Israel-Hamas war have economic repercussions for Egypt: Georgieva

Newsletter

26 Oct 2023

Israel-Hamas war have economic repercussions for Egypt: Georgieva The Israel-Hamas war will have economic repercussions for Egypt, Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva said. She added that Jordan and Lebanon would also be affected. Moreover, the conflict will also impact tourism sectors in these countries. (Asharq Business)

A “humanitarian pause” of Israel’s war on Gaza may be in the works after intense debate at the UN Security Council last Tuesday.
The United States remains firmly opposed to a ceasefire, but there are signs it could be pushing Israel for a brief break or slowdown in the IDF’s brutal bombardment to let more aid into Gaza, with allies including Canada and Australia now agreeing civilians need to be thrown a lifeline of some form. (Al Arabyia)
Yesterday was the deadliest day yet. Israel killed more than 700 Palestinians in Gaza last Tuesday, making it the deadliest 24-hour period since it began its bombing campaign on 7 October,
the Gaza Health Ministry said. Almost 5.8k Palestinians have now been killed in Gaza over the past 17 days, 2,360 of whom were children, the ministry said. Almost 16.3k people have been injured. (Al Arabyia)
For the first time, Guterres accuses Israel of breaking international law.
UN Secretary-General Antonio Guterres accused Israel of committing “clear violations” of international law, telling the Security Council that Hamas’ brutal attack does not justify the “collective punishment” of civilians in Gaza. The spiking civilian death count and mass destruction of neighborhoods is “deeply alarming,” he said, before criticizing Israel’s total siege and its displacement of more than 1 million people. (Al Arabyia)
Emaar Properties is in talks with Egypt to purchase towers in the New Alamein City.
Mohamed Alabbar, the founder of Emaar Properties, the largest real estate developer in the UAE, has stated in an interview with "Al-Sharq" that he is currently in negotiations with the Egyptian government to purchase towers in New Alamein City. He further emphasized that his subsidiary company, "Emaar Misr for Development," has no plans to delist its shares from the Egyptian stock exchange and expressed his eagerness to invest in Egypt, noting that Egypt is going through challenging times, but he sees genuine investment opportunities in the country. (Al Sharq Business)
Egypt is negotiating with the United Arab Emirates and Saudi Arabia for new deposits worth 5 billion USD.
This is in preparation to support the Central Bank's reserves and revive the International Monetary Fund program signed last year. The discussed deposit's value is expected to reach 5 billion USD, which will be later transformed into investments over several years. The total deposits from Arab countries in the Central Bank amount to approximately 29.9 billion USD, distributed between 15 billion USD in medium and long-term deposits from Gulf countries and 14.9 billion USD in short-term deposits from Gulf countries and Libya. (Economy Plus)
El Sisi meets with economic policy chiefs: President Abdel Fattah El Sisi met with CBE Governor Hassan Abdalla, Prime Minister Moustafa Madbouly, and the finance and planning ministers, as well as intelligence chief Abbas Kamel to discuss recent economic developments in the country.
“The president directed to continue strengthening reforms related to financial and monetary policies, and to maximize the role of the private sector in the development process,” the statement said, without giving away further details. (Hapi Journal)
The Red Sea International places Egypt among its investment priorities outside of Saudi Arabia.
The Red Sea International Company places Egypt among its investment priorities when expanding outside of the Kingdom of Saudi Arabia, according to statements by John Pagano, the company's CEO, to "Al-Sharq" newspaper. He stated that last year, the company adopted a new model, planning "to export what it does abroad. Egypt is considered an important market, and we aim to benefit from experiences and opportunities, even in Europe and beyond." (Asharq Business)
Balanda signs a memorandum of cooperation with Suez Canal Authority.
Baladna has entered into a memorandum of cooperation with the Suez Canal Authority, focused on strengthening their collaboration in the domain of food security. This accord encompasses the examination of possibilities for establishing a significant cattle farm accommodating 20,000 dairy cows, enhancing dairy production, and cultivating a vast 113,000-hectare area in the New Valley Governorate, "El Wadi El Gedid," to fulfill the project's needs for animal feed and agricultural goods, serving both domestic consumption and exports. (Zawya)
Belton is the first Egyptian company to implement the Oracle Fusion Cloud Payroll system.
Belton Financial Holdings (BTFH) has announced its successful implementation of the Oracle Payroll system, part of Oracle Fusion Cloud Human Capital Management (HCM) applications. With this implementation, Belton became the first Egyptian company to adopt this innovative system, which focuses on managing, storing, and processing data online in its operations. (Arab Finance)
Egyptian engineering industry exports have risen by approximately 13% in the last nine months.
Egypt's exports of engineering industries have increased by approximately 13% in the first 9 months of this year, reaching 3.295 billion USD compared to about 2.917 billion USD for the same period in 2022. The most important sectors that saw an increase in exports include cables, which achieved a growth of about 51.9%, and household appliances, with a 40.5% increase in exports. Exports of electrical and electronic industries recorded a 48.3% increase, while transportation exports rose by 125%. Machinery and equipment exports increased by 88.5%, and exports of metalworking products grew by about 53%. (Al Borsa News)
The Suez Canal Authority has reduced transit fees for certain ships.
The Suez Canal Authority has decided to grant a discount of 20-45% on canal transit fees to dry bulk ships operating between Egyptian ports on the Red Sea and ports in the southwest African region such as Ghana, Togo, Benin, Nigeria, and Cameroon. This discount will be in effect from November 1, 2023, until the end of June 2024. Starting from January 15, 2024, the Suez Canal Authority will increase transit fees by 15% for certain types of vessels, including crude oil tankers, petroleum product tankers, liquefied petroleum gas tankers, liquefied natural gas tankers, container ships, dry bulk ships, general cargo ships, and others. The goal is to provide incentives for specific trade routes and boost the use of the Suez Canal as a preferred transit route. (Arab Finance)
Egypt tops global sales of Shell Rimula diesel engine oil.
Egypt has seen a significant surge in sales of Shell Rimula diesel engine oils, earning the top global ranking. This achievement underscores the ongoing dedication of the Shell Lubricants Egypt team and the successful marketing strategies executed by the company throughout the year. At the global diesel engine conference "Shell Ultimate Stopover 2023" held in Dubai, the Egyptian team received recognition from senior Shell International executives, including Parminder Kohli, Senior Vice President for Europe, the Middle East, and Africa at Shell Lubricants, and other Shell International leaders. (Daily News)
"GB Auto" plans to introduce the locally assembled "Changan CS55-Plus" in the fourth quarter of 2024.
"GB Auto," the distributor for Changan automobiles, plans to introduce the first locally assembled "Changan CS55-Plus" vehicle in the fourth quarter of 2024. The company also aims to expand its showrooms with the introduction of new models, and they have a goal of reaching sales of up to two thousand Changan cars by the end of the next year. (Al Borsa News)