The government and TMGH could together retain a 20% stake in the North Coast’s Ras El Hekma.
Annual urban inflation eased in January to reach 29.8% in January from 33.7% in December. Monthly Inflation, however, inched up again in January to 1.6%, compared to 1.4% the month before.
Annual core inflation, which excludes volatile items, fell to 29% in January, down from 34.2% in December, Meanwhile, monthly core inflation accelerated to 2.2% from 1.3% in December.
Finance Ministry has revised crude price estimates up 6% to USD85 a barrel for the current fiscal year, up from USD80 per barrel originally penciled into the budget.
The Cabinet greenlit amendments to the Unified Budget Act aimed at improving budget indicators so they are more in line with international standards.
The Cabinet approved a draft law that would allow the private sector to build, manage, and operate state-run health facilities.
The Cabinet approved amendments to oil agreements that aim to bring in more investments into the sector.
Egypt's CDS rates fell as Egypt makes progress on an agreement with the IMF.
The CBE directed banks to assess all their accumulated requests for foreign currency needed to import strategic goods, raw materials, and production inputs, as the CBE wants to have a clear vision of the market’s needs for foreign currency in preparation for obtaining financing to manage these accumulated demands.
TMGH’s (FV: EGP42.95, OW) ICON signed the final acquisition contract for a majority equity stake of 51% with full management rights in Legacy Hospitality through a capital increase. We remind you that our EGP42.95/share valuation does not include the acquisition of Legacy Hospitality.
Savers have deposited EGP612 billion into the high-yield CDs introduced last month by the NBE and Banque Misr.
CBE demanded Egyptian banks to conduct an immediate count of the volume of pending import requests for medicines and medical supplies, especially those held at ports, and give them priority in procurement operations immediately.
RMDA signed partnership contracts to export its products to Vietnam and Sudan and expand its activities in the Gulf countries.
Dana Gas is planning to reinvest USD58 million of receivables in Egypt to drill more wells and increase production.
Oil and gas drilling company Ades Holding has received extensions for three of its local offshore jackup rigs.