Viral News Stories You Need to Know This Weekend
Updated 10/4/2024 9:00:00 AMArab Finance: The past five days, ending October 3rd, were packed with major developments, from Egypt's PMI dipping in September to the IMF pushing its loan review to November.
Here is your quick recap of the top stories from September 29th to October 3rd:
1-Egypt’s non-oil business conditions weaken in September; PMI dips below 50
Egypt’s non-oil private sector saw a renewed downturn in business conditions in September, as rising price pressures curbed sales and slowed activity.
2-Fourth review of Egypt's IMF program postponed to November
The fourth review of Egypt's program with the International Monetary Fund (IMF) has been postponed to November 1st, following the conclusion of the fund's annual meetings in Washington.
3-EBRD trims Egypt's 2024 economic growth forecast amid energy challenges
The European Bank for Reconstruction and Development (EBRD) has revised Egypt's economic growth forecast for 2024, with energy and electricity disruptions persisting as down risks.
4-Sawiris backs gold as safe bet, predicts price hike amid rising demand
Egyptian businessman Naguib Sawiris has affirmed that gold remains a solid investment opportunity alongside real estate, anticipating continued gold price increases due to decreasing supply and rising demand.
5-Egypt’s BoP records overall surplus of $9.7B in FY2023/24
Egypt’s balance of payment (BoP) saw an overall surplus of $9.7 billion during the previous fiscal year (FY) of 2023/2024, compared to a surplus of $882.4 million in FY 2022/2023.
6-Egypt's net foreign assets hit surplus of EGP 473.224B in August
Egypt’s net foreign assets (NFAs) hit a surplus of EGP 473.224 billion in August, versus a deficit of EGP 801.269 billion in the same month last year.
7-Egypt’s external debt shrinks by $15B in 6 months: Madbouly
Egypt’s external debt dropped by more than $15 billion in six months, reflecting the government’s reform efforts.
The Arab Investment Bank (aiBANK) has announced its rebranding as Bank NXT, signaling a new phase in its commitment to delivering accessible financial solutions and banking services.
9-SCZone, EHCSS to build $153M grain complex
The Suez Canal Economic Zone (SCZone) and the Egyptian Holding Company for Silos and Storage (EHCSS) are set to develop an integrated complex for handling, processing, and storing grains, with an initial investment of $153 million.
10-Shell, Petronas invest $420M to boost gas production in Egypt's West Delta
Dutch oil giant Shell and Malaysian energy company Petronas have committed $420 million to develop the 10th and 11th phases of the Burullus gas fields in Egypt’s West Delta.
