*Key news articles for today*
 
The government will invest EGP1.0 bn to launch 1k hotel rooms in between the Al Farma archaeological site to the west of the Suez Canal. The initiative, which is expected to be invested in the last quarter of the year.

The Ministry of Finance announced the launch of an integrated tax system that aims to support medium, small, and micro enterprises.

The implementation rates of the submarine cable of the electricity interconnection project between Egypt and Saudi Arabia exceeded 35%.

Chinese auto manufacturer Dayun eyes expanding Egypt operations to also include passenger cars, light transport vehicles, along with trucks. 

SWDY is teaming up with Siemens to develop a USD800 million power plant in the Red Sea city of Rabigh in Saudi Arabia. Project is expected to be fully completed by the end of 2026.

Implementation of the first phase of the Dekhila dry bulk terminal superstructure will reach USD50 million. The terminal will be implemented in three phases, with operations expected to begin in the second half of 2025. Worth highlighting that a consortium of four local private and state-owned firms, including a SWDY company, signed an agreement on Monday to invest USD450 million to build, operate and manage the dry bulk terminal.

PHDC (FV: EGP8.78, OW) launched a new phase in Badya called The Village.

SKPC is distributing stock dividends at a ratio of 1:5 on 10 October 2024 for shareholders of record on 9 October 2024. By this, the company's total number of shares will increase to 907 million shares at a par value of EGP2/share, from 756 million shares currently.

OPEC said they expect world oil demand to increase by 18% to 120.1 million barrels per day by 2050, in stark contrast to other international organizations — including those within the petroleum industry — that expect to see oil demand fall as the world transitions to low carbon and green fuels.

FRA has approved RMDA’s BoD proposal to decrease its issued and paid-up capital through cancelling 9.47 million treasury shares. Hence, the capital shall be trimmed by EGP2.368 million to EGP375.866 million.