Authority (FRA) for its small and medium enterprises (SMEs) finance license.
10-Dahab Masr, Bokra eye establishing SPAC
The precious metals investment firm Dahab Masr is currently in talks with the fintech start-up Bokra to launch their first special purpose acquisition company (SPAC).
