Business Today-


Fitch Solutions revised down its forecast for Egypt's real GDP growth for the current fiscal year 2024/2025 in its latest Egypt Country Risk Report, now projecting a growth rate of 3.7%, down from an earlier estimate of 4.2%.

Despite the revision, Fitch remains cautiously optimistic about Egypt’s future, with the report explaining that the growth forecast for FY2024/2025 still surpasses the previous year’s performance of 2.4%.

Egypt's economy is on a recovery trajectory, it noted, adding that the pace has been slower than anticipated, partly due to regional geopolitical tensions and trade disruptions in the Red Sea.

The downgrade reflects weaker-than-expected economic performance in Q4 of FY2023/2024 and ongoing disruptions in Suez Canal traffic, which have exacerbated the country's financial challenges.

The Suez Canal — Egypt’s vital trade route and key foreign currency generator — has suffered a significant blow, with revenues falling by as much as 70% due to the ongoing conflicts in the Middle East.

Fitch anticipates that the Egyptian economy will rebound to a 5.1% growth rate in FY2025/2026, up from an earlier projection of 4.7%.

This expected recovery hinges on improved navigation in the Red Sea, easing geopolitical risks, and lower borrowing costs, all of which are expected to stimulate economic activity.

According to the report, the country’s economic resilience was largely attributed to the recovery of non-oil exports and the projected increase in investment activity, particularly in foreign investment and infrastructure projects.

Fitch’s outlook for Egypt is slightly more cautious than that of the Egyptian government, which has set a target growth rate of 4.2% for FY2024/2025, and the IMF, which expects a 4.1% growth.

The forecast remains more optimistic than the World Bank’s forecast of just 3.5% growth.

Fitch does not foresee a further weakening of the Egyptian pound (EGP) against the U.S. dollar, citing improved investor sentiment and market interventions.

Business Today-


The trade exchange value between Egypt and Indonesia reached $1.39 billion during the first 10 months of 2024, compared to $1.38 billion during the same period in 2023, according to the latest data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).

Egypt’s exports to Indonesia amounted to $109.5 million during this period, a slight decrease from $115 million in the same period of 2023.

Meanwhile, Egypt’s imports from Indonesia maintained a stable value of $1.3 billion during both periods.

The main Egyptian exports to Indonesia during the first 10 months of 2024 included salt, sulfur, and cement, valued at $55 million; fruits, at $12 million; vegetables and plants, at $11 million; mineral ores, at $8 million; and electrical machinery and equipment, at $5 million.

On the other hand, the primary imports from Indonesia comprised animal fats, oils, and greases, valued at $703 million; coffee, tea, and spices, at $92 million; iron and steel, at $74 million; electrical machinery and parts, at $62 million; and vehicles, tractors, and their parts, at $50 million.

Indonesian investments in Egypt rose to $1.2 million in the 2022/2023 fiscal year, up from $956,000 in 2021/2022.

However, Egyptian investments in Indonesia dropped significantly, recording $54.2 million in 2022/2023 compared to $179.9 million in 2021/2022.

Business Today-


President Abdel Fattah El-Sisi announced a series of initiatives at the 11th Summit of the Developing Eight (D-8) Organization for Economic Cooperation to strengthen collaboration and promote economic growth among member states.

El-Sisi introduced plans to establish a Diplomatic Leadership Network to connect directors of diplomatic institutes across member countries. The network aims to build capacity and address global challenges. He also announced the launch of an electronic competition for pre-university students to encourage innovation in science, engineering, and applied technology.

To enhance economic cooperation, El-Sisi proposed creating a network for economic think tanks in D-8 countries to exchange ideas and strategies for increasing trade and investment. He also announced periodic meetings for health ministers, with Egypt hosting the first in 2025 to discuss advances in healthcare technologies.

President El-Sisi confirmed Egypt’s intention to ratify the D-8 Preferential Trade Agreement, highlighting the importance of trade among member states to drive economic growth.

Taking over the D-8 presidency from Bangladesh, El-Sisi commended Bangladesh’s leadership. El-Sisi called on member states to work together to tackle shared challenges, including funding shortages, technological gaps, and unemployment.

