This weekly news recap brings you the latest highlights from the Egyptian economy. This recap covers a range of significant developments that have implications for Egypt's economic landscape
This weekly news recap brings you the latest highlights from the Egyptian economy. This recap covers a range of significant developments that have implications for Egypt's economic landscape.
From international partnerships and funding to diplomatic visits and trade agreements, these updates shed light on the country's economic growth and potential.
1. IMF Managing Director affirms high priority for collaboration with Egypt, disclosing that an increase in support for Egypt would be of significant size: The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, emphasized on Monday that collaborating with Egypt is a top priority for the IMF. She announced significant progress in discussions regarding a comprehensive policy package crucial for completing the first and second reviews of Egypt's economic reform program.
2. Turkish President Erdogan visits Egypt for the first time since 2012, with aims to boost trade exchange between countries to $15B: Turkish President Tayyip Erdogan made his first visit to Egypt since 2012 to meet President Abdel Fattah El Sisi, he also invited President El Sisi to visit Ankara in April 2024, and stated that Turkey aims to increase the volume of its investments in Egypt.
3. Egypt to bring in $6.5B from IPO program by end of 2024: Minister of Finance, Mohamed Maait said made these remarks during a session at the 8th Arab Fiscal Forum. The government launched the IPO program back in March of last year, offering state-owned stakes in up to 40 companies and banks across 18 sectors.
4. Egypt received $10.3B in funding from international partners over 4 years: Over the past four years, from 2020 to 2023, Egypt has received approximately $10.3 billion in funding from international partners, as disclosed by the Minister of International Cooperation, Rania Al-Mashat. Al-Mashat clarified that this funding encompasses both developmental aid and investments in the private sector, coupled with technical assistance.
5. ADNOC, BP to form gas joint venture in Egypt: ADNOC and BP will form a new joint venture (JV) to develop gas assets in Egypt, BP will own 51% of the JV and ADNOC will own 49% of the JV. The JV is expected to be completed during the second half of 2024.
6. Brazil & Egypt strengthen bilateral relations across economic, industrial and agricultural fields in light of Brazilian’s president to Egypt: President Abdel Fattah El-Sisi and Brazilian President Luiz Inácio Lula da Silva witnessed the signing ceremony of several agreements and memoranda of understanding between the two countries
7. Egypt signs double taxation complementary protocol with the UAE: Egypt signed the protocol to avoid double taxation and prevent income tax evasion is meant to boost opportunities of investment cooperation in all fields. The protocol was signed today on the sidelines of the eighth Annual Arab Fiscal Forum.
8. Egypt's unemployment rate drops to 6.9% in the fourth quarter of 2023: Egypt's unemployment rate hit 6.9 percent at the end of the fourth quarter (Q4) in 2023, marking a significant stabilization at its lowest point, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
9. $508 million loss in Suez Canal revenues: Egypt lost around $508 million since start of Houthi attacks since October 2023, Bloomberg estimates. The Suez Canal’s dollar revenues declined by 40% from 1 to 11 January 2024 compared to the same period last year, according to Osama Rabie, Chairman of the Suez Canal Authority (SCA).
