Mar 23 2024 3 mins
The Ministry of Petroleum announced on Friday an increase in fuel prices affecting various octanes and diesel.
Also, the Committee decided to move mazot prices for the brick and cement kiln industries and other sectors by EGP1,500 per ton starting Friday, while keeping prices unchanged for electricity and food sectors.
On higher fuel prices, public transport users will also see a price hike.
Egypt's revenues from the Sukari mine increased in 2023 to USD139 million, an increase of 134% YoY.
Minister of Finance said that the allocations for wages in the FY2024/25 budget will be increased to EGP573 billion to account for the latest package of increases that was effective in March, compared to the EGP470 billion in the current budget for FY2023/24.
The tonnage of the ships passing through Suez Canal decreased by 35% during the period 19 November 2023 to 19 March 2024, recording 377.9 million tons.
EBRD is working to unlock USD1 billion from IMF’s Resilience and Sustainability Facility.
Turkish firm Doğuş Construction and Trade has signed an MoU with the Transport Ministry’s Egyptian Group For Multipurpose Terminals to establish an industrial and logistics zone in Gargoub on the country’s northwest coast with over USD7 billion in estimated investment.
Two European companies have reportedly submitted investment proposals to the Oil Ministry to set up sodium cyanide facilities in Egypt worth a combined USD270 million.
The UAE's Al Dahra International Development and Investment Company and Buildcom won the supply of 110,000 tons of Romanian and Bulgarian wheat to the Supply Commodities Authority in the exercise conducted by the authority last Wednesday, a source at the Ministry of Supply said.
China State Construction Engineering Corporation, along with engineering consultancy Income Egypt discussed the establishment of a medical city off the Ain Sokhna Road, near the New Capital.
The European Investment Bank has started due diligence for an unspecified green hydrogen project, adding that green hydrogen will be among the main sectors in which the bank will target next year, especially in the Suez Canal Economic Zone.
Investment management firm Act Financial is working to IPO on the EGX in 2Q24.
HRHO is considering a partial offering of shares or a capital increase for its subsidiaries, including ValU. The company aims to offer up to 25% of ValU's shares on the Egyptian Stock Exchange through an initial public offering within 12 months.
Al Baraka Capital, SAUD’s subsidiary, aims to start providing SMEs shariaa-compliant financing by 2H24.
SWDY's (FV: EGP34.96, EW) Board of Directors approved amending the revolving facility agreement entered between the Company, Elsewedy Electric for Transmission and Distribution Company S.A.E. and other subsidiaries as additional borrowers, and African Export-Import Bank dated 22 December 2022 to increase the facility's amount to a maximum of USD300 million.