Top 10 Viral News Stories to Catch Up on This Weekend

Updated 9/20/2024 9:00:00 AM

Arab Finance: The four working days ended on September 19^th have been full of major news, from the Saudi government’s directing the PIF to pump $5 billion into Egypt to the Egyptian government raising the price of a household cooking gas cylinder by 50%.

So, here is a weekly wrap-up of the most important news stories of the week starting September 16^th to 19^th.

Saudi PIF to inject $5B into Egypt in initial investment phase

Saudi Crown Prince Mohammed bin Salman has directed the Saudi Public Investment Fund (PIF) to pump $5 billion into Egypt as a first phase of investment.

Egypt resolves 75% of Saudi private sector investment issues

Egypt has successfully addressed around 75% of longstanding investment and private sector issues with Saudi Arabia, aiming to resolve the remaining 25%.

Finance Ministry to expedite VAT refund process nationwide

The Ministry of Finance is working on accelerating the process of refunding the value-added tax (VAT) at all the country’s offices under the new tax facilities package.

Egypt launches "A New Beginning for Human Development" initiative

Egypt has officially launched the presidential initiative "A New Beginning to Build the Human Being," aimed at fostering self-development, health, education, culture, sports, and ethical behavior for citizens.

FRA updates M&As regulations for non-bank financial firms

The Financial Regulatory Authority’s (FRA) board has updated the regulations governing mergers and acquisitions (M&As) for firms operating within the non-bank financial sector.

Egypt hikes prices of cooking gas, mazut

Egypt has raised the price of a household cooking gas cylinder by 50% from EGP 100 to EGP 150.

SCZONE, UK-based firms mull cooperation in several sectors

Chairman of the General Authority for Suez Canal Economic Zone (SCZONE) Waleid Gamal Eldien has probed potential cooperation with representatives of UK-based firms in the sectors of iron industry, modern building materials, water treatment, and communications.

CI Capital wraps up EGP 1.29B securitized bond issuance for Aman Consumer Finance

CI Capital has concluded a securitization bond issuance, on behalf of Aman Securitization Company, for Aman Consumer Finance at a value of EGP 1.29 billion.

ACUD’s asset value hits EGP 1T

The value of the Egyptian state-owned Administrative Capital for Urban Development Company’s (ACUD) assets has reached EGP 1 trillion so far, driving the country’s economy.

bp targets speeding up oil exploration in Egypt's Mediterranean fields

bp Plc is planning to accelerate exploration, production, and field development in Egypt's Mediterranean concession in the coming months, aiming to gradually increase output levels.