The government will raise USD2 billion from its asset sale program within the next 1-2 months, through ETEL exiting its entire stake in Vodafone Egypt, or from the sale of the Beni Suef power station.

The House of Representatives yesterday gave its final approval to the FY 2023-2024 fiscal budget, with an expected deficit of EGP849 billion (7% of GDP). 

Prime Minister discussed potential incentives to help boost localization across various industries with representatives of the Federation of Egyptian Industries, industrial chambers, and manufacturers. 

Egypt is set to attract foreign direct investments of USD12 billion in FY23/24, +20% YoY.

EGAL (FV: EGP53.58, OW) invited EPC companies to submit technical and financial offers for the rehabilitation of the company's facilities by October 12, 2023. We remind you that the revamp of the company’s facilities, the solar power plant, and/or better electricity pricing are considered significant triggers for higher fair value.

SWDY (FV: EGP22.87, OW) has begun construction on a Saudi cables factory that should be up and running within two years.

SWDY's subsidiary Rowad Modern Engineering has plans to expand in Saudi and lock down a portfolio worth somewhere between SAR500 million and SAR1 billion this year.

National Investment Bank (NIB) reduced its stake in MBSC to 15.02% from 20.10% by selling 4.87 million shares at an average price of EGP31.5/share.  

Vodafone Egypt will invest more than EGP 330 mn this year to operate its network using renewable energy sources by 2025.

UAE's Aldar Properties has denied a media report claiming that it had entered negotiations to acquire Capital Group Properties (CGP).

EgyptAir will launch two new routes to Manchester, England, and New Delhi, India, in the coming months as part of the government’s efforts to stimulate tourism.