Egypt’s efforts to extend the truce in Gaza are leading the conversation in the foreign press

Newsletter

29 Nov 2023

Egypt’s efforts to extend the truce in Gaza are leading the conversation in the foreign press. Hamas and Israel have agreed to extend the four-day ceasefire by 48 hours under a pact brokered by Egypt, Qatar, and the US. The truce was scheduled to expire yesterday but will now last through to Thursday after Hamas agreed to release more hostages. The extended truce will allow for the entry of more aid into Gaza. (Financial Times)

SCZONE lays foundation stone of DP World-Sokhna logistic park.
The General Authority for Suez Canal Economic Zone (SCZONE) has laid the foundation stone for the DP World-Sokhna logistics park project. The project is being built on an area of 300,000 square meters with a total investment cost of 80 million USD. (Hapi Journal)
The New Urban Communities Authority (NUCA) has closed a 15 billion EGP securitized bond issuance,
according to a statement from Al Ahly Pharos, which acted as NUCA’s financial advisor alongside CIB and CI Capital. The issuance rounds out NUCA’s 30 billion EGP securitization program, following another 15 billion EGP issuance in July. (Hapi Journal)
A growth of 67% has been reported in the tax revenues generated from treasury bonds and bills during the first four months of the fiscal year.
The tax revenue from treasury bonds and bills in the first four months of the current fiscal year increased by approximately 67% compared to the same period of the previous fiscal year, reaching 76 billion EGP. The yields of treasury bills have risen by about 1300 basis points since the start of the economic crisis following the Russia-Ukraine war, leading to inflation and prompting the central bank to raise interest rates to 10%. (Economy Plus)
Egypt is among the top 10 countries in terms of rising food prices.
Lebanon and Egypt have been included in the list of the top countries with the highest food price inflation between July and October of the current year, according to reports from the East Economy. Lebanon ranked second with an inflation rate of 239%, while Egypt came in fourth, experiencing a food price inflation of 74%, as per data from the World Bank. (Arab Finance)
Investors from the Gulf are aiming to acquire ownership of three state-owned companies.
Arab Gulf investors aim to acquire three state-owned companies as part of the government offerings program. An Emirati investor has submitted a preliminary offer to purchase all shares of Egypt Life Insurance Company, whose ownership has been transferred to the pre-offering fund affiliated with the Egyptian Sovereign Fund. (Economy Plus)
The international gold price hit its highest level in six months last Tuesday on the back of a weaker greenback
and wagers that the Federal Reserve has reached the end of its aggressive tightening cycle. The spot price climbed 0.6% to USD 2,014 per ounce yesterday — around 3% below its all-time high, which some analysts expect to be surpassed before the end of the year. (Financial Times)
The Central Bank of Egypt (CBE) is exploring the possibility of issuing a "digital currency" in collaboration with international entities.
The CBE is exploring the issuance of a "digital pound" in collaboration with the International Monetary Fund and the World Bank, aiming to strengthen the transition to a digital economy and expand the scope of instant electronic payments between individuals and businesses without the need for intermediaries. (Asharq Business)
Qalaa Holdings subsidiary Egyptian Refining Company (ERC) is planning to invest 150 million USD to ramp up production levels by 10% over the next three years,
Qalaa Chairman Ahmed Heikal stated. The company’s total output, excluding fuel and losses, recorded 2.3 mn tons in the first half of 2023, according to its earnings releases for the first two quarters. (Al Arabiya)