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10 top stories you should know before the end of September

10 top stories you should know before the end of September

ArabFinance: With the end of September, the last month in a tough summer, Egyptians are still awaiting the finalization of a deal with the IMF. The country reported high gas exports in the ended fiscal year. Globally, Porsche’s IPO news is making hype.


1- Egypt could strike deal with IMF in 2 months: Maait 

Egypt could reach an agreement with the International Monetary Fund (IMF) in a month or two, Minister of Finance Mohamed Maait said during an interview with Bloomberg TV. The size of the loan has not been yet determined which would take place at the final stage of the negotiations, Maait added.


2- Egypt’s natural gas exports hit $8B FY 2021/22 

Egypt’s exports of natural and liquified gas (LNG) recorded $8 billion during the fiscal year (FY) 2021/2022. The country’s natural gas exports amounted to 69.2 billion cubic meters (BCM).


3- Egypt to host Economic conference in October 

Egypt to hold the Economic Conference during the period from October 23th to 25th, Prime Minister Mostafa Madbouly announced in a Cabinet meeting on September 28th. The conference’s agenda will be launched next week with all the details, Madbouly noted.


4- El-Sisi directs CBE to end obstacles facing importers, manufacturers within 2 months 

 President Abdel Fattah El-Sisi directed the Governor of the Central Bank of Egypt (CBE) Hassan Abdallah to eliminate all the obstacles facing importation and local manufacturing due to the Russian invasion of Ukraine within two months maximum.


5- Volkswagen needs new LCs to continue operations in Egypt 

 Volkswagen needs to open new letters of credit (LCs) to secure spare parts to continue operations in Egypt, Al-Mal News reported on September 26th, citing Medhat Ismail, Sales and Marketing Director at Egyptian Automotive and Trading, the agent of Volkswagen and Audi brands in Egypt.


6- EGAS exports 84 LNG shipments from Idku, Damietta plants in FY 2021/2022 

Egyptian Natural Gas Holding Company (EGAS) exported 84 shipments of liquified natural gas (LNG) from the LNG plants in Idku and Damietta in fiscal year (FY) 2021/2022. The volume of EGAS’ exports grew by 44% year-on-year (YoY).


7- EGYtrans denies receiving EGP 4.5/share acquisition offer 

Egyptian Transport and Commercial Services Company (ETRS) (EGYtrans) denied receiving an acquisition offer at a value of EGP 4.5 per share. The company revealed that it is considering the acquisition of a company operating in a complementary field to expand and support its operations.


8- EFG Hermes, GB Capital launches Kaf in Egyptian insurance market

EFG Hermes Holding (HRHO) and GB Capital have launched Kaf in the Egyptian insurance market. After EFG Hermes and GB Capital acquired a 75% stake in Tokio Marine Egypt Family Takaful in 2020, the latter has been rebranded as Kaf.


9- Porsche’s IPO likely to collect €9.4B as investors rally to purchase 

The initial public offering (IPO) of the German automaker Porsche witnessed a great investor appetite, while the parent company Volkswagen anticipates collecting €9.4 billion from the share sale. A 12.5% stake in Porsche was offered at a per-share price ranging from €76.5 to €82.5.


10- Abu Dhabi’s ADQ, Omani OIA identify $8B investments in Oman 

Abu Dhabi-based investment and holding company ADQ and the Oman Investment Authority (OIA) have identified investments worth AED 30 billion ($8 billion) in the Sultanate of Oman. Both ADQ and OIA mulled over ways to bolster trade and economic activities as a step to strengthen ties between the UAE and Oman.

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