*Key news articles for today* 

The government is expected to raise fuel prices in April as it works to phase out fuel subsidies. The anticipated move is part of the government’s plan to have energy prices reach cost recovery levels by the end of the year. The committee is expected to raise prices by EGP1-1.25 to narrow the gap between selling prices and production costs, the source said. Diesel is set to continue to be sold at a subsidized price, while butane gas cylinders will also continue to receive a significant subsidy, Prime Minister said in last week’s presser. 

The state recorded a primary surplus of EGP330 bn in the eight months between July 2024 and February 2025, Finance Minister said. Meanwhile, tax revenues rose 38.4% y-o-y during the eight months, marking its highest growth rate in years. 

Indian energy transmission and cable manufacturing company Sterlite Power is mulling a USD5-6 bn electricity grid specifically for green hydrogen projects.

China’s Xinyi Glass is looking to set up a USD700 mn solar panel glass manufacturing facility in the Suez Canal Economic Zone. The plant, which will be built over two phases, is expected to produce 1.5 mn tons of solar panel glass and 1.1 mn tons of high-purity silica sand annually. The majority of output will be exported.

Arceus, a joint venture between BP and ADNOC subsidiary XRG, is in advanced negotiations to buy Shell's 50% stake in the Harmattan gas field in the Mediterranean, with BP holding the remaining stake.

Banque Misr and the National Bank of Egypt reduced interest rates on their high-interest USD certificates of deposit by 0.5 percentage points yesterday, USD certificates now offer annual returns of 7.5% and 5.5%.

The FRA gives access to 5 non-banking financial institutions, including HRHO subsidiary - ValU, to provide their services through Fintech platforms after contracting with Vlens Co.

HRHO is proposing to distribute a portion of FY24 profits to its shareholders, in the form of shares of U Consumer Finance Company (ValU) at par value, rather than cash dividends. This will occur after the completion of the ownership restructuring procedures for U Consumer Finance Company and the approval from the OGM.