Business Today-


President Abdel Fattah El-Sisi opened the 11th Summit of the Developing Eight (D-8) Organization for Economic Cooperation on Thursday in Egypt’s New Administrative Capital. Held under the theme “Investing in Youth and Supporting Small and Medium Enterprises: Shaping the Economy of Tomorrow,” the summit brought together leaders from member states, developing nations, and international organizations to address pressing global challenges and promote economic collaboration.

In his opening address, President El-Sisi emphasized the central role of youth in shaping the future of developing nations and underscored the importance of collective action to achieve sustainable development goals.

“I welcome you all to Egypt, particularly to the New Administrative Capital, a symbol of cultural, developmental, and economic progress,” said President El-Sisi. “Today’s summit focuses on investing in youth, the main pillar of our member countries in the present and future.”

During the summit’s inaugural session, President El-Sisi assumed the rotational presidency of the D-8 Organization, succeeding Bangladesh. He commended Bangladesh’s leadership and acknowledged the efforts of the organization’s Secretary-General, Izziaka Abdul Qadir Imam, for his dedication in preparing for the summit.

President El-Sisi called on member states to strengthen cooperation to address shared challenges, including funding shortages, technological divides, rising poverty, and unemployment.

Key Initiatives Announced

As part of Egypt’s presidency, President El-Sisi unveiled a series of initiatives aimed at fostering innovation, cooperation, and sustainable development among the D-8 member states:

1. Diplomatic Leadership Network: Establishing a network for directors of diplomatic institutes to enhance capacity-building and address contemporary global challenges.

2. Educational Innovation: Launching an electronic competition for pre-university students in science, engineering, and applied technology across member states to promote innovation among youth.

3. Economic Think Tank Collaboration: Creating a network for economic think tanks in D-8 countries to share ideas and strategies for boosting trade and investment.

4. Health Sector Meetings: Initiating periodic meetings for health ministers of the D-8 countries, with Egypt hosting the first session in 2025 to explore mutual benefits in advancing healthcare technologies.

President El-Sisi also announced Egypt’s intention to ratify the D-8 Preferential Trade Agreement, reaffirming the importance of enhancing intra-member trade to stimulate economic growth.

The Egyptian President emphasized the role of small and medium enterprises (SMEs) as engines of economic development and highlighted Egypt’s readiness to share its successful initiatives, such as the Hayah Karima and Takaful and Karama programs, which have significantly improved infrastructure and social welfare in the country.

“We seek to support and develop small and medium enterprises within the framework of achieving sustainable development goals,” El-Sisi noted.

Business Today-


The 11th D-8 Summit has officially kicked off in Cairo on Thursday, with world leaders and high-level delegations from member states in attendance. Here's a concise guide to understanding the summit and its implications.

What is the D-8 Organization?

The D-8 Organization for Economic Cooperation, also known as Developing-8, is a coalition of eight developing countries: Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey. Established in 1997, the group's primary goal is to enhance economic cooperation among member states.

What is the Theme of the 11th Summit?

The summit's theme is "Investing in Youth and Supporting Small and Medium Enterprises: Shaping Tomorrow's Economy." This focus underscores the importance of empowering youth and promoting SMEs as drivers of economic growth and innovation.

Why is Egypt Hosting the Summit?

Egypt assumed the D-8 chairmanship in May 2024 and will lead the organization until the end of 2025. Hosting the summit allows Egypt to showcase its leadership and commitment to fostering economic collaboration among member nations.

Who is Attending the Summit?

The summit will see the participation of leaders from member countries, including heads of state and senior officials. Their attendance highlights the significance of the event in promoting international economic cooperation.

What are the Expected Outcomes?

Key discussions will revolve around enhancing trade relations, attracting investments, and developing joint initiatives to support youth and SMEs. The summit aims to produce actionable strategies that contribute to the economic advancement of member states.

How Does the Summit Benefit Egypt?

