Emirati sovereign wealth fund ADQ will lay the foundation stone for its USD multi-billion Ras El Hekma project on Friday, Deputy Housing Minister said.

The Madbouly government will start introducing cash-based subsidies on a trial basis in certain areas of the country starting next fiscal year, Supply Minister said.

Intro Group subsidiary Intro Technology signed a MoU with Omani data center leader Oman Data Park to establish a new USD450 million sustainable data center in the Suez Canal Economic Zone (SCZone), according to a joint statement.

French yeast producer Lesaffre Egypt is planning to double its investments in the local market to USD100 million.

The budget deficit declined during July and August of the current fiscal year to EGP263.1 billion, equivalent to 1.54% of GDP, compared to EGP383.1 billion, equivalent to 2.74% of GDP, during the same period of the previous year. 

Finance Minister revealed a program to launch a package of new initiatives and incentives to support green activities and export industries.

The government intends to launch an international tender to expand the Al-Jabal Al-Asfar wastewater treatment plant, with the completion of the procedures in October. 

The Deputy Minister of Foreign Affairs and Immigration revealed that a study is underway to expand the sovereign guarantees for exporters, to include all economic activities carried out in Africa, protecting existing Egyptian investments in African countries, and ensuring the possibility of transferring exporters’ receivables easily.

RMDA announced the strategic acquisition of a leading anti-diabetic product, indicated for the treatment of type 2 diabetes; this marks the company’s largest acquisition to date. The product currently ranks first in terms of units sold with a 9% market share within the overall newer generation oral anti-diabetics market which is valued at over EGP6.7 billion.

SKPC sent a release announcing that the constituent general assembly of the Alexandria Supply Chain Company was held on 29 September 2024. The company aims at establishing a maritime facility to meet the current and future needs of petrochemicals companies for imported ethane gas. 

Belgium engineering group John Cockerill is joining Norwegian firms Scatec and Yara International, the Egyptian Petrochemical Holding Company, and Misr Fertilizer Production Company (Mopco) (MFPC) in producing green ammonia in Damietta with investments exceeding USD900 million, according to a Ministry statement. 

TAQA is looking to set up two new solar plants with investments ranging between USD25-30 million, the company’s head of sustainability Sherif Mubarak told Al Borsa. 

The Oil Ministry will ensure the supply of mazut to building material factories through a centralized distribution system so they can operate at full capacity starting today, Transport and Industry Minister Kamel El Wazir said yesterday. 

HRHO’s commercial bank, aiBank, has rebranded to Bank NXT.

HRHO is considering the establishment of a regional headquarters in Saudi Arabia and seeks to increase Saudi Arabia’s share of its revenues to 20% over the next five years.

RAYA intends to issue EGP1.0-1.5 billion worth of securitization bonds before the end of this year, according to local press.

ALCN released its edited financial results for FY23/24: bottom line came in at EGP6.28 billion (+43% YoY), and revenue recorded EGP6.58 billion, compared to EGP4.96 billion in FY22/23.