Egypt's annual urban consumer price inflation eased to 25.7% in July from 27.5% in June. 

The Central Bank of Egypt is looking to raise some EUR600 million from auctioning off one-year EUR-denominated treasury bills. 

The hot money outflows last week, triggered by the global markets meltdown, represented no more than 7-8% of foreign investors’ holdings of our debt instruments, Prime Minister Mostafa Madbouly said.

Foreign investors sold some USD600 million worth of local debt instruments during the days leading up to last Monday as they poured their capital into safe-haven assets. 

Madbouly said that he had asked the Finance Ministry and the Central Bank to renew the subsidized loan program that targets industrial activity.

The government is studying shifting tax brackets up in light of continued inflationary pressures.

Egypt and the UAE inked an MoU to build a USD3 billion oil logistics zone at Al Hamra Port on the Mediterranean coast.

Chinese electronics and household appliance manufacturer Hisense and the UAE’s FBB Tech have inked a contract with Chinese industrial developer Egypt TEDA to establish a USD38 million electronic devices manufacturing facility in the China-Egypt TEDA trade zone in Ain Sokhna, according to a cabinet readout.

The Electricity Ministry is close to inking an agreement with Emirati state-run renewables giant Masdar to build a 200 MW wind farm. The proposed project will cost USD180 million.

Emirati firm Dana Gas has collected USD21 million in receivables from Egypt in 1H 2024, receiving 64% of its dues for the period.

Local banks have started opening documentary credits to import a number of goods that were prohibited, after obtaining approvals from the Central Bank of Egypt.

Food exports were up 25% y-o-y in 1H 2024 to record USD3.2 billion.

The Oil Ministry targets finalizing a natural gas treatment station by mid 2025 to accommodate for the targeted increase in the Egyptian natural gas production. The project costs USD600 million. 

Energean found two layers full of gas and oil in an exploratory well in Egypt. It expects the well to produce 15 million cubic feet of gas per day, in addition to condensates, during the current week.

Apache spent USD50 million on explorations in Egypt during 1H24.

ORAS-Toyota consortium plans to execute a wind power station with a capacity of 3 GW, according to local media. 

The price of laying chicks jumped on the black market to EGP100 as a result of many producers selling laying parent chicks due to the lack of feed during the previous period.

Non-banking financial services firm GlobalCorp has raised EGP1.32 billion in a securitized bond issuance.