Banks have started to open letters of credit for the release of basic strategic commodities, as they work on securing the dollar liquidity necessary for the release of basic commodities. 

Supply Minister called on MPs to form an ad hoc committee to look into possible changes to the country’s bread subsidy program.

The EGX is looking to drum up interest in listed companies on a roadshow to Dubai and Abu Dhabi later this month.

The IMF and World Bank annual meetings kick off today in Washington, DC, and wrap up on 16 October, discussing the multiple crises faced by global economy.

Several international investors and investment funds have submitted offers to acquire shares in hotels owned by state-owned Egyptian General Company for Tourism and Hotels. 

The Ministry of Electricity is negotiating with the German Development Bank to finance a project to develop power generation turbines from the High Dam, with a value expected to exceed EGP600 million.

OIH is planning to invest somewhere between USD200-300 million to set up four new hotels in Egypt.

SKPC will hold an extraordinary general assembly on November 2, 2022, to approve increasing the company’s issued and paid-in capital by EGP252 million.

PACH did not receive any information concerning news that Qatar Investment Authority (QIA) is studying the purchase of a majority stake in the company.

The Court canceled an earlier verdict against CCAP in three cases covering four cheques of a total value of USD10.17 million.

EGAS received the FRA’s approval to increase the issued capital by EGP481 million.

CBE launched the financial inclusion strategy for 2022-2025, with four main aspects: financial education, diversity in NBFS products, creating a business environment for SMEs, micro enterprises, and entrepreneurs, and digital financial services.

Bayer plans to invest EGP240 million in Egypt over the next three years by reintroducing five products to the market.

The Senate is set to discuss amendments to the Environment Act that would see a “green fee” of between EGP1k and EGP50k applied on new diesel and gas vehicles.

State-owned National Automotive Company has acquired 33% of local private sector EV services platform Electrified.