The government is mulling a permanent exemption for factories from property taxes and either raising the residential tax exemption cap or doing away with it altogether for first homes, Deputy Finance Minister said.

Remittances from Egyptians working abroad more than doubled YoY in September to hit USD2.7 bn.

The CBE sold EGP75.2 bn worth of t-bills with record average yields of 30.9% for three-month bills, 30.6% for six-month bills, 28.4% for nine-month bills, and 26.2% for year-long bills.

Tax revenues grew by 41% during the period July through October, compared to the same period of the previous year, the head of the Egyptian Tax Authority said.

A consortium of Chinese investors and the private and government sectors in Egypt seek to establish an integrated agricultural complex on an area of one million acres in the New Valley Governorate, with investments estimated at about USD7 billion.

EFID reported 3Q24 financials with attributable net profit recording EGP362 million in 3Q24 (-16.0% YoY, +13.7% QoQ), bringing 9M bottom line to EGP1,120 million (-6.0% YoY). EFID is currently trading at 2025f P/E of 9.4x and EV/EBITD of 6.9x.

United Bank’s private placement that wrapped yesterday was 6x oversubscribed. Retail investors will soon get their chance to buy up a piece of United Bank in the offering’s retail placement set to begin tomorrow and run until 3 December. 

CICH's consumer finance firm, Sohoula, announces the completion of its first securitization bond issuance deal for BM Lease amounting to EGP478 million.

Saudi Arabia’s National Security Services Company (SAFE) will provide EFIH with comprehensive and secure security system for digital payments under an MoU inked between two sides during Cairo ICT. 

Polish renewables player ‘Hynfra’ announced its plans to set up a USD10.6 billion green ammonia facility in Egypt with production capacity of 1 million tons per year, according to a statement from the General Authority for Investment (GAFI). The first phase of the project is set to be up and running by 2030, which will cost some USD1.6 billion and have a production capacity of 100k tons of green ammonia per year. 

UK oil and gas giant ‘Shell’ will boost its natural gas production by 170 million cubic feet per day by the end of December, according to Asharq Business.