CBE and the Ministry of Finance announced that Egypt and the IMF have reached an agreement on the economic and structural policies and reforms for Egypt’s new IMF-backed economic reform program.

Expats could send some EGP50 billion (c. USD2.5 billion) into Egypt under a cabinet program that will allow Egyptians living abroad to buy new cars in exchange for hard currency.

The state has settled disputes with international companies to improve the investment environment and attract more foreign inflows.

The Egyptian Electricity Transmission Company wants to pay in EGP-equivalent for imported components, which usually make up 30% to 46% of any given tender, in a bid to ration foreign currency usage.

ORAS added USD 670 million of new awards to its backlog in 3Q2022, which brings total new awards in 9M2022 to USD 3.1 billion. The estimated consolidated backlog stood at USD 6.1 billion as of 30 September 2022.

The government plans to inaugurate the eastern segment of the monorail from the New Administrative Capital to Nasr City before COP27. The USD4.5 bn project was executed by ORAS consortium.

The state is hoping to see domestic distributors import between 300-500k cars in the four-month window during which the expat car import scheme will run.

HDBK will increase its paid-in capital to EGP 5,313 million, through the distribution of 2.5 bonus shares for each share. The record date is 26 October 2022.

HRHO and the Sovereign Fund of Egypt (SFE) agreed to acquire an undisclosed majority stake in the education platform Selah El Telmeez (SET).

Poultry selling prices to end-consumers have increased significantly in the last few days due to the lack of feed in the market (EGP45 per kg). 

Raya Foods, a subsidiary of RAYA, plans to establish an industrial complex over phases during the coming years, with an initial investment cost of EGP500 million.

KIMA intends to sell a 53k sqm land plot, whose value shall not exceed 10% of the company's latest equity value. This places land value at EGP0.45/KIMA share. 

MOIL announced that it has received an offer for 100% of its subsidiary Valentine Maritime from Ancla Marine Ship Company. The Board of Directors will be held this week to decide on the sale.

The Suez Canal Authority has contracted with Korean SsangYong to build a 35-thousand-ton floating dock for the authority's Port Said shipyard.