Expect to see fast movement on privatization transactions in Egypt, including big-ticket asset sales, before the end of June.
Moody’s signaled that it could downgrade Egypt’s credit rating for the second time this year if its external position continues to deteriorate.
ACWA Power, Alcazar Energy, and Infinity are reportedly among seven companies interested in acquiring Egypt’s two largest wind farms, the 580-MW Gabal El Zeit and the 545-MW Zafarana wind farms.
Core inflation slipped to 38.6% YoY in April from 39.5% YoY in March, and down to 1.7% MoM in April from 2.4% MoM in March.
Ministers approved a draft decision that allows Egyptians living abroad to import gold to Egypt without paying customs duties for a six-month period.
The EGX executed yesterday National Paints' acquisition of 81% of PACH's shares that amounted to 19.3 million shares at a selling price of EGP39.80/share.
The United Arab Emirates’ Energy Minister said there is no need for more oil production cuts.
Parliament approved a loan agreement worth some USD2 billion from a consortium of international banks to fund the 660-km first phase of the planned high-speed rail network. Siemens Mobility, ORAS and Arab Contractors are the contractors, while NGE and its subsidiary TSO have been chosen to build half of the first phase.
Egyptian construction companies submitted offers to partner with Libyan companies in reconstruction projects in Libya.
ETEL announced the successful landing of the 2Africa subsea cable in Port Said.
CPCI 3Q22/23 net profit reached EGP6.0 million (-91.3% YoY, -47.1% QoQ), bringing 9M22/23 net profit to EGP56.1 million (-62.9% YoY).
CNFN aims to exceed EGP300 million in the portfolio of the green financing product it recently launched.