Day: March 19, 2024

Standard and Poor’s (S&P) Global Ratings raised Egypt’s credit outlook from stable to positive on 18 March, weeks after the government decided to enforce a long-awaited free-floating currency exchange regime. “[The decision] reflects our view that the determination of the exchange rate via market forces will help drive GDP growth…

This year, Sokkar Mecca is marking 40 years of its journey as a leading entity in the sewing machines industry with outstanding quality and continuous support for the entire ecosystem of ready-made clothing all over Egypt. Founded in 1984, Sokkar Mecca has always been known for exceptional standards in providing…

Catalyst Capital Egypt, through its subsidiary CCA, is poised to secure influential minority stakes in three diverse sector companies. CEO Abdel Aziz Abdel Nabi of Catalyst Partners disclosed to Daily News Egypt that the trio of deals, cumulatively valued at EGP 250m, were slated for completion within the year. The…

The World Bank Group (WBG) is providing Egypt with a new USD 6 billion (EGP 283.05 billion) financial support package, the multilateral lender announced on 18 March. “[WBG] supports the measures [Egypt] is taking for its economic recovery and restoring a sustainable path for inclusive growth,” the press release explains,…

The capital market experienced significant growth in 2023, with a 64.1% increase in securities issuances in the primary market, reaching EGP 601bn. Securitization bonds also saw a substantial rise in value by 96%, totaling EGP 87bn, and market capitalization grew by 79%, achieving EGP 1.7trn by year-end. Eslam Azzam, Vice…

Al Tadamun Microfinance Foundation, dedicated to financing women’s micro-projects, reported significant growth in performance indicators for the financial year ending December 2023. This aligns with national efforts towards women’s economic empowerment, the sustainable development strategy, and Egypt’s Vision 2030. The foundation saw a 21% increase in disbursed funds, injecting approximately…

Madinet Masr, a prominent urban community developer in Egypt, has launched Theqa, a groundbreaking property warranty solution from its innovation arm, Madinet Masr Innovation Labs. Theqa is designed to replace traditional maintenance deposits, offering a unique approach to one of the real estate market’s most significant challenges: the variability of…

A significant shift of liquidity from equities to fixed-income assets and bank certificates has led to a sharp 6.5% drop in the main index in a single session, pushing it to a critical support level at 29,000 points. The EGX30 index fell 6.34% to 29,091.29 points, the EGX70 EWI declined…

Hala El-Said, the Minister of Planning and Economic Development, announced that the fiscal year 2023/2024 will see EGP 99.6bn invested in the petroleum and mineral wealth sector for extraction development. This investment underscores the sector’s vital role in energy generation, supporting various productive sectors, and enhancing Egypt’s foreign currency reserves…

The Egyptian Ministry of Trade and Industry, led by Minister Ahmed Samir, has extended the ban on sugar exports for an additional three months. This extension is in accordance with Ministerial Resolution No. 88/2023, which allows for the export of sugar only when quantities exceed domestic market needs. These surplus…