EBRD will provide USD1.3 billion in financing to Egypt to promote its green transformation strategy, which aims to get rid of old power plants and contribute to new wind and solar energy projects.
Egypt intends to sign two contracts for green hydrogen production projects with GCC and foreign entities, with investments of USD5 billion.
The government aims to increase tourism revenues to USD30 billion annually from the current USD11-13 billion.
SWDY’s 99.8% owned subsidiary El Sewedy Electric for Trading & Distribution, signed three contracts worth EGP2.2 billion to execute the South Valley development project in Toshka through reclamation of 375,000 feddan.
IRAX reported sturdy performance for 2Q22 with consolidated attributable net income standing at EGP2.9 billion (+180% YoY, +144% QoQ), bringing 1H22 earnings to EGP4.1 billion, almost double that of last year. IRAX is currently trading at FY22e P/E of 2.5x and EV/EBITDA of 2.8x.
EFIH to buy treasury shares up to 5% of total outstanding shares and approved the disbursement of 0.25% ESOP shares which implies a total cost of EGP66 million.
Some local car agencies are storing their share of International car brand quotas in warehouses outside of Egypt to maintain their quotas amidst import restrictions.
MICH will start the technical evaluation for the offers submitted by private companies to establish a hydrogen unit under the BOT right-of-use system, in mid-September 2022.
OFH denied having any investments in the e-commerce company Capiter.
CNFN highlighted it has enough guarantees on the factoring contracts signed with the e-commerce company Capiter with no significant impact on the profits of the holding company.