Arab Finance: Major developments shaped the third week of May, led by President Abdel Fattah El-Sisi inaugurating the EGP 800 billion New Delta project on the Sheikh Zayed Axis in Giza.
The following are the top 10 trending business and economic stories for the week ended May 21st:
1-El-Sisi inaugurates EGP 800B New Delta project
President Abdel Fattah El-Sisi witnessed the inauguration of the New Delta project on the Sheikh Zayed Axis in Giza, with total investments of EGP 800 billion.
2-IMF begins 7th review of Egypt’s EFF program, eyes $1.6B disbursement
A mission from the International Monetary Fund (IMF) arrived in Cairo for the seventh review of Egypt’s extended fund facility (EFF) program, with the process potentially unlocking around $1.6 billion in new financing.
3-EGX plans trading tool upgrades to attract investors: Radwan
The Egyptian Exchange (EGX) is working to transform into a financing platform supporting national projects and productive sectors through the development of market tools and trading mechanisms, alongside efforts to improve operational efficiency and attract more local and foreign investments.
4-Cyprus approves Cronos field plan with gas exports to Europe via Egypt targeted for 2028
Cypriot President Nikos Christodoulides has approved the development and production plan for the Cronos gas field, paving the way for the first shipment of natural gas to Europe via Egypt by 2028.
5-Egypt raises $1B in 8-year USD-denominated social bond sale
Egypt has raised $1 billion in an eight-year USD-denominated social bond issuance, drawing in robust investor demand despite market pressures amid the ongoing regional conflict.
6-Mawani links Saudi Arabia, Egypt, Jordan via Red Sea Express container service
The Saudi Ports Authority (Mawani), in partnership with Folk Maritime and SABIC, has launched the new Red Sea Express container shipping service to King Fahd Industrial Port to boost logistics connectivity.
7-CIB plans to launch digital bank Yomo in Egypt in Q4 2026
Commercial International Bank Egypt (CIB) plans to launch its digital bank, Yomo, in Egypt during the fourth quarter (Q4) of 2026 as part of its strategy to expand digital banking services.
8-EGPC, Cheiron, Capricorn sign $208M deal to boost Badr El Din concession's output
The Egyptian General Petroleum Corporation (EGPC), Cheiron Petroleum Corporation, and Capricorn Energy signed a new agreement for the Badr El Din concession in the Western Desert.
9-Korra Energi's private placement covered 2.7x on 1st subscription day
The private offering of Korra Energi has been covered 2.7 times on the first day of subscription.
10-Valu, ElTawkeel.com launch Egypt's 1st fully integrated digital automotive e-commerce platform
Valu, through its specialized arm Valu Shift, partnered with ElTawkeel.com to launch Egypt's first fully integrated digital automotive e-commerce platform focused on the new car segment.
