Saudi Arabia Beats Messi’s Argentina 2-1 In World Cup Match on Tuesday
Saudi Arabia Beats Messi’s Argentina 2-1 In World Cup Match on Tuesday. A bold and brilliant Saudi Arabia pulled off one of the biggest shocks in World Cup history as they came from behind to stun two-time winners Argentina in a fantastic Group C opener in Lusail. Ranked 51st in the world, Saudi Arabia could have been done and dusted in the first half as Lionel Messi opened the scoring from the penalty spot before Argentina had three goals ruled out for offside.But the Green Falcons flipped the game on its head in a stunning 10-minute period after half-time, Saleh Al-Shehri levelling with a low effort and Salem Al Dawsari firing them ahead to spark pandemonium in the stands. (BBC)
- Fitch Revises Outlook on Four Egyptian Banks to Negative; Affirms IDRs at 'B+ Fitch Ratings
has revised the Outlooks on the Long-Term Issuer Default Ratings (IDRs) of National Bank of Egypt SAE (NBE), Banque Misr SAE (BM), Banque du Caire (BDC) and Commercial International Bank (CIB) to Negative from Stable and affirmed the IDRs at 'B+'. Fitch has also affirmed the four banks' National Long-Term Ratings at 'AA(egy)' with Stable Outlooks. The revision of the Outlooks on the IDRs follows the revision of the Outlook on the Egyptian sovereign to Negative. The sovereign rating caps the banks' ratings. The Negative Outlook on Egypt reflects a deterioration in the country's external liquidity position and reduced prospects for bond market access. This leaves the country vulnerable to adverse global conditions at a time of high current account deficits and external debt maturities. The Long-Term IDRs of NBE, BM, BDC and CIB are driven by their 'b+' Viability Ratings (VRs). (Fitch Ratings)
- Egypt has makes progress by joining Group A of pioneer countries under the World Bank’s GovTech Maturity Index (GTMI) for 2022.
The country has scored 0.751 as per the index this year, coming above the average GTMI score of 0.552, Talaat added. Group A is the highest in the index, under which four main elements that costitute a digital government are measured: provision of digital governmental services; supporting automation of key government systems; e-participation with citizens; and digital government initiatives, he said. According to the World Bank’s 2020 GovTech Maturity report, Egypt was part of Group B with a GTMI score of 0.649, the minister added. (Al Mal News)
- Dr. Hala El-Said highlights Egypt’s private sector partnerships at 5th edition of Fingerprint Summit
Minister of Planning and Economic Development Hala El-Said took part in the 5th edition of the Fingerprint Summit organized by Terous Misr Foundation, where she presented Egypt’s efforts in encouraging foreign direct investments (FDI) and stimulating partnerships with the private secor, according to an official statement on November 22nd. Throughout the years from 2016 to 2020, Egypt has made great investments in infrastructure to attract investors from the local and foreign private sectors to improve the quality of living for Egyptian citizens, El-Said stated. The state has launched the National Program for Structural Reforms which focuses on growth in the sectors of agriculture, industry, telecommunication, and information technology, as well as promoting the participation of the private sector in the development process, she said. She also mentioned that Egypt has launched the National Initiative for Green Smart Projects across all the governorates, under which 18 projects have won and are currently being linked to financial and banking institutions. (Al Mal News)
- Prime Minister Mostafa Madbouly has followed up on the latest updates regarding the initial public offerings (IPOs) program to list state-owned companies on the Egyptian Exchange (EGX).
During a cabinet meeting, Madbouly highlighted the importance of the IPOs program in achieving the best financial return for the state and maximizing the use of assets by enabling citizens and the private sector to participate in increasing the efficiency of these assets while the government attracts further direct investments. The conditions of the EGX and securities market force the government to study all the aspects that could affect the IPOs program, which would help in setting the right time for the offering process, he pointed out. For his part, the Spokesperson of the Cabinet Nader Saad said that the meeting tackled a number of topics related to the IPOs program, including an evaluation of the current global and national economic situation amid the ongoing challenges faced by the emerging markets since the beginning of the year. (Arab Finance)
- Egypt and Lebanon discussed Monday launching a ro-ro (roll-on/roll-off) line with the aim of increasing import/export trade between the two countries.
The proposal was tabled during a meeting between Egyptian Minister of Transport Kamel El-Wazir and Lebanese Minister of Public Works and Transport Ali Hamieh on the sideline of the 69th session of the Executive Office of the Council of Arab Transport Ministers in Alexandria. Ro-ro cargo shipping describes a vessel transporting wheeled cargo, including cars, trucks, buses, trailers or industrial vehicles. These kind of ships have built-in ramps on their bow or stern to make the loading and unloading of the wheeled cargo much easier than if it was done with a crane. Both ministers agreed to hold intensive meetings in the near future between specialists from both countries to study the proposal, according to a statement by the Egyptian Ministry of Transport. (Al Ahram)
- Commercial International Bank Egypt (CIB) (COMI) announced that Hisham Ezz Al-Arab, Advisor to the Governor of the Central Bank of Egypt (CBE), joined the bank’s board of directors as a non-executive director
Ezz Al-Arab assumed the position of the chairman of CIB from 2002 until 2020. CIB, the leading private sector bank in Egypt, provides banking services across the country through more than 200 branches and units. The bank's segments include corporate banking, investment banking, retail banking, treasury, and capital market services. (Arab Finance)
- Beltone Financial Holding’s (BTFH) board of directors recommended increasing the company’s issued capital by EGP 10 billion
The board proposed raising the issued capital to EGP 10.927 billion from EGP 926.96 million. The authorized capital is recommended to be increased to EGP 11 billion from EGP 1 billion. Beltone is an Egypt-based company, which operates within the diversified financial sector focusing on investment banking and brokerage. (Amwal Al Ghad)
- Tahya Misr Fund has signed a cooperation protocol with the Egyptian Zakat and Charity House to implement a number of sustainable development projects and social protection programs
Under the signed protocol, the two parties will jointly work to ensure food security and clothing to the most needy ahead of winter, in additiong to providing girls who are about to marry with the necessary appliances ,and developing villages with a contribution of EGP 105 million from the charity. The protocol was signed by the Executive Director of the Egyptian Zakat and Charity House Sahar Nasr and the Executive Director of Tahya Misr Fund Tamer Abdel Fattah. (Arab Finance)
- Trade exchange between Egypt and member states of the African Union grew by 38.2% year-on-year (YoY) in 2021
Egypt’s total exports to member states of the African Union increased by 37.7% to $5.487 billion in 2021, versus $3.985 billion in 2020. Egyptian exports to Libya accounted for 17.5% of total exports to the African Union, recording $961 million in 2021. Exports to Sudan amounted to $827 million, while exports to Morocco and Alegria were valued at $757 million and $617 million.Moreover, the value of Egyptian exports to Kenya stood at $382 million. Meanwhile, total imports from member states of the African Union to Egypt recorded $1.994 billion in 2021, rising by 39.4% from $1.43 billion in 2020. Imports from Sudan to Egypt were valued at $386 million last year, while imports from Zambia hit $311 million. (Arab Finance)
Stay up to date
More Newsletter to Check
SUBSCRIBE TO NEWSLETTER
Subscribe to download our daily economics and business roundup
×
![]()
