Egypt's real GDP grew 9% YoY in 1HFY2021/22 compared to 1.35% a year earlier

The IPOs and secondary stake sales of a handful of state companies under the privatization program are moving forward

Egypt will be receiving newly announced additional natural gas exports from Israel via a new route through Jordan

A consortium of UAE-based Metito Holdings, Scatec Solar, and ORAS is in talks with Egyptian authorities to build a USD 1.5 bn water desalination plant 

Six European banks will provide funding worth USD 1.5 bn for the construction of the new mazut hydrocracking complex at the Assiut refinery

Saudi Aramco signed an agreement with the Red Sea National Petrochemicals Company for long-term supply of Arabian light crude to the petrochemical complex set to be built in Ain Sokhna

Apache Egypt expects to spend more than USD 3.5 bn in Egypt over the next five years

Natural gas prices increased by 13% this week to exceed USD27/MMBtu

Imports of goods worth up to USD5k (or the equivalent in any other foreign currency) will be exempt from the CBE’s decision requiring importers to get letters of credit (L/Cs); Rules will come into effect 22 February; Banks must lower the fees for issuing L/Cs to match those for the existing process of documentary collection

HRHO’s fintech platform Valu has new agreements to finance sports club memberships, tuition payments and plane tickets; Looking to make its first cross-border expansion into another Arab country; To issue EGP500 mn of securitized bonds in 2Q22

SPMD reports 4Q21 net loss after tax of EGP31 million, mainly driven by losses in Prime Speed and the booking of all tax expense in 4Q21 4Q21 as well as lower PCR prices since October 4

Adwia Pharmaceuticals is eyeing several investment opportunities, including an acquisition of a pharmaceutical company

PHDC Board approved issuing EGP3.3 billion sukuk to finance Badya; Approved reducing capital by retiring 40.7 million treasury shares

Colliers International expects hotel occupancy rates in Cairo, Hurghada, Alexandria, and Sharm El Sheikh to reach 69%, 69%, 64%, and 60%, respectively, in 2022

Egytrans BoD approved a proposal to restructure its group of companies, by segment, to increase the strategic focus