War in Gaza could cost Egypt up to $20 billion
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Zain KSA invests $427M to boost 5G network coverage
Zain KSA is set to extend its 5G network to 122 cities in the Kingdom with a$427 million (SAR 1.6 bn) investment, covering over 66% of populated areas and expanding network sites to 7k.
Last week, Zain KSA secured two financing facilities from Al Rajhi Bank, totaling $432 million (SAR 1.6 billion), to upgrade the telecom giant’s network infrastructure and boost its working capital.
The carrier's plans for 2024-2026 include the commercial launch of 5G-A services in Saudi Arabia's top eight cities, with a focus on offering IoT CCTV for public security governance. Zain aims to deploy this technology using RedCap.
Egypt set to transfer Ras El Hekma land to UAE within days
Egypt is set to transfer the Ras El Hekma land to the UAE in the coming days. The Ras El Hekma for Urban Development Project Company will soon take over the project, following the arrival of the second and final tranche from the $35 billion agreement last week.
The company will begin necessary studies early next year before breaking ground on the project. The Ras El Hekma for Urban Development Project Company will be granted licenses to develop a freezone, investment zone, and an international tourist port.
Located on a cape west of Alexandria, Ras al-Hekma is a resort destination known for its turquoise waters and white sandy beaches, attracting significant investment for luxury developments.
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War in Gaza could cost Egypt up to $20 billion
The UNDP estimates that the Gaza war could cost Egypt's economy between $5.6 bn and $19.8 bn, or 1.6-5.2% of annual GDP, over the current and upcoming fiscal years, depending on the conflict's escalation.
The UNDP expects significant losses in Suez Canal and tourism revenues, estimating a decline of $3.7 bn to $13.7 bn over the two fiscal years. They caution that this decrease, combined with a widening current account deficit, may strain Egypt's FX reserves and escalate inflationary pressures.
The report projects an increase in the unemployment rate by 0.5-1.3% in FY 2023-2024 and a decrease in households' real disposable income by 1.3-2.5%.
The economic impact of the Gaza war is assessed across three scenarios, all backdated to February 2024: a low-intensity scenario with minimal regional escalation lasting six months, a medium-intensity scenario with limited regional escalation lasting nine months, and a high-intensity scenario with significant regional escalation lasting 12 months.
The UN suggested policies to alleviate the war's impact on Egypt, such as enhancing access to social protection programs, backing the tourism value chain transition to sustainability, and strengthening vulnerable sectors while reinforcing shock-proof ones like textiles and agriculture.
UAE-based electronics marketplace Revent raises $900,000 pre-seed to expand in Saudi?
UAE-based electronics marketplace Revent has raised $900,000 in a pre-seed round funded by Techstars and a group of angel investors.
Founded in 2022 by Baldeep Singh and Dhananjay Choubey, Revent offers SMEs pre-owned devices on monthly subscriptions across the UAE and KSA.
The funds will be used to build a self-service platform for businesses, along with growing Revent’s client base in Saudi Arabia.
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