Industry Egypt to lower commodity prices by up to 25% By Pramod Kumar October 10, 2023, 5:52 AM Reuters/Amr Abdallah Dalsh A bakery in Cairo. The Egyptian government says it will lower the prices of seven essential commodities by 15 to 25 percent Egypt’s government and the country’s private sector have joined forces and agreed to lower the prices of seven essential commodities by 15 to 25 percent, according to a local media report. The new initiative will initially focus on beans, lentils, dairy products, white cheese, pasta, sugar, cooking oil and rice. In addition, prices of live and frozen poultry and eggs will be lowered by 15 percent, Daily News Egypt newspaper reported. Moody’s downgrades Egypt on rising borrowing costs Egypt’s investment rules need to be clearer, analysts warn UAE and Egypt sign currency swap agreement The prices of basic commodities have risen due to scarcity of sufficient raw materials for production, mainly for food products, the report added. Last week Moody’s Investor Service downgraded Egypt’s credit rating to “Caa1” from “B3”, citing high inflation and rising domestic borrowing costs. The downgrade also reflects the persistence of foreign currency shortages due to increasing external debt service payments over the next two years.
Markets Oman’s Asyad Group plans IPO of shipping unit Asyad Group, a logistics business owned by Oman’s sovereign wealth fund, has announced plans to float its shipping unit on the Muscat stock exchange. At least 20 percent of Asyad Shipping Company will be sold in the initial public offering. The Asyad IPO will be divided into two tranches. The first is 75 percent of […] 58 mins ago
Video length: 04:02 VIDEO Finance One million users for Saudi Arabia’s Sahm trading app “Riyadh has a population of 8 million. The government is going to double the population. That means money. That means capital,” says Steven Chou, chairman of Saudi-based fintech-driven financial company Sahm Capital. “Local Saudis are keen to look for a new product. They are options lovers,” Chou says, adding that the sectors of interest include […] 1 hour ago In association with
Construction German company to assess proposed Spain-Morocco tunnel A German-owned company has been awarded a contract to conduct a feasibility study on building an undersea railway tunnel between Morocco and Spain, the latest indication that the long-stalled plan could become reality. If built, the tunnel would be one of the longest of its kind worldwide and would make transporting goods and people between […] 2 hours ago
Media & Advertising KHC would consider TikTok stake if Musk bought in Saudi Arabian Prince Alwaleed Bin Talal’s investment company Kingdom Holding (KHC) would be interested in investing in ByteDance’s TikTok if Elon Musk or others offered to buy it, CEO Talal Ibrahim al-Maiman told Al Arabiya TV on Wednesday. The search to find a buyer for the Chinese-owned popular short video app continues after it went dark and […] 3 hours ago
