Transport and Industry Minister Kamel El Wazir laid out the 23 industries that the government is looking to localize, adding that the state is offering incentives and facilities to attract investments into these selected sectors. 

The Qantara West Industrial Zone will welcome two new projects with combined investments of USD38 mn following agreements with the Suez Canal Economic Zone (SCZone).

Egypt and Germany inked grant and debt swap agreements totaling some EUR77.3 mn to fund development projects in a number of sectors.

Some 14 firms have offloaded their stake in Misr Aswan Fishing to the Sovereign Fund of Egypt (SFE) ahead of its sale to a strategic investor.

The Labor Ministry has doubled the bonuses disbursed to registered irregular workers to EGP 1k, starting with the bonus to be paid out for Coptic Christmas next month, according to a statement. These bonuses are paid out six times a year on religious holidays as well as Labor Day. This increase in bonuses will cost the state some EGP1.5 bn annually.

MPs approved a EUR1 bn macro-financial assistance package from the EU, which marks the first phase of a EUR5 bn set of concessional loans running through 2027 as part of a wider EUR7.4 bn package from the EU announced in March.

Egyptian cotton exports have decreased since the beginning of the season in early October by more than 72% to only 5,000 tons until mid-December.

ADIB Egypt secures USD66.9 million subordinated loan from its main shareholder, Abu Dhabi Islamic Bank - UAE, to support the bank's growth and expansion plan.

CANA intends to adopt an ambitious strategy in the coming years, targeting expansion in direct investment activity, investment banking services, and non-banking financial services

The Egyptian Federation for Financing MSMEs announces that over 4.5 million clients in small and medium enterprises were given financing that amounted to EGP95.5 billion by the end of 3Q24.

DOMT is currently studying the possibility of establishing a factory in an Arab country. 

HELI decided to contract directly with Al Qalaa Asset Management to exploit the Granada Complex at a rate of 30% of the total revenues in the first year with a guaranteed minimum of EGP 1.8 million annually.

ETRS aims to pump USD500,000 into digital transformation within 5 years from 2026 to 2030. 

PHAR EGM approved increasing the authorized capital from EGP1.5 billion to EGP6 billion and increasing the issued capital from EGP1.48 billion to EGP1.68 billion, an increase of EGP 200 million distributed over 20 million shares through rights issue by inviting old shareholders to subscribe to the new shares.

CCAP’s Glassrock for Insulation signs a sponsorship and MoU agreement with Ashrae Cairo Chapter Charter to provide innovative solutions and enhance advanced insolation technologies to support energy usage efficiency and sustainable heating and cooling.

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