*Key news articles for today*
The government will announce a fresh package of tax facilities and investment incentives later today.  Finance Minister said that he expects to see the facilities implemented before the end of the year.

Minister of Transportation and Industry Kamel El Wazir said that president El Sisi ratified a decree to launch an initiative to assist halted factories with financing at 15%, subsidized by the Ministry of Finance.

Egypt's interest payments dropped by 20.3% during July-August 2024, to EGP312 billion down from EGP391.7 billion in the comparable period last year.

Ministry of Civil Aviation studies offering Ras Al Hekma airport to a BOT private sector partnership.

The MPs greenlit a number of foreign agreements that unlock USD millions in grants.

The first USD 1.8 mn phase of a solar panel mounting and installation factory is set to kick off in two months under a contract inked between industrial developer Main Development Company and project owner Pyramids Alu. 

QNBE (FV: EGP65.00, OW) recorded, a sequentially lower, but still strong 3Q24 net profit post-minority interest of EGP6,320 million (-6% q/q, +64% y/y, and +12% higher than Al Ahly Pharos estimates) bringing 9m24 net profit to EGP20,061 million (+60% y/y). We remind you that QNBE is among our tier II top picks for 2024. The stock is currently trading at 2024e multiples P/E of 2.7x.

State-owned fertilizer producer “Delta Fertilizers” may soon be up and running again under a USD450 million plan to revive the company. Four local and Saudi companies have expressed interest in taking over the company’s development. ABUK and MFPC as well as Oil Ministry’s Egyptian Petrochemicals Holding Company are all reportedly competing to join the project. A fourth unnamed company is also in the running that is purportedly affiliated with Saudi Arabia’s Public Investment Fund.One of the four companies will be chosen in 1Q25.

The Smart Villages Development and Management Company is planning to list 30-35% of its shares on the EGX in 1H25.

Germany’s PtX Development Fund grants Scatec EUR30 million to support the Egypt Green Hydrogen plant that Scatec is setting up with Fertiglobe, ORAS (FV: EGP344.18, OW), the Sovereign Fund of Egypt, and the Egyptian Electricity Transmission Company.