President El-Sisi directed the government to expedite the immediate release of goods at the ports, a statement by the Cabinet said.

An unnamed Emirati company has submitted a bid for a 40% stake in state-owned Misr Life Ins., a government official reportedly said.

The Suez Canal Authority (SCA) will fully fund the plan to expand the Suez Canal from its Finance Ministry-approved investment budget to better support two-way traffic, SCA boss said, adding that the expansion will fully be funded in EGP and that will not put additional pressures on the state budget.

Prices of food commodities are expected to fall 20-25% within six weeks as the EGP strengthens against the USD on the back of the FX injection the country has received from the Ras El Hekma sale, Supply Minister was quoted.

Sources at the Customs Authority revealed that the value of goods at ports amounts to USD6.2 billion, including petroleum and non-petroleum goods.

Egypt's PMI dropped from 48.1 in January to 47.1 in February, the lowest for 11 months, due to a fall in new orders and higher price pressures and supply side challenges.

Banks reportedly suspended granting new financing within the 11% low-interest industry initiative supported by the Ministry of Finance, based on 'verbal instructions' from the CBE due to the high cost on the budget.

FWRY reported positive 4Q23 results:
•Net profit came in at EGP229 million (+97.3% YoY, +12.4% QoQ), bringing bottom line in 2023 to EGP715 million (+198% YoY). In 2023, bottom line performance was supported by:
oStrong revenue growth (+43.6% YoY),
oMargin expansion (GPM: +3.3pps, EBITDA: +9.6pps),
oHigher interest income (+120% YoY).
•FWRY is currently trading at 2024f P/E of 26.0x.

FWRY has inked a strategic partnership with local e-payments app PayMe to enable Egyptian expats to conduct financial transactions and pay bills, according to local press.

FAIT released strong 4Q23 consolidated financial indicators where the bottom-line recorded EGP3.0 billion (+36% y/y, +252% q/q), bringing the FY23 bottom-line to EGP6.9 billion (+43% y/y). The strong performance took place on the back of strong top-line as it recorded EGP2.7 billion (+153% y/y, +100% q/q).

SAUD is gearing up to launch a non-bank financial services arm in 4Q24, where it will own an 85% share.

MCQE's board of directors proposed distributing a cash dividend of EGP0.5/share for FY23, implying a payout ratio of 50.6% and a DY of 2.0%.

The Public Enterprise Ministry has reviewed a proposal by a consortium of Italy’s Danieli and Egypt’s Industrial Steel Products Company and the Arab Organization for Industrialization to establish a steel billet complex. The project aims to capitalize on the large repositories of iron ore in Aswan and the Bahariya Oasis.

KIMA sold three land plots in Aswan through a public auction at a total value of EGP35 million.