EGX 30: 11,051 (-0.2%) weekly change, (-20.8%) YTD
Traded Value 1W Avg: EGP 458M , (-29.5%) above 90D Avg.
EGP:USD: 15.76 (-0.1%) weekly change
The Central Bank of Egypt extends waiving EGP transfers & ATM withdrawals fees
The CBE extended its decision to waive fees associated with EGP transfers and ATM withdrawals until the end of the year. In a step to move towards a cashless society, the CBE waives the fees for opening new e-wallets, issuance of prepaid cards, transfers between mobile phone users, and merchants’ contactless transaction fees on transactions less than EGP 600. (Source CBE)
Inflation hits a 10 month low on the back of falling food prices
Inflation went down to 3.4% in August, its lowest level since October 2019, according to the Central Bank of Egypt. A steep 2.6% monthly drop in food and beverages prices for the third month in a row was the main reason behind the fall. (Source: Enterprise)
Cleopatra Hospitals Group joins forces with Bedaya to set up new fertility clinic
The business transfer agreement gives Cleopatra Hospitals an effective 60% stake in Bedaya Hospitals through a joint venture. This transaction is the first major consolidation in the field of in-vitro fertilization (IVF) (Source: Enterprise)
TikTok says goodbye to Microsoft and walks away with Oracle
The wait to see who TikTok’s US chaperone will be is over. Oracle confirmed its deal with TikTok-owner Bytedance to become a “trusted technology provider”. This means Oracle would be managing TikTok’s US data. The deal still needs approval from the US and China.
While Oracle will possibly get a stake in TikTok’s US assets, this isn’t an acquisition. The “tech provider” role is vague, but it likely means TikTok will be moving its data to Oracle’s cloud (and off Google’s, where it is today). Is this a good deal for the US?… It certainly is for TikTok — they get to keep their 100M American users without giving up ownership of their business. (Source: Robinhood Snacks)
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