S&P Global Ratings lowered its 2023 growth forecast for emerging economies today

Newsletter

30 Nov 2022

S&P Global Ratings lowered its 2023 growth forecast for emerging economies today, citing persistent pressures from the Russia-Ukraine conflict and a lingering COVID-19 pandemic S&P Global Ratings lowered its 2023 growth forecast for emerging economies today, citing persistent pressures from the Russia-Ukraine conflict, a lingering COVID-19 pandemic and tight monetary policy conditions. The ratings agency now projects real gross domestic product growth of 3.8% next year, down from its previous forecast of a 4.1% expansion. “The downward revision to growth comes from all EMs (emerging markets) excluding China and Saudi Arabia, with most economies poised to expand below their longer-run trend rates,” it said, adding that forecasts for 2024 and 2025 remain broadly unchanged, averaging at 4.3%. (Hapi Journal)

Saudi Arabia has extended the term for a $5 billion deposit it had made to Egypt’s central bank, the Saudi Press Agency said on Tuesday
Saudi Arabia deposited $5 billion in Egypt’s central bank in March as the Egyptian economy faces new economic pressures as a result of the war in Ukraine. On March 21, Egypt devalued its currency by around 14 percent after investors had pulled billions of dollars out of Egyptian treasury markets. (Al Arabia)
Egypt's economic growth hit 4.4% in Q1 of FY 2022/23 according to a statement by the Egyptian Cabinet
Egypt posted economic growth at 4.4% in Q1 of the fiscal year 2022/23, a cabinet statement said on Monday.The unemployment rate rose slightly to 7.4% in Q1 against 7.2% in the corresponding period of FY 2021/22, according to the statement. (Reuters)
Global Auto Group, the official importer and distributor of BMW and Mini Cooper in Egypt, announced that it would inject $100 million in investments to develop its services and expand its presence in the Egyptian market
Global Auto will resume production of BMW cars in Egypt after more than two years of suspension, Al-Ghanem stated, adding that the first group of cars would be offered in the Egyptian market in January 2023. It is worth noting that Global Auto is a joint venture of Kuwait’s Ali Al-Ghanim Sons Automotive Company and two Egyptian groups; Organi Group and Al Safy Group. Global Auto owns a factory with two production lines and the capacity to produce 10,000 cars annually. In October 2022, sales of passenger cars in Egypt dropped by 69% to 6,077 from 19,309 in the same month last year. (Alsharq Bloomberg)
Egyptian exports to Singapore surged 208% year-on-year (YoY) to $500 million in 2021
Singaporean exports to Egypt rose to $255 million in 2020 from $128 million in 1995, Maait added. The minister revealed that Singapore’s investments in Egypt reached around $500 million in many fields including manufacturing and logistics services. Moreover, Singapore’s Ambassador to Egypt, Dominic Goh, said that his country looked forward to injecting more investments into Egypt, given the success of Singaporean companies in Egypt in the creation of jobs. (Arab Finance)
Sudanese Foreign Minister Ali Al-Sadiq has commended his country’s distinguished relations with Egypt
Sadiq made the remarks as he received Egypt’s newly appointed Ambassador to Sudan Hany Salah who submitted a copy of his credentials during the meeting. Salah conveyed greetings from Foreign Minister Sameh Shoukry to his Sudanese counterpart, the Foreign Ministry said on its official Facebook page on Monday. The new ambassador expressed Egypt’s aspiration to bolster all aspects of cooperation and coordination with Sudan, pointing out to the importance of moving forward in implementing strategic projects between both countries, such as the one on electrical interconnection and another on railway linkage. (Egypt Independent)
Egypt Opens its Doors to Chinese Investments in Strategic Industries
Egypt’s Finance Minister Mohamed Maait said that his country was opening its doors to Chinese investments, which have greatly increased over the past ten years. In 2017, China became the sixth largest investor in Egypt. The Asian country invested $28.5 billion in the Arab region, providing about 24,000 job opportunities, of which Egypt was the biggest beneficiary. “There are more than 140 Chinese companies in Egypt, 55 percent of which focus on industrial projects, 20 percent on construction, and 12 percent on services,” Maait said during the launch of the Egyptian-Chinese Entrepreneurs Association on Monday.He added that Egypt was the third largest producer of glass fibers in the world, explaining that the two friendly countries focus on cooperation in strategic industries, such as artificial intelligence, space technology, and e-commerce. (Al Ahram)
Egypt seeks more economic cooperation with Oman on 50th anniversary of diplomatic relations
His remarks came Monday during a speech celebrating the occasion, which also coincides with Oman’s 52nd National Day, at the National Museum of Egyptian Civilisation. The event was attended by Oman’s Ambassador to Egypt Abdullah bin Nasser Al-Rahbi. During the celebration, Madbouly praised relations between the two countries, which share the goal of upholding the values of peace, security and stability, mutual respect and development and prosperity of peoples. In addition to the official relations, he hailed the popular relations between the two brotherly nations. The prime minister also asserted the need to increase trade and tourism between the two countries as well as cooperate in strategic projects, transport and services sectors, finance and other promising fields. (Al Ahram)
LMD, The leading real estate development company, announced the launching of the first design district in Egypt “Cairo Design District” with a total investment of EGP 12bn
The district is in its ground-breaking project One Ninety, one of the most iconic real estate projects which lie in a prime location at the meeting point between the Ring Road and 90 Street in New Cairo. The district will be a huge boost to the project thanks to the variety of unique services it will offer to creatives and designers worldwide. The Cairo Design District is the first innovation and design district in Egypt, as it is designed to act as a global creative neighbourhood, much like internationally renowned Design Districts that have a focus on global design, like Dubai, London, Miami, and Milan. The district is planned to bring together a stunning area of 199,000 m2 with a range of artwork from various fields, including fine arts, fashion design, architecture, and interior design. Cairo Design District is a place that embraces all creatives, whether they have the expertise or are just getting started to help them express their artistic talents and engage in numerous artistic events and workshops that enrich their talent and give them the opportunity to spread locally and globally. LMD is looking forward to beginning its first delivery in this exquisite district within two years. (Waya Media)
Thanaweya Amma exams to be held using open book system according to Egypt’s Ministry of Higher Education.
The Education Ministry eagerly inform students of the specifications of the examination paper to ensure equal opportunities, said the Minister of Education Reda Hegazy, adding that students should work hard and study well in preparation for the exams. A training exam form will be available for high school students on the ministry’s website in the mid-academic year, and links will also be made available to all relevant study materials for all topics and basic concepts in order to help students through multiple specific sources centered around the core topics and concepts of each subject, the minister explained. Hegazy added that the secondary school certificate exams this year will be using the open book system, as booklets will be distributed to students to use it during the exam. (Al Ahram)