Inflation figures for August will be released on Sunday 10th September. We expect urban inflation rate to continue rising on the rally of food items' prices and uncertainties of FX prospects, recording about 38% YoY.
The government has sold lands during January to July 2023 amounting to USD2.5 billion, an official said.
Credit Suisse expects the government to announce new deals worth USD1 billion soon, within the state IPO program.
A government official said that monthly revenues from transporting Israeli gas through the national NG network to European markets amounted to USD9 million, expected to revive by next winter, in light of the rise in Europe’s consumption of gas imports for heating purposes.
EAST released standalone financial results for FY22/23. Annual bottom-line recorded EGP7,657 mn compared to EGP4,030 mn in FY21/22. 4Q22/23 net profit reached EGP2,367 mn, compared to EGP1,801 mn in 3Q22/23 and losses of EGP222 mn in 4Q21/22. The remarkable jump in bottom-line annually and sequentially is solely backed by the weak base effect present in FY21/22 and 4Q21/22.
EAST is starting the procedures required for spinoff to separate the unutilized real estate assets in accordance with the provisions of Law No. 159 of 1981, and in accordance with the Capital Market Law.
CCAP's subsidiary TAQA has established a Saudi company with the Saudi Natural Gas Distribution Company. The SAR500 million company, dubbed First Gas Company, is a 50/50 joint venture. The company will maintain and develop pipelines, and transport oil and gas.
ORAS (FV: EGP181.70, OW) and UK’s Colas Rail have inked an agreement with the National Authority for Tunnels to convert Alexandria’s Abu Qir railway into an underground metro. The European Investment Bank and the European Bank for Reconstruction and Development are providing a combined EUR1 billion in finance for the project.
According to local media, TMGH (FV: EGP22.55, OW) intends to launch a project in Riyadh.
According to local media, MNHD (FV: EGP3.11, EW) is studying investment opportunities in Egypt, Saudi Arabia, the UAE, Greece, and Canada.
Developers will soon be allowed to apply for a one-time license to own and operate commercial and office properties rather than having to apply for annual license renewals.
Beltone Venture Capital, a subsidiary of BTFH, acquired 20% of the shares of Ariica, a manufacturer of home and decorative products, in a deal worth EGP31 million.
aiBank has launched a 15% interest-up-front time deposit. Savers must deposit at least EGP500k in the account for up to six months.
Saudi Telecom Company (STC) has acquired a nearly 10% stake worth USD2.25 bn in Madrid-based Telefonica SA to extend its operations.