{"id":576882,"date":"2022-11-01T04:00:05","date_gmt":"2022-11-01T04:00:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/01\/the-imf-has-upgraded-its-2022-growth-forecasts-for-mena-thanks-in-part-to-egypt\/"},"modified":"2022-11-01T04:00:05","modified_gmt":"2022-11-01T04:00:05","slug":"the-imf-has-upgraded-its-2022-growth-forecasts-for-mena-thanks-in-part-to-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/01\/the-imf-has-upgraded-its-2022-growth-forecasts-for-mena-thanks-in-part-to-egypt\/","title":{"rendered":"The IMF has upgraded its 2022 growth forecasts for MENA (thanks, in part, to Egypt)"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Egypt is helping to buoy economic growth in the region this year: <\/strong>The IMF has raised its forecast for economic growth in MENA to 4.9% in 2022, up 0.5 percentage points from its April outlook, \u201cin part reflecting a stronger-than-expected performance for Egypt during fiscal year 2022,\u201d the IMF wrote in its latest <a href=\"https:\/\/ent.news\/2022\/10\/text-2.pdf\">regional outlook report (pdf)<\/a> for MENA and Central Asia.<\/p>\n<p><strong>The outlook is not as bright for next year: <\/strong>Elevated interest rates, weakened currencies and limited access to markets are set to pressure emerging markets in MENA \u2014 including Egypt \u2014 during FY 2022-2023. Headwinds will continue to grow amid a global economic slowdown, volatile commodity prices, and tightening financial conditions, the lender said. Net oil importers and low-income countries in the region will likely be hit the hardest.<\/p>\n<p><strong>REMEMBER- The IMF <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/46c9c082-32b8-4cee-88a1-fe137c62814f\">revised<\/a><\/strong><strong> its FY 2022-2023 growth forecast for Egypt down <\/strong>a full 1.5 percentage points to 4.4% last month.<\/p>\n<p><strong>LOTS OF UAE IPO NEWS-<\/strong><\/p>\n<p><strong>There\u2019s a lot of IPO news from the UAE:<\/strong><\/p>\n<ul>\n<li><strong>Taaleem:<\/strong> UAE premium school operator Taaleem Holdings is looking to raise AED 750 mn (USD 204 mn) from an IPO and is allocating 2% of the offer shares for qualifying employees and parents. Subscription will open 10 November and shares will start trading at the end of the month. Our friends at EFG-Hermes are the lead advisors for the offering, alongside Emirates NBD Capital. (<a href=\"https:\/\/www.taaleem.ae\/ipo\/#timeline\">Statement<\/a>)<\/li>\n<li><strong>Empower: <\/strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-31\/dubai-seeks-to-raise-362-million-from-district-cooling-firm-ipo?srnd=premium-middle-east\">District cooling firm<\/a> Empower\u2019s USD 362 mn share sale was oversubscribed within hours yesterday. The company, which is selling 1 bn shares (equal to a 10% stake) to investors in Dubai, priced shares at AED 1.31-1.33 apiece with its debut scheduled for 15 November 2022. Our friends at EFG-Hermes are managing the IPO, alongside Citigroup, Emirates NBD Capital and Merrill Lynch International, while Moelis & Co. is the financial adviser. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-31\/dubai-seeks-to-raise-362-million-from-district-cooling-firm-ipo?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li><strong>Bayanat AI:<\/strong> Shares in <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-31\/silver-lake-backed-abu-dhabi-ai-firm-bayanat-quadruples-on-debut?srnd=premium-middle-east\">geospatial and data analytics<\/a> firm Bayanat AI almost tripled on their trading debut, closing 272% higher at AED 4.50 a piece. (<a href=\"https:\/\/www.thenationalnews.com\/business\/markets\/2022\/10\/31\/bayanat-shares-surge-on-adx-trading-debut\/\">The National<\/a>)<\/li>\n<\/ul>\n<p><strong>Other stories worth knowing about this morning:<\/strong><\/p>\n<ul>\n<li><strong>Saudi Arabia\u2019s economy expanded at a 8.6% clip in 3Q 2022<\/strong>, primarily boosted by the oil sector, which grew 14.5% y-o-y. (<a href=\"https:\/\/www.stats.gov.sa\/sites\/default\/files\/GDP%20FQ32022E%20%282%29.pdf\">General Authority for Statistics, pdf<\/a>)<\/li>\n<li><strong>Americana gets the nod on dual listing<\/strong>: The Saudi Capital Market Authority has approved an application by Americana Group \u2014 which operates KFC and Pizza Hut in MENA \u2014 for a concurrent and dual listing in Riyadh and Abu Dhabi. (<a href=\"https:\/\/cma.org.sa\/en\/Market\/News\/pages\/CMA_N_3189.aspx\">Statement<\/a>)<\/li>\n<li><strong>Inflation is still climbing in the euro area:<\/strong> Eurozone inflation likely rose to a record high of 10.7% in October, up from 9.9% a month earlier, according to flash estimates. (<a href=\"https:\/\/ec.europa.eu\/eurostat\/documents\/2995521\/15131964\/2-31102022-AP-EN.pdf\/9a37ec66-2f69-5b3c-a791-662cec2f439b\">Eurostat, pdf<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,373<\/p>\n<\/td>\n<td>\n<p>+2.5% (YTD: -4.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.06<\/p>\n<\/td>\n<td>\n<p>Sell 24.19<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 24.00<\/p>\n<\/td>\n<td>\n<p>Sell 24.10<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>13.25% deposit<\/p>\n<\/td>\n<td>\n<p>14.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,668<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +3.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,412<\/p>\n<\/td>\n<td>\n<p>+1.2% (YTD: +22.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,332<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: +4.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,872<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -18.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,095<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: -3.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,618<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: -15.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 92.81<\/p>\n<\/td>\n<td>\n<p>-1.0%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.36<\/p>\n<\/td>\n<td>\n<p>+11.8%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,640.70<\/p>\n<\/td>\n<td>\n<p>-0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 20,412<\/p>\n<\/td>\n<td>\n<p>-1.0% (YTD: -55.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 2.5% at yesterday\u2019s close<\/strong> on turnover of EGP 1.5 bn (29.6% above the 90-day average). Local investors were net sellers. The index is down 4.8% YTD.<\/p>\n<p><strong>In the green: <\/strong>Oriental Weavers (+7.5%), GB Auto (+6.6%) and Ezz Steel (+5.3%).<\/p>\n<p><strong>In the red: <\/strong>Rameda (-2.2%), Credit Agricole Egypt (-1.8%) and Egypt Kuwait Holding-EGP (-1.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt is helping to buoy economic growth in the region this year: The IMF has raised its forecast for economic growth in MENA to 4.9% in 2022, up 0.5 percentage points from its April outlook, \u201cin part reflecting a stronger-than-expected performance for Egypt during fiscal year 2022,\u201d the IMF wrote in its latest regional outlook [&hellip;]<\/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":[7210],"tags":[2363,72,7192,119,182,659,1445,122,296],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576882","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-americana-egypt","tag-enterpriseam","tag-eu","tag-financial-markets","tag-inflation","tag-kfc","tag-pizza-hut","tag-planet-finance","tag-qatar","wpautop","entry"],"acf":{"mongo_id":"bef8898b-77e6-43e7-b29e-fcf0ff68ff96","is_powered_by":true,"section_story_id":"e1fba532-e23b-4d7b-8f8f-06a99405a287","story_type":"1","photo_url":"","photo_position":"above","related_issue":[576860],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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