Private sector minimum wage to increase to 3000 EGP in July

Newsletter

21 Jun 2023

Private sector minimum wage to increase to 3000 EGP in July. In a recent meeting led by Dr. Hala Al-Saeed, Minister of Planning and Economic Development, the National Wages Council has made the decision to raise the minimum wage for private sector workers. Effective from July onwards, the minimum wage will increase from 2700 to 3000 EGP. (Arab Finance)

Sovereign Fund unveils strategies for accelerating government privatization programme.
Abdullah Al-Ibiary, the Head of the Investment Sector at the Egyptian Sovereign Fund, stated that accelerating the pace of government offerings requires financial, technical, and legal readiness of the targeted companies. He mentioned the establishment of a pre-offering fund to ensure the preparedness of government companies and attract investment institutions, both domestic and foreign. It is important to note that the pre-offering fund is not responsible for the 32 companies that the government has announced for offering, whether through selling to strategic investors or listing on the Egyptian Stock Exchange. (Al Mal)
Sufficient wheat supply for 5.8 months and adequate sugar stock for 6 months of local consumption.
Minister of Supply, Dr.Ali El-Meselhi, confirmed the ministry's commitment to meeting citizens' needs for various food products, including frozen and fresh meat. He assured the presence of strategic stockpiles of all essential commodities, satisfying long-term requirements as per directives from the political leadership. He also discussed the availability of wheat, sugar, oil, rice, and frozen poultry, highlighting their sufficient quantities for months ahead. (Arab Finance)
Chairman of Canal Economy witnesses 120 million USD investment contract signing for Indian Flex expansion in Sokhna.
Chairman of the Suez Canal Economic Zone, Walid Gamal El-Din, witnessed the signing of a contract for the expansion of Indian Flex in Sokhna. The expansion project, with investments of 120 million USD, will cover an area of 125,000 square meters and create 250 direct and 500 indirect job opportunities. This signing reflects the deepening cooperation with Indian companies in various mutually beneficial fields, including environmentally friendly and sustainable production. The current phase also presents new prospects for collaboration with Indian investments in energy, infrastructure, and logistics. (Al Mal)
Launch of sharia-compliant index by EGX.
Egypt Stock Exchange (EGX) plans to introduce a Sharia-compliant index in the third quarter of this year to attract new investors. EGX Chairman Rami Al Dokani revealed this during the capital markets summit in Cairo, stating that the exchange is also exploring the launch of gold investment documents and contracts, as well as the initiation of derivative trading. The Sharia-compliant index will encompass shares of companies that adhere to Sharia principles in their activities and financial conditions. (Asharq)
Egypt and Italy sign MoU for first public free zone with private industrial developer system.
Egypt and Italy collaborate to establish first public free zone with private industrial developer system in Damietta Governorate. The Italian consortium "Finstra" will work as an industrial developer, preparing the area for investment projects and attracting investments from Italy and abroad. The General Authority for Investment and Free Zones will manage and operate the public free zone. (Economy Plus)
The National Bank of Egypt partners with German Agency to enhance manufacturing sector efficiency.
The National Bank of Egypt (NBE) and the German Agency for International Cooperation (GIZ) have signed a cooperation protocol to support small and medium enterprises in Egypt's industrial sector. The agreement aims to provide non-financial services that contribute to the development of these projects, fostering economic growth. The NBE is committed to supporting the private sector, particularly by financing small and medium enterprises, with a portfolio exceeding 150 billion EGP. (Hapi)
Two new submarine cables to link Egypt and Algeria by 2025.
Egypt and Algeria held expanded talks to enhance cooperation in various fields, including telecommunications, cybersecurity, digital transformation, and innovation. The meeting, chaired by the Ministers of Communications and Information Technology of both countries, also discussed the establishment of two new submarine cables to connect Egypt and Algeria by 2025. The discussions emphasized the importance of supporting startups and commended Algeria's expertise in this area. (Arab Finance)
IMF urges Egypt's Government to safeguard foreign reserves amid currency support concerns.
Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), stated that the issue of currency support in Egypt carries both economic and political significance. She emphasized the need for the government to implement essential measures to protect the country's foreign currency reserves (Asharq)
Ezz Steel and Ezz Dekheila Steel disclaim awareness of rumored share sale.
Ezz Steel, a major steel company, has officially stated that it has not made any offers to acquire additional shares in its subsidiary, Ezz Dekheila Steel. Both Ezz Steel and Ezz Dekheila Steel denied knowledge of any potential stake sale, refuting recent media reports and confirming that no formal acquisition offer has been made. This marks the second time in six weeks that the companies have denied awareness of such reports in the media. (Enterprise)