Egypt is a central player in regional economic affairs by hosting the summit. The event offers opportunities to strengthen trade partnerships, attract foreign investments, and collaborate on projects that align with Egypt's economic development goals.

What is the Significance of the D-8 Group?

D-8 countries have a combined population exceeding one billion and a total GDP exceeding $4 trillion. The organization serves as a platform for member states to collaborate on economic policies, trade, and development projects, enhancing their positions in the global economy.

Business Today-


Egypt is hosting the 11th Summit of the D-8 Organization for Economic Cooperation in Cairo underscoring Egypt's commitment to enhancing economic collaboration among member states. President El-Sisi is set to participate in the opening of the summit.

The D-8, established in 1997, comprises Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey. Collectively, these nations represent a substantial market with a combined population exceeding one billion and a total GDP that accounts for almost 4 trillion dollars, 1.5 trillion dollars of exports, and 110 billion dollars of intra-trade.

The summit's theme, "Investing in Youth and Supporting Small and Medium Enterprises: Shaping Tomorrow's Economy," reflects a forward-thinking agenda fostering sustainable economic development. By focusing on youth empowerment and SME support, Egypt aims to drive innovation, create employment opportunities, and stimulate economic growth within the D-8 community.

The summit witnesses the participation of several heads of state and government, including Turkish President Tayyip Erdogan, Iranian President Masoud Pezeshkian, and Indonesian President Prabowo Subianto. Their presence signifies the summit's importance and opens avenues for bilateral discussions on the sidelines, further strengthening Egypt's diplomatic and economic ties within the D-8 framework.

Tadawul-


Element List Explanation
Introduction The Board of Directors of the Red Sea International Company is pleased to invite
the shareholders to attend and vote in the Ordinary General Assembly Meeting (First Meeting), which is scheduled to take place at 06:30 PM on Thursday 09/01/2025 corresponding to 09/07/1446, through the use of modern communication technologies.

City and Location of the General Assembly's Meeting Through the use of Modern Technology from the Company's Headquarter in Riyadh
Hyperlink of the Meeting Location Click Here
Date of the General Assembly's Meeting 2025-01-09 Corresponding to 1446-07-09
Time of the General Assembly’s Meeting 18:30
Methodology of Convening the General Assembly’s Meeting Via modern technology means
Attendance Eligibility, Registration Eligibility, and Voting End Shareholders who are registered in the issuers shareholders record at the Depositary Center by the end of the trade session prior to the general assembly meeting and in accordance with the laws and regulations. The shareholder has the right to delegate whomever other than the board of directors. The right to register a name to attend the general assembly meeting ends at the time of convening the general assembly meeting. The attendees right to vote on the items of the assembly’s agenda ends upon the end of screening the votes by the Screening Committee.
Quorum for Convening the General Assembly's Meeting the extraordinary General Assembly meeting shall be valid only if attended by shareholders representing at least (50%) of the Share capital. If such quorum is not attained in the first meeting, a second meeting shall be held one hour after the lapse of time set for the first meeting. The second meeting shall be valid if attended by any number of shareholders representing (25%) of the Share Capital.
General Assembly Meeting Agenda 1- vote on amending the Company's Articles of Association to ensure alignment with the new Companies Law, including renumbering of the Company’s Articles of Association to conform with the proposed changes pursuant to this Board Resolution (attached) .
2- vote on amending Article (4) of the Company’s Articles of Association, pertaining to participation and ownership in companies (attached) .

3- vote on amending Article (6) of the Company’s Articles of Association concerning the duration of the Company (attached) .

4- vote on amending Article (21) of the Company’s Articles of Association concerning the authorities of the Board of Directors (attached) .

5- vote on amending Article (23) of the Company’s Articles of Association, relating to the authorities of the Chairman, the Vice Chairman, the Managing Director, and the Board Secretary (attached) .

6- vote on amending Article (49) of the Company’s Articles of Association, concerning the Company’s dividends distribution (attached) .

7- vote on the amendment Corporate Governance Charter (attached)

8- vote on the amendment Board of Directors Charter (attached) .

