{"id":633317,"date":"2024-07-11T00:00:00","date_gmt":"2024-07-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/11\/tmgs-southmed-rakes-in-usd-4-2-bn-of-sales-in-six-days\/"},"modified":"2024-07-11T00:00:00","modified_gmt":"2024-07-11T00:00:00","slug":"tmgs-southmed-rakes-in-usd-4-2-bn-of-sales-in-six-days","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/11\/tmgs-southmed-rakes-in-usd-4-2-bn-of-sales-in-six-days\/","title":{"rendered":"TMG\u2019s SouthMed rakes in USD 4.2 bn of sales in six days"},"content":{"rendered":"

Good morning, friends, and happy long weekend. <\/strong>We hope you enjoy a well-earned break with family and friends.<\/p>\n

Dreaming of the ultimate vacation this summer?<\/strong> Bring out your map, as we\u2019ve curated a selection of top destinations both in the Northern and Southern hemispheres. Whether you're looking to escape the heat or find a cool retreat, your perfect getaway awaits.<\/p>\n

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

REAL ESTATE-<\/strong><\/p>\n

TMG\u2019s North Coast debut breaks records:<\/strong> Talaat Moustafa Group (TMG) announced its first<\/a>project<\/a> in Egypt\u2019s North Coast, a 23-mn square meter project with investments of around EGP 1 tn (c. USD 21 bn). The project garnered reservations<\/a> worth EGP 200 bn (USD 4.2 bn) in the six working days after its launch, making TMG \u201cthe fastest and top selling company of a single project launch in the MENA region.\u201d <\/p>\n

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

#1- Annual inflation eased for the fourth month in a row in June: <\/strong>Annual urban inflation cooled to 27.5% in June, down from 28.1% in May<\/a>. The drop came despite a slight increase of food inflation to 31.9% y-o-y in urban areas, according to figures from state statistics agency Capmas.<\/p>\n

Monthly inflation rose again after a surprising decline in May:<\/strong> On a monthly basis, urban inflation recorded 1.6% m-o-m in June after it saw its biggest decline since June 2019 in May.<\/p>\n

Core inflation: <\/strong>Annual core inflation \u2014 which excludes volatile items such as food and fuel \u2014 also slowed to 26.6, down from 27.1% in May, according to data<\/a> from the Central Bank of Egypt. <\/p>\n

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#2- Business activity just shy of growth in June:<\/strong> Egypt\u2019s non-oil private sector activity picked up to its highest level in nearly three years<\/a> in June, with companies seeing a rise in order volumes for the first time in three years due to easing price pressures and stabilizing economic conditions.<\/p>\n

Almost growing: <\/strong>The index edged up to 49.9 in June, up from 49.6 in May<\/a>, settling marginally below the 50 threshold that separates growth from contraction \u2014 an indication of \u201cbroadly stable operating conditions at the end of the second quarter.\u201d The reading was the country\u2019s highest in three years and marked the 43rd straight month that Egypt's non-oil private sector has been in contraction.<\/p>\n

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

#1- FX reserves reach new high:<\/strong> Net foreign reserves increased by USD 258 mn in June<\/a> to just under USD 46.4 bn, surpassing the previous record high of USD 46.1 bn recorded in May. Credit rating agency Fitch Ratings expects Egypt\u2019s foreign currency reserves to reach USD 49.7 bn<\/a> in the current fiscal year and USD 53.3 bn in the next.<\/p>\n

#2- Remittances from Egyptians abroad surged 73.8% y-o-y in May <\/strong>to USD 2.7 bn. On a monthly basis, remittances increased<\/a> for the third consecutive month, rising 26.6%.<\/p>\n

CABINET WATCH-<\/strong><\/p>\n

Laying out the new government\u2019s policy priorities: <\/strong>Prime Minister Moustafa Madbouly delivered his new government\u2019s policy statement<\/a> to the House of Representatives on Monday. The government aims to increase GDP growth to 4.2%, in line with the budget for the fiscal year, and is targeting an average of 5% growth throughout the entire three-year period. Madbouly also wants private investment to make up 60-65% of total investment by 2030, and to increase FDI coming into the country by 14% every year.<\/p>\n

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WHAT\u2019S HAPPENING NEXT WEEK-<\/p>\n

<\/p>\n

Monetary Policy Committee to meet on Thursday: <\/strong>The central bank\u2019s Monetary Policy Committee will meet on Thursday, 18 July to review rates, after leaving key rates unchanged<\/a> when it last met in May.<\/p>\n

Egypt Mining Forum to convene on 16-17 July: <\/strong>The two-day Egypt Mining Forum<\/a> kicks off next Tuesday at the Nile Ritz-Carlton Cairo. The event brings together over 4k attendees, including newly-appointed Oil Minister Karim Badawi and LSE- and TSX-listed gold miner Centamin CEO Martin Horgan. You can register to attend here<\/a>.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

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

<\/p>\n

It was a politics-heavy week<\/strong>, with western politics dominating the global business press. <\/p>\n

