*Key news articles for today*
Net foreign assets in Egypt’s banking sector (including CBE) dropped to USD5.96 bn in November, down from USD9.2 bn in October, marking a sharper monthly decline of 35.2%. This is the second consecutive monthly drop as pressure on foreign currency resources increases. This decline was attributed to the worsening deficit in the net foreign assets of commercial banks.
Egypt's PMI fell to 48.1 in December, down from 49.2 in November, marking the sharpest decline in business conditions since April, as rising input costs and subdued demand weighed heavily on activity, with a deterioration in output and new order volumes.
Net foreign reserves came in at USD47.1 bn at the end of December 2024, marking an increase of USD157 mn from November, with higher foreign currencies and lower value of gold component.
Non-oil exports passed the USD40 bn mark for the first time ever in 2024, marking an at least a 16% increase on the year before, according to an Investment Ministry statement.
Egypt will save around USD1.5 bn annually on energy imports starting this year, with increasing local production to help reduce the country’s reliance on imports, according to a cabinet statement that quotes Oil Minister Karim Badawi.
U.S. President Joe Biden's administration will divert USD95 million in military aid allocated for Egypt to Lebanon.
The Transport Ministry’s Public Authority for Land and Dry Ports inked a more final agreement with Medlog, to develop a dry port and logistics hub in the Tenth of Ramadan City under a public-private partnership. The project will be set up with investments amounting to USD130 mn, with infrastructure work on the project to begin this month.
Financial Regulatory Authority greenlit an amendment to lower the age individuals can trade in EGX-listed securities to 15, down from 16 currently, the authority announced in a statement.
Egyptian expats will be able to choose from 3k plots of land across the country on 14 January to build a home in the country, the Housing Ministry said in a statement. Plots of land will be offered up online from the Beit Al Watan project in 13 cities.
The Ministry of Finance has hedged against the risk of a rise in the prices of half of the imported petroleum products during the current fiscal year 2024-2025, according to government sources.
Egypt and Jordan have agreed on the details of using two gasification ships to receive gas shipments in the coming period.
The American company 500 Global has allocated USD10 million to invest in Egyptian startups during the current year.
Beltone Financial Holding is negotiating with a banking alliance led by Mashreq Bank and a number of banks to borrow about EGP500 mn, in addition to the capital increase that the company seeks to complete in the coming period.
Cement and ceramic companies are boosting production to supply Syria's expected reconstruction needs, according to local press.
SKPC plans to establish a hydrogen-based power station during 2025, with a capacity of 14 MW and investments worth USD16 mn and will use the hydrogen produced internally. According to source, the company is currently implementing a power station with a capacity of 14 MW, which will be operating by 1H25, after which the company will start implementing the new project before the end of 2025.
