Mar 27 2024 2 mins
Minister of Planning said that priority in the FY2024/25 budget's development plan has been given to establishing and expanding water and food security projects.
The Council agreed on the draft budget for FY 2024-25, as well as the budgets of public economic bodies, in preparation for sending them to the House of Representatives. The budget targets primary surplus of 3.5% and a EGP1.35 trillion deficit, with a downward trajectory for the overall deficit to reach 6% on the medium term.
The government targets increasing the share of private sector in total implemented investments in FY2024/25 to 50% up from 36% in the current fiscal year and up from 25.5% in FY2022-23.
The New Urban Communities Authority (NUCA) plans to issue up to EGP260 billion worth of sharia-compliant bonds in 2024.
Global index provider FTSE Russell is keeping Egypt on its watchlist for a possible demotion in its equity indexes as it continues to monitor the market following an improvement in foreign investors’ ability to repatriate returns from the country.
The Cabinet approved a draft decision that would authorize the Suez Canal Authority to participate in establishing Al Alamein Ports and Yacht Management, a joint-stock company that will be tasked with setting up and operating a yacht marina on the North Coast.
The Cabinet also approved amendments to the investment law's executive regulations that would allow investors to set up private service projects in freezones through partnerships or investment contracts with state entities (following the cabinet’s approval).
Prime Minister Dr. Mostafa Madbouly revealed that Egypt will receive the second batch of financial dues for the Ras El Hekma project, within the next few weeks.
According to a company statement, JUFO has cut the prices of its dairy products by 18% and its juice products by 15%. The move came after the government agreed with manufacturers, suppliers, and retailers to cut commodity prices by 15-20% this week.
EFIH’s BoD approved distributing a bonus share dividend of 1 share for every 4 shares originally held. This increases the company’s capital to EGP1.15 billion, up from EGP924 million.
MTIE reported 4Q23 results. Net attributable profit came in at EGP213 million (+68% YoY, -19% QoQ), this brings 2023 net attributable profit to EGP687 million (+101% YoY). MTIE is trading at 2024 P/E of 7.3x and EV/EBITDA of 6.0x.
HRHO plans to increase its staff in Saudi Arabia by 30% to 47 people.
Banque Misr intends to transfer real estate assets worth more than EGP4 billion to a subsidiary specialized in real estate asset management.
The FRA instructed mortgage financing to maintain records that include a database of promoters that assist the real estate companies in marketing, highlighting their identity and the nature of transactions they offer.
Oil and gas drilling company Ades Holding will work to boost oil production at two brownfields in Egypt after landing a ten-year service agreement.