Egypt’s urban inflation accelerates to 10.5% Egypt’s annual urban consumer price inflation accelerated in March to 10.5 percent, its highest in nearly three years and faster than analysts had expected, data from the state statistics agency CAPMAS showed on Sunday. The inflation figure, up from 8.8 percent in February, was greater than a median forecast of 10 percent in a Reuters […] April 10, 2022
Dubai school operator Taaleem in preliminary talks for IPO Dubai school operator Taaleem is in preliminary talks with banks for an initial public offering in Dubai, two sources told Reuters, a transaction that would test market appetite for UAE’s education sector. The private education sector in the United Arab Emirates (UAE) is recovering from a slowdown during the peak of the coronavirus pandemic. Schools […] April 8, 2022
Banking & Finance Egypt’s foreign reserves drop by $4bn on Ukraine war shock The March reserves figure should have included a $5 billion deposit that Saudi Arabia said it placed with Egypt’s central bank just before the end of March, indicating that the scope of the strain on reserves had been even greater. The pressure on the currency prompted the central bank to devalue the pound by 14 […] April 7, 2022
Banking & Finance Egypt private sector activity shrinks as Ukraine war takes toll Activity in Egypt’s non-oil private sector shrank in March at its fastest since the earlymonths of the coronavirus pandemic as fallout from the Russian invasion of Ukraine hit businesses and fuelled costs, a survey showed on Tuesday. The S&P Global Egypt Purchasing Managers’ Index slid to 46.5 from February’s 48.1, its 16th month below the […] April 5, 2022
Banking & Finance Saudi non-oil private sector maintains solid growth Saudi Arabia’s non-oil private sector kept up its solid pace of growth in March as output expanded at the fastest rate in over four years, a survey showedon Tuesday. The headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index (PMI) for the whole economy rose to 56.8 in March from 56.2 in February, exactly […] April 5, 2022
Banking & Finance Egypt’s net foreign assets turned sharply negative in February Egyptian net foreign assets (NFAs) went sharply negative in February, declining by 60 billion Egyptian pounds ($3.29 billion) to minus EP 50.3 billion, central bank data showed on Sunday. It was their fifth month of declines. An outflow of foreign currency helped prompt the central bank to devalue the pound by 14 percent on March […] April 3, 2022
Banking & Finance Egypt plans to issue first sovereign sukuk Egypt plans to issue its first sovereign sukuk before the end of the current fiscal year ending in June, Finance Minister Mohamed Maiit said in a statement onSaturday. Maait also said that Egypt plans to tap the Japanese market by offering new issues in the future. Last month, Egypt issued 60 billion yen ($489.84 million) […] April 2, 2022
Banking & Finance Saudi Arabia deposits $5bn in Egypt’s central bank Saudi Arabia has deposited $5 billion in Egypt’s central bank, the Saudi state news agency reported on Wednesday, and the kingdom is expected to invest further as the Ukraine war adds to the pressure on the Egyptian economy. Last week Egypt said it was in talks with the International Monetary Fund for potential funds and […] April 1, 2022
