UAE renews a 1 billion USD deposit with the Central Bank of Egypt (CBE) for a period of 3 year

Newsletter

03 Dec 2023

UAE renews a 1 billion USD deposit with the Central Bank of Egypt (CBE) for a period of 3 year. Egypt received strong support from the Arab Gulf countries during the last decade, in the form of dollar deposits with the Central Bank, investments in many oil and fertilizer companies, in addition to payment facilities for some petroleum products. (Asharq Business)

The CBE report indicated that short-term deposits increased from 14.9 billion USD last March to 15.4 billion USD by the end of next June.
The Central Bank reported in its previous reports that short-term deposits are distributed between 5 billion USD for the UAE, 5 billion USD for Saudi Arabia, 4 billion USD for Qatar, and 900 million USD for Libya.
CIB Egypt borrows 148 million USD to support small and medium-sized projects.
The Commercial International Bank (CIB), the largest private bank in Egypt, has borrowed 148 million USD from the African Development Bank to support small and medium-sized projects and enhance African trade. The loan will enable CIB to meet its clients’ demand for foreign currency across several sectors. (Asharq Business)
China’s BEFAR inks LoI to build 2 billion USD green chemicals park in East Port Said.
The park is expected to run on green energy, solar or wind, with anticipated total investments of 2 billion USD, including 500 million USD for the first phase. The project aims to meet the country’s need of petrochemicals, and is expected to provide around 1,000 job opportunities. (Hapi Journal)
The Chinese company "Media Electric" began the establishment of a new factory in Sadat City with investments of 105 million USD.
The Minister of Trade and Industry, Ahmed Sameer, laid the foundation for a new factory for the Chinese company "Media Electric" in Sadat City, with investments estimated at around 105 million dollars. (Economy Plus)
Suez Canal’s revenues hit 854.7 million USD in November.
The Suez Canal has generated the highest monthly revenue in its history, amounting to 854.7 million USD, in November, with an annual growth rate of 20.3%. Additionally, the number of vessels that crossed the canal in November increased by about 4.3% to 2,264, with a monthly record high of net tonnage at 135.5 million tons, marking an 8.2% year-on-year (YoY) increase. It is worth noting that, the Suez Canal recorded the highest annual revenues in its history in fiscal year (FY) 2022/2023, amounting to 9.4 billion USD. (Asharq Business)
El-Sisi follows up on Egypt’s economic position amid global situation.
President Abdel Fattah El-Sisi has followed up on Egypt’s economic position amid the current regional and international situation. The president directed the government to continue working on the development of the country’s economic programs and projects, in order to improve the economy’s ability toward facing current challenges. (Hapi Journal)
Egypt allocates 530 billion USD for subsidies, social protection in FY2023/23 budget.
The Egyptian government has dedicated a sum of 530 billion EGP for subsidies and social protection in the fiscal year (FY) 2023/2024’s budget, compared to 244.5 billion EGP under FY 2014/2015 budget. The country has also allocated 12.1 billion EGP to support social housing in FY 2023/2024, up from 150 million EGP in FY 2014/2015. (Hapi Journal)
Egypt's Priorities in COP28 the Provision of Billions in Funding for Green Projects
With the launch of the COP28 climate summit in the UAE last Thursday, Egypt is preparing to present an agenda full of projects requiring billions of dollars in funding, especially in the fields of renewable energy and transportation. In this context, the Egyptian Ministry of Planning has identified its priorities in diversifying the necessary financing for green investments, while the Ministry of Finance aims to expand the use of green sovereign financing. (Asharq Business)
The Canadian company Trans Globe is targeting the drilling of 4 new oil wells in Egypt.
The Canadian company Trans Globe aims to drill 4 new oil wells in Egypt next year, within its concession areas. The new wells are part of an intensive drilling program that the Canadian company plans to implement to enhance its current production rates, which are around 11.5 thousand barrels of oil equivalent per day. (Economy Plus)
The Minister of Trade inaugurates the Media Industrial Complex with investments of 105 million dollars.
Ahmed Sameer, the Minister of Trade and Industry, laid the foundation stone for the Media Factory Group in Egypt in the Sadat region, with investments totaling 105 million dollars. This brings the group's total investments in Egypt to around 247 million dollars. (Al Borsa News)
The stock exchange launches the voluntary African market for trading carbon emissions reduction certificates.
The Egyptian stock exchange announced on Thursday the launch of the voluntary African market for trading carbon emissions reduction certificates. The exchange stated that this launch is part of its continuous development efforts and the provision of new financial instruments. (Hapi Journal)