The state prefers selling stakes in state-owned companies to strategic investors over public share sales, Prime Minister said. He added that the government has a clear plan for securing US dollars for a year. He declared that Egypt can sell stakes in companies outside the list of 32 announced earlier.
Egypt is expanding the number of ways to acquire citizenship.
Ministers approved the latest round of social support measures aimed at mitigating the impact of inflation. The program will raise public-sector wages and pensions and provide tax relief by raising the income tax exemption threshold starting April 2023.
Bread and food subsidies are costing the government an extra EGP54 billion, and it will pay out EGP45 billion in fuel subsidies, the Prime Minister said.
China Energy could start working on a USD5.1 billion green hydrogen facility in Egypt in May.
Balance of payments surplus reached USD523.5 million during 1Q22/23 supported by a 20% decline in current accounts. Trade deficit declined by 18% to USD9 billion due to a 5.1% increase in non-petroleum exports coupled with a 9.9% decline in imports. Goods exports increased by 12.6% to USD10 billion. External debt declined by 0.05% to USD155 billion at the end of September 2022.
Foreign investments in T-bills increased by 24% MoM to USD8.04 billion in December.
The CBE did not introduce new ATM withdrawal fees, putting an end to rumors that it raised withdrawal fees to EGP20-50.
CBE has issued new regulations allowing contactless card payments via mobile apps. Banks are expected to roll out the services to support these payments soon.
Brent crude futures shed 3.4% to settle at USD83.29/bbl.
EGX head announced a plan to list a new oil services company on the EGX during the coming month.
We remind you that EGTS’s next court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is, if not further postponed, on 11 March 2023.
Elevate Capital’s healthcare investment platform is looking to acquire a 70-80% stake (not 100% as reported yesterday) in Nile Scan & Labs.
Scope, Oxide Chemicals, and Vacsera will set up a JV to build, manage, and operate a factory for biodegradable syringes and other medical supplies. The factory will be built at a cost of USD10 million at Vacsera’s industrial complex.
PerkinElmer and HVD Life Sciences Egypt will partner with the government to build a beta thalassemia screening lab.
Infiniti Company for Vehicles Manufacturing intends to manufacture cars locally by investing around EGP1 billion, with the aim of starting production in 3Q23.