Prime Minister delivered a speech during the opening session of the Future Investment Initiative (FII) conference in Riyadh. The speech was about Egypt’s approach to securing sustainable and inclusive development, with a particular focus on empowering the private sector and further developing our energy sector, transport and infrastructure networks, and telecom and CIT industry.

The Ministry of Industry and Transport, in coordination with the Ministries of Electricity and Petroleum, is preparing a new mechanism to waive the interest and fines accumulated on the debts of troubled factories owed to these parties.

The EGX is working on restructuring the 18 sectoral indices, in terms of relative weights and liquidity of stocks.

LSE- and TSX-listed Centamin’s shareholders approved NYSE-listed global miner AngloGold Ashanti acquisition bid, with 98% voting in favor. The transaction will be carried out on 22 November, pending the Royal Court in Jersey’s approval in a court hearing scheduled for 20 November.

The Senate finalized the draft renewal of the Tax Disputes Settlement Law until the end of 2025.

OCDI reported strong 9M24 sales of EGP39.8 billion, up 101.1% y/y, implying 3Q24 sales of EGP28.8 billion, up 148.4% y/y. This was driven by the launch of Ogami, OCDI’s latest North Coast project. Net profit in 3Q24 increased 45.4% y/y and 31.3% q/q to EGP309.0 million, bringing 9M24 net profit up 70.7% y/y to EGP934.6 million.

The FRA gave a nod to LCSW (FV: EGP30.08, OW) to go through the procedures to merge the company’s three sanitary ware and tile manufacturing subsidiary companies in Egypt into Lecico Egypt S.A.E. (the parent company) to improve operational and financial efficiencies.

Medcom-Aswan for Cement is currently in negotiations, with Libyan investors, to launch a new cement facility in the Capital Tripoli with investments of around EGP6 billion. 

Japanese conglomerate Sumitomo subsidiary is putting the finishing touches on its cable factory in Tenth of Ramadan, with production set to begin next month before an official opening in 1Q25.

ABUK sent a release announcing that the company’s BoD approved the installation of solar stations with a capacity of 2.5 MW for reducing electricity consumption from the grid.

State-owned Egypt Gas will partner with Jordan’s Aqaba Development Corporation (ADC) to set up a natural gas supply network for Quweira Industrial Zone in Aqaba, Jordan. 

The Egyptian Competition Authority received three requests from ADQ to acquire three companies through its subsidiary Alpha Oryx Limited. Its worth noting that Alpha Oryx was established by ADQ for the purpose of acquiring 25% of EDC, 30% of Ethydco, and 35% of ELAB.