The government is set to hike electricity prices for the industrial sector. The price will rise by EGP0.55 per kWh to EGP1.94 per kWh, with the 39.6% increase slated to come into effect this month. Electricity tariffs will not be raised for low-voltage industries to cushion small- and medium-sized enterprises.

The government is looking into raising the price at which gas is offered to factories.

The CBE has signaled that it could ease import restrictions on all non-essential goods after requesting banks to list import requests.

The government is planning to carry on with its subsidized loan program, offering loans at a subsidized 15% interest rate to manufacturers in freezones as well as agriculture and renewable energy companies in a bid to boost private-sector involvement in the economy.

The finance, industry, and investment ministries are looking into proposals by business organizations to allocate another EGP30bn in funding for the subsidized 15% interest rate loan program, bringing its total value to EGP150 bn.

The government has signed an executive agreement with the EU Support to Trade, Industry, Growth, and Rapid Market Access program worth EUR 8 mn, which aims to improve and develop the efficiency of Egypt’s trade.

The government is looking into raising the price at which gas is offered to factories. The current price of USD5.75 per mn British thermal units (mmbtu) is no longer viable due to the rising cost of natural gas supplies, the sources said. Any price adjustment will take the preservation of subsidies into account to keep product prices stable, they added. ESRS is highly dependent on natural gas as a key raw material in producing DRI instead of being a normal energy source, representing more than 10% of production costs. 

Egypt exports of iron and steel declined 17% YoY to USD1.0 billion in 1H24. Steel exports to European Union Countries dropped 37% YoY to USD420 million during the same period, representing 41% of total iron and steel exports versus 56% in comparative period. 

Saudi Arabia’s National Housing Company (NHC) is set to launch a limited tender for Egyptian construction companies to bid on USD200 million worth of housing and infrastructure projects in the kingdom. The NHC met with 16 local companies and the Housing Ministry earlier this week to present the initiative. Leading local construction players, including ORAS (FV: EGP344.18,OW), Hassan Allam Construction, Arab Contractors, Petrojet, Nasr General Contracting, and Alshams for Contracting, participated in the talks.

MOIL announced that it has been awarded a year contract for supporting petroleum exploration and production operations in Egypt with total investments of USD17.8 million.