Emirati and Qatari sovereign wealth funds and investors are eyeing stakes in state-owned pharma companies Chemical Industries Development (CID) and Misr Pharma.

The Chinese consortium contracted to work on the fourth phase of Cairo’s light rail transit (LRT) system will arrange a USD250 million soft loan from a syndicate of international banks to help finance the project.

Saudi pharma manufacturer Avalon Pharma wants to build a factory in Egypt as part of a bigger plan to invest around EGP1 billion in the country over the coming year.

Canadian miner Lotus Gold has inked a mining agreement for three blocks in Egypt’s Eastern Desert, where it plans to invest USD2.5 million.

The revenues of tax on income from treasuries surged during 4MFY2023/24 compared to the same period of the year before by about 67%, reaching EGP76 billion.

The African Development Bank approved a new loan to Egypt worth USD131 million, with the aim of strengthening the business environment after overcoming the shocks of the COVID pandemic and the repercussions of the Russian-Ukrainian War.

The second round of the expat car-for-FX initiative has so far raised USD460 million.

We published our Egypt Real Estate Update 2024 Report yesterday, where we discuss macro backdrop, sector outlook, catalysts, assumptions, upside triggers, risks, top picks, FVs, recommendations, updated multiples, residual land banks, receivables, net cash, and  valuation breakdowns.

CCAP's subsidiary Egyptian Refining Company (ERC) is planning to invest USD150 million to ramp up production levels by 10% over the next three years.

Unofficial local cigarette prices dropped by nearly 18% after an increase in supply from EAST.

EFID announced the reduction of its capital from EGP144.6 million to EGP140 million by cancelling treasury shares in total of 23 million shares with a par value of EGP0.20/share, and reducing outstanding shares from 723 million shares to 700 million shares. 

Damietta Port Authority plans to cooperate with the private sector to establish, manage, operate, and maintain an area of 2k sqm for the handling of general goods.