Talks with the IMF are still ongoing and are in the “final stages.” 

The government will roll out new emergency social protection measures this Thursday, where one million families join the Takaful and Karama programs as the state also raises ration card allowances and disburses emergency aid. 

CBE will go much faster in terms of currency adjustment; not a sudden devaluation, but at a faster pace.

GDP growth recorded 6.6% in FY2021/22. High contribution to the GDP growth was recorded by sectors like manufacturing industries and restaurants and hotels. 

Federal Reserve Chairman dashed market hopes that the central bank could slow interest rate hikes in a speech on Friday, triggering the biggest single-day rout in US stocks since June.  

The General Authority for the Economic Zone of the Suez Canal aims during the coming period to localize 15 industrial and service sectors, including green fuel, solar panel manufacturing, and logistics. 

The Central Bank revealed that it obtained USD13 billion in short-term Gulf deposits during the first quarter of 2022. Those are in addition to USD14 billion in medium and long-term deposits.

Japan pledged USD30 billion in development aid for Africa during Japan’s Africa Investment Conference. 

South Korea’s state nuclear power company signed a USD2.2 billion contract with Rosatom to supply equipment and help build the 4.8 GW Dabaa nuclear plant. 

Seven international companies have signed early agreements to build facilities that will produce millions of tons of green fuel in the Ain Sokhna Industrial Zone. The plants will have a combined annual capacity of around 5.5 million tons, with the fuel to be exported and sold to the shipping industry. 

Egypt’s commodities exchange could go live before the end of the year, with trading of gold set to start as a first phase. 

Cabinet gave initial approval to award state-owned EGAS and Italy’s Eni the rights to explore for gas in the Northeast Arish offshore concession, with further approvals needed before drilling.  

Rami El Dokany has been named Head of the EGX for a one-year term. 

The Central Bank of Egypt raised the daily limit that individuals and businesses can withdraw in-branch from their bank accounts and scrapped limits on cash deposits at both bank branches and at ATMs. 

CICH 2Q22 net profit recorded EGP187 million (+21% q/q, -1% y/y), bringing 1H22 net profit to EGP341 million, up 100% y/y. 

ValU acquired 100% of Paynas at a value of USD18 million. The transaction was completed through a stock swap, where Paynas shareholders acquired an estimated 6% stake in the issued share capital of ValU.

Qatar for Investment is eyeing acquiring part of the Holding Company for Chemicals Industries' stake in EAST, with the deal expected to take place during the next few days.

AUTO assured in a release that the company did not enter any agreements in regards to the sale of its 57.26% owned MNT-Halan.