The Egyptian Mineral Resources Authority launched a global tender for the exploration of kaolin sand, glass sand, and other minerals yesterday, according to a statement from the Oil Ministry. Investors have until 13 February to submit their offers.

Finance Minister Ahmed Kouchouk has extended the window for settling tax disputes until 30 June 2025 and will offer taxpayers a quick and effective method to settle their custom and tax disputes. 

The US Federal Reserve cut interest rates for the third time in 2024 by 25 bps, bringing its overnight borrowing rate to 4.25%-4.5%.

UAE’s AMEA Power will receive a golden license for its 1 GW solar power plant with 600 MWh battery storage system in Benban after the cabinet approved the move. 

The cabinet has approved a draft presidential decision to form the Egyptian-Saudi Supreme Coordination Council.

The cabinet approved a draft law amending the Traffic Law expanding the list of those eligible for financing under the fund granting support to those who purchase green vehicles to include those retrofitting vehicles, only those manufactured in the past 20 years, to run on clean energy as well as for purchasing eco-friendly vehicles.

Egypt secured a USD230 million concessional loan from Japan to support the state budget, promote private sector development, and diversify the economy.

Egypt seeks to import between 155 and 160 liquefied gas shipments during the next year, to bridge the gap between the actual need of the local market of natural gas and local production. A government official said that the cost of importing liquefied gas shipments during 2025 is estimated at USD 8 billion.

Kuwait's Caesarspac Company, which specializes in paper industries, announced the establishment of the largest paper recycling plant in the Middle East in the 10th of Ramadan city, Egypt.

ESRS will hold an extraordinary general assembly on 28 January 2025 to approve voluntary delisting from EGX. 

ECAP updates it's business activities to include production for others. 

SKPC's BoD approved the investment budget for 2025 with a total value of EGP1.9 billion.