Egypt's Economic Outlook Remains Resilient Amid Global Headwinds, Says Standard Chartered
The Bank has revised its global growth forecast for 2025 to 3.1%, down slightly from 3.2%, reflecting persistent downside risks primarily driven by heightened trade policy uncertainties. Despite a softening global outlook, Standard Chartered sees several bright spots. Growth in the Middle East is expected to benefit from the reversal of OPEC+ production cuts and ongoing efforts to diversify away from oil dependence. In Sub-Saharan Africa, growth is forecast at 4.1%, supported by reduced exposure to global trade volatility, though reforms remain key to unlocking full potential. Asia is projected to lead global growth at 4.9%, with the MENAP region following at 3.4%, in contrast to just 1.3% for major developed economies Google News تابعونا على تابعونا على تطبيق نبض
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
a day ago
- See - Sada Elbalad
Kuwait Renews $2 Billion Deposit with Egypt's Central Bank
Taarek Refaat The Central Bank of Egypt (CBE) announced that Kuwait has renewed a $2 billion deposit for an additional year, extending its maturity from September 2024 to September 2025. The renewal was disclosed in the CBE's latest External Position Report, a quarterly document detailing Egypt's economic transactions with the rest of the world. According to the report, this is not the first extension of Kuwaiti deposits. Earlier this year, Kuwait rolled over another deposit that was due in April 2024, pushing its maturity date to April 2025. Kuwaiti deposits are part of a broader network of Gulf financial support that has helped Egypt navigate persistent foreign currency shortages and external financing needs in recent years. The External Position Report offers a comprehensive analysis of Egypt's balance of payments, tracking the flow of goods, services, investments, and capital, as well as the country's net international investment position, which records total foreign assets and liabilities. The report also includes data on Egypt's external debt and its sustainability. The deposit renewals highlight continued financial backing from Kuwait at a time when Egypt faces ongoing economic challenges, including high external debt levels and a pressing need to attract foreign investment. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated
Egypt Independent
2 days ago
- Egypt Independent
Sisi: Uganda is Egypt's key partner in southern Nile Basin
CAIRO, Aug 12 (MENA) – President Abdel Fattah al-Sisi has stressed that Uganda is a key partner of Egypt in the southern Nile Basin region, expressing Cairo's aspiration that the African country can be among the primary beneficiaries of the Egyptian mechanisms designated to support development in Nile Basin countries. President Sisi's remarks came during his speech at the Egypt-Uganda Businessmen Forum, which was inaugurated Tuesday in the presence of Ugandan President Yoweri Museveni. Sisi also lauded the organization of the forum, which brings together leading business figures from both countries. He noted that the forum reflects the depth of the extended bonds of friendship between Egypt and Uganda, as well as their firm determination to expand partnerships across various fields of cooperation for the benefit of their peoples. Egypt looks forward to enhancing economic cooperation and increasing the volume of trade exchange, which reached about $133 million in 2024, and expected to double this figure, President Sisi said. He underscored the need for accelerating the formation of the Egyptian-Ugandan Joint Business Council, increasing the exchange of business delegations, and encouraging companies in both countries to boost their exports — particularly in sectors like agriculture, pharmaceuticals, building materials, electrical appliances, and other products that meet the needs of markets. The president noted that the forum is a practical step toward translating the strength of bilateral political relations into concrete projects that benefit Egyptian and Ugandan peoples, based on a win-win approach. Sisi said the private sector and entrepreneurs in both countries should be the driving force of partnership in economy, trade, and investment, while the role of governments is to provide the legal and political frameworks that enable these partnerships to thrive. President Sisi reaffirmed that Egypt, as always, extends its hand to Uganda — as a partner, brother, and friend — within a framework of mutual respect and shared interests. (MENA)
bnok24
2 days ago
- bnok24
EFG Holding Preserves Growth Momentum, Demonstrating Resilient Performance in the Second Quarter Results of 2025
