Annual urban inflation rate in Egypt jumped to 18.7% in November, up from 16.2% in October.

According to local media, the CBE renewed its instructions not to approve requests to import 13 commodities without obtaining its prior approval.

Vodafone Plc’s South African subsidiary, Vodacom, has closed the acquisition of its parent company’s 55% stake in Vodafone Egypt. On a separate note, QIA acquisition of a 20-25% stake in Vodafone Egypt (out of ETEL’s 44.95% stake) is expected to close towards the end of this year or during 1Q23, according to local media.

The Finance Ministry extended the e-invoicing registration deadline for self-employed individuals until April 2023.

Hisham Ezz El Arab was appointed non-executive chairman of COMI last week. 

MNHD intends to expand to West Cairo in 1H23, is looking at land plots on the North Coast, and expects real estate prices to increase by 15%-20%.

CLHO announced the execution of a 15-year agreement with the Fund for Housing and Social Services of the Petroleum Sector to upgrade, build out, and operate key medical units in the Petroleum Medical Center in Suez Governorate.

Oil price settled lower on Friday, recording its biggest weekly decline in months. Brent crude settled 5 cents lower at USD76.10/bbl.