The government will soon launch an international tender for the management and operation of all the airports in the country, Civil Aviation Minister said.

The House gave final approval to an amendment to the 2018 Consumer Protection Law that will see those hoarding key food commodities facing sentences of one year in prison and fines between EGP150k-3 million. 

"There are no negotiations regarding a project to develop the Ras Ghamila area in Sharm El Sheikh,” Public Enterprises Ministry spokesman said. 

The deadline granted to companies to benefit from investment incentives has been extended until 2029, in addition to allowing all new investment projects or their expansions to enjoy tax incentives on machinery and equipment. 

The CBE directed all banks to prepare a comprehensive assessment of the value of shipments accumulated at the ports which are financed by the “collection documents” mechanism only, provided that the value of these shipments is already in customers’ accounts in EGP. The CBE also requested a detailed report on all pending FX sourcing requests, whether they have been shipped or not yet, for all sectors and all financing mechanisms.

The General Authority for the Suez Canal Economic Zone is preparing for a global launch of the first phase of a water desalination plant with a production capacity of about 250 thousand cubic meters per day.

Egypt's share of the global tourism increased over the past year to 1.2%, compared to its share in 2019, which represented 0.9%.

The EGX plans to launch its shariah-compliant index in March.

MASR (FV: EGP5.24, OW) achieved stellar 4Q23 sales of EGP15.0 billion, up 334.5% y/y and 57.4% q/q, bringing FY23 sales to EGP29.9 billion, up 194.3% y/y. Net profit in 4Q23 grew 283.3% y/y and 0.5% q/q to EGP775.9 million, bringing FY23 net profit up 188.8% y/y to EGP2.1 billion. The Board proposed the distribution of EGP0.20/share cash dividends, in line with our expectations, implying a DY of 4.0%.

MASR (FV: EGP5.24, OW) is considering expanding to North Africa and the Gulf and aims to launch in Saudi Arabia in 1H24. 

EAST's CEO declared that the company's FX monthly needs range between USD40-50 million. Therefore, the general assembly will gather within the next few days to approve the decision to get USD400 million USD loans as LCs which will be repaid in EGP by the facilitation of the new Emirati partner.

ETEL and Huawei have announced a strategic partnership for the deployment of 5G networks.

Aman For Financial Services, a subsidiary of RAYA, will start providing installment services in Saudi Arabia in the second half of the year. Aman has already inked an agreement with an unnamed Saudi partner and expects to receive the Saudi Central Bank’s approval next month.

Qatar Islamic Bank and Kuwait Finance House (KFH) have completed their due diligence of United Bank, which is owned by the CBE, in preparation for one of them to acquire it based on price preference. 

CNFN will launch its UAE arm in 3Q24 to Egyptian expats there. Contact is also planning EGP1.5-2 billion worth of securitized bonds that will be issued in March.

HRHO subsidiary and e-payment solutions provider PayTabs has teamed up with consumer finance firm Souhoola to add BNPL options for customers at payment checkouts.

GBCO's NBFS arm GB Capital has launched GB Capital Sukuk after receiving its sukuk license from the FRA. 

AMOC shared an EGX disclosure saying that it has no knowledge of the media-reported planned stake sales by the National Bank of Egypt and Banque Misr.

Egypt's renewable energy production increased by 8% YoY to 6.691 MW during 2023.

The UAE’s largest fuel retailer Adnoc Distribution plans to ramp up its activity in Egypt and Saudi Arabia, the company said in a statement.