August 1, 2022| Al-Shorouq Economic Bulletin: Expected increases in the prices of municipal meat

“Al-Shorouk” offers you the five in the evening bulletin, which deals with the most important news of the economy and the financial and business community that occurred throughout the day.

Al-Shorouk Economic Bulletin monitors the most important economic news today, Monday, August 1, 2022, which came to the fore:

Business sector: Insurance Holding targets EGP 5.8 billion in profit in 2023-2022

The Ordinary General Assembly of Misr Insurance Holding Company, led by Hisham Tawfiq, Minister of Public Business Sector, approved the group’s estimated budget for the financial year 2022/2023.

The ministry said in a statement today, Monday, that Basil Al-Hini, the executive managing director of the Misr Insurance Holding Group, reviewed the report of the board of directors on the draft estimated budget for the financial year 2022/2023.
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Monday, August 1 .. The stability of the dollar exchange rate in banks at the end of today’s trade

The exchange rate of the dollar in banks stabilized at the end of trading today, Monday, to record 18.91 pounds for buying and 18.97 pounds for selling in the National Bank of Egypt and Banque Misr.
It also settled in the Commercial International Bank and the Arab African Bank at 18.93 pounds for purchase and 18.99 pounds for sale.
It also settled in the Bank of Alexandria at 18.89 pounds for purchase and 18.99 pounds for sale, and the dollar exchange rate in Al Baraka Bank reached 18.87 pounds for purchase and 18.97 pounds for sale.
The exchange rate at the Central Bank of Egypt stabilized at 18.89 pounds for purchase, and 19.00 pounds for sale
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August 1, 2022.. A collective decline in stock market indices at close

The Egyptian Stock Exchange indices fell at the close of trading today, Monday, affected by selling activities by foreign institutions, investment funds and Egyptian individual investors, while the transactions of local and Arab institutions tended towards buying. For more details, click here:

Minister of Communications: We intend to expand fiber optic networks in villages for a decent life in Minya

The Minister of Communication and Information Technology, Dr. Amr Talaat, said that the ministry is starting the implementation of infrastructure works and the expansion of fiber optic networks in the villages targeted by the presidential initiative “A Dignified Life” in Minya, adding that there is a plan to mobile to deploy towers and stations in the governorate; To deliver the required service with high quality and efficiency for the people of the governorate emphasizing that the human development axis includes many activities aimed at building people and striving for digital literacy and spreading digital awareness using information technology .
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International cooperation: Graduation of 14 startups in the third cycle of the Orange Corners program

The Orange Corners Cairo Program and Caltif Entrepreneurship Company today celebrated the graduation of 14 startups in its third consecutive cycle, under the patronage of the Ministry of International Cooperation and the Dutch Embassy in Cairo; This is after the completion of the various stages of the incubation program, which lasted for 6 months, in light of the importance of entrepreneurship and innovation to stimulate sustainable economic growth and create decent jobs, and within the framework of continuous interest in sustainable development .
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The Minister of Trade and Industry and her Djibouti counterpart discuss ways to develop trade rates

Nevin Jameh, Minister of Trade and Industry, received Mohamed Warsma Direh, Minister of Trade and Tourism of the State of Djibouti, and his accompanying delegation. The meeting discussed ways to develop and develop joint economic and trade relations between the two countries .
The meeting also reviewed the current global economic developments in light of the Corona pandemic and the Russian-Ukrainian crisis. The meeting was attended by Ahmed bin Ali Berri, Ambassador of Djibouti in Cairo, Ibrahim Al-Sigini, Assistant Minister for Economic Affairs, Minister and Commercial Commissioner Yahya Al-Wathiq Billah, Head of Commercial Representation, and Commercial Adviser Yasser Hegazy, Head of the Egyptian Commercial Office in Djibouti. Ahmed Mohamed Omar, Adviser to the Minister of Trade, Djibouti.
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Expected increases in the prices of municipal meat varying between 5 and 7 pounds
Sayed Al-Nawawi, a board member of the Cairo Chamber of Commerce and one of the meat importers, said there is an expected increase of between 5 and 7 pounds in the prices of municipal meat in local markets.
Al-Nawawi attributed this increase to a large increase in feed prices recently, which led to an increase in municipal meat in slaughterhouses to 130 pounds per kilo on Sunday, compared to 124 and 125 pounds.
Al-Nawawi added that the increase in feed prices is the result of the high exchange rate of the dollar and the difficulty of importing feed, noting that Egypt imports most of its feed needs from abroad.
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August 1, 2022.. Gold continues to rise mid-day.. 21 carat records 1035 pounds

Gold prices continued to rise in the local goldsmiths markets amid today’s trade, by another 5 pounds, bringing the price of a gram of 21 carat, the top seller in Egypt, to around 1,035 pounds, compared with 1,030 pound at the start of today’s trading, due to the rise in the prices of the yellow metal on the stock exchanges. In addition to the rise in the exchange rate of the dollar against the pound, according to Naguib Naguib, the former secretary general of the Goldworks -section at the Cairo Chamber of Commerce.
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The Financial Supervisory Authority welcomes the amendment of the provisions of the law on the activity of financing medium, small and micro enterprises

Dr. Mohamed Omran, Chairman of the Financial Supervisory Authority, approved the issuance by the President of the Republic of Law No. (155) of 2022, regarding the amendment of some provisions of Act No. (141) of 2014 which with the regulation of the activity of financing medium, small and micro enterprises and publishing it in the Official Gazette, as an important step towards Full protection for project owners, improves financial inclusion in the non-bank financial sector to reach the largest possible number of beneficiaries, support financially disadvantaged groups and improve their competitiveness to achieve Egypt’s Vision 2030, according to a statement today.
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Madbouly: The increase of a solidarity and dignity pension for one million families will be permanent and not related to the current exceptional situation
Prime Minister Mostafa Madbouly said that there are permanent measures in the social protection packages launched by the state.

He added during a press conference in Beheira, today, Monday, that the increase of a solidarity and dignity pension for one million families will be permanent and not related to the current exceptional situation, explaining that the aim is to more than five million families, which is representative of approximately 20% of the Egyptian population. For more details, click here:

Madbouly: Implementation of 4320 national projects worth 80 billion pounds over the last 4 years

Prime Minister Dr. Mostafa Madbouly confirmed that the total share of Beheira governor in the country’s development projects is estimated at 124 billion pounds.
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