President El-Sisi announced a series of measures on Saturday to alleviate financial strains on citizens, including:
Revenues from the SCZone recorded nearly EGP 6.1 bn in FY 2022-2023 (+78% YoY), the highest recorded level in the zone’s history.
The number of tourists visiting Egypt increased 40% y-o-y in the first seven months of 2023.
The government is looking to sell a 30% stake in state-owned plastics manufacturer Alamal Alsharif Plastics to a single strategic investor.
Foreigners looking to acquire a green passport by investing in property must hold onto it for at least five years in order to qualify for citizenship, per legal amendments approved by the cabinet.
The USD10k administrative fee citizenship applicants pay can now be paid in both hard currency or the equivalent amount in EGP.
The Ministry of Tourism aims to increase the number of Arab tourists to 4.5 million in 2024, compared to about 3.1 million tourists in 2022.
Government sources said that the burden of rolling over the electricity prices' increase until January 2024 may exceed EGP65 billion, especially due to USD rate variations.
CCAP released 2Q23 results posting a net loss of EGP381.2 million compared to a net profit of EGP361.6 million in 2Q22 restated net profit (as the company decided to apply the optional exceptional accounting treatment of reclassifying the FX to the other comprehensive income and restated the comparative figures accordingly). 1H23 net loss reached EGP308.1 million, compared to a net profit of EGP830.4 million during 1H22, which included a one off nonrecurring EGP810 million representing a waiver income resulted from final settlement of loans due on a subsidiary. The company is currently trading at a 2023e EV/EBITDA of 3.4x.
Oil prices hit their highest levels since November on Friday as the global market continues to tighten on the back of Saudi Arabia and Russia’s decision to extend supply cuts until the end of the year. Brent climbed more than 2.5% on Thursday and Friday to close the week at almost USD94.30/bbl.
Danish shipping giant AP Moller-Maersk and its parent company AP Moller Holding have established a startup that will manufacture green methanol to fuel container ships in the SCZone.
The government is set to reopen its expat car import initiative for a three-month period under a draft law approved by the Madbouly cabinet at its weekly meeting.
The government is planning to add EXPA to its privatization program.
Sarwa Insurance, CNFN’s insurance arm is planning to expand in the African market over the next five years.
The Suez Canal Economic Zone (SCZone) greenlit a decision allowing the Arab Company for Drug Industries and Medical Appliances (Acdima) to set up a USD165 mn factory for the production of 28 active substances used in the pharma industry.
Savola Group’s edible oil company Afia Egypt will receive a USD20 mn loan from the European Bank for Reconstruction and Development to help it pay for raw material imports.