Your top 5 pieces of business and economic news in August 2021
Your top 5 pieces of business and economic news in August:
- IPO Watch: Mass transportation startup Swvl and the state-owned Administrative Capital for Urban Development (ACUD) are planning to go public on the EGX in the next two years.
- The Russians return: Direct flights between Russia and Egypt’s Red Sea resorts resumed in August, six years after the Metrojet crash in Sinai.
- Swvl heads to Europe: Swvl will acquire Spanish transport startup Shotl, giving the Egyptian company a European base in Barcelona.
- Inflation at 2021 high: Prices accelerated at the fastest rate since December in July due to rising fuel and electricity costs.
- Rates on hold: The Central Bank of Egypt left rates on hold in its August meeting as policymakers looked to preempt rising inflation and maintain Egypt’s high real interest rate.