Egypt's Senate committee gives green light to socioeconomic development blueprint for FY 23-24 | Zilla Capital

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01 Jun 2023

Egypt’s Senate committee gives green light to socioeconomic development blueprint for FY 23-24

Egypt’s Senate committee gives green light to socioeconomic development blueprint for FY 23-24. In a joint meeting, the economic committees of both the House and Senate approved the government’s socioeconomic development plan for fiscal year 2023-2024, and the budget for the Financial Regulatory Authority for the upcoming year. The development plan, proposed by Planning Minister Hala El Saeed, focuses on three primary goals: finishing investment projects that are more than 70% complete, launching projects under the Decent Life initiative to uplift rural Egypt, specifically in health and education, and terminating projects that will be funded by the private sector, following the State Ownership Policy. (Enterprise)

Moreover, Egypt aims for total investments of EGP 1.65 trillion in the upcoming year, with 63.6% expected to be public sector investments.
Dr. Hala Al-Saeed, the Minister of Planning and Economic Development, has outlined targets for fiscal year 2023/2024 in a Senate discussion. The key targets include total investments of EGP 1.65 trillion, GDP of EGP 11.84 trillion, and an investment rate of 15.2%. The plan also aims to maintain an unemployment rate between 7.3% and 7.6%, and to achieve an inflation rate of 16%. (Al Mal)
Egypt anticipates its debt to be accessible via Euroclear by the close of 2023.
The Egyptian Ministry of Finance is striving to finalize its cross-border link with Belgium-based clearinghouse, Euroclear, by the end of 2023. Since the initial agreement in 2019, the Egyptian government has been diligently working towards meeting Euroclear's conditions, in a bid to make domestic Egyptian debt more accessible to a broader pool of foreign investors. These conditions encompass establishing a central securities depository, along with addressing various technical, logistical, and administrative aspects. (Al Borsa News)
Head of the investment authority: The Company for Egyptians Abroad establishes a new mechanism to handle their remittances.
The Minister of State for Immigration and Egyptians Abroad Affairs, Ambassador Suha Gendy, along with the CEO of the Investment and Free Zones Authority, Hossam Haiba, met with the founding group of the 'Egyptians Abroad for Investment' company to establish guidelines for future work. The minister emphasized the state's commitment to promoting an investment-friendly climate and easing business operations to boost both local and foreign investments, thereby enhancing the national economy. The Prime Minister, Dr. Mustafa Madbouly, also expressed his full support for the company's operations in the Egyptian market, aiming to draw in both Egyptian and international investments. (Hapi Journal)
Mercuria initiates fuel provision for vessels in Egypt's Suez Canal.
Minerva Bunkering, a subsidiary of Mercuria Energy Group, has started its operations in Egypt, marking its entry as the first international firm to do so since being granted a license earlier this month. The company's location in the Egyptian Suez Canal, a significant global shipping congestion point that links Europe and Asia, offers a strategic advantage for selling fuel oil from its extensive network, which includes more than 23,000 vessels. (Asharq Business)
El Molla urges oil companies to pursue additional investment opportunities.
Egypt's Minister of Petroleum and Mineral Resources, Tarek El Molla, encouraged oil companies to leverage more investment opportunities to increase petroleum output and reserves, according to a May 31st statement. He emphasized the need for developing strategic plans aimed at enhancing production, managing costs effectively, maximizing the use of resources and assets at production sites, and fostering integration within the oil sector. This discussion took place in a meeting between El Molla and representatives from oil companies. (Arab Finance)
Industrial Development Authority enables triennial or quinquennial payments for operating license fees.
The Minister of Trade and Industry in Egypt, Eng. Ahmed Samir, has introduced new measures to simplify procedures for industrial investors. According to Resolution 172/2023, owners of licensed industrial facilities can pay their annual follow-up fees for up to three years in advance for high-risk industries and up to five years in advance for low-risk industries. This decision also includes a commitment by the Industrial Development Authority to carry out annual follow-up procedures for the years for which fees have been pre-paid. This move is a response to the needs of industrial investors and aims to streamline licensing procedures for industrial establishments. (Hapi Journal)
"Value" and "Tilda" partner to deliver immediate payment and installment options for "Shaqlabaz" users.
The fintech platform, "Value", has partnered with "Tilda", a digital payment platform, with the goal to enhance the cashback services for users of the "Shaqlabaz" program, which is part of the "Value" platform. This collaboration allows "Shaqlabaz" users to effortlessly redeem their purchases on "Tilda" by scanning their purchase receipt and linking it to their "Tilda" accounts. Once this process is complete, customers can quickly receive their refunds directly on their "Tilda" card. (Economy Plus)
El Sewedy Electric records a 281.8% surge in consolidated profits, reaching EGP 2.9 billion in the first quarter.
Elsewedy Electric saw a significant increase in its consolidated net profits by 281.8%, from EGP 760.867 million to EGP 2.9 billion in the first quarter of the year. The company's revenues also grew by 79.5%, from EGP 18.6 billion to EGP 33.3 billion within the same period. However, expenses also rose to EGP 27.2 billion from EGP 16.3 billion. The total activity profit for the first quarter surged to EGP 6.1 billion, a substantial rise from the EGP 2.3 billion recorded in the same period last year. (Hapi Journal)
B Investments sees a 1,384.5% Year-on-Year surge in Q1 consolidated profit.
B Investments Holding reported a colossal 1,384.49% YoY increase in its consolidated net profit attributable to the parent company for Q1 2023, as per the financial statement submitted to the Egyptian Exchange. The Q1 2023 profit surged to EGP 331.124 million, a significant climb from the EGP 22.305 million during the same period in 2022. Additionally, the firm's standalone net profit post-tax rose to EGP 258.143 million in Q1 2023 from EGP 22.754 million in the corresponding quarter of the previous year. Founded in 2006, B Investments is an Egyptian private equity company, with a focus on growth capital investments and active value creation in its portfolio of businesses. (Arab Finance)