Net foreign direct investment (FDI) inflows to Egypt registered USD8.90 billion in 2022, the highest level since 2011. That’s 74% higher than 2021.
The SFE will wait until the end of Ramadan to start taking companies in its pre-IPO fund to market.
The SFE has added Salhia Investment and Development Company to the pre-IPO fund.
Restaurants, malls, and other commercial spaces will now be open until 2 AM until the end of Ramadan.
CCAP is studying increasing the production capacity of ERC by 800k tons within three years.
Italian energy group Edison expects to make its final investment decision this year on whether to go ahead with a proposed pipeline that will carry natural gas from Israel and Cyprus to Europe. The pipeline would ship 10 billion cubic meters of gas a year from the Mediterranean straight to Greece and could be operational by 2027.
Eagle chemicals yesterday increased its offer for Paint and Chemical Industries (Pachin) on the same day that National Paints Holding’s (NPH) rival mandatory offer (MTO) opened to shareholders. The Egyptian chemicals company offered to purchase at least 75% of the company for EGP 35.00 per share, EGP 1.00 higher than the earlier bid
TMGH (FV: EGP19.67, OW) AGM approved the distribution of EGP0.193/share cash dividends (DY of 2.2%), to be distributed over two EGP0.096/share installments, the first on 31 May 2023 at the latest and the second on 31 July 2023 at the latest.
IHG Hotels & Resorts and Arabella for Tourist and Urban Development will establish three new hotels in Cairo and on the North Coast, together offering more than 500 rooms to be opened between 2023 and 2026.
The General Assembly of COMI authorized the BoD to issue financial instruments up to a maximum of one billion pounds, in the form of nominal bonds or subordinated loans. The process is scheduled to be completed through one or several tranches through a public or private offering, whether locally or through global markets, in order to support the bank's capital base to finance future expansion or investment activities, and to support risk-weighted assets. They also approved increasing the bank's capital by EGP 204.45 million, rising to EGP 30.195 billion.
EFG Hermes has completed the fourth issuance of securitization bonds for its subsidiary ValU, with a value of EGP 856.5 million, as part of a securitization bond issuance program of EGP 4 billion.
The qualified consortia for the tender of the construction of water desalination plants will be announced by the end of next week. 28 international and local consortia submitted their documents to qualify for the tender.
The result of the tender of the construction of a dry port and a logistics center at the 10th of Ramadan will be announced in two-month period after submitting the technical and financial bids on April 30.
Abu Dhabi Ports (ADP) made an initial offer to the Holding Company for Maritime and Land Transport to acquire a major stake in Port Said and Damietta companies for handling containers, competing with Maha Capital's deal, the investment arm of Qatar Authority