The EGX is preparing a proposal to allow individuals to trade T- bills in the secondary market soon, within the framework of the EGX management strategy for development.

The government is considering a new increase in the procurement price of wheat ardeb for the current season by EGP400, to reach EGP2,000/ ardeb in conjunction with the rise in the price of wheat in the local market.

Egypt's gas exports increased during Last December to 438 million cubic meters compared to 206 million cubic meters In November, according to data from the Energy Data Platform Joint “JODI”.

ESRS (FV: EGP97.02, OW) raised its rebar price by EGP3,600/ton to EGP53,520/ton on increasing FX rate in parallel market. 

EGAL (FV: EGP77.75, OW) has signed a cooperation agreement with Norwegian company Scatec ASA to build a 1 gigawatt (GW) solar power plant in the Industrial Complex in Naga Hammadi. Under the agreement, the plant will be built over two phases. The first phase is planned to be built within 18 months of the date of the agreement, while the second phase is set to be completed within 24 months. Scatec will develop and fund the project, in addition to installing equipment and conducting relevant studies.

The Oil Ministry aims to attract somewhere around USD7.5 billion in foreign direct investments from foreign partners in the Egyptian oil sector during the next fiscal year, compared to the USD6 billion in investments expected in the current fiscal year.

Egypt’s anticipated agreement with the IMF will help settle debts that it currently owes to foreign oil firms.

The oil minister confirmed unconfirmed reports from last year that the Middle East Oil Refining Company (Midor) will be the next company from the petroleum sector within the government’s privatization program.

Egypt is likely to suspend exports of liquefied natural gas during the coming summer on the back of increased domestic demand as rising temperatures strain supplies, 

The ministry of Petroleum has extended the deadline for a current oil exploration tender from 25 February to 1 April and plans to launch a new gas exploration tender during the second half of 2024.

Emirates National Oil Company subsidiary, Dragon Oil, plans to invest some USD500 million in Egypt this year to drill new wells and maintain oil production levels at 61k barrels per day (bpd). Dragon Oil wants to raise its production from the North Safa oil field in the Gulf of Suez to 8k bpd next year up from 6k bpd.

Apache aims to secure new oil and gas concessions areas in 2024. Egypt is committed to paying its dues to the company over a 30-year period.

Energean confirmed its intention to continue investing in Egypt’s oil sector despite the company’s accumulated receivables.

ERP, the American energy company targets investing USD250 million in Egypt during the current and the coming year.

According to local media, JUFO expect a 30-50% increase in demand on their products during Ramadan compared to any other month.

Member of the Board of Directors of the Chamber of Pharmaceutical Industry and the Head of the Cosmetics Division of the Federation of Egyptian Industries stated that 70 pharmaceutical companies asked banks to source USD22 million advance payments for foreign suppliers, to be able to ship raw materials and supplies from countries of origin to Egypt.

Beltone Holding has entered into a multidimensional collaboration agreement with Bank of Africa Group (BOA Group) that will help Beltone and its new partner in developing mutual growth and leveraging product cross-selling potential in the African market.

EXPA signed an agreement with the European Bank for Reconstruction and Development to obtain a loan worth USD25 million, with the aim of financing small and medium export companies.