Egyptian stocks hit high amid inflation and global concerns
Egyptian stocks hit high amid inflation and global concerns. Egypt’s stock index hits record high as investors seek shelter from inflation caused by currency devaluation and global tensions. The EGX30 surged by 30.1%, reflecting the market’s resilience. Despite challenges, the market remains attractive due to supply disruptions and currency shifts. Analysts predict potential currency devaluation based on government actions. Egypt’s IMF loan program review and economic measures are also awaited. (Asharq)
- Rising tourism spurs 35% yearly surge in Egypt's hotel prices.
Amid a surge in tourism, hotel prices in Egypt are set to rise significantly, with an anticipated 35% year-on-year increase in 2023 and a further 30% in 2024. Some destinations have already seen room prices spike by 45%. Coastal areas are also expected to experience a minimum 10% increase in room rates starting in 2024. Predictions suggest room rates in Nuweiba and Taba could reach USD 120-150 by year-end, compared to USD 70-100 in the first half of 2023. Industry experts believe price hikes will continue if demand remains high. (Enterprise)
- Egypt explores new steel production licenses to attract investments.
The Egyptian government is considering issuing new licenses for steel and iron production to investors next year, marking the first time since 2021, according to government sources. Russia's Novistal M plans initial investments of USD 400-500 million to establish a steel plant in Egypt. The move aims to address foreign exchange scarcity and bolster domestic manufacturing. Egypt has sought to enhance dollar liquidity by selling assets to investors, generating up to USD 1.9 billion recently. However, Egypt's steel production dropped by 18% to 3.6 million tons in the first half of the current year. (Asharq)
- Egypt Launches Securities Federation to elevate sector standards.
The Egyptian Securities Federation has been established by the Financial Regulatory Authority (FRA) after a five-year process. It aims to enhance sector standards and accountability, serving as a collective body for non-banking financial services under FRA's authority. The federation's inaugural board includes Ashraf Salman as Chairman and Ahmed Ikram Mostafa as Vice Chairman, along with 13 additional board members. (Enterprise)
- Neptune Energy initiates first exploration drill in Egypt's offshore concession.
Neptune Energy has commenced exploratory drilling at the Yakoot well in Egypt's North West El Amal offshore concession in the Gulf of Suez. This marks Neptune's first drilling operation in Egypt, part of a USD 35 million exploration deal signed with the country in 2020 to drill three wells in the area. The UK-based company, which is soon to be acquired by Italy's Eni, specializes in oil and gas exploration across regions including the North Sea, North Africa, and Asia-Pacific. (Enterprise)
- Network International injects EGP 1 billion to boost digital payments in Egypt.
E-payment provider Network International has invested EGP 1 billion to enhance digital payment solutions in Egypt, aiming to stimulate economic growth and employment opportunities. The investment will focus on advancing their e-payment platform and increasing advanced points of sale to benefit the country's GDP. (Arab Finance)
- Fawry enables train ticket booking alongside new app launch.
The Egyptian Transport Ministry has announced that passengers can now book third-class train tickets between Lower and Upper Egypt using Fawry's e-payment system, available at 320,000 outlets. This follows the recent launch of the ENR Tickets mobile app for online ticket reservations. (Enterprise)
- Egypt advances unique petrochemical projects in New Alamein.
Egypt's Minister of Petroleum Tarek El-Molla inspects pioneering petrochemical projects in New Alamein's industrial zone. These include Egypt's first silicon and sodium carbonate production ventures. The sodium carbonate project aims for 600,000 tons annually with USD 685 million investments, while the silicone initiative targets 45,000 tons per year from USD 172 million investments, using 130,000 tons of raw quartz. The zone will also feature utility and logistics support. (Asharq)
- Egypt and South Korea explore direct flight connection for enhanced bilateral ties.
Egypt and South Korea are aiming to establish a direct flight route to enhance bilateral tourism and trade. The Egyptian Minister of Civil Aviation, Mohamed Abbas, discussed this initiative during a meeting with the South Korean Ambassador to Cairo, Kim Yong-Hyun. The goal is to strengthen aviation cooperation, exchange expertise, and support investment plans between the two countries. (Arab Finance)
- USD 60 million Chinese-Egyptian textiles factory begins construction in SCZONE.
The Suez Canal Economic Zone (SCZONE) has announced the initiation of the USD 60 million Chinese eco-friendly Egypt Cady Textiles factory at Sokhna Industrial Zone. The project, covering 145,500 square meters and developed by TEDA-Egypt, will begin its first phase this year, aiming to complete by 2024. The factory, with a capacity of nearly 50,000 tons and 8 million pieces annually, is geared towards exporting to American and European markets, projecting sales of up to USD 150 million. (Enterprise)
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