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Update: 2022-11-27
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The European Investment Bank (EIB) and the French Development Agency (AFD) have signed agreements with the Egyptian government to help finance upgrades to the Tanta-Mansoura-Damietta railway line. The EIB is extending a EUR221 million loan, while the AFD will lend EUR95 million.

The government is working to establish a company dedicated to receiving the investments of Egyptians working abroad.

The Egyptian Mercantile Exchange (EMX) goes live today.

EGAL could appoint an independent financial advisor to determine its fair value ahead of a potential acquisition by Saudi Arabia’s sovereign wealth fund.

ORAS, Hassan Allam, and Samcrete began to renegotiate with banks to obtain financing of around EGP4 billion directed to contribute to the establishment of four logistics zones, after the 8% industrial initiative stopped.

PIF plans to increase its stake in PHAR through participating in the company’s planned capital increase.

Eni has started drilling the Thuraya prospect on its Northeast Arish block in the Mediterranean. The prospect is estimated to contain over 10 tn cubic feet of gas.

Brent crude prices fell 2% on Friday to USD83.63/bbl. The European Union is currently in discussions to cap the price of Russian oil at somewhere between USD65 and USD70/bbl.

The Qatar Investment Authority is in talks with the Madbouly government to develop and manage the port of Safaga under a 25-year contract.

Vodafone Egypt plans EGP8.0 billion of investments to acquire new frequencies.

The New Administrative Capital (NAC) Company is looking to get more Gulf real estate companies to invest in the NAC and plans to start selling land plots in Phase 2 of the NAC in 2H23.

BTECH is looking to issue more than EGP1 billion worth of securitized bonds before the end of 2022 to finance its consumer finance operations.

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