Goods that have been piling up at Egypt’s ports are expected to be released in the coming days as the government rolls out a basket of measures to clear shipments that have been held up at customs, the Finance Ministry said.  

Importers who have finalized all their customs procedures, except for processing the Form 4 customs document, will be able to receive their shipments from customs, Finance Minister said. 

Some Egyptian banks resumed yesterday opening documentary credits for importers again, after an almost complete hiatus that lasted for about 5 months. (Bloomberg) 

ORAS reported Net income of USD20.8 million in 2Q22 (-12.6% YoY) and USD33.9 million in 1H22 (-28.9% YoY). Revenue increased 7.7% YoY to USD934.9 million in 2Q22 bringing 1H22 revenue to USD1,914.6 million (+13.6% YoY). Consolidated backlog of USD6.5 billion Consolidated new awards increased 55.1% YoY to USD1.8 billion in 2Q22.

Passenger car sales dropped 50% YoY in July to 8.9k vehicles as the market continued to struggle with import restrictions, inflation, and a weaker currency.

Stellantis is considering upping investments and expanding capacity at Arab American Vehicle Company (AAV) factories.

Valeo Egypt is intending to provide 30-40% of electric vehicles manufacturing components in Egypt after lately signing a MoU with one of the local car manufacturers.

Banque du Caire achieved a net profit of EGP1.84 billion in 1H2022, compared to EGP1.82 billion on 1H21. 

Orascom Financial Holding incurred net losses of EGP114.76 million in 1H22 compared to profits of EGP36.65 million since establishment at the end of June 2021. 

Egyptian Microfinance Company Maksab has become the first local player to get a license from FRA to provide sharia-compliant microfinance. 

FRA approved a mandatory tender offer from Tawasol Holding- LimeVest Consortium to purchase up to 74% of Alexandria Medical Services. 

The Holding Company for Construction and Development raised its stake in ZMID from 8.3% to 22.7%.

The Transport Ministry's digital platform for foreign yachts will be up and running starting tomorrow, 1 September 2022.