UAE’s Central Bank revises up GDP growth forecast to reach 4.2% in 2023

RIYADH: The World Bank has revised Egypt’s gross domestic product growth forecast upward by 0.6 percentage points for the fiscal year 2021-2022, as stagflation threatens the global economy. 

Also, the Qatar Chamber of Commerce and Industry has met Egypt’s investment authority to discuss increasing Qatari investments in the North African country.

The big news 

The World Bank has again revised upward its forecast for Egypt’s GDP growth by 0.6 percentage points to 6.1 percent for the fiscal year 2021-2022, according to the latest Global Economic Prospect. 

Growth in the North African country is supported by the gas extractives sector as it benefits from high prices and by remittances from the Gulf, according to the report. 

Investment news

Vortex Energy, renewables-focused investment vehicle in Europe that is managed by the private equity arm of Cairo-based EFG Hermes has invested $278 million to date into the Spanish solar company Ignis Energia, according to a statement.

Qatari companies are eying potential investments into the Egyptian market, according to a cabinet statement. 

This comes during the CEO of the General Authority for Investment and Free Zone’s meeting with the president of the Qatar Chamber of Commerce and Industry to increase Qatari investments in Egypt. 

IPO watch

 The public placement of Ghazl El Mahalla’s initial public offering begins next Sunday in what will be the first football club in the Middle East to list its shares on the stock exchange.