Chinese appliance manufacturer Haier laid the foundation stone for the USD40 million second phase of its eco-industrial complex in Tenth of Ramadan City. With a production capacity of 300k refrigerators and deep freezers and offer around 1k jobs and is scheduled to begin production in the last quarter of 2025.

Alexandria for Industrial Development (AID), a JV between Alex Steel and Catalyst Private Equity, is in negotiations with foreign investors to build USD120 million worth of factories in the Suez Canal Economic Zone under turnkey contracts.

The Tourism Ministry is in talks with China’s Chongqing Gaund Holding Group over the construction, management, and operation of a number of luxury floating Nile hotels.

The Egyptian government paid USD1.2 billion of the arrears dues of foreign oil companies of USD3.2 billion last week instead of next October, in efforts to increase natural gas production in the country.

A Kuwaiti investor intends to invest in the establishment of an integrated project in the chemicals sector in the Baghdadi Industrial Zone of Luxor Governorate.

US Federal Reserve officials signaled the possibility of more big rate cuts this year, with Chicago Fed President Austan Goolsbee saying that the current benchmark interest rate was “hundreds” of basis points above the neutral level.

The CBE sold nearly EGP54.5 billion in EGP-denominated, three-year treasury bonds yesterday, over 10x its target of EGP5 billion, with an average interest rate of 24.8%, down from 25.2% in the previous auction.

The long-planned merger between state-owned Egyptian Ethylene and Derivatives Company (Ethydco) and SKPC may finally be getting the green light, with unnamed sources telling Al Borsa that the agreement is expected to go through by the end of October after the FRA approves the share swap factor between the companies.

Saudi Arabia’s Public Investment Fund (PIF) is reportedly looking into acquiring a stake in state-owned firm Egypt Gas, Al Mal reports. 

EGAS succeeded in signing 11 new oil and gas exploration agreements with international oil companies during FY23/24 with investments worth a minimum of USD925 million.

United Bank is heading to the Gulf, Europe, and the US to promote upcoming IPO, slated for 1Q 2025. Up to 49% of the bank could end up on the EGX. 

Businessman Nagib Sawiris revealed that the volume of OIH’s investments in gold mines reaches $1.5 billion.

EFIH announced today that its subsidiary eAswaaq, along with Post for Investment, a subsidiary of Egypt Post, have launched the “ECOM Africa” company. The company will develop and operate specialized electronic marketplaces targeting the African market. 

A local consortium will invest USD450 million to build, manage, and operate a 300k square meter dry bulk terminal in Dekheila Port under an initial agreement inked with the Alexandria Port Authority, according to a Transport Ministry statement. The consortium includes four local private and state-owned firms, Mediterraneo Egypt, Latt Trading and Shipping, a SWDY subsidiary, and the Transport Ministry’s Holding Company for Maritime and Land Transport.