Net foreign assets of the CBE increased by USD1.17 billion in November to record USD11.8 billion, compared to USD10.64 billion in October.

Egypt has trimmed its fuel consumption 6% to 171 grams per kWh over the past few months. The reduction in demand is saving the country some EGP1.2 bn monthly.

The Ministry of Finance aims to reduce the external debt of the budget agencies by about USD1 billion during the remainder of the current fiscal year, to record USD77 billion dollars by the end of the current fiscal year, compared to USD79 billion at the end of June 2024.

Egypt will host the Egyptian-US Investment Forum in 1H2025 to promote American investment in Egypt, according to a cabinet statement. 

“We aim to have Egypt rank among the top 20 countries in terms of foreign trade by 2030 through introducing clearcut measures that will help boost exports to above USD145 bn,” Investment Minister said while outlining his ministry’s vision to MPs. 

The government is set to launch a EUR271 mn green industry program in 1Q2025 to support the industrial sector and help it cut back on carbon emissions with low-interest financing.

Egypt and Sudan inked an agreement to study setting up a rail link between them with KWD750k (c. USD2.4 mn) in funding from the Kuwait Fund for Arab Economic Development.

The Madbouly government is looking into launching a new initiative to support investors looking to set up new hotels in the local market.

SIC’s mandatory tender offer for CIRA, priced at EGP15 per share, will be valid from December 18, 2024, to January 16, 2025. 

According to local media, CIRA has announced plans to inject new investments, totaling EGP1 billion over the next two years. These investments will be directed towards launching the first phase of Damietta University and the Swiss School which is a project developed in partnership with Ahly CIRA and MASR.

CIRA revealed its intention to issue a new tranche of its sukuk financing program worth EGP500 million in the coming days. 

Egypt ceramics exports declined by 19% YoY to USD93 million in the first 10 months of 2024. 

Orascom Development Holding AG (ODH) announces that LPSO Holding Ltd. launched a voluntary public tender offer for all publicly held registered shares of ODH. LPSO is the primary holding company of the Sawiris family, the majority shareholder group of ODH who already holds in aggregate 77.50% of the registered shares of ODH.

EDA’s chairman held a meeting with Saudi Industry Minister to study cooperation opportunities related to localizing pharmaceuticals’ APIs production.

Eva Pharma has started producing and selling locally manufactured insulin glargine in collaboration with US-based Eli Lilly for the first time in the country. 

The Egyptian Natural Gas Holding Company (EGAS) has signed an agreement with BP and Shell to begin production from the offshore Harmattan gas field in the Mediterranean by 1Q26, Asharq Business reports. 

Halliburton is mulling more investment in the Egyptian market, the company’s President Eastern Hemisphere Shannon Slocum said during a meeting with Oil Minister Karim Badawi

BTFH’s subsidiary Beltone Leasing and Factoring has inked an EGP350 million sale and leaseback agreement with SEKEM Group.