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Update: 2022-12-01
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The Egyptian government has finalised agreements with Emirati firm AMEA Power to build a solar park and a wind farm with a combined capacity of more than a gigawatt (GW) in a USD1.1 billion deal, the cabinet said. 

29 global firms including IBM, Amazon, Microsoft and Majid Al Futtaim will up their investments in our outsourcing industry under agreements inked with the CIT Ministry’s Information Technology Industry Development Agency (ITIDA).

The cabinet yesterday approved the final draft of the Madbouly government’s state ownership policy document, to be presented to President El-Sisi.

Ministers approved the framework agreements signed with international energy companies to construct nine green hydrogen and ammonia facilities in the Suez Canal Economic Zone (SCZone).

The CBE directed the banks to secure USD financing needed to release fodder raw materials from soybeans, as a top priority in the current period, after their prices have surged recently.

The government has postponed the 15% increase over the usufruct fees collected from companies operating in the free zones, for a period of one year, starting from January 1, 2023.

The head of the Suez Canal Authority said that navigation statistics during 2022 indicate an unprecedented boom in the annual revenues of the canal amounting to about USD7.8 billion, in light of the development of transit rates of ships and cargo.

ESRS (FV:EGP12.75, OW) reported its consolidated financial results for 3Q22 with net attributable earnings standing at EGP1.1 billion (+20% YoY, +41% QoQ), bringing 9M22 earnings to EGP3.7 billion, 48% higher than last year. 

CIRA (FV: EGP20.00, OW) released FY21/22 financial results where attributable net profit for the year recorded EGP374 mn a YoY rise of 21%.

Agthia has completed its acquisition of a 60% stake in Auf Group that was previously approved in July, leaving the three founders with a combined 30%, while TCV holds the remaining 10% stake. The transaction values Auf Group at some EGP4.9 bn.

According to the CBE, liquidity has increased in the Egyptian banking sector to EGP7.18 trillion at the end of October 2022, compared to EGP5.82 trillion at the end of December 2021 (+24%). In addition to an increase in deposits from EGP680.46 billion to EGP855.8 billion (+26%).

CNFN added financial leasing to the financing services it offers through the dental startup “Toothpick”, allowing dentists to finance their equipment purchases through Toothpick’s online marketplace.

e-Cards, a subsidiary of EFIH, plans to issue 5 million cards, targeting university students, according to local press.

FWRY plans to expand its operations Kuwait next year, with legal procedures currently under way.

EGX's Listing Committee approved CCAP's proposal to allocate 5% of the company shares to ESOP.

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