Good morning, dear readersAnd welcome to a new issue of our morning bulletin full of financial and economic news.
Oath leave for a whole week for the public sector: Prime Minister Mostafa Madbouly announced in a statement that the Eid al-Adha holiday for public sector workers will run for an entire week, from Saturday, July 9, to Thursday, July 14.
What about the private sector and banks? We are still waiting for similar announcements from the Ministry of Manpower regarding the private sector, as well as the Central Bank and the Egyptian Stock Exchange regarding the banking sector and the stock exchange.
First of all, we would like to announce the first official event organized by Enterprise. Our old readers know how we have always enjoyed brunches and breakfasts for small groups of our readers, but this year the event will be on a much larger scale.
This fall, Enterprise will host an exclusive group of CEOs and other corporate executives. and financial officials, to talk about green funding for projects in Egypt, which will come on the heels of the COP27 climate summit. The idea behind this event is to continue the conversation after the summit and delve into the financing instruments, legislation, projects, problems and ideas that will be needed to lead the radical transformation of the Egyptian economy.
Want to know more? You must contact us. If you would like to attend this event or discuss with us how to advertise your brand, just email us: email@example.com.
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The most prominent news locally – the government reveals the financial performance indicators for the budget for the financial year 2022/2021: The government managed to outperform the target budget deficit in 2022/2021, which was 6.1% of GDP, compared to 7.4% in the previous year. The Ministry of Finance has set the target budget deficit at 6.7% for the financial year ending in June.
The Egyptian Stock Exchange’s main index fell to its lowest level since November 2016 yesterdayWith the escalation of the sales wave among foreign investors in the face of fears of rising global inflation, rising interest rates and the possibility of an economic recession in the United States, which exacerbated the bearish market in the Egyptian Stock Exchange. The EGX30 index fell 3.6% yesterday, recording its biggest daily loss since February, meaning the decline has reached 28% since the peak of the index’s rise in January. The sell-off included all the shares of the main index that closed in the red yesterday.
We are not alone The intensification of sales activity in the Egyptian Stock Exchange coincided with losses in the Gulf stock exchanges, which until last May were protected from the turmoil of world stock markets due to the rise in oil prices, which gave them a strong start in the first months. of the year. Shares in Saudi Arabia, the United Arab Emirates and Qatar have fallen dramatically over the past two months as concerns about the global economic outlook cast a shadow over oil revenues flowing into the Gulf.
happens today –
Parliament’s recession may begin tomorrowThe House of Representatives is expected to adjourn the current session today, according to Youm Al-Sabeeh.
And also today in Parliament: The Council discusses the proposed amendments to the Consumer Finance Act introduced by the government, which aim to provide greater protection to consumers against financial fraud crimes.
Public discussions continue today about the government’s plan to keep some state-owned assets afloatTransport officials are discussing a state ownership policy document outlining the government’s plans for the industry.
Sunday’s session witnessed a review of the opinions and recommendations of players in the automotive sector and representatives of other engineering industries. Some of the proposals made to the government were to repeat the motor industry’s recently launched strategy in other industries and to give more “gold licenses” to investors. Among other recommendations were to improve the state’s investments in the manufacture of electric cars, batteries for those cars, wind turbines and solar panels, as well as in relation to raw materials.
Witness workshops every Sunday and Tuesday on how government exit plans affect certain sectors. More details on the meeting schedule can be found here.
The national dialogue begins on Tuesday. The General Coordinator of the Dialogue Rashwan will hold the first session of the Board of Trustees, which consists of 19 members, according to the State Information Service. Council members include deputies, journalists, politicians and economic experts. President Abdel Fattah al-Sisi also referred to the beginning of the dialogue in a report carried by Channel One (see, duration: 2:18).
Global Highlight – Another mass shooting incident in the United States has dominated the front pages of many international newspapers that morning. Six people were killed and 30 wounded after a gunman opened fire on an Independence Day rally in Chicago on Monday. (Associated Press l Reuters l New York Times l Washington Post l Wall Street Journal)
Another shooting incident in the Danish capital caught the attention of international newspapers. A gunman killed three people and wounded several others at a shopping center in Copenhagen on Sunday. The suspect, a 22-year-old Danish citizen, was arrested after the incident. (Reuters l New York Times l BBC l CNN)
- The crisis of German energy companies: The German government is preparing legislation to rescue local energy companies, in an effort to avoid a crisis caused by high gas prices. (Financial Times)
- Cryptocurrency continues to plummet: Another crypto-currency lender – Vauld – has decided to prevent investors from withdrawing their money, in an effort to resist the crypto-market crash. (CNBC)
in notebook –
The Petroleum Products Automatic Pricing Committee may hold a meeting this weekto review fuel prices for the third quarter of this year.
The most important economic events to look forward to in July:
- Purchasing Manager Index: The June PMI data for Egypt is expected to be released on Wednesday, July 6th.
- foreign exchange reserves: We are waiting for the release of foreign reserve numbers in June this week.
- Inflation: Inflation data for June are expected to be released at the end of this week.
You can view the full notebook at Our website, In which you will find a comprehensive list of upcoming news events, national holidays, conferences and everything that affects the business and financial community.
Our appointment today with the “Green Economy” is your weekly portal to the sustainable economy in Egypt. Which every Tuesday focuses on sustainable economic activities, renewable resources and green development in the country. The scope of the “green economy” is very large and covers everything from solar and wind energy, through water and sanitation management projects to sustainable construction.
In today’s issue: Egypt’s production of honey, a food that has been deeply rooted in Egyptian culture for thousands of years, is facing increasing danger. Egypt is one of the world’s leading exporters of bee swarms, but is currently facing an existential challenge of climate change and growing economic problems locally, in addition to declining production and export volumes, industry sources told Enterprise.