Cyprus’ Energy Minister Giorgos Papanastasiou said yesterday that his country is prepared to supply natural gas to Egypt to re-export to European marketsز

Oil Ministry to unveil full incentives policy framework during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2024) which is being held in the UAE until Thursday, Oil Minister Karim Badawi said.

Egypt will pay about USD818 million to the IMF during November, according to local press. The government has already paid USD259 million in commissions, additional fees, and interest due to the Fund on November 1. 

The budget achieved a primary surplus of EGP90 billion during 1Q FY24/25, representing more than four times the surplus achieved in previous years, according to a press citing Ministry of Finance statement.

Finance Minister Ahmed Kouchouk laid out three near-term priorities to ensure economic stability and stimulate private sector growth. K

The House is set to vote on an amendment to extend the tax dispute settlement deadline to 30 June 2025.

The General Authority for Supply Commodities has encountered higher wheat supply prices than usual during a global tender on Monday.

The value of Egypt's agricultural exports increased by about 32% YoY during the first 10M2024, recording USD4.1 billion.

The CBE sold one-year EUR denominated T bills worth EUR642.8 million in an auction with an average return of 3.5%.

The Egyptian Railway Authority of the Ministry of Transportation will bid for the development of Tanta–El Mansoura–Damietta Rail Project in January 2025, according to local media. The qualified consortiums include Talis-ORAS, Alstom-Al Rowad, Siemens-Madkour, Chinese CRSC, and Korean LS- KNR. 

SIC has offered to purchase some 284.3 mn of CIRA’s shares at EGP 15 a piece, EGP 1 higher than previously expected. This implies transaction value of EGP4.26 billion and would imply FY24/25f P/E of 26.6x and EV/EBITDA of 4.3x. 

The General Authority for Investment (GAFI) and Educational Buildings Authority aim to attract investments to establish 1k schools by offering fresh facilities. 

HRHO's subsidiary Tanmeyah is planning to expand by adding 100 more branches in the next period. 

CICH announces the issuance of a securitization bond with a total amount of EGP3.919 billion to Tasaheel. 

CICH Asset Management received the regulatory greenlight to open the subscription door for its CI Sector Fund, a diversified investment fund, starting 11 November and for a two-month period. 

CNFN now announces its expansion plan by providing its new digital finance and an investment platform services soon. 

ATLC's general assembly approved the issuance of an accumulated cash dividend of EGP0.599/share for the year 2023 implying a payout ratio of 78.3% and a dividend yield of 14.4%. 

FWRY announced that its fully in-house developed Soft POS solution has successfully completed the MPOC certification cycle.

Mobily, a leading Technology, Media, and Telecom company in the Kingdom of Saudi Arabia, and ETEL have signed a cooperation agreement to land the first Saudi submarine cable linking Saudi Arabia and Egypt. 

Egyptian Cabinet approved the contractual agreement between the Universal Health Insurance Authority (UHIA) and eHealth, a subsidiary of EFIH. 

Memphis pharma appointed a new CEO "Tarek Mahrous Salman" after the resignation of the old CEO Bassem Abdallah. 

Egypt is set to establish three new shipyards in partnership with the private sector in the Suez and Red Sea governorates, with investments exceeding USD100 million.