The tourism ministry is expecting to receive a record 15 mn tourists this year (c. USD15 billion in revenues) up 28% from 2022.

Urban Communities Authority received over the last month some USD inflows in return for advance payments from Gulf investors for large land plots.

Cabinet is considering fixing the interest rate for a large number of different vital sectors for a period of one year, including the real estate sector. 

Saudi Arabia’s National Shipping Company (Bahri) and the Suez Canal Authority (SCA) are investing USD 50 mn to establish an Egyptian joint-stock company for maritime transport.

Sodic reported weak 1Q23 sales of EGP2.8 billion, down 25.7% y/y and 70.7% q/q, due to limited launches given OCDI had temporarily halted sales at the beginning of 2023 to revisit selling prices amid increasing construction costs. 

ORHD has no intentions to price its units in O West in USD. The company started delivering units in the Whyt and Tulwa phases of O West this month.

Samih Sawiris is looking at investing in Saudi Arabia.

We remind you that EGTS’s next court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is, if not further postponed, on 6 May 2023.

EGTS is offering six land plots with areas starting at 10k sqm in Sahl Hasheesh for sale to investors. Deadline for submitting offers is 18 May 2023.

The New Urban Communities Authority is planning a two-tranche EGP30.0 billion securitization bond issuance.

Brent futures fell 5.0%, to settle at USD75.32/bbl, on concerns about the US economy as politicians discuss ways to avoid a debt default and investors prepare for more rate hikes this week.

Dubai-based National Paints Holding (NPH) has acquired over 80% of PACH for around EGP770.5 mn (EGP39.80/share) in its mandatory tender offer that wrapped yesterday.

The Africa-focused trading arm of Japanese carmaker Toyota is looking to build two car factories in Africa, each producing some 100k vehicles annually, and is considering setting up one of them in Egypt.

The Financial Regulatory Authority issued a decision to amend the financial solvency standards for consumer financing companies.

ETRS declared 2022 dividends distribution of EGP0.13 per share, with dividend yield of 5.3%, to be distributed on 17 March 2023 for record date of 14 March 2023.