Top 10 News Stories: Your Weekend Catch-Up
Updated 8/23/2024 9:00:00 AMArab Finance: The third week of August brought significant events, from rising household electricity prices to the launch of the National Strategy for Low-Carbon Hydrogen.
Here is a quick summary of the top 10 stories from August 18th to 22nd.
1-Egypt raises household electricity prices by up to 50%
The Egyptian government has raised household electricity prices by a range from 14.5% to 50%.
2-Government unveils National Strategy for Low-Carbon Hydrogen
The Egyptian government has announced the National Strategy for Low-Carbon Hydrogen.
3-CBE allows banks to set foreign currency withdrawal limits
The Central Bank of Egypt (CBE) announced that banks can set their own policies for foreign currency withdrawal limits, with approval from their boards of directors.
4-Housing Ministry to finalize 11,549 residential units in New Alamein till June 2025
The Egyptian Ministry of Housing, Utilities, and Urban Communities is set to finalize the construction of 11,549 residential units in the New Alamein city until June 2025.
5-El-Sisi extends Hassan Abdalla’s term as CBE’s governor for another year
Egyptian President Abdel Fattah El-Sisi has reappointed Hassan Abdalla as the Acting Governor of the Central Bank of Egypt (CBE) for another year as of August 18th.
6-Madbouly urges finalization of Egyptian-Saudi investment agreement soon
Egyptian Prime Minister Mostafa Madbouly has called for an expedited finalization of the Egyptian-Saudi investment, urging that the agreement’s articles be sealed as soon as possible.
7-Nissan Egypt plans to invest $55.9M in local market until 2026
Nissan Egypt is planning to strengthen its presence in the local market by investing around $55.9 million until 2026 across various activity.
8-Infinity Power, Masdar ink PPA for 200MW wind farm in Ras Ghareb
Infinity Power and the Abu Dhabi Future Energy Company (Masdar) have signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a new onshore wind farm in Ras Ghareb.
9-Maridive & Oil Service secures $17.8M contract for oil exploration in Egypt
Maridive & Oil Services has secured a one-year contract valued at $17.8 million to provide support for oil exploration and production in Egypt.
10-MSMEDA, AMAN seal EGP 100M financing deal for SMEs
The Micro, Small and Medium Enterprises Development Agency (MSMEDA) has signed a financing agreement worth EGP 100 million with AMAN Holding.
