Work is underway to make it possible for the government to commit to monthly payments to foreign companies working in the oil and gas sector, according to a cabinet statement, in a bid to boost investor appetite.

The Finance Ministry will set up a central unit to facilitate customs and tax procedures for companies involved in automotive manufacturing under a decision issued by the Finance Minister.

American power tool manufacturer Black+Decker is in talks with the General Authority for Investment and Free Zones (GAFI) to set up a factory in Egypt, according to a statement.

Egypt will complete about 30% of the total Dabaa nuclear power plant project by the end of this year, according to the General Director of the Russian company Rosatom.

The New Development Bank is considering providing financing to Egypt worth USD300 million. The funding will be directed to projects such as energy efficiency, clean energy, transportation infrastructure, water and sanitation, and digital infrastructure. 

Egypt's cement production jumped by 33.7% during the 7M2024 to 29.7 million tons, compared to 22.2 million tons in the same period last year.

Egypt's imports of Israeli natural gas increased by 18% during current August, reaching approximately one bcf per day currently, compared to 850 mcf per day last July.

ORAS reported its consolidated 2Q24 results with net income attributable to shareholders came in at USD19.3 million (-69% YoY, -58% QoQ). This brings 1H24 bottom-line to USD65.4 million, up 34% YoY. ORAS is currently trading at FY25e PE of 6.7x, PE (excluding cash) of 1.9x.

18 cement producers have filed a request with the Egyptian Competition Authority (ECA) to extend the quota system for another year. The system, which entails cement production cuts, expired on 23 July.

ESRS has submitted a suspension request for the 3 weeks, starting 28 August 2024, with respect to its GDRs traded in LSE. By the end of the requested suspension the Company expects that the IFRS audit (an LSE requirement) of its 2023 financial statements will have been concluded and posted in LSE. The Company will request a restoration of listing once the IFRS audited financial statements are posted.

EFIC released 2Q24 consolidated financial results. Net profit increased by 69% YoY (-16% QoQ) to EGP360 million, due to absence of FX gains QoQ. On a half-year basis, net profit increased by 81% YoY to EGP788 million and a NPM of 19.8% in 1H24 versus 17.6% in 1H23. EFIC is currently trading at a 2024f PE of 5.8x 

Fertiglobe has inked an EUR397 million contract with H2Global subsidiary HINT.CO to supply green ammonia from its facilities in Egypt to the European Union. The agreement will see Fertiglobe supply H2Global with up to 19.5k tons of green ammonia annually beginning in 2027, with total deliveries expected to rise to a cumulative 397k tons by 2033. Fertiglobe will source the green hydrogen it needs to produce green ammonia from Egypt Green Hydrogen. 

ANOPC will start the trial operations of its diesel complex in Assiyut during 2025. The project's investments reach USD3 billion.

TCI, the Egyptian terminal operator unit of AD Ports, unloaded the first 75k metric tons of slag panamax vessel at adabya port by using lighterage operation.