Egypt intends to pay USD240 million to the IMF next September, to pay off a tranche of the USD5 billion credit agreement it concluded in 2020.

Egypt was among the six countries invited to join the Brics starting January 2024, along with Saudi Arabia, UAE, Argentina, Iran, and Ethiopia. 

Ahmed Abdelrahman El Sheikh has been named Head of EGX for a one-year term starting 26 August.

The Financial Regulatory Authority (FRA) has completed procedures to establish the first Egyptian Securities Federation.

State grains buyer GASC reportedly made no purchase after direct talks to buy wheat with international trading houses on Friday. 

Hossam Haiba, CEO of the General Authority for Investment and Free Zones, revealed that the government had received requests from Chinese investors to inject investments into the local market in yuan.

Indian “Hinduja” is seeking to invest USD500 million in the manufacture of electric buses in Egypt.

US Federal Reserve Chairman Jerome Powell hinted that the Fed could be forced to continue its aggressive monetary tightening cycle, citing persistent inflation as the US economy continues to register strong growth.

Turkey’s central bank opted for an unexpectedly large interest rate hike on Thursday, lifting its benchmark rates by 750 bps to 25%.

SWDY posted its 2Q23 consolidated financial results with net attributable income standing at EGP2.7 billion in 2Q23 (+136% YoY, -8% QoQ), bringing 1H23 earnings to EGP5.6 billion (+195% YoY). Bottom-line annual growth was accelerated by higher revenue growth and profitability across all business segments, coupled with higher FX gains that partially offset rising financing costs and SG&A expenses. Consolidated revenues surged to EGP36.3 billion (+78% YoY, +9% QoQ), bringing 1H23 revenues to EGP69.6 billion (+79% YoY). 

Medlog, the cargo subsidiary of Italy’s MSC, has inked a contract with the government to design, construct, operate, maintain, and finance the new Tenth of Ramadan dry port and logistics center under a 30-year PPP contract with investments estimated at USD100 million. A consortium led by MSC was chosen in June including SWDY and ORAS, to establish and operate the 250-feddan dry port.

SKPC will finalize the acquisition of Ethydco by the end of October, according to local press.

Chevron’s proposal to develop the Aphrodite gas field has been rejected by Cyprus, leaving both parties 30 days to reach a new agreement. Egypt is supposed to liquefy that gas to be exported to Europe. 

Neptune Energy has started exploratory drilling at the Yakoot well in its North West El Amal offshore concession in the Gulf of Suez.

ECAP's BoD approved to open a branch for the company in Saudi Arabia. 

The prices of hotels are expected to rise by at least 35% y/y in 2023, with a 30% increase forecast for 2024, according to tourism sources.