Enterprise reported that the government has formed a new council of economic advisors, adding that the council will see prominent members of the business community that can provide support to the government through our current challenges.
The government aims to go ahead with the listing of “Wataneya” and “Safi” before the end of this year.
Minister of Planning said that the government is about to approve an incentive package to localize several industries, with the details to be announced before mid-October.
Ministry of Supply is signing contracts for the construction of the first phase of strategic warehouses, to raise storage capacities from the strategic commodity reserve to 9 months instead of only 6 months.
Minister of Petroleum revealed that there are good exploration prospects in the Red Sea region, which will boost the oil reserves by 15 million barrels.
SWDY has secured EGP 2 bn in Islamic financing at a 3-year tenor with an interest rate of 8%.
CIRA’s Cairo Saxony University inked an agreement with the International Dental Institute to roll out a dental program at the university.
GB Capital and EFG Hermes released an update on Kaf, the rebranded life insurance company which saw its customer base jump from 100 thousand at acquisition to a current 2 mn.
OIH participated with a 40% stake in the establishment of Afrigate Company for Marketing and Commercial Mediation, with an issued capital of EGP150 million (EGP0.01/OIH share).
SPMD's board decided to approve the closure of its drive-through branches on September 30th.
Tawasol Holding objected to Anderson's valuation for AMES, due to material errors.
Pickalbatros Hotels is opening a 318-room hotel in Hurghada at the end of September 2022, a 1,550-room hotel in Hurghada in October 2022, and a 1,000-room hotel in Marsa Alam in February 2023.
Weekly Commodities Update
Brent, USD/bbl 85.3 -3.8%
Diesel-HSFO Spread, USD/ton 583.1 3.7%
Egypt Urea, USD/ton 850.0 0.0%
Polyethylene, USD/ton 1,150.0 0.0%
Polypropylene, USD/ton 1,025.0 1.0%
Steel/Iron Ore Spreads, USD/ton 474.2 4.0%
LME Aluminum Cash Price, USD/ton 2,148.1 -4.0%
Egyptian Retail Cement, EGP/ton 1,445.0 0.0%
Steam Coal, USD/ton 435.2 -0.9%
Crude Palm Oil, USD/MT 762.8 -3.9%
SMP, USD/MT 3,547.0 -0.8%