Top 10 Must-Read Viral News Stories for This Weekend
Updated 10/18/2024 9:00:00 AMArab Finance: The five working days ended on October 17th have been full of major news, from the World Bank slashing its forecast for Egypt’s real gross domestic product (GDP) to the government's announcement of offering airports and banks under its IPO program soon.
So, here is a weekly wrap-up of the most important news stories of the week starting October 13th.
1-World Bank cuts forecast for Egypt’s GDP growth in FY2024/25
The World Bank Group (WBG) has downgraded its projection for Egypt’s real gross domestic product (GDP) growth for the current fiscal year (FY) 2024/2025 to 3.5%, down from a previous forecast of 4.2% announced in June.
2-Government to offer airports, banks under IPO program soon: Madbouly
The government is working on the state’s initial public offering (IPO) program and will make important announcements soon regarding the offering of several airports and banks.
3-CBE allows low-risk customers to open foreign currency financial inclusion accounts
The Central Bank of Egypt (CBE) has issued new regulations allowing low-risk customers to open financial inclusion accounts in foreign currencies, along with the Egyptian pound.
4-EU backs Egypt’s green transition, water sustainability with €7M agreement
Egypt and the European Union (EU) have signed a European Green Facility agreement worth €7 million to support Egypt’s green transition and water resources sustainability.
5-Egypt’s external debt hits $152.885B end-June
Egypt’s external debt dropped to $152.885 billion at the end of June 2024, compared to $164.728 billion at the end of June 2023.
6-Private Saudi firms to invest $15B in Egypt over 3 years
Private Saudi firms are set to invest up to $15 billion in Egypt over three years.
7-Zohr Gas field to see new wells drilled by Eni soon
The Zohr natural gas field in the Mediterranean will undergo new drilling operations by the Italian energy company Eni over the coming period.
8-FRA suspends issuance of consumer finance, microfinance licenses for 1 year
The Financial Regulatory Authority (FRA) has decided to suspend issuing new licenses for companies seeking to engage in consumer finance or microfinance for one renewable year starting October 11th.
9-EGX receives listing request from United Bank
The Egyptian Exchange (EGX) has received an official request from The United Bank to list its shares on the main market
10-EFG Hermes concludes accelerated book build for Helmerich & Payne's exit from ADNOC Drilling
EFG Hermes’ investment banking division has concluded an accelerated book build (ABB) on behalf of Helmerich & Payne (H&P).
