Azzam and Abdul Rahman are deputy chairmen of the Financial Supervisory Authority
Azzam and Abdul Rahman are deputy chairmen of the Financial Supervisory Authority. Prime Minister Dr. Mostafa Madbouly issued a decision appointing Dr. Islam Azzam and Ahmed Abdel Rahman Al-Sheikh as Vice-Chairmen of the Board of Directors of the Financial Supervisory Authority. This came within the re-formation of the Board of Directors of the Financial Supervisory Authority for a period of 4 years. The decision included the appointment of four experts with expertise in the economic, financial and legal fields, namely Dr. Ashraf Al-Arabi, Dr. Khaled Sery Siam, Dr. Marian Amir Azer, Dr. Rasha Ragheb and Tariq Mansour, as members of the authority’s board of director.
- Egypt’s TSFE lures 3.3 billion USD investments from Arab funds in 2022.
The Sovereign Fund of Egypt (TSFE) has been successful in attracting investments worth 3.3 billion USD from Arab sovereign funds in 2022. The TSFE has attracted investments in both dollars and Egyptian pounds from the private sector in the fields of green hydrogen, tourism, real estate, antiquities development, industry, financial services, digital transformation, and education. (Arab Finance)
- It is noteworthy the TSFE is playing a vital role in implementing the state’s ownership policy document,
as per the directives of President Abdel Fattah El-Sisi, regarding attracting foreign direct investments (FDI) of 40 billion USD within four years. These comments were made during a meeting headed by Madbouly to follow up with the plans and projects of TSFE to attract further FDI. (Arab Finance)
- Egypt in talks with Germany, India over importing energy storage batteries.
Egypt is negotiating with German and Indian companies to import renewable energy storage batteries. The Ministry of Electricity is seeking to receive integrated offers for batteries with capacities ranging between 10 and 20 megawatts. The renewable energy storage batteries are expected to be installed in remote areas away from the power grid such as Halaib and Shalateen and Sinai.
- The US-based Tesla Inc. previously submitted an offer to the Egyptian government for supplying storage batteries, but the offer included higher capacities than needed.
Therefore, the government looked for other sources to provide these batteries. In 2021, Egypt was the top producer of renewable energy in the Arab World as its output of clean energy grew by 8.3% compared to 2020. (Asharq Business)
- CBE’s acting governor appoints two advisors.
The Acting Governor of the Central Bank of Egypt (CBE) Hassan Abdallah has decided to appoint Hisham Ezz Al-Arab and Mohamed Naguib as advisors. This decision was announced during Abdallah’s first meeting with the current and former heads of banks. It is worth noting that Hisham Ezz Al-Arab was the former Chairman of Commercial International Bank (CIB) and Mohamed Naguib was the Non-executive Chairman of SAIB Bank. (Hapi Journal)
- Egypt signs 7 MoUs for industrial projects in Ain Sokhna.
Egypt has signed seven memoranda of Understanding (MoUs) with seven global companies for the establishment of industrial complexes at the industrial zone in Ain Sokhna. The agreements were signed by a number of government entities, namely the New and Renewable Energy Authority (NREA), the General Authority for Suez Canal Economic Zone (SCZone), Egyptian Electricity Transmission Co (EETC), the Sovereign Fund of Egypt (TSFE), and seven pioneering companies in the generation of new and renewable energy. (Arab Finance)
- Egypt’s FY 2022/2023 plan targets 294.2 billion EGP investment in urban development.
Egypt’s plan for fiscal year (FY) 2022/2023 targets total investments of 294.2 billion EGP in the urban development sector, accounting for 21% of the plan’s total targeted investments. Investments in real estate activities are estimated at 157.9 billion EGP, representing 53.7% of total targeted investments in the urban development sector this fiscal year, El-Said noted, citing the ministry’s report on the FY 2022/2023 plan.
- Meanwhile, the targeted investments in the sewage system are estimated at 103.4 billion EGP, and in the construction and building at 32.9 billion EGP.
Moreover, the FY 2022/2023 plan targets boosting the urban development sector’s production by 15.6% to 3.395 trillion from 2.936 trillion EGP in FY 2021/2022. As per the plan, the sector aims to boost its contribution to Egypt’s gross domestic product (GDP) by 16.3% to 1.955 trillion EGP in FY 2022/2023, compared to 1.681 trillion EGP in FY 2021/2022. (Asharq Business)
- Moving to our EGX and companies, Tamweely, Bypa-ss sign team up to offer digital healthcare services.
Tamweely Microfinance has signed an agreement with Bypa-ss, a company specialized in the digital healthcare services. The agreement enables Bypa-ss’ HealthTag card for the customers across all of Tamweely’s branches. This move will reinforce the non-financial services provided by Tamweely to customers. Tamweely plans to provide customers across its 140 branches with the card to encourage customer loyalty and indirectly support the company’s business. (Al Mal)
- Savola Foods to invest 1 billion EGP in EgyBelg.
Savola Foods is planning to invest over 1 billion EGP in the development of the Egyptian Belgium for Industrial Investment (EgyBelg). The group is also aiming to start production at EgyBelg’s lines in 2023. Moreover, he pointed out that Savola had to raise the prices of its products in the local market by up to 35% due to higher cost of production. On June 9th, Savola announced the acquisition of EgyBelg for 630 million EGP as part of its expansion plan in the Egyptian market. It is worth noting that Savola’s assets in Egypt have exceeded 6 billion EGP. (Mubasher)
- CI Capital’s consolidated profit jumps 98.4% YoY in H1 2022.
CI Capital Holding for Financial Investments (CICH) posted a 98.41% year-on-year (YoY) surge in consolidated profit attributable to the parent company during the first half (H1) 2022. The company’s consolidated profit after tax and minority interest stood at 340.765 million EGP in H1 2022, compared to 171.745 million EGP in the year-ago period. (EGX)
- Rowad Tourism swings to losses in 6 months.
Rowad Tourism (Al Rowad) (ROTO) turned to losses during the first six months of 2022. The company reported a consolidated loss attributable to the parent company of 42.035 million EGP in the six-month period ended June 30th, compared to a profit of 1.664 million EGP during the same period a year earlier. As for standalone financials, Rowad recorded a net loss after tax of 36.801 million EGP in the January-June period, versus a net profit of 5.271 million EGP in the year-ago period. (EGX)
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