Your top 5 pieces of business and economic news in November 2022
Your top 5 pieces of business and economic news in November:
- The EGX has been busy: EGX fees are set to be cut 20% and planned caps on margin trading could be delayed by six months as the government looks to cushion the impact of the controversial planned capital gains tax on EGX trades.
- The public sector is looking to back out of select sectors of the economy as a way to avoid “crowding out” the private sector, the Cabinet decided last month.
- The PPP Act got final sign off, opening the door for more collaboration with the private sector.
- EBRD upgraded Egypt’s growth outlook for current fiscal year: Egypt’s economy is on track to grow 4.9% in FY2021-2022 — up 0.4 percentage points from the bank’s June report, which EBRD relates to a pickup in the telecoms sector, a rebound in private consumption and investment, as well as recovering foreign direct investment flows.
- Vodafone Group agreed to transfer its 55% stake in Vodafone Egypt to sub-Saharan African subsidiary Vodacom, in an EUR 2.72 bn transaction, which is expected to conclude before 31 March 2022.