Unemployment inched down to 7.0% in 2Q23, down 0.1% from 1Q23, according to data released by statistics agency Capmas. Unemployment was down 0.2% compared with the same period last year.

Egypt's non-petroleum trade deficit has reached USD7.5 billion in 2Q23, showing a 10.7% dip from the same period last year. Non-oil imports value has dropped to USD15.9 billion in 2Q23 from USD17.6 billion in 2Q22, while the value of the non-oil exports fell to USD8.4 billion in 2Q23 from USD9.2 billion in the same period last year.

The National Election Authority (NEA) will soon announce the timetable for the 2024 presidential election.

Authorities have detected the first two cases of the new sub-variant of covid-19 (EG.5 / Eris).

The Sovereign Fund of Egypt is planning to offer the Ministry of Finance’s building in Downtown to investors through the usufruct system next month.

S&P Global followed Moody’s to downgrade the ratings of five US lenders amid tough operating conditions, including funding risks and weaker profitability on the back of rising interest rates.

EAST confirmed yesterday in a release that The Holding Company for Chemical Industries have received multiple offers from foreign investors to buy a stake that does not exceed 30% of its 50.95% stake in the company. According to local media, JTI and Phillip Morris are two of the main interested parties in the stake.

Valu has announced a strategic rebranding to reflect its transition from Buy Now and Pay Later Solutions Company (BNPL) as a consumer finance company, to a comprehensive financial services technology company that offers a range of diversified financial solutions and products. Valu will apply to the Financial Regulatory Authority to acquire a fintech license. It targets revenues worth EGP1.8 billion by the end of 2023, after recording EGP800 million in the first half.

The National Bank of Egypt recorded a net profit of EGP35 billion during 2022, in parallel with the growth of the bank's total loan portfolio by about 47% from 2021. Banque Misr announced a EGP25 billion net profit during 2022 and net loans jumped by 16.2%.

The petroleum ministry announced a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez. The new discovery was made by Egypt's Cheiron through exploration well GNN-11, currently producing more than 2,500 barrels a day. Total output from the field, located in North Geisum, has reached about 23,000 barrels per day.
Misr Fertilizers Production company-Mopco appoints Ahmed Mohamed El Sayed as the new Managing director and CEO instead of Mohamed Sobhy Mansour.

Hisham Riyad Hussein Suleiman was appointed acting chairman and managing director of the Egyptian Company for Ethylene and Derivatives Production (Ethydco).

According to local press, MTIE is among three companies interested to acquire Chinese cars agencies to expand the offering of models with fuel and electric vehicles.

TALM announced that they have received the presidential decree for their Badya University and completed the licensing process. The university is expected to begin operations by September 2024. Badya University is 60% owned by TALM and 40% owned by Palm Hills Development.

Pharmaceutical companies intend to submit a request to the EDA during this August, to consider the repricing of some medicines between 15 to 20%, in light of the high cost of production requirements, which are imported in USD.

Easyjet is running three weekly flights between London Luton and Cairo’s Sphinx International Airport starting 31 October 2023.