The Supreme Constitutional Court ruled on Saturday that the 7% flat rate in the Old Rental Law for residential properties is unconstitutional and called on the Egyptian parliament to amend the law.

The US Federal Reserve cut interest rates for the second time, this time by 25 bps, bringing them to 4.5%-4.75%.

The Oil Ministry launched the Sustainable Aviation Fuel Production Company, which will invest USD530 million to develop production facilities and integrate the facility with other petroleum companies in Alexandria governorate. 

US multinational conglomerate Honeywell has finished its feasibility study with the European Bank of Reconstruction and Development for SAF production in Egypt, according to a statement from the Ministry.

Emirati oil and gas giant Dana Gas is waiting for USD24 million out of a total USD59 million of outstanding dues owed by the government to be paid before it launches a USD100 million project to develop production, the company said.

Tourist footfall is expected to reach a record high of 15.3 million in 2024, increasing 5% YoY, according to a statement from the Tourism Ministry. 

An unnamed Chinese company is looking to set up a USD360 million tire factory in the Suez Canal Economic Zone (SCZone) in partnership with the state-owned Arab Organization for Industrialization (AOI). 

Austrian wood panels manufacturer Kronospan wants to partner with Nag Hamady Fiberboard Company to set up a 150k sqm production line in the Egyptian company’s existing factory to produce MDF, according to a statement by the Industry Ministry. 

Egypt is committed to repaying loans worth USD3 billion to Gulf banks in November. 

Egypt will repay some USD1.3 billion in USD-denominated bonds today for debt issued in 2016, according to Al Arabiya, citing unnamed sources. 

The Shalatin Mineral Resources Company, affiliated with the Ministry of Petroleum, aims to deliver gold to the CBE amounting to a ton by the end of this year 2024.

ISPH reported positive 3Q24 results: Bottom line amounted to EGP185 million, up 49.8% QoQ and 3.4x YoY. 9M24 bottom line came in at EGP407 million, up 1.3x YoY. ISPH is trading at 2025 multiples of EV/EBITDA of 3.0x and P/E of 9.8x.

EBRD gave its initial approval to a USD120 million equity bridge loan to Obelisk Solar — a special purpose vehicle owned by Norway’s Scatec — to fund part of Scatec’s 1-GW solar power plant in Nagaa Hammadi to power EGAL’s industrial complex with 2 GW of green energy.

Ministry of Electricity set the feed-in tariff for solar panels using the battery energy storage system at USD0.023/kWh for privately-owned solar panels and USD0.014/kWh for state-owned solar panels. 

CCAP’s subsidiary, Egyptian Refining Company (ERC), plans to repay USD200 million of its outstanding USD742 million debt by December, company head Mohamed Saad stated. 

EFID announced the signing of a toll manufacturing agreement in the biscuit business with Misr Food Additives (MIFAD). 

Phillip Morris increased the prices of its tobacco products for the the third time this year, raising prices by EGP5 across its offerings in the local market.