CAIRO – 27 February 2024: Qatar Islamic Bank and Kuwait Finance House (KFH) have completed their due diligence on the United Bank, which is owned by the Central Bank of Egypt, according to sources cited by Asharq Bloomberg. This evaluation is in preparation for one of the banks to acquire it, with preference given to the bank offering the higher price. Another source explained that the sale of the United Bank to a strategic investor has become imminent, and the closest one to it is Qatar Islamic Bank, due to its desire to enter the Egyptian market. However, the inability of one of the competitors to finalize the agreement has posed challenges in determining the exchange rate between the Egyptian pound and the U.S. dollar. This acquisition is part of Egypt's initial public offering (IPO) strategy, which aims to attract foreign currency through the offering of shares from 35 state-owned companies.

Minister of Finance Mohamed Maait issued the executive regulations of the Unified Public Finance Law, which aims to ensure optimal utilization of the state’s resources. The regulations include the procedures and rules for preparing the medium-term budget framework, which was introduced by the unified public finance law. The regulations also set controls for the governance of funds and private accounts after the Unified Public Finance Law came into force. The law and the executive regulations also set controls and conditions for those who work in the budget, financial affairs, and accounts departments. The executive regulations clearly define the responsibilities and competencies of the representatives of the Ministry of Finance in the administrative bodies.

Tuesday 27 February 2024 10:00 AMA recent survey by inDrive City to City has shed light on the travel habits and preferences of Egyptians, offering valuable insights for those planning trips within the country. The survey reveals a strong emphasis on family ties, with 60% of respondents highlighting family visits as a primary reason for intercity travel. The survey also highlights Egyptians’ preference for spontaneity when planning trips. When choosing their mode of transport, safety (64%), comfort (55%), and price (55%) are equally important factors for Egyptians. “As Egyptians prepare to travel, ensuring a smooth and enjoyable journey, especially during family reunions, is crucial.

(Reuters) - Leaders Al-Hilal set the record for consecutive victories in the Saudi Pro League with a 2-0 win over hosts Al-Ettifaq on Monday. The Saudi giants are seven points clear at the top of the standings with 59 points from 21 matches, ahead of Cristiano Ronaldo's Al-Nassr, who beat Al-Shabab 3-2 on Sunday. Coach Jorge Jesus' team have achieved 14 consecutive victories in the league, ending Al-Nassr's previous record of winning 13 matches from November 2013 until February 2014. Sergej Milinkovic-Savic gave Al-Hilal the lead in the 40th minute with a header after a corner. Salem Al Dawsari added the second goal from close range in first half added time.

Ahmed El Sheikh, the Chairperson of the Egyptian Exchange (EGX), said that the stock exchange plays a vital role in supporting the national economy. The most important of these items are developing financial rules and promoting financial literacy, in coordination with the Financial Regulatory Authority (FRA). He stated that the main goal of EGX is to provide strong tradable securities that benefit the listed companies. He said that having a large number of listed companies is not enough, as they need to be actively traded. He noted that in the past, there were about two thousand listed companies, but only a small percentage of them were tradable.

He added that increasing competition among companies is one of GAFI’s tasks, as it ensures more attractiveness for large-scale foreign investments. Heiba said that a special unit has been established to grant the golden licence, which has already started its work. The golden licence is issued within a maximum period of 20 days, in addition to coordinating with all government agencies to grant the licence with the least effort and time for the investor. Heiba noted that GAFI has prioritized accelerating the digital transformation, and launched an integrated platform for investment in Egypt. He noted that these reforms have resulted in increased foreign investment flows in Egypt, as net foreign direct investment flows in Egypt rose to $10bn in the last fiscal year 2022-2023, with a growth rate of 12.3% compared to the previous fiscal year.

Furthermore, El Sheikh announced the launch of a new “Development Market” catering to companies seeking direct listing or facing compulsory delisting. He also emphasized the importance of investor relations training and collaboration with the FRA to enhance information transparency. Hossam Heiba, CEO of GAFI, emphasized the urgency of attracting new investments, both local and foreign, to fuel economic growth. Moreover, reforms include launching a digital platform for investment procedures, including the application for the “golden license,” which grants expedited approvals. The summit provided a platform for key stakeholders in the Egyptian financial sector to discuss critical issues and outline their strategies for promoting sustainable economic development through structural reforms and collaborative efforts.

Shoukry made the remarks during his meeting on Monday with United Nations High Commissioner for Human Rights Volker Türk. During the meeting, which was held during Shoukry's visit to Geneva, the two sides discussed the humanitarian situation in the war-torn Gaza Strip, as the result of the war waged by Israel, which left about 30,000 people killed, said Foreign Ministry Spokesman Ahmed Abu Zeid. Shoukry, meanwhile, underlined the need for contacting the Western countries to defend human rights in order to compel Israel to respect the international law and put an end to the forced displacement practices outside the Gaza Strip and liquidate the Palestinian cause. For is part, the UN official lauded Egypt's crucial role in resolving the situation in Gaza Strip and dealing with the dire humanitarian situation in the enclave.

