Saudi to convert CBE deposits into investments

Good afternoon, friends, the weekend is finally here and the news cycle is relatively subdued at home and abroad.

THE BIG STORY TODAY

Saudi plans to convert its deposits at the Central Bank of Egypt into investments, the Kingdom’s Investment Minister Khaled Al Falih said today. The kingdom is also looking to increase its Public Investment Fund’s investments in Egypt, which currently stands at USD 3 bn, according to Al Falih, who is currently leading a government delegation in Egypt. The Egyptian government is gearing up to finalize the Protection and Promotion of Mutual Investments Agreement between the two countries, Prime Minister Moustafa Madbouly said during his meeting with Al Falih, adding that his government has resolved 70% of the issues faced by Saudi investors.

Remember: Saudi deposits at the CBE currently amount to USD 10.3 bn.

THE BIG STORY ABROAD

The Bank of England enacts its first rate cut in over four years, bringing down the key rate by 25 basis points to 5%. The cut, which “will bring a huge collective sigh of relief to consumers and businesses,” says investment strategist Lindsay James, comes after a 16-year high reached in August 2023, and ahead of the BOE’s quarterly Monetary Policy Report detailing projections of economic growth and inflation. (CNBC | BBC | The Guardian)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Gov’t wants to up its hydropower capacity: The Electricity Ministry plans to carry out USD 4 bn worth of hydroelectric power projects in partnership with the private sector.
• India’s Ostwal could set up a fertilizers plant: India-based fertilizers manufacturer Ostwal Group of Industries is looking into setting up a USD 300 mn fertilizers factory in Egypt.
• Synapse Analytics secures USD 2 mn in latest funding round: Local AI startup Synapse Analytics has raised USD 2 mn in a funding round led by Silicon Badia and Hub 71.

☀️ TOMORROW’S WEATHER- Mercury is peaking at a high of 38°C before simmering to a moderate low of 27°C by night, according to our favorite weather app. Sahel and Alexandria are seeing cooler weather, with a high of 31°C and a low of 24°C.