EFG Holding, a financial institution with a universal bank in Egypt and the leading investment bank in the Middle East and North Africa (MENA), announced today its results for the second quarter of 2025. The Group's revenues recorded a 21% Y-o-Y increase to reach EGP 6.1 billion, driven by strong results across all business lines, particularly EFG Finance, its non-bank financial institutions (NBFI) platform, and Bank NXT, its commercial bank The Group's total operating expenses (including provisions & ECL) increased 22% Y-o-Y to EGP 4.1 billion, on higher provisions & ECL, predominantly in EFG Finance, and higher other G&A expenses. Meanwhile, employee expenses were flat Y-o-Y With the increase in revenues surpassing the increase in expenses, EFG Holding's net operating profit and net profit before taxes increased 19% Y-o-Y and 21% Y-o-Y, respectively. Consequently, net profit after tax and minority interest inched up 2% Y-o-Y to reach EGP 802 million in 2Q25 Karim Awad, Group CEO of EFG Holding, commented, 'Our second quarter results demonstrate the continued resilience and strength with which EFG Holding operates, supported by its diversified platform and strong geographic footprint. EFG Holding's first half of 2025 has been defined by meaningful milestones and strong momentum. Foremost among these is Valu's listing on the Egyptian Exchange (EGX) in June, complemented by Amazon's decision to exercise its Option Agreement with EFG Holding to acquire a direct stake in Valu. The period's financial results highlight the standout performance of EFG Finance, driven by Valu and Bank NXT. Our Asset Management platform continues to expand, with assets under management growing, while the Investment Banking division closed transactions totaling more than USD 1 billion in the quarter EFG Hermes, the investment bank, maintained its resilient performance for the second quarter of the year, with Holding & Treasury Activities, Brokerage, and the Buy Side revenues collectively rising 131% Y-o-Y. Although the Investment Banking business continues to demonstrate solid performance this quarter, Y-o-Y revenues appear lower due to an exceptionally high base in the comparative period. Excluding this high base effect, the underlying performance of the advisory business remains robust and promising. Thus, EFG Hermes' operating revenues came flat Y-o-Y at EGP 2.7 billion. Holding & Treasury Activities recorded a strong rebound, generating EGP 397 million in revenues versus a loss of EGP 503 million in 2Q24. Brokerage revenues rose 25% Y-o-Y, driven by higher revenues generated particularly by Egypt, followed by Kuwait and the UAE markets. EFG Hermes operating expenses (including provisions & ECL) inched up 3% Y-o-Y to EGP 2.2 billion, on higher other G&A expenses, higher provisions & ECL, and despite lower employee expenses. EFG Hermes reported net profit after tax and minority interest of EGP 268 million, down 11% Y-o-Y, on lower profitability generated by the Investment Banking division EFG Finance, the Group's Non-Bank Financial Institutions (NBFI) platform, continued to deliver strong results in 2Q25, with its revenues surging 66% Y-o-Y to EGP 1.8 billion, supported by broad-based growth across all lines of business. Valu led the performance with a 71% Y-o-Y increase in revenues, driven by substantial securitization gains and higher net fees & commissions amid a rise in loan issuances, followed by Tanmeyah and Corp-Solutions, which continued its upward trajectory with Leasing's portfolio reaching EGP 17.7 billion in 1H25, increasing 102% Y-o-Y, fueled by targeted efforts to onboard large creditworthy clients. Valu issued EGP 4.7 billion worth of new loans in 2Q25, up 60% Y-o-Y. EFG Finance's operating expenses rose 82% Y-o-Y to EGP 1.2 billion, mainly due to inflation-driven G&A costs, higher provisions, increased employee expenses and one-time expenses related to Valu's listing. EFG Finance's net operating profit and net profit before taxes rose 39% Y-o-Y and 37% Y-o-Y, respectively, in 2Q25. However, net profit after tax and minority interest declined 15% Y-o-Y to EGP 230 million, due to higher minority interest charges following the distribution of Valu shares to EFG Holding's shareholders and the decline in EFG Holding's ownership from 95% to 67% Bank NXT, the commercial bank, delivered a strong performance, delivering 30% Y-o-Y revenue growth to reach EGP 1.6 billion in 2Q25. This was primarily driven by higher net interest income, in addition to an increase in interest-earning assets. Operating expenses, including provisions & ECL, rose 23% Y-o-Y to EGP 694 million in 2Q25, primarily due to higher salaries, as well as higher other G&A expenses, which were offset by a 27% decline in provisions and ECL. The Bank's net profit after tax and minority interest added 39% Y-o-Y to reach EGP 304 million in 2Q25, as revenue growth outpaced the growth in expenses 'Amid ongoing geopolitical volatility and persistent macroeconomic headwinds, market dynamics across the MENA region remained varied, both in terms of liquidity and overall performance. Nonetheless, the Brokerage business delivered notable growth in total executions, driven primarily by robust activity in Kuwait and the UAE. Bank NXT continued to broaden its portfolio, diligently cultivating a strong base that will underpin future growth and generate lasting value. Anchored by a solid foundation, the firm is well-positioned to adeptly navigate changing market conditions and confidently capitalize on emerging opportunities for the benefit of clients and shareholders alike,' concluded Awad Google News تابعونا على تابعونا على تطبيق نبض
