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We hope you’re ready for the weekend. Before we take a break after a long work week, we have a short read for you this morning with updates on the IMF’s growth projections for the next year, and more.
Also, we have our ears to the ground on what move the CBE will make at its meeting today, and will bring you updates in our upcoming issue.
IMF lowers Egypt's economic growth forecast for FY 2024/25
The Clap:
According to the World Economic Outlook Report , the IMF has reduced its prediction for Egypt’s real GDP growth by 0.3% for both the prior and current fiscal years.
Growth projections:
The IMF now predicts that Egypt’s actual GDP will reach 2.7% in FY 2023/2024, and 4.1% in FY 2024/2025.
Remember:
In the beginning of the month, the IMF delayed the conversation about giving Egypt the USD 820 million third portion of its USD 8 billion loan program until July 29th, rather than during the planned meeting on July 10th.
Shalateen Mineral Resources aims to send 1.2 tons of gold to the CBE this year
The Clap:
Chairman of Shalateen Mineral Resources Sherif El-Shahawy told Asharq Business that his company plans to supply the Central Bank of Egypt (CBE) with 1.2 tons of gold in 2024.
The company provided 750 kilograms of gold valued at approximately EGP 2.6 billion in 2023, he noted.
Shalateen who?
Founded in 2012, the company is 35% owned by the Egyptian Mineral Resources Authority. The Egyptian Ministry of Defense’s National Service Projects Agency holds a 34% stake, while the National Investment Bank (NIB) possesses 24%.
More plans underway:
El-Shahawy also stated that the building of a mining industrial hub for mining activities in Aswan has commenced, with an anticipated completion date of May 2025 and a budget of EGP 350 million.
Remember, the company had a great 1H:
During the initial six months of 2024, Shalateen Mineral Resources boosted its gold shipments to the CBE by around 23% YoY.
In other gold news:
Oil Minister Karim Badawi mentioned earlier this week during the Egypt Mining Forum that his office is developing a digital platform for mining investments to enhance the sector’s investment opportunities, and plans to develop the Eastern Desert as a key gold hub by constructing a gold refinery and logistics center in a bid the mining sector’s contribution to the GDP contribution from under 1% to 5%.
What else is clapping?
The board of directors of Dice Sport and Casual Wear approved the EGP 37 million purchase of a minority stake — 17.4% — in United Dyers Company.
First Abu Dhabi Bank Egypt is arranging a EGP 4 billion syndicated loan for the Saudi Egyptian Developers Co. in a bid to help the latter finance a new real estate project in New Cairo.
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