The Prime Minister confirmed that the government is currently reviewing the timeline and reforms put forward by the Fund, pointing to the direct impact that the war on Gaza and the subsequent decline in Suez Canal revenues has had on state revenues as justification for the review.

The Prime Minister said that the foreign exchange flows and the state’s needs and obligations are proceeding regularly and smoothly, and there is no delay with regard to production requirements, raw materials, and basic needs, and there are no delayed requests in the banks, denying the government’s intention for another floatation of the exchange rate.

The first phase of the government’s plan to bring private investors to develop, manage, and operate Egyptian airports will offer up five airports, unnamed sources told press. The sources named the airports as Cairo International Airport, Sphinx International Airport, El Alamein International Airport, Sharm El Sheikh International Airport, and Hurghada International Airport. The government also plans to hand over management of Luxor and Aswan airports to private sector operators in subsequent phases. 

Home appliance giant LG plans to add a new USD150 million refrigerator production line to its Tenth of Ramadan factory. The new production line is in the preparation phase.

Turkish pump manufacturer Turbosan is mulling setting up a factory in Egypt as part of a larger effort to increase its presence in the local market, according to a Housing Ministry statement.

Egyptian and Libyan businesses agreed to set up a comprehensive industrial complex leveraging Egyptian raw materials to serve as a trade corridor to Algeria, Tunisia, and other African markets, set up permanent “Made in Egypt” exhibitions in Tripoli and Benghazi, and to look into potential Egyptian investments in Libya’s tourism sector — Libya is setting up a tourism project on its coastline.

The World Bank announced a schedule for Egypt's external debt repayments during the current fiscal year, which includes paying obligations worth USD60.8 billion in the period from July 2024 to June 2025. 

Eni is set to resume drilling at the Zohr gas field in December of this year, with the arrival of a rig to drill two new wells, Oil Minister Karim Badawi said yesterday. 

US oil producer Apache has been awarded four exploration blocks in the Western Desert, the Oil Minister announced. 

BP will be expediting the drilling of the second well at the Raven natural gas field, the Oil Minister said, adding that the additional production capacity is set to come online by January 2025.

The Oil Ministry targets signing 15 new oil and gas exploration agreements during the coming year with minimum investments of USD748.5 million.

United Bank shares will be temporarily listed on the bourse starting today, after which the company will have six months to meet listing requirements and obtain regulatory approvals ahead of its planned IPO set to take place before the end of 1Q25.

HRHO launched SEP educational platform in Saudi Arabia with a capital of USD300 million.

COMI CEO Hisham Ezz El Arab plans to leave his post at the bank within the next 2-3 years, he told Al Arabiya, adding that he is currently mentoring three employees, with one expected to take over after his departure.

Government agencies can now grant contractors working on public projects up to a six-month extension on their implementation timelines, according to a circular issued by the Cabinet. 

State-owned Egyptian General Petroleum Corporation (EGPC) signed four separate MoUs with SWDY's Elsewedy Industrial Development, ESRS, Ades Holding, and a consortium of Hassan Allam Holding and Infinity Power aimed at ramping up oil and natural gas exploration alongside production and field development, according to a Cabinet statement.