Saudi inflation climbs to 13-month high of 2.7% in July as food prices rise

Egypt In-focus: Unemployment rate remains unchanged in Q2, Saudi firm signs MoU with Egyptian online grocery store

CAIRO: The unemployment rate in the North African country remained unchanged at 7.2 percent in the second quarter of 2022, according to a report from the Central Agency of Public Mobilization and Statistics.

The Egyptian labor force grew to 29.99 million from 29.89 million in the previous quarter, where the employment figures increased from 27.75 million to 27.83 million.

The unemployment level also slightly increased from 2.15 million in the first quarter of 2022 to 2.15 million in the second quarter of 2022.

New ministers take charge

On Aug. 13, 13 new ministers took oath including Ahmed Issa, the new minister of tourism and antiquities.

Ahmed Issa brings years of banking experience to the table as the former CEO of retail banking at Commercial International Bank.

Appetite and Purity sign MOU

Saudi-based Purity has signed a memorandum of understanding with Appetit—an Egyptian online grocery store operating in Egypt, Tunisia, and Morocco—to help expand its services in Saudi Arabia and the Middle East and North Africa region.

Purity is known for its expertise in IT infrastructure and app development; therefore, it would serve Apetitio in achieving its $25 million investment goal.

Moreover, Purity CEO Abdullah Al-Namlah will become part of Appetito’s board of directors, reported Daily News Egypt.

“We are very pleased with this partnership with Purity, which is a regional leader in IT and investments,” stated Appetite CEO Shehab Mokhtar.

“We aim to massively expand our operations in Saudi Arabia, as well as prospective presence across neighboring markets,” he added.

BONBELL closes $350K deal

BONBELL—a foodtech startup founded in Egypt in 2022—has secured a $350,000 investment from a Canadian angel investor.

The startup provides an online platform for food orders and deliveries with its restaurant partners, in addition to providing in-app table reservations.

This new investment will be used to increase its partnership with other restaurants, aiming at 750 restaurants by the end of this year.

Moreover, BONBELL is targeting another $10 million investment with two venture capital funds from Europe and the Gulf, reported WAMDA.

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