9- vote on the amendment Audit Committee Charter (attached) .

10-vote on the amendment Remuneration and Nominations Committee Charter (attached) .

11- vote on the amendment Remuneration Policy (attached) .

12- vote on the amendment Board Membership Policy and Standards (attached) .

13- vote on the amendment Dividends Distribution Policy (attached) .

Proxy Form
The shareholder right in discussing the assembly agenda topics, asking questions, and exercising the voting right The Shareholder has the right to discuss the items stated in the meeting Agenda, and to direct questions and all Shareholders registered on Tadawulaty website has the right to vote on the meeting Agenda Items (electronic voting) through the link: https://www.tadawulaty.com.sa
Details of the electronic voting on the Assembly’s agenda Registered shareholders on Tadawulaty may electronically vote on the agenda items starting from 01:00 am, Sunday, 05/01/2025, corresponding to 05/07/1446 and until the General Assembly Meeting adjourns. Registration and voting shall be available free of charge for all shareholders through Tadawulaty services by using the following link:
https://www.tadawulaty.com.sa

Method of Communication in Case of Any Enquiries In case of any inquiries, you can
communicate with Shareholder Relations

through:

Phone: 0115206767

Email: compliance@redseaintl.com

Additional Information Non
Attached Documents

Youm7-


Abu Dhabi Ports Group has begun developing the infrastructure of Safaga Terminal, affiliated with “Nawatom Ports”, overlooking the Red Sea coast, which will be the first international terminal in Upper Egypt. The group has commissioned Hassan Allam Company to develop the port’s infrastructure. Abu Dhabi Ports Group has invested around $349 million in Egypt over the past three years, including the establishment of the Safaga Terminal, affiliated with “Nawatom Ports”, the acquisition of three maritime companies, “Transmar”, “TCI” and “Safina”, as well as plans to develop a Ro-Ro terminal in Ain Sokhna.

The group has also signed long-term concession agreements to develop and operate cruise ship terminals in Safaga, Hurghada, Ain Sokhna and Sharm El Sheikh.

The Safaga terminal covers an area of ​​approximately 810 thousand square meters, and includes a container handling yard with a capacity of up to 450 thousand standard containers, a capacity of up to 5 million tons of general and bulk cargo, and 1 million tons of liquid bulk cargo, and facilities for handling container ships with a capacity of up to 50 thousand vehicles, in addition to common areas.

The multi-purpose terminal will also include administrative facilities, workshops, warehouses and government facilities, and infrastructure works will be implemented, including the construction of roads, public service facilities and security systems Safety.

The project will include a 48,000 square metre concrete yard, an 80,354 square metre container handling terminal, supported by the necessary infrastructure, as well as an area of ​​up to 66,360 square metres for handling general and bulk cargo.

Dr. Mostafa Madbouly, Prime Minister, witnessed this morning at the Cabinet headquarters in the New Administrative Capital, the signing ceremony of three cooperation protocols between the governorates of Cairo, Giza, and Qalyubia, each separately, and the National Press Authority; regarding the payment of debts owed to the three governorates by a number of national press institutions, namely: Al-Ahram, Al-Akhbar, and Dar Al-Tahrir for Printing and Publishing, and benefiting from these press institutions in the field of printing, publishing, and advertising. The three protocols were signed by: Dr. Ibrahim Saber Khalil, Governor of Cairo, Eng. Adel El-Naggar, Governor of Giza, Eng. Ayman Attia, Governor of Qalyubia, with Eng. Abdel Sadek El-Shorbagy, Chairman of the National Press Authority. Following the signing, the Prime Minister stressed that the state is always keen to provide full support to media organizations, the National Press Authority and its national press institutions, in order to carry out their assigned role in performing their tasks and mission, while seeking to remove any obstacles that hinder the efforts made to develop these national press institutions, especially with regard to working to improve their economic situation, in light of the many accumulated challenges that are currently being dealt with with all seriousness, including the file of paying accumulated debts, within the framework of the government's efforts to establish a comprehensive and final settlement to the problem of financial entanglements between various entities and institutions, in a way that reduces the burden on public finances, and achieves a better financial situation for these institutions subject to entanglements. In turn, the head of the National Press Authority stressed that signing the cooperation protocols today comes within the framework of the desire to pay the financial dues of the three press institutions: Al-Ahram, Al-Akhbar, and Dar Al-Tahrir for Printing and Publishing, in light of the state's policy of paying debts owed by economic entities and national press institutions. He added: The Authority's signing of these protocols today comes from the fact that the National Press Authority is an independent body with a legal personality, and is responsible for managing national press institutions and working to develop them and grow their assets and ensure their modernization, independence, neutrality, and commitment to sound professional, administrative, and economic performance, and in light of the keenness to pay any debts owed to them, and based on the desire of all parties to the protocol to establish an agreement framework to find appropriate solutions to pay those debts owed.

