The Finance Ministry is gearing up to complete its first sovereign sukuk issuance of the year within the next month, with the issuance set to be around EGP2-3 billion.

The Cabinet approved the launch of a EGP30 billion financing initiative to support and finance priority industrial sectors. 

UAE’s AMEA Power signed an agreement with the Egyptian Electricity Transmission Company to develop two battery energy storage systems (BESS) with a combined capacity of 1.5 GWh.

Prime Minister met with Kuwait’s Prime Minister Sheikh Ahmed Al Sabah during his official visit to the Gulf nation, where the two leaders discussed boosting relations between the two countries across various sectors. 

The Central Bank of Egypt sold EGP89.8 billion in t-bills between Thursday and yesterday at average yields between 25.5-29.2%, according to CBE data.

Forty-seven ships changed course this month to pass through the Suez Canal instead of sailing around the Cape of Good Hope, Suez Canal Authority head Osama Rabie said.

Egypt intends to buy electricity produced from wind energy projects which will be implemented by Saudi Arabia’s ACWA Power, south of Hurghada, at a price of 2.4 cents KWH, which will be partially paid in EGP and the bigger bulk in USD, according to a government official.

Government's revenues from Suez Canal declined in 2024 to EGP146.4 billion, as compared to a target of EGP168.45 billion in the state budget. 

The EGX and the Financial Regulatory Authority (FRA) are mulling a regulatory update to either scrap or revise the duration of the lock-up period on the ownership of substantial shareholders post-IPO. 

EKHO released 4Q24 consolidated financial results. Net profit dropped 8% YoY (+14% QoQ) to USD39 million. The BoD proposed a cash dividend distribution of USD0.035/share for FY24. The Board also proposed the distribution of one bonus share for each 20 original shares. EKHO is currently trading at 2025f PE of 5.2x.

EKHO to invest around USD150-200 million in the coming 18 months. 

The Egyptian Refining Company (ERC) intends to conduct a major overhaul of the Mostorod refinery with investments exceeding USD100 million. 

ABUK tapped board member and former transport minister Hany Dahy to head a new steering committee tasked with overseeing the company’s business operations. 

FWRY acquired a 56% stake in Virtual CFO, a financial services and accounting firm catering to SMEs and startups.

MCQE reported solid financial results for 4Q24. Attributable bottom line came in at an impressive EGP176 million (+708% QoQ, +117% YoY), bringing FY24 attributable bottom line to EGP238 million (+151% YoY). The BoD proposed a cash dividend distribution of EGP1.00/share for FY24. MCQE is trading at a FY25 P/E of 18.2x.

EXPA 4Q24 bottom line post minority interest recorded EGP1,265 million (-19% q/q, +15% y/y), bringing FY24 net profit to EGP5,203 million (+54% y/y and 7% higher than Al Ahly Pharos estimate of EGP4,879 million). BoD proposed the distribution of 0.4 bonus share to every original share. EXPA is currently trading at 3.3x P/E 2025 and 0.7x P/B 2025.

QNBE’s general assembly approved paying out a cash dividend of EGP1.50/share out of 2024 earnings.

OLFI’s general assembly approved cash dividend distribution of EGP2.00/ share for FY24, implying payout ratio of 80% and dividend yield of 10.7%.

According to local media, JUFO signed a financing agreement worth more than EGP1.0 billion with Emirates NBD Egypt.