Weekend Roundup: Catch Up on Top 10 News of the Week
Updated 10/24/2024 5:10:00 AMArab Finance: The five working days ended on October 24th have been jammed with newsworthy headlines.
Here is our weekly news recap for the weekend, with the top 10 viral news stories in the economic and business landscapes from October 20th to 24th.
1-Egypt pens 4 MoUs to boost oil, gas exploration
The Egyptian General Petroleum Corporation (EGPC) signed four memoranda of understanding (MoUs) aimed at increasing exploration, production, and development activities in the oil and natural gas sector with a consortium between Hassan Allam Holding and Infinity Capital Investment, Ezz Steel, ElSewedy Industrial Group (EIG), and Advanced Petroleum Services Group.
2-IMF projects Egypt's inflation to drop to 21.2% in FY2024/25
The International Monetary Fund (IMF) anticipates that Egypt will manage inflation at a faster rate during the current fiscal year (FY) 2024/2025, with inflation forecasted to drop to 21.2%.
3-Egypt to launch eSIM services within 1 month
Egypt is set to launch eSIM services within a month.
4-Government works on issuing new social protection package
The Egyptian government is working on issuing a new social protection package.
5-No further rise in fuel prices over coming 6 months: Madbouly
The Egyptian government will not hike fuel prices further within the coming six months.
6-CBE issues regulations governing tourism support initiative
The Central Bank of Egypt (CBE) has issued regulations governing the tourism support initiative approved by the Cabinet and financed by the Ministry of Finance.
7-El-Sisi calls for IMF deal review to avoid public hardship
The agreement with the International Monetary Fund (IMF) must be reviewed if it is going to put Egyptians in an intolerable situation.
8-S&P Global affirms Egypt's ratings at ‘B-/B’; outlook remains positive
S&P Global Ratings has affirmed its long- and short-term local and foreign currencies credit ratings on the country at “B-/B”, with a positive outlook.
9-Domty grants Arla Foods approval to begin due diligence
The Board of Directors of Arab Food Industries Company (Domty) has decided to allow Arla Foods to commence due diligence.
10-Egypt to grant 2nd credit rating license to Beltone-Crif alliance
Egypt is moving forward with plans to grant its second credit rating license to the alliance between Beltone and Italian group Crif Ratings.
