{"id":555194,"date":"2021-11-04T03:44:58","date_gmt":"2021-11-04T03:44:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/04\/fx-reserves-inch-up-in-october\/"},"modified":"2021-11-04T03:44:58","modified_gmt":"2021-11-04T03:44:58","slug":"fx-reserves-inch-up-in-october","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/04\/fx-reserves-inch-up-in-october\/","title":{"rendered":"FX reserves inch up in October"},"content":{"rendered":"

Egypt\u2019s foreign currency reserves inched up USD 24 mn in October<\/strong>, reaching USD 40.85 bn from USD 40.83 bn<\/a> in September, according to official figures<\/a> released yesterday.<\/p>\n

An undisclosed institutional investor is looking to buy a stake of up to 5% in <\/strong>pharma giant Rameda. <\/strong>The shares belong to an individual investor, according to a bourse filing (pdf)<\/a> by the company. The company\u2019s OGM will be deciding on the matter on 25 November, as the lockup period post-IPO<\/a> has not yet ended.<\/p>\n

Cleopatra Hospital Group is purchasing a <\/strong>brownfield project<\/a><\/strong> in East Cairo <\/strong>from <\/strong>Al Marasem Development<\/a><\/strong>, Cleopatra\u2019s IR Director Hassan Fikry told Enterprise. The acquisition is still pending approvals from the Health Ministry, according to an EGX disclosure (pdf)<\/a>.<\/p>\n

Six new licenses to manufacture steel products are now up for grabs<\/strong>, and the Industrial Development Authority is inviting iron ore, direct reduced iron, and iron billet makers to bid, it said in a statement (pdf)<\/a>. The licenses will be offered as part of a tender that will run between 7 and 18 November. They include three permits to set up billet factories with an annual production capacity of 1.1 mn tonnes each, one to manufacture 2.5 mn tonnes of direct reduced iron a year, and two to make iron ore with a capacity of 8 mn tonnes for each plant. Egypt has had in place import tariffs<\/a> on iron billets and steel rebars since April 2019<\/a>, with an eye to gradually tapering off the rates over a three-year period from the date of rolling out the tariffs.<\/p>\n

Al Futtaim Group Real Estate is in talks with unnamed local banks to finance new <\/strong>projects in New Cairo expected to cost up to EGP 8 bn<\/strong>, Managing Director Ashraf Ezz El Din tells Al Mal<\/a>. The new projects include two four- and five-star hotels with a total of 500 rooms, as well as an administrative building near Cairo Festival City.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s foreign currency reserves inched up USD 24 mn in October, reaching USD 40.85 bn from USD 40.83 bn in September, according to official figures released yesterday. An undisclosed institutional investor is looking to buy a stake of up to 5% in pharma giant Rameda. The shares belong to an individual investor, according to a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,271,192,317,72,655,289,131,449],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555194","post","type-post","status-publish","format-standard","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-central-bank-of-egypt","tag-cleopatra-hospitals-group","tag-commodities","tag-enterpriseam","tag-foreign-reserves","tag-industrial-development-authority","tag-manufacturing","tag-rameda-pharma","wpautop","entry"],"acf":{"mongo_id":"1ed2af68-0b89-437b-babc-90d2546dbc8f","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[555175],"teaser":"","voice_url":""},"yoast_head":"\nFX reserves inch up in October - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/04\/fx-reserves-inch-up-in-october\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FX reserves inch up in October\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s foreign currency reserves inched up USD 24 mn in October, reaching USD 40.85 bn from USD 40.83 bn in September, according to official figures released yesterday. 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Reserves fell by some USD 10 bn between March and May\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566963,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/08\/egypts-foreign-reserves-up-in-december-foreign-holdings-of-egyptian-treasuries-up-in-november\/","url_meta":{"origin":555194,"position":1},"title":"Egypt\u2019s foreign reserves up in December, foreign holdings of Egyptian treasuries up in November","author":"enterpriseam admin","date":"8 January 2020","format":false,"excerpt":"Egypt\u2019s foreign reserves increased marginally to USD 45.42 bn at the end of December, compared to around USD 45.354 bn in November, according to the Central Bank of Egypt. Meanwhile, foreign holdings of Egyptian treasuries rise to USD 15.5 bn as of the end of November, up from EGP 15.07\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547848,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/foreign-reserves-fall-again-in-june\/","url_meta":{"origin":555194,"position":2},"title":"Foreign reserves fall again in June","author":"enterpriseam admin","date":"17 July 2022","format":false,"excerpt":"Foreign reserves dip in June: Foreign reserves fell to USD 33.4 bn at the end of June, from USD 35.5 bn a month earlier, according to central bank figures released last week. Reserves have fallen from almost USD 41 bn over the past four months as the central bank has\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555843,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/29\/cib-nbe-take-further-steps-for-financial-inclusion\/","url_meta":{"origin":555194,"position":3},"title":"CIB + NBE take further steps for financial inclusion","author":"enterpriseam admin","date":"29 November 2021","format":false,"excerpt":"CIB will allow clients to open bank accounts without proof of income under a new type of account dubbed Bedaya that aims to give youth, home-makers and freelancers access to financial services as part of its drive for financial inclusion, according to a statement (pdf).A retail investor is selling a\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567771,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/07\/fx-reserves-hold-the-line-in-november\/","url_meta":{"origin":555194,"position":4},"title":"FX reserves hold the line in November","author":"enterpriseam admin","date":"7 December 2020","format":false,"excerpt":"Egypt\u2019s foreign currency reserves were broadly stable in November, inching up a modest USD 1.8 mn to USD 39.2 bn, according to Central Bank of Egypt figures. 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