El Sisi has suggested there will be no further devaluation of the EGP if the effect of the exchange rate is taking a toll on the lives of Egyptians. He added that we need to boost exports and lower imports. Turning to international debt markets to support reserves and help meet USD needs is no longer an option, El Sisi said. 

US Federal Reserve decided to leave interest rates unchanged for the first time in 15 months. 

Egypt has submitted its application to join the BRICS group because of pursuing to shift trade to alternative currencies. 

The Civil Aviation Authority decided to stop the “SOTO” ticket system, which are tickets whose route begins and ends outside Egypt and does not include any points inside Egypt.  

The Central Bank of Egypt decided to extend the amendment to the treatment of irregular loans for small and medium enterprises, until the end of June 2024. 

The Capital Markets Authority in Kuwait approved EKHO’s request to trade on treasury shares on the Kuwait Stock Exchange for six months, at a maximum of 10% of the company’s capital. There will be minimal effect on the stock in Egypt.

The Ministry of Petroleum plans to offer two oil and gas exploration bids in at least 16 areas in south Egypt and Red Sea before the end of 2023.

The Qatari sovereign wealth fund is in negotiations with the Sovereign Fund of Egypt (SFE) to acquire up to 30% of the 7-hotel holding company at USD 750 million. 

EGTS’s (FV: EGP1.68, EW) court date for its appeal against the court’s ruling in December 2021 requiring EGTS to pay USD5.7 million (EGP0.17/share) to Trans Mediterranean for Tourism Investments in relation with a canceled land sale contract is scheduled for 31 August 2023.

EFID finalized the acquisition of frozen bakery manufacturer Fancy Foods with a transaction value of EGP380 mn (EGP0.53/EFID share), as a part of their expansion plan.

A consortium of several real estate finance companies intends to address the FRA to solve the problem of obliging it to deal only with brokers registered with the authority when completing the purchase of units for customers using the real estate financing system. Which led to lower financing volumes this year due to the decrease in their number.