Egypt's Housing and Immigration Ministers Discuss Real Estate Investment Opportunities for Egyptians Abroad | Zilla Capital

Newsletter

01 Sep 2022

Egypt’s Housing and Immigration Ministers Discuss Real Estate Investment Opportunities for Egyptians Abroad

Firstly, Egypt’s Housing and Immigration Ministers Discuss Cooperation regarding Real Estate Investment Opportunities for Egyptians Abroad Assem El-Gazzar, Minister of Housing, Utilities and Urban Communities, and Ambassador Suha Gindi, Minister of State for immigration and Egyptian Expatriates, held an extensive meeting to discuss ways of joint cooperation between the two ministries to provide real estate investment opportunities for Egyptians abroad. Ministry of Housing provides all the necessary facilities for Egyptians abroad, and provides them with easily accessible opportunities, and the Ministry began this march about 10 years ago by launching the project “Biet El Wattan” for Egyptians abroad, since its launch in early 2012, in order to connect Egyptians abroad with their motherland, and achieve their desire to own and build their own home. (Hapi Journal)

QNB Financial Services sold 229,336 shares in First Investment Company and Real Estate Development (FIRE) for EGP 824.119 million.
According to a disclosure posted on Tuesday on the Egyptian Exchange (EGX). Accordingly, QNB Financial Services’ stake in the company will be decreased to 12.4272% from 15.763%. In a meeting between Egyptian President Abdel Fattah El-Sisi and CEO of Eni Claudio Descalzi, they tackled Egypt’s vision to become a regional hub for natural gas, developing existing liquified natural gas (LNG) plants. The Italian oil and gas giant is keen on boosting the production of natural gas through an “ambitious exploration and development campaign”. This will bolster LNG exports to Europe through the Damietta liquefication plant. Eni has been operating in Egypt since 1954 through its subsidiary IEOC. The company’s total output of natural gas in the country currently amounts to about 60%. (Arab Finance)
Misr Life Insurance downsized its stake in Al Shams Housing and Urbanization (ELSH) for EGP 15.293 million, according to a disclosure posted on Tuesday on the Egyptian Exchange (EGX).
The insurer sold EGP 1.9 million shares at an average price of EGP 8.05. Accordingly, Misr Life Insurance’s stake in Al Shams decreased to 11.965% from 12.802%. Al Shams Housing is primarily focused on the purchase and lease operations of lands for the purpose of developing, managing, selling, and leasing out property and buildings, as well as offering contracting, construction, maintenance, and management services to residential, touristic, and administrative structures. (Arab Finance,EGX)
President Sisi directs gov't to bolster national programs on climate action ahead of COP27.
With nine weeks to go before COP27 in Sharm El-Sheikh, President Abdel-Fattah El-Sisi directed the government to bolster national programs that promote climate action goals, and to strengthen cooperation with international partners to benefit from models that can help the country's own agenda. These goals, according to a presidential statement, are mainly represented in implementing the climate pledges and commitments and transforming them into actual efforts and projects on the ground within the framework of the green transformation approach and in accordance with relevant Egyptian national strategies. The president’s directives came in a meeting on Monday with Prime Minister Mostafa Madbouly and Minister of International Cooperation Rania Al-Mashat as part of of Egypt’s preparations to host the 2022 UN Climate Change Conference (COP27) in November in Sharm El-Sheikh. (Al Ahram).
Jordanian authorities have impounded an Egyptian-owned ship the government blames for an oil spill that contaminated a marine reserve on the kingdom’s Red Sea coast and spread to Egypt.
The August 14 spill at Aqaba, Jordan's only maritime waterway, has been the worst in the area for decades. It has spread to the 12-kilometre shoreline of the Aqaba Marine Reserve, which contains the kingdom's surviving coral reef, a major tourist attraction. The official in Jordan’s Maritime Commission said on condition of anonymity that the Flower of Sea, 35-year old ship Jordanian authorities blame for the fuel oil spill, has been banned from leaving Aqaba. “The action was taken pending the decision of the public prosecutor,” the official said. The government referred the case to Aqaba’s public prosecutor 10 days ago, official media reported, saying the spill had spread to neighboring countries. (Reuters)
