World Bank revised its Egypt economic growth forecast during FY22/23 to 4.0%, down from 4.8% previously. The World Bank is now expecting the MENA region to grow at a 3.0% clip during 2023, down 0.5% from its previous forecast.

Egypt's trade deficit fell 47% YoY in January to USD2.48 billion. Exports fell 7% YoY to USD3.85 billion, while imports decreased 28% to USD6.33 billion.

The expat car import scheme has brought in USD385 million since its launch in November.

The SFE is studying offering assets with Nile view in Cairo and Giza to investors.
 
The IMF expects global economic growth to fall below 3% and remain around that figure for the next five years.
 
Russia’s Deputy Foreign Minister said that Egypt could become a hub for the re-export of Russian grain to the Middle East and Africa.
 
A subsidiary of the National Service Projects Authority has signed an agreement with Al Mawarid Industrial Products Company to establish the first plant in the country to generate electricity using biogas. 

IDHC 4Q22 net profit reached EGP123 million (-68.7% YoY ), compared to net loss of EGP18 million in 3Q22, bringing net profit came to EGP527 million in FY22 (-64.7% YoY).

EFIH announced signing an MoU with Thiqah Business Services, a digital transformation player for public and private sectors in Saudi Arabia.

The total number of citizens who have financial accounts grew 147% YoY in 2022 to stand at 42.3 million citizens (64.8% of the total number of citizens in the age group of 16 years and older).

Samsung Electronics will make a meaningful cut to semiconductor production in a bid to ease a supply glut.

InstaPay currently allows using the application from outside Egypt for the implementation of financial transactions between Egyptian banks.

COMI has discontinued its 22.5% CDs and is replacing it with a series of 3-year 18-20% annual-rate certificates.

Emirates NBD has launched three-year CDs, with annual rates of 18.5% (with annual interest payments), 18.25% (quarterly interest), or 18.00% (monthly payouts).

United Bank is offering three-year sharia-compliant certificates at a variable rate of at least 19% , where the interest is paid monthly.

Aspire Capital intends to widen its operations in the micro-finance area through its subsidiary, AlKhair, as it intends to bring its portfolio to EGP150 million and its branches to 40 by the end of 2023.

MICH is negotiating with MOT, the investment arm of the railways authority, to buy a 15k sqm land plot to be used for expansions.

Imports of CBU cars dropped by 71.3% YoY in January 2023.