{"id":624015,"date":"2024-06-14T00:00:00","date_gmt":"2024-06-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/14\/inflation-retreats-to-lowest-level-in-16-months\/"},"modified":"2024-06-14T00:00:00","modified_gmt":"2024-06-14T00:00:00","slug":"inflation-retreats-to-lowest-level-in-16-months","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/14\/inflation-retreats-to-lowest-level-in-16-months\/","title":{"rendered":"Inflation retreats to lowest level in 16 months"},"content":{"rendered":"

Good morning everyone, and happy Eid. <\/strong>We are more excited than usual at the prospect of a longer holiday to come. We are certain you\u2019ve been planning for this week for a while.<\/p>\n

But now that you\u2019re arrived at Sahel \u2014 what do you intend to do? <\/strong>When you\u2019re done with the usual routine of beaching and unwinding pick up one of our several activities and destinations across the North Coast for you to discover and experience. <\/p>\n

Enterprise Weekend comes out each Friday at 9:00am CLT.<\/strong> Enterprise publications will be off all of next week in observance of Eid Al Adha.<\/p>\n

LAST WEEK IN 3 MINS-<\/p>\n

ECONOMY-<\/strong><\/p>\n

#1- Inflation falls to lowest level in over a year:<\/strong> Annual urban inflation cooled<\/a> to 28.1% in May, down from 32.5% in April on the back of considerably slower food price increases, as traders continued to price in a lower exchange rate following the float of the EGP. This is the lowest inflation figure recorded since January 2023.<\/p>\n

Monthly inflation was in the negative for the first time in nearly two years:<\/strong> On a monthly basis, inflation fell on all items for the first time since June 2022, with prices falling 0.7% m-o-m. This is the biggest drop inflation has seen m-o-m since June 2019.<\/p>\n

#2- Egypt to get a fresh USD 820 tranche from the IMF:<\/strong> The International Monetary Fund reached<\/a> a staff-level agreement with Egypt on the third review of its expanded USD 8 bn loan program, which is set to unlock USD 820 mn after the Fund\u2019s executive board gives the go-ahead \u201cin the coming weeks.\u201d<\/p>\n

#3- World Bank holds Egypt\u2019s growth outlook steady: <\/strong>The international lender sees the Egyptian economy growing at a 2.8% clip during the fiscal year 2023-2024, keeping its outlook unchanged from its April forecast<\/a>.<\/p>\n

CAPITAL MARKETS-<\/strong><\/p>\n

EGX launches its maiden shariah-compliant index:<\/strong> The EGX launched<\/a> Egypt\u2019s maiden shariah-compliant index after getting the approval from the Financial Regulatory Authority's main shariah supervisory committee, in collaboration with Standard & Poor\u2019s.<\/p>\n

ENERGY-<\/strong><\/p>\n

A floating regasification unit will dock in Egypt next week:<\/strong> Ain Sokhna will receive<\/a> the floating LNG regasification unit that the government will lease from Norway\u2019s H\u00f6egh LNG in mid-June as it gears up to welcome LNG shipments to help meet local demand. The government is leasing the unit until February 2026 for USD 90 mn a year, according to unconfirmed media reports.<\/p>\n

M&A-<\/strong><\/p>\n

SFE acquires 20% of Care Pharmacies: <\/strong>The Sovereign Fund of Egypt (SFE) acquired<\/a> a 20% stake in the local pharma chain Care Pharmacies for EGP 75 mn via its healthcare sub-fund. The acquisition \u2014 which comes under the SFE\u2019s partnership with B Investments and El Ezaby \u2014 is set to be finalized in the coming weeks.<\/p>\n

The transaction will see the SFE take control of 45 branches<\/strong> out of the 220 run by Care Pharmacies, one of the sources said.<\/p>\n

\n

AROUND THE WORLD IN SEVEN DAYS- <\/p>\n

<\/p>\n

The global press was focused on the latest ceasefire efforts<\/strong>, with leaders, including our own Abdel Fattah El Sisi, gathering in Jordan for the international conference on Gaza<\/a>. During the conference, El Sisi also emphasized \u201cthe immediate, comprehensive, and sustainable cessation of hostilities in Gaza, the immediate release of all hostages and detainees, and the provision of necessary conditions for the immediate return of displaced Palestinians in the sector to their homes from which they were forced to flee due to the Israeli war.\u201d<\/p>\n

On the same wavelength: <\/strong>El Sisi met<\/a> with US Secretary of State Antony Blinken on Monday to discuss ongoing efforts to secure a ceasefire in Gaza, the release of hostages, and Egypt\u2019s initiatives to deliver humanitarian aid. Blinken blamed Hamas for delaying the ceasefire, stating that it is the only party that has not yet agreed to Biden's proposal.<\/p>\n

The global press\u2019 attention was also focused on the ongoing courtroom drama that is US <\/strong>politics<\/strong>, with news that US President Joe Biden\u2019s son Hunter was convicted for obtaining a gun by lying about his drug use dominating<\/a> the front pages in the states and beyond. Some think this could be a help and not a hindrance to the Biden campaign.<\/p>\n

AND IN TECH NEWS- Apple <\/strong>launched<\/a><\/strong> its AI venture \u2014 dubbed Apple Intelligence<\/strong> \u2014 in its latest shot at establishing itself as an AI player to be reckoned with, in partnership with none other than OpenAI. Apple boss Tim Cook said the \u201cnext big step\u201d will see the iPhone and Macbook maker integrate ChatGPT on its devices and reintroduce Siri as the virtual assistant it was originally promised to be.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\u2600\ufe0f <\/strong>THE HOLIDAY WEATHER- Expect a scorching weekend, <\/strong>with highs reaching 42-43\u00b0C in Cairo and 35-36\u00b0C in Alexandria and Sahel, before cooling throughout the week, according to our favorite weather app.<\/p>\n

