Weekly Recap of Top 10 Trending Headlines

Updated 12/27/2024 9:00:00 AM

Arab Finance: The Egyptian economic sector witnessed significant highlights during the fourth week of December 2024, led by finalizing a staff-level agreement with the IMF and announcing a $7.5 billion green hydrogen project by SCZone.

1- IMF, Egypt conclude staff-level agreement on 4th EFF review

The International Monetary Fund (IMF) and the Egyptian government have reached a staff-level agreement on the fourth review of the Extended Fund Facility (EFF).

2- SCZone prepares to sign agreement for $7.5B new green hydrogen project

The Suez Canal Economic Zone (SCZone) is set to finalize a framework agreement for a $7.5 billion green hydrogen project.

3- Remittances from Egyptians abroad surge 45.3% YoY in 10 months

The Central Bank of Egypt (CBE) announced that remittances from Egyptians working abroad reached $23.7 billion in the first ten months of 2024, reflecting a 45.3% year-on-year (YoY) increase.

4- EFG Holding expects Egypt's GDP to hit 3.7% in 2025

EFG Holding has forecasted that the Egyptian economic growth would reach 3.7% in 2025 and 4.7% by 2026, Asharq Business reported, citing the latest annual report of EFG Holdings.

5- UAE’s Kazar to invest $2.5B in hybrid renewable power plant in Egypt

Emirati investment firm Kazar plans to invest $2.5 billion in constructing a hybrid renewable energy station in Egypt’s Zafarana region, east of the country, Asharq Business reported.

6- Valu achieves total securitizations of EGP 10.8B

Valu has closed its 13th securitized bond issuance at a value of EGP 519.2 million, registering a cumulative total of over EGP 10.8 billion raised across all securitizations.

7- Egypt launches online service for building license applications in new cities

Egypt has launched an online service for submitting building license applications in new cities, Minister of Housing, Utilities, and Urban Communities, Sherif El-Sherbiny announced.

8- EBRD approves $275M loan for Gulf of Suez mega wind farm

The European Bank for Reconstruction and Development (EBRD) has approved a $275 million syndicated loan for a 1.1 GW wind farm project in the Gulf of Suez, developed by Saudi-based ACWA Power and Hassan Allam Utilities

9- Egypt gears up to launch initiative for converting cars to run on natural gas early 2025

The Egyptian government is set to launch a new national initiative to convert vehicles to operate on natural gas, with implementation scheduled to begin early next year.

10- Telecom Egypt, CMI pen agreement to foster digital economy

Telecom Egypt and China Mobile International (CMI) signed a strategic commercial agreement to accelerate digital economy development.