Top 10 Trending Headlines to Go Through This Weekend
Updated 12/13/2024 9:00:00 AMArab Finance: During the second week of December 2024, Egypt witnessed significant announcements, led by the United Bank’s listing on EGX and the recent increases in home internet service prices.
The following is a rundown of the top 10 news stories that shaped the week:
1-Egypt’s annual core inflation hits 23.7% in November
The annual core inflation in Egypt recorded 23.7% in November 2024, compared to 24.4% in October 2024.
2-SCZone lays foundation stone of $50M Chinese luggage manufacturing project
The Chairman of the General Authority for the Suez Canal Economic Zone (SCZone) Waleid Gamal El-Dein has laid the foundation stone for the Chinese company Henneway’s $50 million new luggage manufacturing facility in the Qantara West Industrial Zone.
3-Egypt’s NIR hit $46.952B end-November: CBE
Egypt’s net international reserves (NIR) reached $46.952 billion at the end of November 2024, according to the Central Bank of Egypt (CBE).
4-Egypt's trade deficit widens by 22.8% in September
Egypt's trade deficit increased by 22.8% year on year (YoY) in September, reaching $4.4 billion, according to the latest data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
5-Egypt, Saudi Arabia agree to reduce customs clearance time to 3-4 hours
Egypt and Saudi Arabia have reached an agreement to reduce the customs clearance time for goods between the two countries to just three to four hours, instead of three days.
6-Egypt to offer stakes in 10 firms in 2025
The Egyptian government is planning to offer stakes in 10 companies in 2025, including banks, state-owned enterprises, and Armed Forces-affiliated firms, Prime Minister Mostafa Madbouly revealed.
7-Telecom Egypt hikes prices for home internet, recharge cards
Telecom Egypt (WE) has introduced a price hike for both home internet services and recharge cards, which came into effect starting Friday, December 6th.
8-Naguib Sawiris plans to develop $150M hotels in Pyramids area
Businessman Naguib Sawiris unveiled plans to build one or two hotels near the Pyramids area and Sphinx Airport with a combined investment value of $150 million.
9-United Bank’s shares begin trading on EGX
Trading on the shares of The United Bank under the ticker symbol (UBEE.CA) on the Egyptian Exchange (EGX) began on December 10th.
10-Raya Holding secures $15M investment from Africa50 for new tier III data center in Egypt
Raya Holding for Financial Investments has announced a $15 million investment in Raya Data Center (RDC), a subsidiary of Raya Information Technology, from Africa50.
