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Top 10 news wrap-up of January’s 4th week

Top 10 news wrap-up of January’s 4th week

ArabFinance: A fourth week of the year not packed with news and bearing signs that foreign investors are starting to return to the Egyptian market again due to a weak pound against the US dollar.

 

Here are the 10 most important news this week:

1-Emerging market investors prepare to creep back to Egyptian domestic debt market: Bloomberg

Emerging market investors are preparing to re-enter the Egyptian domestic debt market, as they are attracted by the pound's decline and record returns compared to its peers.

 

2-Egypt pens $1.5B financing agreement with ITFC

Egypt has inked a $1.5 billion annual work program with the International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank (IsDB) Group.

 

3-Egypt to convene Community Dialogue on FY 2023/24 budget draft within weeks

The strategic objectives and financial targets of the government financial budget draft for the upcoming fiscal year (FY) 2023/2024 will be discussed in a community dialogue within the next few weeks.

 

4-Egypt to offer 30% stake in 7 state-run hotels to GCC funds within 2 months

The Sovereign Fund of Egypt (TSFE) is set to offer a 30% stake in the holding company owning seven hotels for Gulf funds and investors in the first quarter (Q1) of this year.

 

5-Banque Misr, NBE suspend sale of 25%-yield CDs end-January

Banque Misr and the National Bank of Egypt (NBE) announced the suspension of offering their one-year 25%-yield certificates of deposit as of the end of January.

 

6-GB Auto to rebrand to GB Corp

 GB Auto will rebrand to GB Corp.

 

7-Travco Group to boost hotel capacity in 2023 with EGP 7B in investments

Egyptian travel and tourism company Travco Group is planning to invest EGP 7 billion in 2023 to boost its hotel capacity.

 

8-B Investments signs 2 healthcare services agreements with TSFE

B Investments Holding has signed two agreements with the Sovereign Fund of Egypt (TSFE) to invest in healthcare and pharmaceuticals services in Egypt.

 

9-Vodacom executes €925.8K voluntary purchase offer on Vodafone Egypt’s shares

Vodacom Group has executed a voluntary purchase offer on 49,493 shares of Vodafone Egypt at a total value of €925,866.

 

10-David Malpass expresses concerns over possible long-lasting economic slowdown

 President of the World Bank Group David Malpass has expressed concerns over a possible “long-lasting” slowdown in the global economy this year.

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