S&P holds Egypt’s Emerging Markets ranking + banks can now verify you without a branch visit
· Egyptian market news · ARAB
☀️ Good morning, friends, and happy long weekend.
Elsewhere in today’s issue:
But first, your weekly recap…
🗞️ LAST WEEK IN 3 MINS
S&P Dow Jones Indices has decided not to downgrade Egypt, confirming the country will keep its Emerging Markets status.
The Central Bank of Egypt’s board has approved rules governing the eKYC identity system
The EGX’s listing committee fined roughly 50 companies a combined EGP 1.04 mn last week for missing financial statement deadlines.
The government has broken ground on the USD 658 mn Abu Tartour phosphoric acid complex in New Valley governorate
In a bid on a government tender, tech giant Huawei is offering to export roughly 1.4k of its newest Ascend 950-series chips for an AI training cloud in Egypt
This comes as the Communications Ministry targets EGP 115.4 bn in private and foreign investment in the ICT sector in FY 2026/27
AND- Nasdaq-listed, Dubai-based mobility startup Swvl Holdings has entered into a definitive agreement USD 13 mn private placement
ALSO- Saudi Gold Refinery has applied directly under its own name for exploration licenses in the 260 blocks the Petroleum and Mineral Resources Ministry opened for bidding in the Eastern Desert.
The Julius Nyerere hydropower dam, a USD 2.9-3 bn project on Tanzania’s Rufiji River formally inaugurated this week
AND- The Oil Ministry is stepping up its upstream push
The Chinese takeover with Ankush Arora:
On this episode of Making It, Ankush Arora, CEO of Al Mansour Automotive Group
Listen to the episode on: Apple Podcasts Spotify Anghami YouTube
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🌍 AROUND THE WORLD IN SEVEN DAYS
This week’s headlines were dominated by Washington’s pivot from bombing Iran to strangling it
With direct negotiations abandoned, the US launched Operation Economic Outcast fully prepared further intensify tensions
CLOSER TO HOME- removed Syria from its state sponsors of terrorism list
IN THE BUSINESS PRESS- driving up server costs
IN TECH NEWS- exceeds USD 30 tn
The Egypt Forum is back
Every session on stage answers one question: “So, what do I actually do about it?”
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Request your invitation here.
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☀️ THE WEATHER THIS WEEKEND
This weekend brings the heat.
If you’re still having fun on the North Coast
🎤 HAPPENING THIS WEEKEND
Jordanian Arab-rock band Jadal is heading to Alexandria as part of Bibliotheca Alexandrina’s 23rd International Summer Festival. evening website
Haven’t had enough of the Sahel concerts? night TicketsMarché
Egyptian pop icon Ehab Tawfik is bringing a dose of ‘90s nostalgia to the North Coast. late-night trip TicketsMarché
Movie lovers, it’s your lucky day. program TicketsMarché
Lebanese comedy sensation John Achkar is landing in Egypt on Saturday, 26 September as part of his ongoing global tour: Feena Nehke?. here here