Under the terms of the three protocols, the National Press Authority, on behalf of each of the three governorates, undertakes to take contracting procedures with the national press institutions affiliated with it; to provide all the requirements of those governorates in terms of various types of services in the fields of printing, publishing, advertising, and others.
The Authority, through the national press institutions, also prints, installs and maintains the billboards located on the ring road within the governorate, according to the model provided by the project consultant affiliated with the governorate, after the governorate renovates the walls of the properties, paints them and prepares them for placing billboards on them.

The three press institutions are responsible for providing all the needs of the three governorates and all the neighborhoods located in them from publications, forms, records, notebooks and any other requirements according to the needs of the governorates’ work, including (publishing, advertising, advertisements and printing), in addition to subscriptions to the national newspapers for the daily newspapers of the governorate’s sectors.

It was also agreed upon the method of paying the debts owed to the governorates by the three national press institutions; whereby 50% of the total value of each publishing, printing or other operation carried out by any of the press institutions for the benefit of any of the three governorates will be paid, in exchange for deducting a percentage equal to 50% of the total value of each operation carried out by any of the press institutions or companies affiliated with the National Press Authority, in payment of the debt owed to them.

Al MAl-

Becom, a company specialized in the production of solid biofuel (Billets), plans to establish a new factory in the Obour area on an area ranging between 2,000 and 3,000 square meters, with investments amounting to EGP 50 million.

SPA-


Egyptian President Abdel Fattah El-Sisi today inaugurated the Developing Eight (D8) Summit for Economic Cooperation, which is being held in the Egyptian Administrative Capital under the title "Investing in Youth and Supporting Small and Medium Enterprises: Towards Shaping the Economy of Tomorrow", in the presence of leaders of the organization's member states and a number of leaders of developing countries and regional and international organizations.
The Egyptian President delivered a speech - after his country took over the rotating presidency of the organization from Bangladesh - in which he focused on ways to enhance cooperation between developing countries in facing international challenges, noting that these challenges hinder the achievement of their people's aspirations for prosperity and development.
He pointed out that with the lack of funding, the exacerbation of debts, the widening digital and knowledge gap, and the high rates of poverty, hunger and unemployment, especially among young people, developing countries find themselves in great difficulty in achieving acceptable progress and growth.
The Egyptian President stressed that confronting these complex challenges requires concerted efforts to enhance joint cooperation and implement joint projects and initiatives in various fields, most notably: communications and information technology, the digital economy, artificial intelligence applications, agriculture, manufacturing industries, new and renewable energy, especially green hydrogen, in addition to supporting and developing small and medium enterprises, calling for the exchange of expertise and successful experiences to achieve sustainable development goals.

SPA-


The Board of Directors of the African Development Bank and the African Development Fund have approved loans worth €139.68 million to Côte d'Ivoire to finance an ambitious project, improve skills and employ young people. The financing, approved by the Board of Directors of the two institutions yesterday, includes a contribution of €126.32 million from the African Development Bank, in addition to €13.36 million from the Group's concessional loan window. The financing aims to support Ivorian youth by equipping them with skills that are in line with labor market needs, encouraging entrepreneurship, developing small and medium enterprises, and enhancing the social and professional integration of young people.

