Arab Finance: The period from June 26th to July 6^th, coinciding with the Eid Al-Adha holiday, witnessed newsworthy events, with the CAPMAS announcing the 23.8% increase in Egypt’s trade balance deficit in April and the cabinet passing amendments to the Investment Law. 

So, here is the wrap-up of the 10 most trending news headlines in the 11-day period: 

1. Egypt’s trade deficit up 24% YoY in April

Egypt’s trade balance deficit increased by 23.8% year on year (YoY) to $2.33 billion in April 2023 from $1.89 billion in the same month of 2022, according to a press release published by the Central Agency for Public Mobilization and Statistics (CAPMAS) on July 4th. 

2. Egypt's non-oil private sector sees softer contraction in June

Egyptian non-oil private sector continued contracting in June at a softer pace as inflationary pressures fell marginally and remained significantly lower than the January highs. 

3. Cabinet oks new amendments to Importers Register Law to attract more FDI

Egyptian cabinet has approved amendments to some provisions of Law No.121 of 1982, allowing foreign investors to be registered as importers for a term of up to 10 years. 

4. Egypt thumbs up $733M loan from JICA to finance Cairo Metro Line 4

The Egyptian cabinet has approved a $733 million loan from the Japanese International Corporation Agency (JICA) to finance the first phase of Cairo Metro Line 4. 

5. Hilton Group, City Edge ink 2 deals for hotels operation in Cairo

City Edge Developments, on behalf of the Ministry of Housing, and the Hilton Group signed two contracts to manage and operate two hotels in Cairo, the Egyptian cabinet stated on July 4th. 

6. UAE’s ADTIC to build $95M mega-hotel in Egypt

Abu Dhabi Tourism Investment Company (ADTIC) will build a mega hotel in the Pyramids of Giza area with $95 million in investment. June 26th. 

7. Norway’s Scatec to build $5B wind farm in Egypt

Egyptian New and Renewable Energy Authority (NREA) and Norway’s Scatec signed a $5 billion contract to build a wind power plant in West Sohag. the Egyptian cabinet stated on July 7th. 

8. Chevron to drill 1st exploration well in Egypt’s Red Sea in H1 2024

The US energy company Chevron is set to drill the first oil and natural gas exploration well in its concession area in the Red Sea in Egypt during the first half (H1) of 2024, Asharq Business reported on July 5th, citing unnamed government official. 

9. French Alstom to build industrial complex in Egypt

Egyptian cabinet has approved a proposal from France’s Alstom to establish an industrial complex in Alexandria’s Borg El Arab city, according to a cabinet statement issued on July 5th. 

10. Egyptian parliament approves amendment to Investment Law

The House of Representatives’ Economic Affairs Committee approved amendment to the Investment Law to provide investors with new incentives and facilitations.

Top 10 viral news headlines of the week Updated 5/19/2023 9:00:00 AM