Egypt is on track to meet its target of attracting 15 million tourists this year despite the impact of the war in Gaza.

The Environment Ministry is aiming to attract USD600 million in investment into six projects during 2024.

The Ministry of Finance will present the new draft law on income taxes for social dialogue during the coming period for approval before taking the necessary measures to refer it to the Cabinet then the House of Representatives. The law sets the tax due at EGP1000 annually for projects whose annual turnover is less than EGP250k.

The Head of the Ports Sector at Abu Dhabi Ports Group said that the group decided to focus on the company’s multi-purpose terminal project in Safaga Port and postpone plans to acquire shares in container handling companies such as Port Said and Damietta affiliated with the Holding Company for Maritime Transport.

The first gold auction will be held on Egypt’s commodities exchange next week.

The Egyptian Railways Authority inked a terms and conditions agreement with the Egyptian National Railway Industries Company (NERIC) to assemble 500 rolling stock, along with their maintenance and spare parts, over the span of 15 years.

The Madbouly government is resorting to bartering with Kenya to continue importing black tea in a bid to protect FX reserves.
 
ORAS (FV: EGP192.45, OW) signed a contract with the National Authority for Tunnels to execute all civil works for Greater Cairo Metro Line 4, which will run underground from Giza to Fustat and connect to existing Lines 1 and 2.

A number of local and international companies signed contracts to design, supply, and install the electromechanical systems for the 1.8k km national high-speed rail project led by Siemens including ORAS, SWDY, and Arab Contractors.

The Aviation Industry Corporation of China (AVIC) and China Railway Major Bridge Engineering Group Co. inked a framework agreement to design and construct in collaboration with local subcontractors, including Hassan Allam Holding, ORAS, Concord, Arab Contractors, and others, the 16-km fourth phase of Cairo’s light-rail transit (LRT) project that will extend the route into Tenth of Ramadan City.

EGAL (FV: EGP53.58, OW) declared a cash dividend of EGP6.50/share for FY22/23. Distribution date is 23 November 2023. Record date is 20 November 2023. This implies a dividend yield of 9.4% and a payout ratio of 74.7%.

ADQ, along with other Gulf institutions especially Qatari ones, are showing interest to acquire a strategic stake in EGAL of up to 30%.

The new VAT law on cigarettes that the Parliament passed the draft amendment for last week has been passed into law as of yesterday.

Cheiron’s Pico Petroleum and the Kuwait Foreign Petroleum Exploration Company (Kufpec) will invest USD119.5 million over the coming five years to increase production at the Geisum and Tawila West concession in the Gulf of Suez. The companies also requested that they be given 20-year licenses for the concession, so they continue operating and investing in the area after their current licenses expire in 2027.

MHOT EGM approved 1:1 stock dividends.

Raya Technology, a subsidiary of RAYA, is in negotiations with a consortium of local banks to obtain a syndicated loan of EGP1.1 billion to finance its expansion plans.

United Bank’s financing arm United Finance raised EGP617.5 million in a securitized bond issuance.

Seven Consumer Finance Company, BTFH’s subsidiary, aims to bring its portfolio to EGP1.5 billion by the end of 2023, compared to a current portfolio exceeding EGP1.3 billion, with the possibility of the target increasing to EGP2 billion. 

State-owned El Nasr Automotive is reportedly close to inking a partnership agreement with an unnamed Chinese investor to manufacture four-wheeled electric light