Top 10 viral news headlines of the week

Updated 5/19/2023 9:00:00 AM

Arab Finance: The week ended on May 18^th has been packed with vital news, from launching the first gold fund in Egypt to appointing Barclays Bank as international advisor on the CBE’s divestment of the United Bank of Egypt.

So, the following is a recap of the main events that took place throughout the week from May 14^th to May 18^th:

1. FRA launches 1st gold fund in Egypt

The Financial Regulatory Authority (FRA) has launched the first minerals investment fund following its approval to establish the first gold fund earlier this month.

2. Fitch Ratings downgrades credit ratings of 4 Egyptian banks to ‘B’

Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of four Egyptian banks, namely the National Bank of Egypt (NBE), Banque Misr, Banque Du Caire, and Commercial International Bank Egypt (CIB) to ‘B’ from ‘B+’, with their outlooks remaining negative.

3. Supreme Investment Council ratifies several decisions in 1st meeting

The Supreme Investment Council has endorsed a number of decisions during the first meeting, chaired by President Abdel Fattah El-Sisi.

4. EBRD lowers Egypt’s GDP growth forecast for FY 2022/23

The European Bank for Reconstruction and Development (EBRD) has downgraded its forecast for Egypt’s gross domestic product (GDP) growth to 4.0% for fiscal year 2022/2023, 0.7% down from its previous forecast in February.

5. CBE updates licensing, regulatory framework for foreign exchange firms

The Central Bank of Egypt has updated the instructions regulating foreign exchange companies and the rules set for licensing, monitoring, and supervising them.

6. Orascom Construction exits from construction chemicals subsidiary for EGP 1.8B

Orascom Construction Plc (ORAS) has sold its full stake of 28.25% in its construction chemicals subsidiary to the Swiss chemicals firm Sika for EGP 1.8 billion.

7. CI Capital wraps up EGP 3.75B follow-on sale of Telecom Egypt

The diversified financial services firm CI Capital (CICH) has finalized an EGP 3.75 billion follow-on sale of 162.172 million shares or 9.5% of Telecom Egypt’s (ETEL) issued share capital.

8. Infinity Power, Copelouzos Group to jointly provide green energy sources to GREGY project

Copelouzos Group, through its arms Damco Energy and Elica Mediterranean Interconnection, have signed a memorandum of understanding (MoU) with Infinity Power to jointly develop renewables projects that provide the Greece-Egypt electricity interconnection project (GREGY) with green energy sources.

9. Norway’s Scatec, ANRPC to build $450M green methanol plants at Damietta Port

Alexandria National Refining and Petrochemicals Company (ANRPC) has signed an agreement with the Norwegian renewables producer Scatec, in cooperation with the Egyptian Bioethanol Company (EBIOL), to launch a new green methanol production project.

10. CBE appoints Barclays as international financial adviser for divestment of United Bank

The Central Bank of Egypt (CBE) has appointed Barclays Bank PLC as an international adviser, alongside CI Capital Investment Banking as the local financial adviser, to divest its stake in the United Bank of Egypt, according to a press release on May 17^th.