Round-up of Top 10 Headlines in December's 1st week
Updated 12/6/2024 9:00:00 AMArab Finance: From the Egyptian government's upcoming IPO plan for companies affiliated with the Armed Forces to the continued challenges facing the non-oil private sector in November, this week has been marked by significant developments in both the financial and economic sectors.
The following is a rundown of the top news stories from December 1st to 5th:
1-Egypt to unveil IPO plan for up to 4 Armed Forces-affiliated companies next week
The Egyptian government will unveil its initial public offering (IPO) plan for three to four companies affiliated with the Armed Forces next week.
2-Egypt's non-oil private sector activity contracts for 3rd consecutive month in November
The Egyptian non-oil private sector faced continued challenges in November, marking the third straight month of contraction.
3-Egypt approves €1B macroeconomic support deal with EU
Egypt’s House of Representatives has approved a €1 billion memorandum of understanding (MoU) signed between the government and the European Union (EU) to bolster macroeconomic and budget support.
4-MSMEDA reports 27.5% YoY increase in MSME financing over 10 months
Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has reported a 27.5% year-on-year (YoY) increase in funding provided to micro, small- and medium-sized enterprises (MSMEs) from January to October.
5-Egypt launches 1st Egyptian-Italian RoRo shipping line to boost trade
Egypt has inaugurated the first trip of the Egyptian-Italian RoRo shipping line, connecting Damietta Port to Trieste, Italy, marking a significant step in enhancing Egypt's role as a regional transportation and logistics hub.
6-Egypt, Jordan ink cooperation agreement to optimize LNG infrastructure use
Minister of Petroleum and Mineral Resources Karim Badawi and Jordan’s Minister of Energy and Mineral Resources Saleh Al-Kharabsheh oversaw the signing of a cooperation agreement aimed at maximizing the use of Egypt's infrastructure for importing liquefied natural gas (LNG) to benefit Jordan.
7-United Bank raises EGP 4.57B in EGX offerings
The Egyptian Exchange (EGX) announced the successful execution of the public and private offerings of The United Bank (UBEE) shares, involving 330 million shares, equivalent to 30% of the bank’s issued capital.
8-Great Wall Motors to build major factory in SCZone
Great Wall Motors, a Chinese automotive manufacturer, is planning to establish a car and spare parts factory in Egypt’s Suez Canal Economic Zone (SCZone).
9-Egypt inks letter of intent with Aton Resources to boost gold mining investments
The Egyptian Ministry of Petroleum and Mineral Resources has signed a letter of intent with the Canadian firm Aton Resources to bolster the country’s gold mining sector.
10-Banque Misr launches Egypt’s 1st digital property auction in collaboration with Belmazad
Banque Misr has conducted the country’s first digital public auction to sell real estate assets.
