Chinese steelmaker Wu’an Xin Feng has a plan to set up a USD1.7 bn integrated industrial complex in the Suez Canal Economic Zone (SCZone). 

Egypt’s oil subsidy bill for the current fiscal year is expected to surpass EGP200 bn, significantly higher than the EGP154 bn initially allocated, a source said.

Prime Minister Moustafa Madbouly met with Saudi Industry and Mineral Resources Minister Bandar Alkhorayef yesterday, where they agreed to include the sectors of petrochemical, pharma, and automotive in the broader agreements signed between the two countries back in October, according to statements from both nations. 

Industry Minister Kamel El Wazir confirmed in the meeting that the animal feed industry has become eligible to participate in the subsidized loan program that offers businesses loans at a 15% interest rate, nearly half the central bank's post-float 28.25% lending rate.

The ministerial group for industrial development greenlit the proposal to not renew industrial licenses for any factory situated in residential areas or unplanned industrial areas.

The House approved a USD 2 bn loan from Emirates NBD, Standard Chartered, and a number of other banks. 

The Ministry of Finance agreed to provide marketing support worth EGP3.5 billion, for about 1.5 to 1.6 million quintals of blossom cotton produced this season, noting that the support came due to the cessation of auctions of the government cotton marketing system.

The Industry Ministry is mulling a five-year, USD250 mn plan to develop state-owned EGAL (FV: EGP155.00, OW), according to a statement following a meeting of the ministerial group for industrial development. 

The Financial Regulatory Authority has given its approval for ESRS to begin procedures for delisting its shares from the EGX, with the board-approved decision to now be put forward to a general assembly.

The Financial Regulatory Authority approved the Social Impact Capital Limited (SIC) mandatory tender offer to acquire 48.78% of CIRA at a share price of EGP15. 

HDBK BoD approved Increasing the authorized capital from EGP10 billion to EGP30 billion and to distribute one free share for each original share from the general reserve amounting to EGP 6.507 billion as of Sep-end 2024, emphasizing that this balance does not include any of the profits achieved during the fiscal year ending on Dec 2024) so that the issued and paid-in capital after the increase becomes EGP 10.626 billion instead of EGP5.313 billion. 

CICH announces the successful exit of its strategic stake in Taaleem Management Services, after a five-year holding period.

The exit delivered exceptional returns, generating four and a half times the equity invested and achieving an IRR of approximately 50%.

CNFN partners up with Engazaat to ensure small farmers and support them in establishing sustainable farming practices in the Al Moghra region of the Western Desert. 

BTFH's subsidiary, Beltone Leasing and Factoring announces its membership in FCI, the leading representative body for factoring and financing open account trade receivables.

BP and the Abu Dhabi National Oil Company’s (Adnoc) investment arm, XRG, finalized the establishment of Arcius Energy, a joint venture aimed at expanding natural gas operations in Egypt, according to a joint press release. 

The Oil Ministry is aiming to increase gas production by 400-500 million cubic feet per day by March 2025. 

Industry experts expect an increase of 280% in the total value of throughput of PoS between 2021 and 2024, reaching EGP640 billion by the end of this year.