The IMF’s Managing Director Kristalina Georgieva will be in Egypt next week to discuss our USD 8 bn loan program, Prime Minister Moustafa Madbouly said. A delegation from the Fund will arrive directly following her visit in preparation for the program’s fourth review, Madbouly added. 

The government will be taking another look at its plan to sell off stakes in state-owned companies and assets, Madbouly said. The sectors and sizes of the stakes of offered companies may be re-evaluated, he said.

The Egyptian Drug Authority gave pharma companies the final greenlight to hike the prices of 3.5k drugs, an official at the authority said. Around 1k products have seen their prices rise and the rest will see their prices rise over the coming few days, the source added.

The government will announce amendments to the real estate tax and simplifications to the Customs Law within two weeks.

DP World has agreed to explore the possibility of developing a public freezone in the new capital under an MoU inked with the New Administrative Capital for Urban Development (ACUD) and the General Authority for Investment and Freezones (GAFI), according to a cabinet statement.

The cabinet approved a draft decision from Prime Minister changing up the government committee in charge of managing debt and external borrowing. 

The cabinet approved a draft law amending the Unified Tax Procedures Law, which set out guidelines for tax reconciliation. 

The Cabinet approved a draft law to settle the status of taxpayers and end existing tax disputes, part of its wider drive to ease the burden on taxpayers and unify and improve tax services.

The Cabinet approved a draft decision to set up a private freezone under the name Yada Egypt in New Alamein’s industrial zone. The EUR70 mn zone will focus on furniture manufacturing, with 100% of its output earmarked for exports. 

The Cabinet approved the establishment of a new committee — dubbed the Energy Planning Unit — that will be responsible for proposing strategies, policies, and plans for implementing energy solutions.

According to local media, OCDI aims to increase its recurring revenue to 12-15% of total revenue within five years, and expects real estate prices to increase by 15% as a result of the recent energy price hikes.

The listing committee of EGX approved listing ESRS's issued and paid-in capital decrease by EGP4.55 million to reach EGP2.711 billion distributed over 542.35 million shares, effective 4 November 2024. 

SKPC will set up a USD159 million project for the production of sodium cyanide and its derivatives, dubbed Draschem for Specialized Chemicals, after cabinet approved the move yesterday during its weekly meeting. 

MICH will distribute a cash dividend worth EGP4/share on 28 November 2024, for shareholders of record on 25 November 2024.

Halliburton is set to finish preparation work on four deepwater gas wells in Egypt by December. The nearly-completed wells include two in the Burullus offshore gas field in the Mediterranean and two in BP’s Raven gas field in Alexandria.

The Suez Canal Economic Zone (SCZone) has signed a contract with Dubai-based polyurethane systems firm, Pearl Polyurethane Systems, to set up a polyurethane factory in the Sokhna Industrial Zone, with initial investments of EGP100 million.

ALCN EGM approved the distribution of FY23/24 dividends, withs DPS of EGP1.72 and USD0.0034. Record and distribution dates are not declared yet.

BTFH subsidiary, Beltone capital, is aiming to launch its credit rating agency in the first half of 2025. 

Etihad Airways launched twice-weekly flights to Al Alamein starting July 2025.