Egyptian gas production reaches lowest level in three years during 2Q 2023
Egyptian gas production reaches lowest level in three years during 2Q 2023. Egypt’s gas production dropped by 5% in 2Q 2023 to 5.88 billion cubic feet per day, the lowest since 2Q 2020. This marks a 9% decline compared to the same period last year, with Zohr field’s output reportedly limited to 2.3 billion cf/d due to water infiltration issues, a significant drop from its record 3Q 2021 output of 2.76 billion cf/d. (Enterprise)
- July 2023 sees Egyptian inflation soaring too new all-time high.
Egyptian inflation accelerated in July, with annual urban inflation reaching 36.5%, up from June's 35.7%. Food prices rose by 68.4% year-on-year, contributing to the surge. Core inflation decreased slightly to 40.7%. The central bank will offer further analysis in its upcoming monthly report. (Enterprise)
- Finance Ministry reports unexpected reduction in Egypt's budget deficit for FY 2022-2023.
Egypt's budget deficit for the 2022-2023 fiscal year unexpectedly narrowed to 6.0%, below last year's 6.1%. Higher tax revenues and increased spending contributed to this outcome, while the debt-to-GDP ratio rose to 95.6% due to currency depreciation and higher interest rates. A primary surplus of 1.6% was recorded, compared to 1.3% the previous year. (Enterprise)
- EGX plans to introduce Islamic index in fourth quarter of 2023.
EGX to unveil Islamic index and futures exchange in 4Q 2023: Collaborating with Standard & Poor's, EGX will launch a shariah-compliant index while introducing Egypt's first futures exchange, as confirmed by EGX chairman Ramy El Dokany. The Islamic index aims to replace EGX50 and will consist of 20-25 eligible stocks. The futures exchange is expected to start operations later in the same quarter, with discussions ongoing for bank memberships. (Enterprise)
- Egypt aims to cease foreign railway car imports, states Minister of Transport.
President Abdel Fattah El-Sisi discussed transport sector progress in meetings with Prime Minister Mostafa Madbouly and key ministers. Efforts to improve national roads and enhance the railway system were reviewed, along with plans for localized transport industry development in partnership with the private sector. Egypt aims to reduce foreign imports of railway cars and buses by producing them domestically. (Arab Finance)
- Al-Mashat announces 7.3 billion USD in private sector development financing over past 3 years.
Egypt's Minister of International Cooperation, Dr. Rania Al-Mashat, discussed strong development cooperation with a US Congressional Foreign Affairs Committee delegation. Emphasis was on sustainable development, economic partnerships, and private sector involvement. About 2.1 billion USD in concessional financing has been obtained for the private sector, and partnerships with international organizations align with national priorities. (Arab Finance)
- Egypt presents 152 industrial investment opportunities to reduce 30 billion USD imports.
Egypt seeks to slash 30 billion USD imports using 152 industrial investments, focusing on pharmaceuticals, food, engineering, chemicals, and building materials. This initiative aims to curb foreign spending, provide domestic substitutes for imports, and boost self-reliance while drawing local and foreign investment. (Arab Finance)
- Central Bank of Egypt denies extension of exemption for major bank clients.
Egypt's Central Bank denies extension of credit concentration exemption for top bank customers. The exemption, previously due to COVID-19, won't continue beyond December 2024. The rule limits a customer's credit to 15% of a bank's total portfolio and 20% for related parties. The move aims to diversify credit, support SMEs, and reduce risks of customer concentration. Egypt has 38 banks, including major players like National Bank of Egypt, Banque Misr, and Banque du Caire. (Arab Finance)
- New Expansion Projects Unveiled at Al-Hamra Port in New Alamein by Petroleum Ministry.
Egypt's Ministry of Petroleum inaugurates development projects at Hamra Port, New Alamein. The projects by WEPCO include storage facilities with 630,000-barrel capacity, a solar power station, and a new petroleum loading pump station. These initiatives align with Egypt's energy and security strategies. (Al Mal)
- Talaat Moustafa Group Records 40% Profit Surge in 6-Month Period.
Talaat Moustafa Group Holding reports 40% profit increase in H1 2023, with consolidated net profit reaching EGP 1.56 billion. The company's contract sales for H1 2023 reached EGP 51.35 billion. A prominent player in real estate development, the group also owns luxury hotel complexes and is expanding into new hotel projects and resorts. (Arab Finance)
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