Prime Minister Mostafa Madbouly announced in his weekly presser that the government is planning to offer up stakes in ten state-owned companies in 2025. The offerings will be via direct sales to strategic investors and/or through EGX listing.

The cabinet also approved a EUR 7 mn comprehensive technical support package to support Egypt’s green transition— dubbed the European Green Facility initiative — that was inked between Egypt and the EU in October.

The Prime Minister said that a contract has been signed with the American company “New Fortress” to attract an additional gasification unit for the additional shipments of gas that we will need for next summer.

A government official said that the IMF understands the geopolitical conditions that the region is going through, showing flexibility regarding the government’s request to amend the timetable for lifting subsidies on petroleum products in a way that suits the economic conditions the country is going through. He added that the Fund requested a clear schedule to settle foreign oil companies' arrears.

Energy solutions firm Korra Energi is temporarily set to list 2.3 billion shares at EGP0.20 each today after the bourse’s listing committee approved the move, according to an EGX bulletin. The EGP45O million in issued capital will be under the ticket KORA.CA.

The cabinet approved two draft commitments between the government-owned Egyptian Natural Gas Holding Company and Egyptian General Petroleum Corporation and unnamed international companies to search for and exploit gas and oil reserves with minimum investments of USD133.8 million. 

Somaby and TAQA inaugurated the first 3.7 billion cbm phase of a solar-powered water desalination plant that will provide safe and clean water for the resort on the Red Sea, according to an EGX disclosure. 

EGX approved the listing of EGCH's authorized capital increase from EGP8 billion to EGP12 billion. 

FWRY received final licenses to link its services with Apple Pay.

MNT-Halan has expanded into the UAE with the rollout of its early salary access service, Halan Advance, targeting the Emirates’ over 3.7 mn underbanked expatriate community. 

Hilton is working on tripling its presence in Egypt by opening 25 new hotels across the country.