The cabinet approved draft legislation to give properties unique digital IDs.

The cabinet also greenlit the suspension of the 14% agriculture land tax for an additional year starting from 1 August. The tax has been suspended since 2017.

The government approved two presidential decrees allowing Egypt to join the African Development Bank’s Africa50 for Project Development and Financinand Africa50 for Project Financing.

India’s Ocior Energy has inked preliminary contracts with the government to set up a USD4 billion green hydrogen plant in the Suez Canal Economic Zone (SCZone). 

Dana Gas expects to receive the Egyptian parliament’s approval on its gas exploration agreement with state-owned EGAS this year.

MNHD reported 2Q23 revenues in 2Q23 grew 22.3% y/y and 16.9% q/q to EGP1.2 billion, bringing 1H23 revenue up 23.4% y/y to EGP2.3 billion. Net profit in 2Q23 reached EGP275.9 million (+149.0% YoY, -9.4% QoQ), bringing 1H23 net profit up 151.0% y/y to EGP580.2 million. 

SPMD released 1Q23 consolidated financial results showing attributable net loss of EGP24.2 million compared to net loss of EGP38.4 million in 1Q22 and net loss of EGP53.3 million in 4Q22. Revenues came in at EGP15.8 million in 1Q23 (-76.9% YoY, +0.8% QoQ). SPMD is currently trading at 2023f P/E of 77.2x and EV/EBITDA of 16.1x.

FAIT has released 2Q23 consolidated financial indicators where the bottom-line recorded EGP2.89 bn (+43.2% y/y, +32% q/q). The strong expansion is mainly attributable to the strong top-line growth (+32.4% y/y, + 150% q/q). Additionally, it could be also related to non-interest income growth, lower provisions, and lower taxes.

Prime Holding’s asset management arm Prime Investments has appointed Mohamed Kotb as its new CEO and managing director. 

EAST's CEO expects the cigarettes market to stabilize within 2-3 months. The company highlighted that there were no price increases from their side since March 2023, and the prices rally in the market is driven by the merchants, according to local media.

A new company, Damietta Green Ammonia, was established virtually through the General Authority for Freezones and Investments’ (GAFI).

Travco Group plans to raise its hotel capacity by 18% to 20k rooms in the next two years.