UDC Real Estate Development has received a land plot in New Cairo’s Al Andalus to build a EGP60 bn mixed-use development. The project will span some 665k sqm and will feature residential, administrative, entertainment, commercial, and hospitality units.

Budget expenditures in 1HFY2023-24 rose to EGP1.461 trillion, compared to EGP940.8 billion in the corresponding period of FY2022/23, mainly due to a significant increase in interest payments, which reached EGP792.99 billion, compared to EGP392.84 billion in the comparison period. 

Finance Ministry has approved a proposal to amend the tax brackets for SMEs to take inflation into account.

The New Urban Communities Authority (NUCA) has awarded the local arm of the UK-based NHMC Group a plot of land in East Cairo’s Shorouk City to set up a USD300 mn medical and educational complex alongside a residential and commercial project. 

The Ministry of Finance intends to launch the seventh phase of the “immediate cash payment” initiative to support exporters before the end of 1Q2024.

The tonnage passing through the Suez Canal declined by about 28% YoY after the Houthi attacks on the ships heading to Israel.

A government official revealed that the Ministry of Public Business Sector intends to complete the preparation of two of its affiliated companies, to be listed on the Egyptian Stock Exchange or offered to strategic investors, before the end of next June.

GB Corp (FV: EGP12.86, OW) announced yesterday that their subsidiary “International Group of Automotive Trading” is exploring the establishment of a trading and distributing passenger car company in Jordan, following the company’s strategy in expanding its geographical presence.

According to local media Abu Ghaly Motors is looking to add 3 new brands to their vehicles’ portfolio.

Local EV startup Shift EV is exploring opening a new factory in several stages that would eventually be able to convert 50k petrol-powered cars to EVs a year to keep up with increase in demand. 

A consortium of Petrojet and Elsewedy Electric and another between EKHO’s Natgas and Petrogas have made it to the Saudi Energy Ministry’s list of companies qualified to bid for dry gas and liquified petroleum gas (LPG) distribution licenses.

IPR Energy Group has earmarked USD110 million for investments during the current year.

The Oil Ministry has signed a memorandum of understanding with Al Nasr Petroleum Company (NPC) to assess the possibility of establishing a green hydrogen production unit in Suez.

ATLC (FV: EGP 7.50, OW) 4Q23 net income recorded EGP26 million (+48% y/y, -69% q/q). 2023 net income recorded EGP171 million (+29% y/y). ATLC is currently trading at P/B24 of 1.3x and P/E24 of 5.7x, on an ROE of 29%.

 The National Bank of Egypt’s net income rose by just under 120% y-o-y to EGP50 bn in 9M2023.

United Bank is eyeing 20-30% stakes in two unnamed tech companies and aims to acquire the stakes within the coming few months.

Banque Misr aims to exit investments in 7 companies with proceeds of approximately EGP1.5 billion during the current year 2024.         

ALCN declared cash dividends of EGP2.40/share, partially paid in USD at exchange rate of EGP30.85, and the remaining will be paid in EGP. This implies dividend yield of 3.8% and payout ratio of 81.5%. Record date is March 4, 2024 and distribution date is March 7, 2024.

According to local media, ORHD (FV: EGP20.38, OW) signed a EGP200.0 million agreement with SolarizEgypt for the second phase of El Gouna's solar power plant.