Youm7-


The Egyptian Stock Exchange indices varied at the end of trading on Thursday, the end of the week's sessions, as the main index rose alone, driven by the rise of leading stocks led by the Commercial International Bank - Egypt (CIB), Ezz Steel, EFG Holding Group, Edita Food Industries, and Juhayna Food Industries, while the EGX 70 and EGX 100 indices declined, amid trading amounting to EGP 3.8 billion, and the market capitalization gained EGP 2 billion at EGP 2.230 trillion.

The "EGX 30" index rose by 0.08% to close at 30,526 points, the "EGX 30 Capped" index fell by 0.07% to close at 37,573 points, and the "EGX 30 Total Return" index jumped by 0.08% to close at 13,420 points.

The EGX 70 Equal Weight Index for small and medium-sized enterprises fell by 0.11% to close at 8,410 points, the EGX 100 Equal Weight Index fell by 0.05% to close at 11,532 points, and the Sharia Index fell by 0.04% to close at 3,134 points.

The Saudi Stock Exchange main index closed today down 68.61 points to close at 11892.44 points, with trades worth 10.9 billion Saudi riyals.

The volume of traded shares - according to the Saudi Press Agency's daily economic bulletin for the Saudi Stock Exchange - amounted to 476 million shares, in which the shares of 51 companies recorded an increase in their value, while the shares of 185 companies closed down.

The shares of Savola Group, Misk, Sinomi Centers, Bawan, and Al Baha were the most rising, while the shares of Fitaihi Group, Al Arabiya, Ayan, Raydan, and Eastern Pipes were the most declining in trading, with the rates of increase and decrease ranging between 9.97% and 6.68%.
While the shares of Al Baha, Saudi Aramco, Anaam Holding, Shams, and Savola Group were the most active in terms of volume, the shares of Saudi Aramco, Al Rajhi, Savola Group, Alinma, and Riyadh Cables were the most active in terms of value.
The Saudi Parallel Stock Index (Nomu) closed today up 247.96 points to close at 31,444.21 points, with trades worth 54 million Saudi riyals, and the number of traded shares reached 4 million shares.

(ONA)-


Fitch Ratings Wednesday revised the outlook of the Sultanate of Oman from stable to positive, and affirmed the credit rating of the country at 'BB+'. This is attributed to the continued reduction of government and state-owned entities (SOEs) debt, growing record of fiscal prudence and the accumulation of net sovereign foreign assets.

The agency projects Oman's budget to post a surplus of 2% of GDP in the current year (2024). It forecasts the surplus to narrow to 0.7% in 2025 and to turn to a minor deficit of 0.2% in 2026. This assumes Brent oil price of USD 70 per barrel in 2025 and USD 65 in 2026. The agency estimates Oman's fiscal breakeven Brent oil price at USD 67-70 per barrel.

Further, Fitch Ratings projects Oman's non-oil primary balance to continue to gradually improve with spending moderation and strengthened tax collection. It estimates the non-oil primary deficit as a share of non-oil GDP at 27% in 2024, down from 43% in 2020 and forecasts it to reach close to 24% in 2026.

Additionally, the agency projects overall GDP growth of 1.8% in 2024, after 1.2% in 2023, supported by non-oil growth of 3.7%. Domestic consumption, robust foreign investment and tourism will maintain non-oil growth above 3% in 2025 and 2026.

Fitch Ratings projects government debt/GDP will fall to 34% of GDP at end-2024 and 33.3% by 2026 from 37.5% at end-2023 and 68% in 2020. The agency expects Oman to have reduced external debt by nearly USD 2.8 billion in 2024 to USD 26.6 billion (24% of GDP).

External debt repayments by government and SOEs have assuaged liquidity risks and Oman’s sovereign net foreign assets position of foreign assets + FX reserves - government debt) strengthened to close to 10% of GDP in 2024, from -9% of GDP in 2020.

The agency affirmed that the credit rating of the Sultanate of Oman could be upgraded if the country maintains a prudent fiscal stance consistent with a decline in government debt/GDP, growth of non-oil revenues as well as external buffers.