Ministers have given the green light to the Finance Ministry to take a fresh USD500 million issuance of JPY-denominated bonds to market. The so-called “Samurai bonds” would carry a tenor of five years.

Prime Minister has issued a decision to double the Sovereign Fund of Egypt’s authorized capital to EGP400 billion.

The cabinet approved the launch of a council for green hydrogen tasked with overseeing the implementation of the government’s green hydrogen strategy.

The cabinet agreed to set up a unit to handle relations with the multilateral Brics bloc of major emerging economies after it joins the organization next year.

Acwa Power has achieved financial close for its 200 MW solar project in Kom Ombo, the largest privately-owned solar plant in the country.

Afreximbank has agreed to extend a USD400 million loan to the state-owned Chemical Industries Holding Company (CIHC) for a USD1.2 billion phosphate fertilizers complex in El Wadi El Gedid governorate.

Mohamed Al Sayyad has been named vice chairman of the Financial Regulatory Authority (FRA).

Visa and Mastercard are set to increase charges retailers pay when accepting customers’ credit, debit, and prepaid cards.

ORAS (FV: EGP181.70, OW) reported its consolidated results for 2Q23 with attributable net income surging to USD62.6 million in 2Q23 (+3 folds YoY, +73.4% QoQ), bringing 1H23 earnings to USD98.7 million (+191.2% YoY) despite tight revenue growth and operating margins. The surge in bottom line was driven by: recognizing a gain on the sale of two non-strategic building materials subsidiaries in May and June amounting to a net of USD92.9 million, net forex gains of USD14.0 million during the quarter, compared to a loss of USD0.5 million in 2Q22. ORAS is trading at FY23e PE of 2.1x and EV/EBITDA of 2.0x.

An ORAS-consortium has signed a land allocation agreement with the Electricity Ministry for its planned 3-GW wind farm, according to a statement by the cabinet.

The Egyptian Nuclear and Radiological Regulatory Authority (ENRRA) has given the all-clear to Rosatom and co. to proceed with the construction of the fourth 1.2-GW reactor at the Dabaa nuclear plant.

FAIT (FV: EGP 28.90, EW) 2Q23 consolidated bottom line recorded EGP769 million (+2% y/y,-65% q/q) bringing 1H23 bottom line to EGP2,988 million (+45% y/y). Sequential decline is mainly caused by the absence of FX gains in 2Q23 versus an exceptional figure in the previous quarter coupled with lower operating income, higher OPEX and effective tax rate, despite lower booked provisions. The stock is currently trading at P/B23 of 0.6x and P/E23 of 3.9x, with ROAE of 17%.

RAYA intends to increase its stake in Ostool to 90% up from 62% currently.

AMIC released their report for the month of July showing a decline in auto sales by 51% YoY to reach 6,295 units. Passenger cars' sales dropped by 45% YoY to record 5k unit.

JUFO will raise its milk prices by 11%. While DOMT will raise its ASP by 7.5%.

OCDI (FV: EGP23.30, OW) is partnering with Nobu Hospitality to bring the Nobu brand to Egypt through two luxury hotels, the restaurant, and branded residences in two OCDI projects in Cairo and on the North Coast.

Cabinet granted Samsung Electronics the golden license to establish a mobile phone factory in Beni Suef.