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CBE cuts interest rates for the first time since February: The Central Bank of Egypt’s Monetary Policy Committee (MPC) cut interest rates by 150 bps on Thursday, the CBE said in a statement (pdf). The central bank cited last month’s “relatively tame” inflation figures, declining unemployment rates, and increasing GDP growth in Egypt. Reuters, Bloomberg, […]
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Posted inSpeed Round
Egyptian bourse launches EGX30 Total Return Index
Egyptian bourse launches EGX30 Total Return index: The Egyptian stock exchange has launched the EGX30 Total Return Index (EGX30 TR), which will account for dividends and prices together, according to a statement. The index is meant to help investors see the total return on their investment rather than only the price change, and will use […]
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Egypt to offer 10% interest rate on mortgages for middle-income homeowners
Middle-income homebuyers to get 10% interest rate under subsidized mortgage initiative: Members of a committee working on an initiative to subsidize mortgages for middle-income homebuyers have agreed to set preferential interest rates at 10%, a committee member said, according to Masrawy. The committee is currently awaiting an approval on the rate from the CBE, which […]
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Egypt’s rice cultivation expected to increase 140% y-o-y in 2019
Egypt’s rice cultivation is expected to increase 140% y-o-y in 2019 to reach 6 mn tonnes, the head of the Federation of Egyptian Industries’ rice division Ragab Shehata said, according to Al Shorouk. Agriculture Ministry figures show that the average annual consumption of white rice in Egypt stands at around 3.5 mn tonnes, which begs […]
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El Sisi ratifies Egypt’s new Social Security and Pensions Act
LEGISLATION WATCH- El Sisi ratifies Social Security and Pensions Act: President Abdel Fattah El Sisi has ratified the new Social Security and Pensions Act, Ahram Online reported. The new law, which was passed by parliament last month, will see 21% of public and private sector workers’ salaries going towards a newly-established pension fund. The percentage […]
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El Sisi ratifies new NGOs Act
LEGISLATION WATCH- El Sisi ratifies new NGOs Act: President Abdel Fattah El Sisi has ratified the new NGOs Act, which regulates the work of Egypt’s civil society sector, the local press reports. The law, which received House approval last month, replaces the controversial Law No. 70 of 2017, which generated considerable criticism both in Egypt […]
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Madbouly Cabinet approves draft bill setting up Egypt’s medical emergency response fund
CABINET WATCH- The Madbouly Cabinet approved a draft bill establishing a medical emergency response fund during its weekly meeting on Thursday, according to an official statement. The legislation, which requires approval from the House of Representatives, would see the fund cover healthcare expenses for citizens affected by major accidents and other emergency cases that are […]
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Abu Bakr Rizk sworn in as head of Egypt’s State Lawsuit Authority
MOVES- Abu Bakr Rizk was sworn in as the new head of the State Lawsuit Authority, according to an Ittihadiya statement. Rizk was appointed by President Abdel Fattah El Sisi, a new power granted to the president under the new constitution passed in a public referendum last April.
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Ehab El Far and Amir Sayed named as board members of SCZone
MOVES- Prime Minister Moustafa Madbouly named generals Ehab El Far and Amir Sayed as Suez Canal Authority board members, the authority said in a statement.
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Fadi Pharaon named as SVP & Middle East & Africa Head at Ericsson
MOVES- Ericsson has tapped Fadi Pharaon (Linkedin) as senior vice president and head of market area Middle East and Africa and a member of the company’s executive team, Ericsson said in a statement. Pharaon currently holds the position of vice president, head of networks & managed services for Europe & Latin America.