CNN —When top Biden administration officials conveyed their frustrations over the “unacceptable and unsustainable” situation in Gaza to Benny Gantz, they were delivering their message to Israeli Prime Minister Benjamin’s Netanyahu’s chief political foe. According to an Israeli official, Gantz emerged from those meetings with deep concerns and some surprise about the state of US-Israeli relations over the war in Gaza. Gantz was surprised by how critical the White House was about the humanitarian situation in Gaza and a potential military offensive into Rafah, an Israeli official said. “Help us help you,” was the message, according to an Israeli official. “We’ve raised these things before, but there’s greater urgency now on the humanitarian front,” the administration official said.

He underscored that unifying the exchange rate of the Egyptian pound is essential in reducing the heightened demand for foreign currency. The devaluation of the Egyptian currency brings an end to months of speculation regarding the timing of Egypt's currency devaluation. Huge foreign currency inflowsThe devaluation follows Egypt's recent signing of a colossal $35 billion agreement with the Abu Dhabi Developmental Holding Company, representing the largest foreign direct investment in the country's history. This investment is crucial amid a foreign currency shortage that Egypt has been grappling with over the past two years. Moody's, a global credit rating agency, has anticipated that the IMF will enhance Egypt's loan program to $10 billion.

The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided on Wednesday to allow the exchange rate to be determined according to market mechanisms. The CBE is also committed to continuing its efforts to move towards flexible inflation, it said, by continuing to target inflation as a nominal anchor for monetary policy while allowing the exchange rate to be determined according to market mechanisms. “Unifying the exchange rate is a very important measure, as it contributes to eliminating the accumulation of foreign currency demand following the closure of the gap between the official and parallel market exchange rates, the committee explained. The CBE on Wednesday raised interest rates by 600 basis points, equivalent to six percent, to reach 27.25 percent. and what the restrictive policy requires of raising key interest rates to bring real interest rates to positive levels.

Egyptian Trade and Industry Minister Ahmed Samir concluded his visit in Riyadh by meeting with World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala. They discussed pressing global trade challenges and potential solutions. Minister Samir emphasized the WTO’s role in aiding member states, particularly developing nations, to navigate crises that impede global economic progress. The conference’s recommendations aim to bolster member states’ capacities for economic and social advancement, environmental preservation, and equitable participation in international trade. Furthermore, Minister Samir highlighted Egypt’s advocacy for the WTO’s development agenda at the conference.

Second – Projects and InitiativesThe Central Bank of Egypt has initiated several projects aimed at enhancing the financial inclusion and economic empowerment of women. Banks have devised a plan to foster financial inclusion and economic empowerment, particularly for women, who make up half of the populace. 4- Women’s Economic and Social Empowerment Program (WESEP)The Central Bank of Egypt is a key participant in the Women’s Economic and Social Empowerment Program. Fourth – Notable Advancements in Women’s Financial InclusionThe Central Bank of Egypt (CBE) has made significant strides in advancing women’s economic empowerment. From March 2019 to March 2023, the CBE’s initiatives for women’s financial inclusion have facilitated the provision of approximately 1.2 million financial products for women.

Contact Financial Holding, Egypt’s premier non-bank financial services provider, announced Tuesday its consolidated financial results for the quarter and year ending 31 December 2023. The Group showcased robust year-on-year growth, with operating income increasing by 20% in financing and 79% in insurance. Bottom-line results were equally impressive, with financing net income up by 30% and insurance net income surging by 84%. The consolidated normalised net income ascended by 14% year-on-year to EGP 693 million, underscoring the Group’s resilience and strategic growth amidst a challenging economic landscape. Reflecting on the year’s performance, management expressed satisfaction, stating, “Ending the year on a positive note, we delivered robust financial and operational results.

EFG Hermes, a subsidiary of EFG Holding and the premier investment bank in the MENA region, in partnership with the Dubai Financial Market (DFM), proudly launched the 18th Annual EFG Hermes One-on-One Conference on 4 March 2024. This landmark event, renowned as the largest global investment forum focusing on MENA, is hosted at the JW Marriott Hotel Marina until 7 March 2024. Despite intense competition, EFG Hermes has solidified its position as the region’s top investment bank, commanding substantial market shares in Egypt, Saudi Arabia, the UAE, and Kuwait. aiBANK, acquired in 2021, has achieved a 20% return on equity in its second operational year under EFG Hermes’ stewardship. Although a global financial crisis may not be imminent, we are witnessing a development crisis with isolated issues cropping up in various locations.

CAIRO – 5 March 2024: Deputy Minister of Foreign Affairs for African Affairs Hamdi Sanad Loza reviewed Egypt's efforts in confronting Israeli atrocities and supporting Palestinian civilians in withstanding the fierce Israeli aggression. In a press release, the Foreign Ministry said that the meeting shed light on the need to attain an immediate ceasefire and reject any Israeli measures, aiming to forcibly displace the Palestinian people out of their lands. The meeting also underlined the need of holding the international community responsible in attaining eternal peace based on international legitimacy resolutions, added the ministry. The extraordinary meeting adopted a decision, which includes taking collective measures at the diplomatic front, with the aim of providing international protection to the Palestinian people, along with taking practical steps to increase the flow of humanitarian aid to the war-devastated Gaza Strip. The decision also applauded the crucial role played by Egypt in supporting the steadfastness of the Palestinians in confronting the Israeli aggression.

