The IMF is in discussions with the new cabinet over its policy and goals for the coming three years, these talks should wrap up next week. 

The Oil Ministry is set to receive two LNG shipments within the coming ten days.

Suez Canal revenues fell 23% y-o-y during the fiscal year 2023-2024 to record USD7.2 bn.

Egypt and Saudi Arabia have completed 60% of the electrical interconnection project between the two countries, and the first phase of operation is scheduled to begin in July 2025, at a cost of USD1.8 bn.

The real estate tax revenues from buildings recorded EGP7.0 bn during 2023/24, compared to EGP5.9 bn in 2022/23.

Some 73k families were added to the Takaful and Karama social safety program in July. The program currently includes around 5.2 mn families — 21 mn citizens.

ETEL announced a new partnership with Nokia to bring 5G technology to Egypt. Deployment will take place later this year.

MOIL posted its consolidated financial results for the year ended 31 March 2024 with net profit more than doubled to USD20.4 million up from USD8.1 million a year ago. 

Informed sources expect the government to move the price of subsidized fertilizers, early next year, to range between 8-10k per ton up from the current 5k per ton. 

ALCN will carry out a three-phase development plan put forward by a global consultant to help it improve operations and increase competitiveness. The development plan will take place over the course of five years.

GBCO, Nissan and General Motors have registered in the National Automotive Industry Development Program (AIDP), which is scheduled to be implemented during the upcoming period.

President Abdel Fattah El Sisi has given the final approval for the Unified Insurance Law, which will draw up new, comprehensive rules for regulating the insurance industry and widen compulsory coverage.