Top 10 trending news stories to check this weekend

Updated 3/16/2023 9:39:00 AM

Arab Finance: The five working days ended on March 16^th have been loaded with major news in Egypt, from hitting a record high of $51.6B in exports in 2022 to signing $1.6B deals to manage, operate Sokhna, Dekheila ports.

So, we have put together a weekly wrap-up of the top 10 stories from March 12^th to March 16^th as follows:

Egypt inks $1.6B deals to manage, operate Sokhna, Dekheila ports

Egypt signed two agreements worth $1.6 billion with international consortiums on the establishment of the superstructure, management, operation, exploitation, maintenance, and handing over of the container terminals at Ain Sokhna and Dekheila ports.

Suez Canal records highest-ever daily traffic rate on March 13th

The Suez Canal has recorded its highest-ever daily traffic rate on March 13th as 107 ships carrying a net tonnage of 6.3 million tons have passed through the canal in both directions.

Egypt to offer 10% stake in Safi, Wataniya to strategic investors within month

Egypt is set to offer at least a 10% stake in two military-owned companies, namely National Company for Producing and Bottling Natural Water (Safi) and the National Petroleum Company (NPC).

Egypt to provide EGP 1,000 annually for women with two children at most

Ministry of Finance will allocate EGP 1,000 annually for each woman who has two children at most.

Egypt’s GDP growth hits 3.9% in Q2 FY 2022/23

Egypt achieved an economic growth rate of 3.9% during the second quarter (Q2) of the current fiscal year (FY) 2022/2023, compared to a growth rate of 8.3% during the Q2 FY 2021/2022.

Egypt’s exports hit fresh record high of $51.6B in 2022

Egypt’s total exports surged 18.3% year-on-year (YoY) during 2022.

Hassan Allam Utilities, Kuwaiti Agility form JV to build logistics parks in Egypt

Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding, and the Kuwaiti warehousing firm Agility have formed YANMU, a joint venture (JV), to develop, build, and operate modern logistics parks and grade A warehousing facilities in Egypt.

General Motors Egypt to invest $16M to locally manufacture new car models

General Motors Egypt is planning to invest $16 million in the Egyptian market to manufacture new car models.

Misr Insurance Holding ownership transferred to Egypt’s TSFE

The Egyptian President Abdel Fattah El-Sisi issued a decree to transfer ownership of all shares owned by Misr Insurance Holding Company (MIHC) to the Sovereign Fund of Egypt (TSFE).