Egyptian cabinet spokesperson Mohamed al-Hommosany announced that the government has a plan to increase US dollar proceeds by raising investments in the field of industry, and providing incentives to attract foreign direct investments there. During a telephone interview with the Extra News satellite channel on Monday, Hommosany said that the state has granted many incentives to foreign and Egyptian investors to develop and deepen industry in various fields and sectors. Industry is a fundamental backbone of the economy, he explained, and the state has plans – such as the strategic directions document for the Egyptian economy discussed during the National Dialogue – to increase Egyptian exports during the next few years. Hommosany confirmed that by implementing plans and providing incentives to investors, work is progressing to increase investments not only to provide domestic increases, but to further increase Egyptian exports to foreign markets.

CAIRO – 5 March 2024: A high-ranking Egyptian source told al Qahera news channel that talks hosted in Cairo to reach a truce in the Gaza Strip are still continuing, and a new round of negotiations expected be held between all parties, Wednesday. The second round of Gaza ceasefire negotiations kicked off in Cairo, Monday between delegations of Egypt, Qatar, Hamas, and the United States of America. Cairo hosted the first round of negotiations on Sunday with the aim to reach a humanitarian truce between the Palestinian Hamas movement and Israel in Gaza. An official close to Hamas told AFP that a delegation from the movement headed to Egypt on Saturday evening for the ceasefire agreement and a prisoner swap deal. He added, on condition of anonymity, that Hamas will hand Egypt over the response to the Paris proposal regarding the ceasefire agreement.

CAIRO – 5 March 2024: President Abdel Fatah al-Sisi received Tuesday a verbal message from King Hamad Bin Issa Al Khalifa of Bahrain, and that was delivered by National Security Advisor, Commander of the Royal Guard and Secretary-General of the Supreme Defense Council of the Kingdom of Bahrain Lieutenant-General Sheikh Nasser bin Hamad Al Khalifa. The message stressed Bahrain's support to Egypt's efforts in confronting internal and external challenges, particularly those existing on the regional scale. The meeting – attended by Intelligence Chief Abbas Kamel - tackled the conditions in Gaza Strip and Egyptian endeavors to reach pacification. In that regard, the Egyptian president stressed the salience of a ceasefire and sufficient delivery of aid. In turn, Sheikh Nasser commended Egypt for airdropping aid northern the Strip, in addition to delivering shipments through Rafah Border Crossing.

Monday 4 March 2024 10:58 PMHassan Allam Holding, a leading construction and engineering group in Egypt, has inaugurated its new regional headquarters in Saudi Arabia, as part of its strategic plan to grow its presence across the Middle East and Africa. The launch marks a significant milestone in the Group’s international journey, which now covers more than 10 countries, including the United Arab Emirates, Oman, Libya, Jordan, and Algeria. Hassan Allam, CEO of Hassan Allam Holding, said: “This strategic move is a major step forward for us and reinforces our position as a regional leader. With a backlog of over USD 5.5 billion, of which 30% is from international markets, the launch of our Regional Headquarters in Riyadh is a key step in streamlining our international operations.”Amr Allam, Co-CEO of Hassan Allam Holding, added: “The Regional Headquarters in Riyadh is a pivotal moment in our journey and will play an important role in guiding our international activities across the Middle East and Africa, both in construction and in investment and development. We are ready to use this platform to achieve sustainable growth and build lasting relationships.”The Regional Headquarters will oversee the Group’s international operations in some of the markets and will be responsible for strategic planning, business development, and various corporate functions related to the Group’s international endeavors.

The decision comes after a recent influx of foreign currency, including $5bn from the Ras El Hekma deal with the United Arab Emirates. The government has been working to address the issue through various measures, including the Ras El Hekma deal. The Ras El Hekma deal is a $35bn investment agreement between Egypt and the UAE. The government expects the Ras El Hekma deal to boost the Egyptian economy and create jobs. The Ras El Hekma deal is the largest foreign direct investment in Egypt’s history.

The Egyptian government has begun the executive procedures to outsource the management and operation of its airports to private companies. He said that involving the private sector in the management and operation of Egyptian airports would help improve passenger services and increase revenues. The consultant will be responsible for setting the criteria for the selection of private companies, developing the tender documents, and overseeing the bidding process. He also said that the meeting discussed a proposed timeline for the outsourcing process. The consultant will then be required to submit a comprehensive plan for the outsourcing process within six months.

Gadwa for Industrial Development (GDWA), a leading company in the cable and dairy products sectors, reported a 53% increase in its revenues in 2023, reaching EGP 12.24bn, up from EGP 8bn in 2022. The company’s net profits after deducting minority rights surged by about 438% to EGP 1bn in 2023, compared to EGP 186m in 2022. The cable sector accounted for about 65% of the company’s revenues in 2023, with a total of EGP 7.97bn, up from EGP 5.2bn in the previous year, reflecting a 53% growth. On 31 December 2023, the dairy products and retail sector recorded a 95% increase in its revenues, amounting to EGP 2.71bn, compared to EGP 1.39bn in the same period of 2022. The export sector contributed about 44% of the total sales of Arab Dairy, which is the second largest exporter in the dairy products sector in the Egyptian market.