The Egyptian Prime Minister Mostafa Madbouly announced a six-day holiday for the public sector on the occasion of Eid El-Adha
The Egyptian Prime Minister Mostafa Madbouly announced a six-day holiday for the public sector on the occasion of Eid El-Adha, according to an official statement on July 4th. The Eid El-Adha holiday will start from Saturday, July 9th to Thursday, July 14th. Accordingly, the six-day period will be a paid holiday for employees working for ministries, government entities, public authorities, local administrative bodies, the public sector companies, and companies affiliated with the public business sector. Zilla Capital will be back to keep you posted with the latest talks and news by Sunday, July 17th. But before the going to sahel! Don’t forget to check your inbox one last time tomorrow morning before the six-day holiday. Wish you a blessed Eid Adha and happy holiday. Eid Mubarak.
- Egypt has achieved a primary surplus of around EGP 97 billion in fiscal year (FY) 2021/2022, representing 1.3% of the gross domestic product (GDP), according to the preliminary results of the general budget performance for FY 2021/2022, announced by the Spokesperson of the Egyptian Presidency Bassam Radi on July 3rd.
Accordingly, the country has been able to cut the deficit by 0.7% in FY 2021/2022, plunging to 6.1% from 6.8% in FY 2020/2021. The preliminary results also showed that revenues recorded a growth rate of around 20% in the previous fiscal year, while expenditures grew by around 15%. Meanwhile, the value of the debt service bill has been cut to 32.8% of the state’s general budget in FY 2021/2022 from 35.8% in FY 2020/2021. (Bloomberg Asharq)
- The total value of the Egyptian exports jumped by 49% year-on-year (YoY) to over 40 billion USD in 2021, compared to 26.8 billion USD the year before, Prime Minister Mostafa Madbouly revealed during the inauguration ceremony of six overseas branches of Gosoor on June 4th.
Egypt’s non-oil exports to the African countries recorded 5.4 billion USD in 2021, growing by 38.5% from 3.9 billion USD in 2020, Madbouly noted. In the first quarter (Q1) of 2022, Egyptian non-oil exports recorded a growth rate of about 20%, reaching 9.2 billion USD, versus 7.7 billion USD in Q1 2021, he pointed out. The exporting rates of 12 sectors, including engineering and electronics, ready-made clothing, printing and packaging, and paper industries, registered a growth ranging between 5% and 62%, the minister said. Meanwhile, three industries, namely fuel and mineral oils, plastics, and machines and electric equipment, made up nearly 44.7% of Egypt’s total exports in 2021, he added. (Arab Finance)
- Moreover, Trade exchange between Egypt and Brazil amounted to 2.5 billion USD in 2021, Minister of Trade and Industry Nevine Gamea revealed in a statement on July 4th.
Egyptian exports to Brazil grew to 541 million USD in 2021, compared to 155 million USD in 2017, Gamea stated. Brazil is Egypt’s biggest trade partner in South America, she noted. Egypt represents a great opportunity for Brazilian investors, particularly in the fields of industry, transport, spare parts, pharmaceuticals, engineering, and renewable energy, the minister said. The minister said that the Free Trade Agreement (FTA) signed between Egypt and the MERCOSUR in 2017 plays a vital role in reinforcing the trade between the North African country and the MERCOSUR countries, especially Brazil. (Arab Finance)
- Egypt produces nearly 80% of its local demand for medicine, Egyptian Minister of Higher Education and acting Minister of Health and Population Khaled Abdel Ghaffar stated in a meeting with the executive director of one of the Italian pharmaceutical companies on July 5th.
The government is dealing with the localization of the pharmaceutical industry as a main priority, Abdel Ghaffar remarked, adding that Egypt has a great experience in this sector. Moreover, the minister said that the country makes great efforts in the development of the pharmaceutical industry. (Arab Finance)
- Egypt has extended its ban on exporting medical oxygen for a year starting from mid-July, according to an official statement by the Ministry of Trade and Industry on July 5th.
However, medical oxygen can be exported abroad only after obtaining approvals from the Minister of Health and Population and the Minister of Trade and Industry. This decision comes as per the resolution issued by the trade minister Nevine Gamea. (Arab Finance)
- Moving to our EGX and companies talks, TAQA Arabia, the energy subsidiary of Qalaa Holdings (CCAP), and the resort destination Somabay inaugurated a photovoltaic (PV) solar plant with a capacity of 5 megawatts (MWs).
The project aims to promote the utilization of renewable energy, reduce cost, boost efficiency, and curb carbon emissions. TAQA and Somabay also signed a new agreement for the building of a water desalination and treatment plant that will be powered by solar energy to meet the resort's water needs. Located in Somabay, the station is the result of an agreement signed nine months ago with TAQA Arabia. (Mubasher)
- Sixth of October Development and Investment Company (SODIC) (OCDI) submitted a non-binding offer (NBO) for 100% of the share capital of Madinet Nasr Housing and Development (MNHD) through a mandatory tender offer (MTO).
SODIC is offering an indicative purchase price ranging between 3.2 and 3.4 EGP per share subject to conditions, assumptions, and terms of the NBO. The mid-point of the offer’s price range values MNHD at 6.18 billion EGP, representing a 32% premium to the closing price of the company’s stock on July 4th. (EGX)
- Abu Dhabi Islamic Bank Egypt’s (ADIB) board of directors has approved the bank’s participation in the capital increase of its subsidiary Abu Dhabi Islamic Consumer Finance.
Accordingly, ADIB’s stake in the subsidiary’s issued and paid-up capital will increase to 98 million EGP from 29.4 million EGP. It is worth noting that ADIB recorded a consolidated net profit after tax of 444.297 million EGP in Q1 2022, compared to a profit of 332.224 million EGP in the same quarter of 2021. (EGX)
- Contact Financial Holding (CNFN) has signed a collaboration protocol with dental medical services platform Toothpick to provide the latter with financial support as part of a 1 billion EGP investment in the healthcare sector.
Under the agreement, Contact will enable Toothpick’s customers and clients to benefit from e-commerce, financing, and payment services to facilitate the procurement of supplies, equipment, and training courses. Contact Financial Holding, formerly Sarwa Capital, is a non-bank financial services provider, changing the way people and businesses access finance and insurance. (Arab Finance)
- Drive Finance, the owner of the mobile application Forsa and the investment arm of GB Auto (AUTO), has signed a cooperation protocol with iHelp Network, a digital platform that caters to people of special needs and the elderly.
Under the agreement, Forsa will give iHelp’s users access to non-bank financial services to facilitate purchases of artificial limbs and other services provided by the platform, Managing Director of Drive Finance Ahmed Osama said. Forsa offers payment through the mobile application in installments over a long repayment period, he added. Furthermore, the cooperation is part of Forsa’s expansion aspirations in the educational, health, and sports sectors, among others. (Arab Finance)
Stay up to date
More Newsletter to Check
SUBSCRIBE TO NEWSLETTER
Subscribe to download our daily economics and business roundup
×
![]()