Back to the complete issue
Wednesday, 27 April 2022

Your top 5 pieces of business and economic news in April 2022

Your top 5 pieces of business and economic news in April:

  • ADQ enters the EGX: Abu Dhabi wealth fund ADQ acquired state-owned stakes in five EGX-listed companies for USD 1.8 bn as part of an agreement reached in March to provide Egypt with emergency liquidity in response to the fallout from Russia’s war in Ukraine.
  • FAB bid for EFG is off: Emirati lender First Abu Dhabi Bank dropped its bid for a majority stake in leading financial services corporation EFG Hermes.
  • IMF upgrades Egypt growth forecast: The IMF has revised upwards its Egypt growth forecast for FY 2021-2022 despite the conflict in Ukraine driving a “significant slowdown” globally.
  • Raising LNG exports to Europe: Eni signed an agreement with the state-owned EGAS to “maximize” Egyptian LNG exports to Europe and boost Eni’s local gas production.
  • Inflation at three-year high: Annual urban inflation rose to its highest level in almost three years in March as spillover effects from the conflict in Ukraine continued to hit the Egyptian economy.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.