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Update: 2022-09-29
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The Central Bank held a meeting with the directors of treasury and money management in banks, to discuss a proposal related to the possibility of launching high-interest savings certificates on the dollar (at 3% interest rate) targeting Egyptians abroad. 

Egypt’s economic conference will take place on October 23-25, where Ministers will get together with senior members of the business community.

Europe’s liquefied natural gas (LNG) purchases this winter could rise as much as 40% y-o-y to compensate for a complete cut-off of Russian imports. 

Italy resorted to Egypt and Algeria to make up for the forgone natural gas supply coming into the country from Russia.

The Tax Authority is close to finishing legal amendments to raise the personal income tax exemption threshold and introduce new EGX tax breaks including amending the tax treatment of investment funds. 

The French Agency allocated EUR 200-250 million annually for Egypt until 2025, to implement community development projects.

In cooperation with the World Food Program, Egypt succeeded in concluding a debt swap of USD114 million through 7 programs, in order to implement projects in the field of food security.

Saudi fintech platform Sanad Cash wants to acquire 60% of crisis-stricken B2B e-commerce startup Capiter.

The government’s automotive committee held its first meeting yesterday headed by Prime Minister. 

AUTO is planning to locally assemble Changan and Haval to reach 4 brands locally assembled along with Hyundai and Cherry. 

ORAS confirmed that it has signed an agreement to build, own and operate a strategic warehouse in Fayoum. Project value is EGP1 billion over 15 months. 

SWDY’s board of directors approved extending the purchase of treasury shares till January 15, 2023, and reaching the maximum amount of 30 million shares (representing 1.4% of total shares). 

SPMD released 1H22 standalone net loss of EGP70.6 mn in 1H22, versus EGP108.1 mn of profits in 1H21. Bottom line recorded a loss of EGP36.9 mn in 2Q22, versus net profit of EGP78.9 mn in 2Q21. 

ETRS denied receiving an acquisition offer at EGP4.50 per share. The company disclosed that it is looking into the possibility of acquiring a company operating in a complementary field.

Raya Trade, a subsidiary of RAYA, reached 63 stores with a plan to reach 70 stores by the end of 2022. The company plans to expand into 10 new governorates next year.

HRHO’S consumer finance arm valU will offer payment solutions on new memberships for Heliopolis Sporting Club at El Shorouk City.

Aman, a subsidiary of RAYA, received additional EGP100 million in financing from CIB, directed towards microfinancing. 

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