Budget deficit increased to 6.26% of GDP in the first 11 months of FY22/23 to record EGP615.2 billion, compared to 5.50% of GDP in the same period last year.

GAFI has approved GV Investments’ ambitious 26k-feddan Tarboul industrial project in Giza. The project will require EGP500 billion (USD16.2 billion) of investments.

The leaders of Brazil, Russia, India, China and South Africa are reportedly close to an agreement about inviting new member countries to join the BRICS. 

Companies have until 22 November to apply to set up a credit rating agency, with the FRA set to award a license to just one of the firms.

The FRA is studying amending sukuk regulations to attract small issuances.

The IFC expected that Egypt would lead African countries in the digital economy alongside Morocco, Nigeria, South Africa and Kenya by 2025.

PHDC net profit in 2Q23 increased 34.9% y/y and 40.7% q/q to EGP355.4 million, bringing 1H23 net profit up 8.9% y/y to EGP608.1 million. 2Q23 sales reached EGP12.9 billion (150.4% y/y and 90.3% q/q) and bringing 1H23 sales up 84.0% y/y to EGP19.7 billion, supported by sales in Badya. Revenue in 2Q23 declined 16.0% y/y and 3.9% q/q to EGP3.4 billion, reflecting fewer delivered units and bringing 1H23 revenue to EGP6.9 billion, almost flat y/y. 

According to local media, ORHD is allocating 22k sqm to the medical space in O West, and negotiations with hospitals are underway.

Israeli Energy Minister said that Israel will increase gas exports to Egypt from its offshore Tamar field. Israel will raise gas exports by an additional 38.7 billion cubic meters (bcm) over 11 years.

The Ministry of Petroleum is preparing to offer 10 new oil and gas exploration concessions in the south.

The EGX’s listing committee has approved the delisting of the shares of IRAX.

Aman Financial Services, a subsidiary of RAYA, plans to apply for a digital banking license from CBE, according to local press.

CICH’s micro-enterprise services company Reefy signed a financing agreement with the EBRD. According to it, a loan of EGP 200 million was obtained, with the aim of supporting entrepreneurs, young people in Egypt and financing their micro projects.

The Egyptian National Railway Authority, of the Ministry of Transportation, to start executing the first phase of "Matrouh-Salloum" line (280 km long) in the beginning of next year with an estimated cost of EGP8 billion, according to local media.