Arab Finance: From the CBE's announcment of Egypt’s net foreign assets surplus in July to Egyptera introducing a 7% fine on overdue electricity bills, the first week of September has been ablaze with news headlines that captured attention in Egypt.

Below is a brief rundown of the most interesting news stories in the five working days ended on September 5^th.

1. Egypt's net foreign assets hit surplus of EGP 644.764B in July

Egypt’s net foreign assets (NFAs) hit a surplus of EGP 644.764 billion in July, versus a deficit of EGP 812.408 billion in the same month last year.

2. Egypt’s non-oil private business activity grows in August after 3-year decline

Egypt's non-oil private sector experienced its first expansion in three years last August.

3. Egypt’s agricultural exports exceed 6.1M tons until September 4^th

Egypt’s agricultural exports have surpassed 6.1 million tons from January 1^st to September 4th, 2024, valuing at over $3.6 billion.

4. Egypt, Türkiye forge strategic partnership to boost trade, regional stability

Egypt and Türkiye have reaffirmed their commitment to enhancing their bilateral relations and cooperation across various fields during the first High-Level Strategic Cooperation Council meeting, co-chaired by the Presidents of both nations in Ankara on September 4^th.

5. Egypt signs hedging contracts against oil price increase

Egypt has sealed hedging contracts for a substantial volume of imported petroleum products.

6. Egypt’s auto industry could lag behind North African peers: Fitch Solutions’ BMI

Egypt's vehicle production is expected to grow steadily in the coming years, but it may fall behind competitors in North Africa.

7. Egypt greenlights Masdar's $900M solar power investment bid

The Egyptian Ministry of Electricity and Renewable Energy has approved a bid from the Abu Dhabi Future Energy Company (Masdar) to build solar power plants with over $900 million in investments.

8. Egypt launches 1st phase of industrial digital platform on September 1^st

The Ministry of Transport and Industry has launched the first phase of the Egypt Industrial Digital platform on Sunday, September 1st, in partnership with e-finance.

9. SCZone mulls cooperation with Jushi Group, Great Wall Motors

Chairman of the Suez Canal Economic Zone (SCZone) Waleid Gamal El-Dien explored potential cooperation in several sectors, particularly the automotive industry, with Great Wall Motors.

10. Egypt introduces 7% fine on overdue electricity bills

The Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera) has introduced a 7% fine on overdue electricity bills.

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