Gennecs Pharmaceuticals is establishing a multi-vaccine production facility, GennVax, in Egypt in addition to launching a vaccine research center with a total investment of $150 million.
Gennecs will produce vaccines that are in line with Egypt’s national immunization program, such as: HPV, polio, hepatitis A and B, among others. The GennVax facility received accreditation from the World Health Organization (WHO). The pharmaceutical company told Enterprise in an interview, that both projects are in partnership with investors from Saudi Arabia and the UAE and that the factory will be able to produce 300 million vaccines yearly. (Waya Media)
Now to EGX and Company News, Banque du Caire (BDC) (BQDC) reported a net standalone profit of EGP 1.84 billion during the first half (H1) of 2022, up 1.1% from the same period a year earlier.
Net interest income grew to EGP 5.9 billion in H1 2022 from EGP 5 billion in H1 2021. The loan portfolio of clients and banks surged 13% year-on-year (YoY) to EGP 123.8 billion at the end of June 2022. Moreover, the portfolio of loans secured by big companies and banks amounted to around EGP 61.3 billion at the end of the first six months of 2022. Clients’ deposits rose to EGP 217.7 billion at the end of June from EGP 198.3 billion at the end of December 2021. It is worth noting that Banque du Caire reported positive standalone financial results for the first quarter (Q1) of 2022, with its net profit exceeding EGP 0.8 billion at the end of March 2022. (Arab Finance)
Minapharm Pharmaceuticals (Minapharm) (MIPH) posted a 3.7% year-on-year (YoY) growth in consolidated profit excluding minority interest and income taxes during the first half (H1) of 2022.
The Company’s consolidated profits attributable to the parent company reached EGP 264.81 million in H1 2022, up from EGP 255.358 million in H1 2021. Revenue surged to EGP 1.66 billion in the six-month period ended June from EGP 1.454 billion the year before. Minapharm Pharmaceuticals is an Egypt-based company engaged in the production and distribution of pharmaceutical products. It distributes its products within and outside Egypt. (Arab Finance)
The Holding Company for Roads, Bridges and Land Transportation Projects surpassed EGP 10 billion during fiscal year (FY) 2021/2022, compared to EGP 8 billion during FY20/21.
The Holding Company has purchased new equipment for its subsidiaries at a total value of EGP 720 million and bought a new factory for high-speed train flanges at EGP 120 million, with a production rate up to 420,000 flanges per year. The announcement was made on Wednesday during the company’s ordinary and extraordinary general meetings, presided by the Egyptian Minister of Transport, Kamel El-Wazir. Additionally, the company completed key projects in the fields of roads, bridges, Nile axes, and railway development, in addition to civil works for light rail transit (LRT) and port works. The extraordinary assembly further approved adding the investment, and industrial and real estate activities to the company’s business. (Mubasher)
Net losses of Egyptian Resorts Company enlarged to EGP 93.26 million in the first half (H1) of 2022, compared to EGP 13.56 million in H1 of 2021.
Loss per share came in at EGP 0.07 during the six-month period ended 30 June 2022, compared to EGP 0.01 in the year-ago period, according to a bourse statement on Wednesday. Meanwhile, the revenues stood at EGP 14.47 million in H1-22, a jump from EGP 8.22 million in H1-21. As for the standalone business, the company reported EGP 25.20 in net losses during H1-22, compared to EGP 17.85 million in H1-21. During the second quarter (Q2) of 2022, the EGX-listed firm reported higher net losses at EGP 33.72 million from EGP 7.05 million in Q2-21. On the other hand, the company’s revenue rose to EGP 5.59 million in Q2-22, compared with EGP 1.61 million in Q2-21. It is worth mentioning that during Q1-22, the company registered consolidated net losses after tax worth EGP 59.54 million, compared to EGP 6.50 million in Q1-21. (Mubasher)
Arab Cotton Ginning Company reported standalone net profits after tax of EGP 34.22 million during fiscal year (FY) ended 30 June 2022, compared to net profits of EGP 35.73 million a year earlier.
Earnings per share (EPS) stood at EGP 0.11 in FY21/22, down from EGP 0.12 in FY20/21, according to a stock exchange filing on Wednesday. The company’s revenue for the July-June period of FY21/22 soared to EGP 68.78 million from EGP 31.07 million in the corresponding period a year earlier. In the first nine months (9M) of FY21/22, Arab Cotton Ginning recorded net profits of EGP 74.55 million, against net losses of EGP 22.71 million in the year-ago period. (Mubasher)