FII Economy Egypt targets $35bn foreign investment in next five years By Pramod Kumar October 26, 2023, 5:24 AM Reuters/Amr Abdallah Dalsh People walk past a banner showing President Abdel Fattah Al Sisi in Cairo. Al-Sisi is expected to cruise to a third term Egypt expects foreign direct investment of $35 billion over the next five years as the government aims to boost economic growth. The government aims to attract around $12 billion in foreign direct investment in 2023/2024, with a projected annual increase of 15 percent and 20 percent, Egypt Today reported, citing General Authority of Free Zones and Investment chairman Hossam Heiba. Speaking at the Future Investment Initiative forum in Riyadh, he said Egypt is keen on promoting green and renewable energy projects, pointing to the nine framework agreements signed since Cop27, with investments worth $50 billion over the next 10 years. Egypt needs more dollars before devaluation, warn experts S&P lowers Egypt’s rating as funding pressures mount Egypt shines as Mena’s top performing bourse in 2023 Cairo is focused on transforming the local automotive industry into a regional hub by attracting major manufacturers. Five golden licences have been granted to automotive companies, with additional licences poised to be granted soon, Heiba added. S&P Global Ratings last week lowered Egypt’s long-term sovereign credit rating to B- from B citing recurring delays in implementing monetary and structural reforms, which are worsening imbalances in the currency market. Moody’s Investor Service has also downgraded Egypt’s credit rating to Caa1 from B3 due to high inflation and rising domestic borrowing costs. Global index provider FTSE Russell said last month that it will add Egypt and Pakistan to the watch lists for potential demotion in its equity index suites. The two countries will be on watch lists for demotion from “secondary emerging markets”, with Egypt moving to become an “unclassified market” and Pakistan getting “frontier market” status.
Finance Bahrain’s Investcorp agrees to buy Italy’s Epipoli Bahrain’s Investcorp has finalised a deal to acquire Epipolia, an Italy-based alternative payments company. The asset will be purchased from London-headquartered private equity Bregal Milestone and Epipoli founder and CEO Gaetano Giannetto. Giannetto will continue to hold a significant minority stake and lead the company. No terms of the transaction were disclosed. Epipoli owns the […] 4 hours ago
Energy Iraq, Halliburton near deal to up oilfield output by 500% Iraq is close to finalising a development deal with Halliburton, a US oil services provider, to expand the capacity of its Nahr Bin Omar oilfield by 500 percent, a news report said. The oil ministry and Halliburton are expected to sign a confidentiality agreement in the coming days, Bassem Abdul Karim, director general of state-owned […] 4 hours ago
Construction Dubai’s Emaar confirms talks to sell stake in Indian unit Emaar Properties, Dubai’s largest developer, has confirmed talks with companies in India, including Adani Group, for a possible stake sale in its Indian subsidiary. The valuation and other terms of a potential transaction are not finalised, the developer said in a Dubai bourse filing on Thursday. The clarification followed a news article by Mint, an […] 4 hours ago
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 11 hours ago
