“The electricity will not be cut off again... and there will be no more load shedding,” Mostafa Madbouly said, adding that the government is working to secure the necessary energy shipments to keep the lights on 24/7.

Our natural gas output will return to normal levels before June 2025, Madbouly said, adding that the dip in production was due to the government’s inability to pay foreign companies their dues.

The Saudi government’s planned investment of USD5 billion in Egypt is separate from previous deposits at the Central Bank of Egypt, Madbouly said. 

Madbouly confirmed that the government is working on an investment plan to offer the Red Sea’s Ras Banas to private sector players in a transaction similar to ADQ’s Ras El Hekma agreement.

Finance Minister Ahmed Kouchouk said Egypt was set to issue USD3 billion in Eurobonds and other debt instruments in the current fiscal year ending June. 

Egypt will receive USD129 million from the US government as part of its “commitment to advancing joint US-Egypt priorities,” according to a readout from the US embassy in Cairo.

Rice, sugar, blended oil, fava beans, white cheese, milk, and pasta will continue to be designated as strategic commodities for another six months after the cabinet approved the decision. 

American company Capricorn resumed drilling programs in Egypt during 1H24. The company said that it received USD93 million of its dues during that period, compared to USD50 million it received in the same period of 2023.

Sources in the Ministry of Electricity said that increasing diesel prices for power stations will achieve savings estimated at about EGP3 billion per month.

The government is looking to sell an additional 10% of its stake in ETEL before the end of this year, according to local press.

We raised our FV of FWRY to EGP13.00/share, up from EGP6.90/share, and maintain our Overweight recommendation. FWRY is currently trading at an attractive 2025f P/E of 15.7x, significantly below its 3-year historical average of 39.6x. For more details, kindly check our note published on Thursday.

According to local media, EMFD plans to allocate investments of USD1.0 billion in Egypt in 2025, is interested in expanding to the Red Sea, and is open to expanding to Ras El Hekma if land is offered for a project.

According to local media, the Egyptian Competition Authority intends to extend the decision allowing cement companies to cut their production “the quota system” for another year starting October. 

CIRA’s general assembly approved cash dividends distribution of EGP0.26/share for FY23, implying dividend payout ratio of 120% and dividend yield of 1.9%.

The government has resumed negotiations for the sale of the state’s remaining 20% stake in Alexbank to Italy's Intesa Sanpaolo Group, which currently holds the remaining 80%. 

Banque Misr CEO Mohamed El Etreby is becoming the CEO of the National Bank of Egypt (NBE), while current NBE president Hisham Okasha is taking El Etreby’s place at Banque Misr. Former Banque Misr chairman Mohamed Barakat has been appointed non-executive chairman of NBE and former EBRD Vice President and CFO Soha El Turky will join the NBE as vice president. 

The total investments of insurance companies and insurance funds in treasury bills decreased to EGP130.796 billion by the end of June 2024, compared to EGP241.25 billion by the end of last May. 

Cabinet greenlit a draft presidential decree regarding a 2021 financing agreement with the German government that grants funds to support MSMEs and allow them to create more jobs.

The government intends to achieve pharmaceutical exports of USD1.5 billion in FY24/25, up from USD1.0 billion in FY23/24, according to local press.