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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.

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