The House of Representatives preliminary approved government-drafted amendments to the law regulating how the Sovereign Fund of Egypt (SFE) operates.  

The MPs approved a presidential decree approving increasing our subscription to the IMF by 50% — which will be worth some USD1.4 bn and EGP48 bn.

The MPs also approved a USD15 mn USAID grant to help us fight climate change.

Investment Minister said that a new investment incentive package will be announced within a week. 

Efforts to split the Egyptian Electricity Transmission Company from the Egyptian Electricity Holding Company are still ongoing. 

AMEA Power to launch its USD800 mn Ras Ghareb wind farm in March 2025. 

Chairman of the Egyptian Stock Exchange said that the number of new investors in the stock exchange has increased since the beginning of this year, by 18% to 20%.

NTRA inked USD450 mn worth of agreements granting 5G service licenses to Vodafone Egypt, Orange Egypt, and e& Egypt. Mobile operators will kick off trial operations in three months and officially launch 5G services within six months. ETEL inked 15-year agreements, worth a combined USD75 mn, renewing their licenses for previous generations without receiving new frequencies.

TAQA sent a release to EGX denying signing any cooperation agreement for the development of Ras El Hekma project.

Several fertilizer manufacturers are reportedly looking to offload stakes to foreign investors in an effort to secure the needed FX to carry out expansion plans.

Oil prices rose to their highest levels since August, settling at USD80.93/bbl, as violence intensified and speculation over Israel’s retaliation with strikes on Iranian oil facilities continues, the Financial Times reports.

Suez’s USD1.8 billion coal and diesel production complex should be complete by mid-2025, according to an unnamed government official speaking to Al Arabiya. 

The government has extended its ban on sugar exports for an additional six months, exempting only surplus quantities beyond local market needs.

OCDI launched its commercial project, EDNC, in Eastown in East Cairo which will house a Nobu restaurant, set to open in early 2025, and a Nobu hotel.

CNFN targets 25% growth in financing portfolio over the next year with a focus on the quality of the customer in terms of high solvency.

HRHO aims to reach EGP12 billion in leasing and factoring portfolios by the end of the year.

NBFI’ assets recorded EGP275.8 billion by 2023 year-end. Consumer finance companies’ return on assets decline to 4.4% in 2023.