Kuwait’s Ali Alghanim & Sons Group is looking into setting up an insulin factory in Egypt in partnership with foreign companies as part of its expansion in Egypt. The group is also exploring the development of a tourist resort overlooking the Red Sea.

The government holding intensive discussions to resolve the issue of the long-awaited capital gains tax on EGX transactions, and even look for alternatives, a government source said. 

Egypt has reportedly signed agreements with Shell and Total Energies to purchase a total of 60 LNG shipments in 2025 for around USD3 bn, an unnamed government said.

Planning and International Cooperation Minister Rania Al Mashat touted the Suez Canal Economic Zone (SCZone) as a potential hub for Ukrainian grain storage and re-export to Africa during a high-level meeting in Cairo with Ukrainian Agrarian Policy and Food Minister, according to a ministry statement. She also invited international partners to visit the area to explore its potential as a logistics and manufacturing hub.

The Liberian crude oil tanker Chrysalis passed through the Suez Canal yesterday for the first time since being targeted in a Houthi attack last July, according to a statement from the Suez Canal Authority. 

The CBE sold USD1.06 billion in T-bills with a 364-day maturity period, at an average yield of 4.25%.

The CEO of the International Islamic Trade Finance Corporation announced that a program was signed with the Egyptian government to provide financing facilities to support petroleum products and food security worth USD1.5 billion, adding that the financing will be allocated primarily to the EGPC and GASC.

EFIC released 4Q24 unaudited standalone results posting a 169% YoY (+258% QoQ) to EGP950.5 million, bringing FY24 net profit to EGP1.5 billion, a 161% YoY.

Raya Auto plans to establish a USD 50 mn EV assembly plant in Egypt next year, CEO of the Raya Holding automotive unit Mohamed El Naggar told Asharq Business. 

Head of the Egyptian Drug Authority stated their strategic plan for building inventories for six months to the most important medicine's active ingredients, as a part of solving the scarcity crisis in the Egyptian drug market. 

Head of suez canal authority Ossama Rabie declared the accomplishment of the canal duplication project and its readiness for operations. Rabie added that the authority issued the navigational charts for the canal.