The CBE could receive another USD5 bn in deposits from the UAE and Saudi Arabia to top up its foreign reserves. The funds will likely be converted into investments over several years.

Egypt aspires to attract USD25 billion in FDI within 5 years, with a goal of attracting foreign investments of about USD12 billion during the current FY2023/24.

Xinxing Cathay International Group wants to scale back investment in steel plant in the SCZone, investing USD 1.08 bn in two factories. 

The government wants to extend customs exemptions designed to encourage Egyptians to bring gold into the country by an additional six months when the current scheme expires on 11 November.

The coming period will witness debt swap agreements with several lenders to Egypt, with the aim of reducing the government’s external debt burden, in the footsteps of the debt swap agreement that was signed with China, sources said.

The Suez Canal Authority signed a joint cooperation memorandum with Qatari dairy producer Baladna that will see USD1.5 bn invested into establishing a dairy farm. Baladna will also cultivate 280k acres in the New Valley Governorate. Baladna is the second highest shareholder in JUFO with a 15% stake.

Al Safy group denied taking any official step towards acquiring military-owned bottled water company Safi or offering any bids.

EAST's CEO expects the gap between supply and demand in the cigarettes market, which is nearly 10%, to vanish within 3 weeks, supported by the company's increase in production, reaching more than 1 billion cigarettes weekly. He also mentioned that the 50% prices increase witnessed recently is not due to the supply shortage but are rather due to merchants' greed.

According to local media, the consortium including TMGH's (FV: EGP22.55, OW) 82% owned hospitality arm, ICON, that is acquiring a stake in the hotels company that has the seven historic hotels, also includes Emirati company, ADNEC Group, which is owned by ADQ. Media reported that the acquisition is expected to take place within days. According to media, ICON did a capital increase to EGP10.0 billion financed through its credit balances.

According to JLL, hotel occupancy rate in Cairo in August 2023 reached 68%, up from 61% in August 2022.

PHAR disclosed that they didn't receive any official offer from Mediterrania Capital to invest in PHAR through capital increase.

PHAR guides for 2023 revenues to exceed EGP4.8 billion, in-line with our estimates of EGP4.9 billion, in conjunction with a plan to reduce production cost. The company plans to export 20-25% of its biosimilar factory’s production when it starts inaugurating in 1H24.

The EDA signed a number of cooperation protocols between the Saudi Pharma City Company and a group of Egyptian companies. The cooperation protocols aim to support trade exchange and joint integration between the two countries and enhance the access of Egyptian drugs to the Saudi market.

EGPC plans to increase crude oil imports by 40% starting FY24/25 to reduce refined petroleum products imports.

GB Auto, the auto arm of GBCO is expecting to launch the first locally assembled Changan car by the fourth quarter of 2024.