IMF: Egypt still suffers from gaps, including the high debt burden and large financing needs, hence the necessity of decisive development in adopting the deep financial and structural reforms that Egypt needs to increase the competitiveness of its economy, enhance transparency, and strengthen resilience against shocks.

IMF lowered its growth forecast for global growth to 3.2% this year and 2.9% next year. 

President El-Sisi issued a package aimed at expanding social protection to confront the repercussions of the current global economic crisis.

Saudi Crown Prince said that the Kingdom plans to implement huge investments in Egypt, within the city of Sharm El-Sheikh, to complete the "NEOM" project.

The government is discussing opportunities to increase Qatari investments in Egypt, during a meeting held by Prime Minister.

India is looking forward to pumping investments in Egypt worth USD700 million over the next few years. 

FRA will launch its community dialogue on the capital market development strategy (2022-2026).

Egyptian Tax Authority announced the commencement of Phase 8 of the e-invoice starting September 2022. (EFIH)

Egypt’s Telecommunications and Information Technology sector has recorded a growth of 16.7% during FY21/22.

Aman for Financial Services, a subsidiary of RAYA, decided to push its IPO to 2023 depending on market conditions. The company plans to provide consumer finance services to the Saudi market before the end of 2022.

IDA rejected the bid submitted by ATQA, to acquire a billet license, as part of the licenses offered by the authority last November. 

FRA NBFI Update| Ins. companies paid compensation in 5M2022 worth EGP 10.36 billion, +11.6% YoY, while premiums increased by 12.1% YoY to record EGP 22.21 billion. The total mortgage finance activity amounted to EGP 5.27 billion, +125.6% YoY, with leasing companies pumping financing worth EGP 9.45 billion (+112.8% YoY). Consumer finance companies extended financing of about EGP1.9 billion.

EK Holding, listed on the EGX and the Borse Kuwait, will convert 6 mn EGX-listed shares from EGP to USD. Following the transfer, the company will have 700 mn USD-denominated shares.