Egypt to sell subsidized bread for non-ration cardholders by January
Egypt to sell subsidized bread for non-ration cardholders by January. Egypt will start selling subsidized bread to non-ration cardholders starting next January, Abdullah Ghorab, head of the bakeries division at the Federation of Egyptian Chambers of Commerce (Fedcoc). Subsidized bread will be sold at a price of EGP 1 per loaf using Egypt Post’s prepaid cards, Ghorab pointed out. He added that there would be no maximum limit on the number of loaves of bread that a person can buy. (Hapi Journal)
- Egypt to launch 2nd phase of Haya Karima in H1 2024.
Egypt will start implementing the second phase of Haya Karima initiative in the first half (H1) of 2024. The second phase of the initiative will focus on the water and sewage system sector. Launched in early 2019, Haya Karima is a national initiative endorsed by President Abdel Fattah El-Sisi to upgrade the standards of living of Egyptian citizens in rural communities. (Al Mal)
- Egypt aims for unified dollar exchange rate in short term: Madbouly.
The Egyptian government is aiming for a unified stable dollar exchange rate in the short term, Prime Minister Mostafa Madbouly stated on November 28th. The state is keen on providing incentives for serious investors to facilitate procedures and eliminate obstacles for them, Madbouly noted. Moreover, he referred to directives that grant priority to local products in government contracts. (Hapi Journal)
- The Central Bank moves on multiple fronts to prevent the leakage of the dollar from Egypt.
The Central Bank of Egypt is actively addressing the outflow of dollars from the country, except for essential needs, amid a severe dollar liquidity crisis. Notably, the bank instructed Egyptian banks to suspend credit card activations for purchases in dollars from local stores. Entities violating this by selling goods or collecting subscriptions in dollars instead of the local currency are deemed to be in violation of Central Bank regulations. ( Asharq Business)
- EBRD eyes stakes in Egyptian companies under state IPO program: Harmgart.
The international financial institution is currently in talks with The Sovereign Fund of Egypt (TSFE) to mull over the possibility of buying minority interests in the United Bank and Banque du Caire, Harmgart highlighted. She added that EBRD awaits the announcement of the stakes to be offered in both banks for sale. As for the water desalination program in Egypt, she noted that it is still in its early stages. (Hapi Journal)
- Dana Gas to invest 43 million USD in Egypt in 2024.
Dana Gas will inject investments worth around 43 million USD into the Egyptian market in 2024. The planned investments come as part of the company’s drilling program for next year, under which it plans to drill 11 development wells and three discovery ones. The program targets boosting Dana Gas’ production in Egypt by about 30 million cubic feet of natural gas per day. (Arab Finance)
- Turkish KSG to build 500 million USD synthetic fibers factory in Egypt.
Turkish textile manufacturer (KSG) intends to build a 500 million USD synthetic fibers factory in the Suez Canal Economic Zone (SCZone) as of January 2024. The factory is expected to cut Egypt’s annual yarn imports bill by nearly 1 billion USD. The company is currently completing the procedures for obtaining a 250,000-square-meter plot of land in SCzone to establish the project. (Arab World News Agency)
- Orascom Construction reports consolidated backlog of 6.9 billion USD in 9 months.
Orascom Construction Plc posted a consolidated backlog, excluding BESIX, of 6.961 billion USD for the first nine months of 2023, up by 14.1% year on year (YoY). Consolidated new awards rose by 26.1% YoY to 3.856 billion USD in the January-September period of the current year. New awards signed in Egypt and the UAE during the first nine months of the year stood at 2.531 billion USD, while the group’s subsidiaries in the US inked 1.325 billion USD of new awards over the same period. (Hapi Journal)
- State-owned fintech firm e-Finance is in talks to acquire two retail-focused digital payments companies,
without disclosing their identities. The first one was approved by the board earlier this month and is expected to wrap up by the end of the year. A second acquisition is currently under study and could be finalized during 1H 2024. The acquisitions would facilitate e-Finance’s entry into the retail payments market. The retail market is projected to grow in size to 1.5 trillion EGP by 2027-2028. (Hapi Journal)
- Madinat Masr strengthens its partnership with Hadq Construction through investments of 1.7 billion EGP.
Madinat Mas expands its agreement with Hadq Construction, raising the investment from 1.5 billion EGP in 2022 to 1.7 billion EGP. The deal involves the final phase of the Shalya project in Taj City and the construction company's new headquarters within the same project. This strategic move supports the company's expansion plan and efforts to develop its land portfolio, strengthening its prominent role in real estate projects. (Al Borsa News)
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