Local Economy

Cairo – Mubasher: Egypt witnessed an 8.43% drop ($14.17 billion) in its external debt to $153.86 billion at the end of May 2024, compared to $168.03 billion as of 31 December 2023. A high-ranking official at the Central Bank of Egypt (CBE) …

Riyadh – Mubasher: The Saudi Ministry of Industry and Mineral Resources has initiated its most extensive mineralised belts to date that cover an expansive 4,788 square kilometres over five exploration licences, according to a press release. The …

Cairo – Mubasher: The Central Bank of Egypt (CBE) announced treasury bonds (T-bonds) at a combined value of EGP 8 billion through two issues on Monday, 22 July 2024. The first auction was valued at EGP 3 billion, carrying a maturity period of two …

Mubasher: Primary debt issuances of bonds and sukuk in the Gulf Cooperation Council (GCC) countries surged to $75.50 billion in the first half (H1) of 2024, marking a 38% year-on-year (YoY) increase from $54.80 billion. Saudi Arabia led the GCC …

Cairo – Mubasher: The Central Bank of Egypt (CBE) announced Thursday, 25 July 2024 as a holiday for all banks operating in the country in celebration of the 23 July Revolution. Banks will resume works on Sunday, 28 July, according to a cabinet …

Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAKBANK) has completed the issuance of its five-year Euro Medium-Term Note (EMTN) bond under its Social Finance Framework. The lender offered a $600 million issue, which was oversubscribed …

Cairo – Mubasher: The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) kept its key interest rates unchanged, maintaining the overnight deposit rate at 27.25%, the overnight lending rate at 28.25%, and the main operation rate at …

Cairo – Mubasher: The Central Bank of Egypt (CBE) issued treasury bills (T-bills) at a combined value of EGP 65 billion through two tranches on Sunday, 21 July 2024. The first auction was valued at EGP 40 billion and will mature in 91 days on 22 …

UAE – Mubasher: Abu Dhabi Global Market (ADGM) will implement major reductions of 50% or more for obtaining non-financial and retail licences within its jurisdiction as of 1 January 2025, according to a press release. This initiative comes in line …

Cairo – Mubasher: The Central Bank of Egypt (CBE) has offered treasury bills (T-bills) at an aggregated value of EGP 75 billion over two issues on Thursday, 18 July 2024. The first auction totalled EGP 30 billion with a 182-day tenor until 21 …

Cairo – Mubasher: Egypt has achieved a primary budget surplus of EGP 857 billion in the fiscal year (FY) 2023/2024, up 422.56% year-on-year (YoY) from around EGP 164 billion in the previous FY, said Minister of Finance Ahmed Kochouk Meanwhile, the …

Cairo – Mubasher: The International Monetary Fund (IMF) has cut its expectations for Egypt’s real GDP growth for 2024 and 2025 by 0.3% for each year. The IMF reduced its expectations for the country’s growth in 2024 and 2025 to 2.70% and 4.10%, …

Cairo – Mubasher: Egypt plans to launch a company to localise the manufacturing of grain silos as part of a comprehensive strategy to boost wheat supplies, said Sherif Farouk, Minister of Supply and Internal Trade. The plan also includes building …

Cairo – Mubasher: The Egyptian Ministry of Petroleum and Mineral Resources is set to receive two shipments of liquefied natural gas (LNG) at the Port of Sokhna over the next 10 days with a capacity of approximately 145,000 tonnes for each, Al …

Cairo – Mubasher: The Central Bank of Egypt (CBE) offered treasury bills (T-bills) and bonds (T-bonds) at a combined value of EGP 143 billion through six tranches on Sunday and Monday, 14 and 15 July 2024. The CBE auctioned T-bills totalling EGP …

Cairo – Mubasher: Egypt’s annual headline inflation rate inched lower to 27.10% in June 2024 from 27.40% in May. The inflation in June was primarily driven by a 30.80% year-on-year (YoY) surge in the prices of food and beverage, and a 55.20% YoY …

Riyadh – Mubasher: Saudi Arabia ranked first in MENA in terms of the value of venture capital (VC) investments during the first half (H1) of 2024, attracting $412 million, down 7% year-on-year (YoY), according to a report by MAGNiTT. Around 32% of …

Cairo – Mubasher: The value of Egypt's agricultural exports increased by $600 million year-on-year (YoY) to around $2.69 billion in the first half (H1) of 2024. The volume of agricultural exports rose to over 4.90 million tonnes in H1-24, up …

Cairo – Mubasher: The Egyptian Cabinet has granted preliminary approval for five oil and gas agreements with the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and a group of local and international …

Mubasher: The GCC saw a notable decline in project awards during the second quarter (Q2) of 2024, with total awards dropping by 19.70% year-on-year (YoY) to $51.70 billion from $64.30 billion in the same period last year. This downturn was …

Cairo – Mubasher: Egypt’s total trade deficit surged by 22.29% year-on-year (YoY) to $28.80 billion during the first nine months (9M) of fiscal year (FY) 2023/2024 from $23.55 billion. Total exports dropped to more than $24.11 billion in 9M-23/24 …

Cairo – Mubasher: Egypt recorded a staggering increase of around 200% year-on-year (YoY) in net inflows of foreign direct investments (FDI) to $23.70 billion during the first nine months (9M) of the fiscal year (FY) 2023/2024, against $7.90 …

Cairo – Mubasher: Suez Canal’s transit receipts declined by 7.40% year-on-year (YoY) to $5.80 billion during the first nine months (9M) of the fiscal year (FY) 2023/2024, versus $6.20 billion. The net tonnage shrank by 15.60% to 944.9 million …