CAIRO - 26 February 2024: The Eighth Annual Summit of Capital Markets discussed on Monday the Ras El Hikma city development deal during its first session. The CEO of Al Ahly Financial Services, Ahmed Salem, described the Ras El Hikma city development deal as "very important," emphasizing that its significance extends beyond its financial value. "This deal marks the beginning of a new period for upcoming opportunities and investment inflow,” Salem added. The eighth annual summit of Capital Markets took place on Monday under the title "Structural Reforms - Sustaining Development." The summit is held under the auspices of the Ministries of Finance, Planning and Economic Development, to discuss the structural reforms conducted by the Egyptian state across all economic sectors with the aim of creating sustainable development.

CAIRO – 26 February 2024: The specialized closed session held by the National Dialogue to discuss high prices, high inflation rates, and loss of control over the markets, has kicked off Monday, as part of the Inflation and High Prices Committee, in the Economic National Dialogue sessions, at the headquarters of the National Training Academy. The first economic dialogue held Monday, comes with the participation of the government, experts and specialists to discuss urgent economic issues and reach quick and implementable solutions for the economic crises. The Board of Trustees of the National Dialogue has thanked Egypt’s Prime Minister, Mostafa Madbouly, for the warm reception, and the government’s interest in the National Dialogue sessions’ results and recommendations, along with its constant directives to the ministers on the necessity of interacting with the National Dialogue sessions. PM Madbouly, met Sunday with members of the Board of Trustees of the National Dialogue, in the presence of Diaa Rashwan, General Coordinator of the National Dialogue, Ahmed Galal, General Rapporteur of the Economic Axis, Counselor Mahmoud Fawzi, Head of the Technical Secretariat of the National Dialogue, and members of the Council. Egypt's National Dialogue, an initiative aimed at advancing key political, economic, and social issues, enters its second phase today with closed sessions focused on finding swift and practical solutions to the nation's economic hurdles.

Monday 26 February 2024 05:00 PMPayTabs Egypt, MEASA’s award-winning payments powerhouse, announced Monday a strategic partnership with Souhoola, a popular BNPL platform in Egypt. This collaboration aims to offer a new BNPL payment method for PayTabs Egypt merchants, increasing the range of payment options offered online. By adding Souhoola’s BNPL solution to the multiple payment solutions available for customers on e-commerce merchant’s payment pages, PayTabs Egypt aims to meet the growing demand to deliver more convenient payment choices. Together with PayTabs Egypt, we look forward to contributing to a seamless and enjoyable shopping experience for all.”This partnership is the latest in a string of strategic collaborations forged by PayTabs Egypt with leading local and regional brands, such as Paymes and mnGm. Through these collaborations, PayTabs Egypt has delivered a smooth and trusted payment journey for merchants and customers across segments.

CAIRO – 26 February 2024: Egyptian Ambassador to Djibouti Khaled al-Shazly delivered earlier this week 1,400 tablets to the Ministry of Economy and Finance in order to carry out the third population census in the country, which will take place in 2024. The tablets are produced by the Arab Organization for Industrialization (AOI), and the initiative is implemented in collaboration with the Egyptian Ministry of Planning and Economic Development and the ESCWA. Ambassador Shazly highlighted that the census would contribute to accomplishing economic and social development in Djibouti. On his side, Minister Elias Moussa said that his country looked forward to further cooperation with Egypt.

The Central Bank of Egypt (CBE) has released the core set of financial inclusion indicators for 2023, showing a remarkable increase in the financial inclusion rates in Egypt. This means that the financial inclusion rate has risen to 70.7% in 2023, compared to 64.8% in 2022, and 25.8% in 2016. Egypt’s financial inclusion growth rate has been one of the best among peer countries in the past years. The financial inclusion rate of youth (aged 16 to 35), who make up 36.6 million citizens, reached 51.5%, with a growth rate of 48.5% from 2020 to 2023. Releasing the core set of financial inclusion indicators by the CBE is of great importance, as they help to track the progress of financial inclusion rates and enable the development of policies that support the economic empowerment of citizens.

Monday 26 February 2024 12:00 PMMODAD Group, formerly known as Mohammed El Haddad Group of Companies, is a leading real estate developer that has announced its new identity and strategic plans for 2024. The group aims to shape new horizons in the Egyptian real estate sector by offering innovative designs and exceptional experiences for its clients. As part of its overall strategy, the group provides an integrated business model for all engineering services and solutions for the real estate sector. Mohamed El Haddad, Chairperson and Group CEO of MODAD Group, said that the group has boosted its investments to EGP 7bn so far, and plans to expand and inject new investments through MODAD Properties for Real Estate Developments. MODAD Group offers a wide range of integrated services that support the Egyptian real estate market and engineering sector, based on its extensive experience and expertise in the field.

Ahmed Abu Zeid, the spokesperson of the Ministry of Foreign Affairs, said that the media is crucial for crisis management and conflict resolution, in a speech he delivered on Sunday. Abu Zeid cited the crisis in the Gaza Strip, where 132 journalists were killed by indiscriminate and inhumane shelling, as the best evidence of the risks surrounding journalists and media workers in conflict zones. He said that the four-day training course focuses on the role of media in conflict resolution, peacebuilding, and sometimes conflict prevention. Canada’s acting ambassador to Cairo, councilor Matt Friesen, said that the training course is an integral part of the efforts to achieve sustainable development and peace. The training course is attended by several diplomatic, media, academic, and expert editors from major media institutions.