Top 10 News: A Recap of the Dynamic Week
Updated 11/22/2024 9:00:00 AMArab Finance: The five working days, which ended on November 21st, have been dynamic with a flurry of major news, from the conclusion of the International Monetary Fund's (IMF) mission to Egypt for the fourth review of the country's Extended Fund Facility (EFF) to the introduction of a new service by the Central Bank of Egypt (CBE) that will allow money transfers from Saudi Arabia and the Gulf to Egypt via Instapay.
So, to highlight the top 10 headlines reported throughout the week, we have put them together as follows:
1-IMF concludes Cairo visit for 4th review of EFF
An International Monetary Fund (IMF) mission, led by Ivanna Vladkova Hollar, concluded its visit to Egypt on November 20th following in-depth discussions with Egyptian authorities.
2-Gulf-to-Egypt money transfers to be enabled via Instapay within 2 months
Money transfers from Saudi Arabia and the Gulf to Egypt will be available in two months through the country’s instant payment network, Instapay.
3-Madbouly urges acceleration of car conversion to gas program, raising target to 250,000
Prime Minister Mostafa Madbouly chaired a meeting to review progress on the government’s initiative to convert vehicles to run on natural gas.
4-Egypt's mobile sector sees $2B investment in frequency spectrums: Talaat
Mobile phone companies have invested $2 billion in Egypt over the past three years.
5-CBE likely to hold interest rates in November ahead of gradual cuts in 2025: Morgan Stanley
Morgan Stanley expects the Central Bank of Egypt (CBE) to keep interest rates unchanged at its upcoming meeting on November 21st.
6-United Bank’s private offering on EGX oversubscribed 1.06x on 1st day
The private offering of The United Bank on the Egyptian Exchange (EGX) has been 1.06 times covered on its first day.
7-Egypt grants 7 companies licenses to operate new call centers
The National Telecom Regulatory Authority (NTRA) has granted seven major companies in the outsourcing and call center industry licenses to establish and operate call centers in Egypt.
8-Al Ahly Sabbour seeks to offer up to 25% stake on EGX
Al Ahly Sabbour Developments is seeking to offer 20-25% of its shares on the Egyptian Exchange (EGX), with the selection of an offering advisor in early 2025.
9-Banque Misr leads consortium to provide EGP 2.8B for Landmark Developments
Banque Misr has spearheaded a banking alliance, including EG Bank and Suez Canal Bank, to extend joint financing worth EGP 2.8 billion to Landmark Developments.
10-MSMEDA launches Khatwa company to back micro, small enterprises in Egypt
The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has launched Khatwa Company, a financing institution aimed at supporting small and micro enterprises across Egypt.
