As Egypt prepares to trade with Russia in local currencies, it is now looking at making similar arrangements with China and India.
The Emigration Ministry will set up a new company aimed at encouraging Egyptians living abroad to invest in the local economy and bring more hard currency into the country.
The Minister of Finance said that Egypt aims to achieve FDIs of USD10 billion in FY 22/23.
Abu Dhabi Ports will develop and operate a container terminal at Safaga Port under a USD200 million, 30-year concession agreement signed with the government on Saturday.
Elab will be the first company to go to market via the Sovereign Fund of Egypt’s pre-IPO fund.
The Sovereign Fund of Egypt started promoting the sale of the Salhia Investment and Development Company, which owns 21,000 agricultural acres, to strategic investors.
The government is going to offer a minority stake of ElNasr Housing and Maadi for Development on the Egyptian Stock Exchange.
FRA: Egypt is working to launch a fund to invest in precious metals in the coming weeks.
The General Authority for Investment and Free Zones aims to grant the golden license to a thousand investors during the next two years.
Egypt could rethink its decision to exit from the UN grain treaty after receiving several letters from the Grain Trade Convention calling on the government to remain a member.
ORHD achieved strong 4Q22 sales of EGP3.8 billion, up 28.6% y/y and 47.4% q/q, bringing FY22 sales to EGP11.1 billion, up 20.7% y/y. Net profit in 4Q22 reached EGP289.1 million, up 228.9% y/y and down 51.6% q/q, bringing FY22 net profit to EGP1.7 billion, up 38.3% y/y.
Abu Dhabi Ports signed two 15-year agreements with the Suez Canal Authority to develop cement terminals in Al Arish Port and West Port Said Port, which will collectively require USD33 million of investment. The two terminals will feature silos with a combined storage capacity of 90k tons, and are expected to be operational by 4Q 2023.
DSCW Board agreed to purchase 90 million treasury shares starting Tuesday, 21 March 2023, for 5 days at a price of EGP0.35/share.
Mercedes-Benz opened a new EGP35 million logistics zone in the SCZone to serve as a warehouse and a distribution platform for cars and spare parts.
e-Tax, an associate company of EFIH, signed a contract with the Egyptian Tax Authority to launch the first government system aimed at unifying the criteria for calculating taxes relating to wages and salaries.
Nasser Social Bank is now offering three-year certificates of deposit at 22% and 18-month CDs at 20%.