\n

HAPPENING ON HOLIDAY-<\/p>\n

If you\u2019re more inclined to <\/strong>fusing Arab and Western tunes<\/a><\/strong> make your way to <\/strong>CJC 610<\/a><\/strong>.<\/strong> LA-based DJ\/Producer Habibeats and Bubblegum Kollectiv will be playing all the mixed modern tunes tonight at CJC 610. For reservations message their Facebook page<\/a>.<\/p>\n

Ahmed Helmy returns to the stage with his play <\/strong>Memo<\/a><\/strong> at Grand Nile Tower Hotel<\/a> in Cairo, after the success of the show in Saudi Arabia. The show will be on Sunday 16 June at 9pm. Get your tickets here<\/a>.<\/p>\n

In celebration of Eid Al Adha, <\/strong>Tamer Hosny<\/a><\/strong> will hold a concert at Zed East in New Cairo<\/strong>, on Monday, 17 June. The show starts at 8:30pm. (tickets<\/a>)<\/p>\n

The violin and piano duo <\/strong>Fouad and Mounib<\/a><\/strong> are set to perform at the <\/strong>Roman Theatre<\/a><\/strong> in Sharm El Sheikh for the first time \u2014 on Tuesday, 18 June at 10pm. Get your tickets here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning everyone, and happy Eid. We are more excited than usual at the prospect of a longer holiday to come. We are certain you\u2019ve been planning for this week for a while. But now that you\u2019re arrived at Sahel \u2014 what do you intend to do? When you\u2019re done with the usual routine of […]<\/p>\n","protected":false},"author":1,"featured_media":624016,"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":[7287],"tags":[6653,182,6654],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-week-in-review","tag-enterprise-weekend","tag-inflation","tag-the-week-in-review","wpautop","entry"],"acf":{"mongo_id":"9fc35d50-c697-4549-98a8-95ee72f176cb","order":"1","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/1\/2252.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s inflation retreats to lowest level in 16 months","related_issue":[624013],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.62ce6f8b-964e-41eb-958e-d48c754a7ae3.mp3"},"yoast_head":"\nInflation retreats to lowest level in 16 months - 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\/2024\/06\/14\/inflation-retreats-to-lowest-level-in-16-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation retreats to lowest level in 16 months\" \/>\n<meta property=\"og:description\" content=\"Good morning everyone, and happy Eid. 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The Weekend Edition will also be on hiatus, and will return next week at the usual\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/6\/362.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585350,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/14\/lots-of-macro-updates\/","url_meta":{"origin":624015,"position":1},"title":"Lots of macro updates","author":"enterpriseam admin","date":"14 April 2023","format":false,"excerpt":"Good morning, friends. As we approach two shortened workweeks and the final week of Ramadan, we hope your long weekend plans involve some much-needed relaxation and downtime.REMEMBER- Banks are taking next Sunday, 16 April off to mark Coptic Easter (though it\u2019s not a public holiday), while Sham El Nessim \u2014\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/594.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":623608,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/07\/this-weekend-madbouly-to-form-the-new-cabinet\/","url_meta":{"origin":624015,"position":2},"title":"THIS WEEKEND: Madbouly to form the new cabinet","author":"enterpriseam admin","date":"7 June 2024","format":false,"excerpt":"Good morning, ladies and gentlemen, and happy Friday. The weekend is finally here and we are getting into gear for the prospect of the Eid vacation to come. And like you, we didn\u2019t know where to start. And this is where our handy holiday kit guide comes in. We went\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":663155,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/28\/growth-picks-up-to-4-3-in-2q-fy-24-25\/","url_meta":{"origin":624015,"position":3},"title":"Growth picks up to 4.3% in 2Q FY 24-25","author":"enterpriseam admin","date":"28 March 2025","format":false,"excerpt":"Good morning, friends, and a very happy long weekend to you all. We\u2019ve got much to look forward to as the holy month draws to a close and the Eid holiday begins. In the meantime, read on for a recap on the latest news this week, including the latest growth\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/2329.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585549,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/20\/today-happy-eid-al-fitr-the-imfs-recommendations-for-our-economy-and-more-from-last-week\/","url_meta":{"origin":624015,"position":4},"title":"TODAY: Happy Eid al-Fitr + the IMF\u2019s recommendations for our economy and more from last week","author":"enterpriseam admin","date":"20 April 2023","format":false,"excerpt":"Good morning, friends, and happy (almost) last day of Ramadan. We hope you have a wonderful Eid Fitr with your loved ones and get a chance to relax and kick back as pretty much the whole country is out until Wednesday, 26 April. This is the last time you\u2019ll see\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/752.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":663175,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/04\/trump-slaps-universal-tariffs-of-10-and-higher-on-180-countries\/","url_meta":{"origin":624015,"position":5},"title":"Trump slaps universal tariffs of 10% and higher on 180 countries","author":"enterpriseam admin","date":"4 April 2025","format":false,"excerpt":"Good morning, friends, and happy Friday. We hope you had a restful Eid break with loved ones, and that you're feeling energized and fully ready to ease into post-holiday work mode.The sudden shift from carefree vacation mode back to the daily grind can be challenging, but you can beat it\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/4\/25.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/624015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=624015"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/624015\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/weekend\/624013"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/624016"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=624015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=624015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=624015"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=624015"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=624015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}