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.
1. Cabinet approves FY2024/2025 draft budget: The Cabinet has endorsed the budget proposal for the fiscal year 2025/2024, along with the budgets of public economic entities, featuring total expenditures of EGP 6.4 trillion and revenues of EGP 5.05 trillion.
2. SCZONE signs €160M agreement with Saint-Gobain to establish glass factory: The Suez Canal Economic Zone (SCzone) signed a framework agreement with Saint-Gobain Glass Egypt to establish a flat glass factory in Ain Sokhna with investments exceeding €160 million, according to a statement released by the Cabinet. The project targets exporting more than 50% of the project’s products to global markets, in partnership with French Firms.
3. GAFI grants 6 golden licenses worth EGP 5.6B: The General Authority for Investment and Free Zones (GAFI) has granted 6 Golden Licenses to representatives of a number of investment companies totaling EGP 5.6 billion, bringing the overall count to 29. The companies that were given the Golden Licenses, on Tuesday, came as follows: the National Egyptian Railway Industries Company (NERIC), Hassan Allam Holding, Nilos, Ace Links and EnviroProcess.
4. Egypt's strategy to reduce commodities prices by about 15-20%: Prime Minister, Mostafa Madbouly, revealed an initiative to slash goods prices by 15% and 20% in cooperation with traders and manufacturers within 48 hours. The decline will continue to escalate in the following days, ultimately reaching a reduction of 30% after the conclusion of Eid Al-Fitr.
5. SCZone signs contract to set $146M Iron Pipe Factory with XINXING Ductile: The Suez Canal Economic Zone (SCZone) signed a leasing contract with China's XINXING Ductile Iron Pipes Company to establish an iron pipe project with investments of $146 million, the annual production capacity will be 250,000 tons whose value is estimated to be $1.2 billion.
6. Turkey to establish industrial zone in Egypt with investments of $7B: Egyptian Group For Multipurpose Terminals (EGMPT) signed a memorandum of understanding (MoU) with Turkish DOGUS to establish a Turkish industrial zone in Jarjoub with investments reaching $7 billion, according to a report released by the Egyptian Ministry of Transport. The project involves a collaborative effort to run a range of initiatives, including a commercial port, free and logistical zones, railway connectivity, a versatile cargo terminal, a passenger terminal, a yacht marina, and an industrial zone.
7. Committee for Pricing Petroleum Products increases gasoline prices by EGP 1: The Committee for Pricing Petroleum Products in Egypt adjusted gasoline and diesel prices by increasing them by one Egyptian pound. The price per liter of octane 80 gasoline after the increase is 11 Egyptian pounds, the price per liter of octane 92 gasoline after the increase is 12.50 Egyptian pounds, and the price per liter of octane 95 gasoline after the increase is 13.5 Egyptian pounds.
