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Wednesday, 27 October 2021

Egypt letting go of emergency rules was good news for the EGX

It wasn’t a particularly eventful night on the airwaves, with President Abdel Fattah El Sisi’s decision yesterday to not renew the state of emergency still getting airtime.

The decision was good for stocks: Al Hayah Al Youm’s Mohamed Sherdy and Ala Mas’ouleety’s Ahmed Moussa both spoke to EGX boss Mohamed Farid for his two cents on whether the decision was linked to the EGX closing 0.7% in the green yesterday (watch, runtime: 6:43 and runtime: 6:11). The takeaway: Not renewing the state of emergency sent an important message to investors that the country is the safest and most stable it has been in recent years.

Also on the airwaves last night: The three-year program Prime Minister Mostafa Madbouly signed in Paris with the OECD yesterday to support Egypt’s structural economic reform agenda (watch, runtime: 5:50) and Eni’s three new oil and gas discoveries in the Western Desert (watch, runtime: 9:02). We have more in both those stories in Also on Our Radar, below.

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