France won\u2019t have a far-right government:<\/strong> The country\u2019s centrist and left-wing parties dealt<\/a> a blow to the far-right Rassemblement National as the leftist Nouveau Front Populaire took the most seats in parliament in voting Sunday. Anti-RN parties got their act together and strategically withdrew candidates so as not to split the vote. They now start a delicate dance: figuring out how to put together a government \u2014 a process that could take weeks \u2014 as the country prepares to host the Paris Olympics later this month.<\/p>\n

Pressure is mounting on Joe Biden to quit the presidential race <\/strong>following his disastrous debate performance against Donald Trump, which failed to quell concerns about his age and ability to secure a second term. Major donors, political strategists, elected officials, and rank-and-file party members are calling on Biden to \u201cpass the torch,\u201d but Biden has knuckled down in a bid to keep his campaign.<\/p>\n

In our corner of the world,<\/strong> a temporary Gaza ceasefire started to come more into focus after Hamas accepted a US proposal to open talks on the release of Israeli hostages and dropped its long-standing demand that Israel agree to a permanent ceasefire before inking any agreement.<\/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 WEATHER THIS WEEKEND- <\/strong>Mercury is reaching its peak today in Cairo with highs of 38\u00b0C, dropping to a modest low of 25\u00b0C in the night. Tomorrow, the mercury is cooling down along with a few clouds with highs of 35\u00b0C and a low of 24\u00b0C in the night, according to our favorite weather app. And it\u2019s much cooler in Alexandria and the North Coast during the weekend, with highs of 30\u00b0C and lows of 22\u00b0C.<\/p>\n

HAPPENING THIS WEEKEND- <\/p>\n

Helmy on stage: <\/strong>The comedic genius Ahmed Helmy will be performing in his interactive play Mimo<\/a> at the Grand Nile Tower Hotel<\/a> in Cairo. Catch the show tomorrow. Get your tickets here<\/a>.<\/p>\n

Master the art of <\/strong>punch needle embroidery<\/a><\/strong> at <\/strong>Darb 15<\/a><\/strong> tomorrow from 12pm Whether you\u2019re a seasoned stitcher or a complete beginner, this workshop is perfect for anyone looking to unwind, get crafty, and unleash their inner artist. To book your spot DM Darb 15 on their Instagram<\/a>.<\/p>\n

Mona El Shazly<\/a><\/strong> will be hosting a special live episode hosting Medhat Saleh<\/strong> at the New Alamein Festival tonight at 10pm. Get your tickets here<\/a>.<\/p>\n

If you missed it, musical icon <\/strong>Mohamed Mounir<\/a><\/strong> will be <\/strong>performing tomorrow<\/strong> at the New Alamein Festival from 9pm. Get your tickets here<\/a>.<\/p>\n

Egyptian Nights with <\/strong>Cairokee<\/a><\/strong>. <\/strong>The Egyptian band will be performing at the AAST in Alexandria as a part of the Egyptian Nights Festival on Saturday, 13 July at 8pm. Unfortunately it\u2019s sold out.<\/p>\n

Another <\/strong>tribute night<\/a><\/strong> from <\/strong>El Sawy Culturewheel<\/a><\/strong> is dedicated to Lana Del Rey.<\/strong> Brooklyn Babies will be performing their homage to the queen of summertime sadness on Saturday, 13 July from 7pm. Get the details here<\/a>.<\/p>\n

HAPPENING NEXT WEEKEND- <\/p>\n

Mouled Ahl Al Zikr<\/a><\/strong> x Sawy Culture Wheel:<\/strong> Sheikh Mahmoud Al-Tohamy will present an evening of recitation and chanting at El Sawy Wheel in Zamalek on Friday, July 19 at 8 pm. (Tickets<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"

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We hope you enjoy a well-earned break with family and friends. Dreaming of the ultimate vacation this summer? Bring out your map, as we\u2019ve curated a selection of top destinations both in the Northern and Southern hemispheres. 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CIB will own 37% of the new entity, with TMG holding the rest. The new venture will acquire, sell and lease commercial properties, and CIB\u2026","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/249.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562830,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/08\/tmg-does-another-jv-with-state-owned-banks\/","url_meta":{"origin":633317,"position":1},"title":"TMG does another JV with state-owned banks","author":"enterpriseam admin","date":"8 June 2021","format":false,"excerpt":"The National Bank of Egypt (NBE), Banque Misr and Talaat Moustafa Group (TMG) have established a new real estate joint venture, dubbed Rawasi, with paid-in capital of EGP 200 mn, NBE Deputy Chairman Yehia Abou El Fettouh told Masrawy.What\u2019s in the pipeline? The new company obtained a EGP 9 bn\u2026","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/106.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599907,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/tmg-to-invest-egp-300-bn-in-new-project-in-madinaty\/","url_meta":{"origin":633317,"position":2},"title":"TMG to invest EGP 300 bn in new project in Madinaty","author":"enterpriseam admin","date":"14 January 2019","format":false,"excerpt":"Talaat Moustafa Group (TMG) is investing EGP 300 bn in the Spine, a mixed use project in TMG\u2019s Madinaty city, the company said in a disclosure to the EGX (pdf). 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