THIS EVENING: Al Futtaim to invest USD 1 bn in Egypt over 3 years + Oil slides as KSA says it could step in for Russian production
Good afternoon, wonderful people. It is finally the weekend and if that weren’t cause enough for celebration, we have good news on the business and investment front to leave you with.
THE BIG STORY TODAY
UAE’s Al Futtaim Group is looking to invest around USD 700-USD 1 bn in Egypt over the next three years, CEO Omar Abdullah Al Futtaim said today in a meeting with Prime Minister Moustafa Madbouly, according to a cabinet statement. Al Futtaim has discussed boosting investments in Egypt with several global investors represented by the group, especially in the industrial sector, the statement quoted the chief executive as saying.
THE BIG STORY ABROAD
Oil prices eased today after Saudi Arabia indicated it could step up oil production if Russian output dips under sanctions, with international benchmark Brent crude falling 0.8% to USD 115.39 per barrel. The kingdom is “aware of the risks and that it is not in their interests to lose control of oil prices,” the Financial Times reports, citing people it says are familiar with the matter. This comes after EU leaders agreed to ban 90% of Russian crude by the end of the year as part of the bloc’s sanctions on Russia in retaliation for invading Ukraine, which initially pushed oil prices up.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- State grain buyer GASC has purchased 465k tons of wheat for shipment in July and August in a fresh international tender.
- Gov’t hikes customs exchange rate: The Customs Authority yesterday raised the USD customs exchange rate to EGP 18.65 from EGP 17.00 in May.
- Tullow and Capricorn in big oil merger: UK-listed energy firm Tullow Oil is merging with Capricorn Energy — formerly Cairn Energy — in an all-stock transaction that Reuters has valued at some USD 827 mn.
🗓 CIRCLE YOUR CALENDAR-
NEWS TRIGGERS you’ll want to keep an eye on as the new month gets underway:
- PMI: May’s purchasing managers’ index figures for Egypt and Saudi Arabia will be released on Sunday, 5 June. The UAE’s release is out tomorrow, Friday, 3 June;
- Foreign reserves figures for May should be announced sometime next week;
- Inflation figures for May are due out on Saturday, 9 June (from state statistics agency Capmas) and Sunday, 12 June (central bank figures);
- Capmas’ monthly bulletin covering the price of key building materials is due out on 5 June;
- The Central Bank of Egypt holds its policy meeting on Thursday, 23 June.
Conference season continues next week:
- Africa Health ExCon runs from Sunday-Tuesday, 5-7 June at Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel in the new administrative capital.
- Technology conference Tech Invest 4 will take place next Tuesday, 7 June at the Grand Nile Hotel in Cairo.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
☀️ TOMORROW’S WEATHER- We’re maintaining our mild heat wave over the weekend with daytime highs of 37-38°C on Friday and Saturday and nighttime lows of 22°C, our favorite weather app tells us.