The letters of credit system for imports will be cancelled within two months in coordination with the CBE.

The Trade and Industry Ministry will focus on no more than seven priority sectors. These include chemicals, engineering, textiles, building materials, food and agriculture, meds, and furniture. The incentives include a 55% tax cut on income generated by projects in the sectors, to be rebated within 45 days of the tax return submission date.

The Finance Ministry will soon open the door to another phase of the export subsidy program, through which it plans to pay out some EGP5.5 billion in subsidies to exporters.

The state ownership policy document will be finalized within weeks and sent to the cabinet to be reviewed for final approval.

The priority exit strategy for the state privatization program moving forward will be towards IPOs on the EGX.

The government is ready to offer public hospitals to the private sector with the aim of improving health services.

Members of the Gas Exporting Countries Forum used their annual meeting in Cairo yesterday to express their concern over European attempts to cap gas prices.

EGAS and the Palestine Investment Fund are expected to sign an agreement to develop the Gaza Marine field during 1Q23.

The House of Representatives approved a draft presidential decree for a EUR83 million loan from the Africa Development Bank to finance the second phase of the Electricity and Green Growth Support Program.

The House approved a draft presidential decree for a EUR1.5 million grant agreement in a bid to support Egypt’s climate finance strategy and promote the low carbon transition.

The New Capital has generated EGP2 trillion in revenues so far — and only some 40k feddans of the Capital’s 175k feddans have so far been developed.

Prime Minister suggested yesterday that the next iteration of the economic conference could take place in 1H23.

PHAR disclosed that it has not yet received approval from UP Pharma to start the due diligence process, rendering the acquisition's withdrawal possible, pending the BoD decision.

ADCI declared FY21/22 dividends distribution of EGP4.8/share to be distributed on 15 November 2022 and the record date to be on 10 November 2022.

EGCH (Kima) BoD approved offering their unutilized lands for sale, that amount to 53k sqm. The EGM shall take the final approval for the decision.

Fertiglobe PLC and Scatec Solar are nearing operation of the first project in Egypt to generate fuel from green hydrogen with a working capacity of 100 megawatts ahead of the COP27 Conference. 

The National Authority for Tunnels, El Didi Group, and Gama Construction signed an MoU for an electric train project under a public-private partnership framework at the Egypt Economic Conference. The agreement will see the establishment of a joint venture to build, operate, maintain, and manage the 250 km cargo-and-passengers railway project connecting key ports in the country. Civil works, like bridges, stations, and fences, will be implemented by undisclosed “major national companies” while German company Siemens will implement signals, communications, and electric power systems, and develop a plan to localize the railway industry in Egypt.

The Holding Company for Metallurgical Industries approved the acquisition offer submitted by Ibda Company for Projects Development, to purchase its stake and its affiliates in the Egyptian Company for Carbon Anode Blocks, at a price of USD2 per share. The Holding Company owns 75% of the Egyptian Company for Carbon Anode Blocks, 25% which are directly owned, and the other 50% through its subsidies EGAL, El Nasr Mining, and El Masria Ferroalloys.

Within the framework of the Egyptian ports development plan, 5 new km were added in the second phase of development to reach the target of 13 km. By 2024, 75 kilometers will be completed.

Special Group alliance will su