Egyptian Cabinet approves measures to encourage foreign direct investment

Newsletter

09 Jul 2023

Egyptian Cabinet approves measures to encourage foreign direct investment. The Egyptian cabinet approves measures to improve the investment climate, including lifting controls on foreign ownership of real estate, allocating state-owned land to international developers, and allowing foreign investors to register as importers with 10-year licenses. These decisions aim to encourage foreign direct investment and address currency shortages. (Enterprise)

Japanese loan for initial phases of fourth metro line receives presidential approval.
President Abdel Fattah El-Sisi has approved a loan from Japan for the implementation of the first phase of the fourth line of the Greater Cairo Metro. The loan, provided through the Japan International Cooperation Agency (JICA), amounts to 41 billion Japanese yen. (Arab Finance)
TAQA Arabia begins trading on EGX with opening price set
EGX has announced the commencement of trading on TAQA Arabia (TAQA), starting at an opening price of EGP 0.50 per share. TAQA Arabia is Egypt's largest private power distribution company, with expertise in energy infrastructure networks. The company operates through five subsidiaries, offering services in gas, electricity, petroleum products marketing and distribution, solar, and water. (Arab Finance)
Shell plans to increase Egypt's gas supply by 200 million cubic feet per day by 2024
According to a government official, Shell is set to commence drilling three new gas wells in Egypt this year. These wells, located within Shell's concession in the West Delta Deep Marine area, will cost over 200 million USD and are expected to add 200 million cubic feet of gas per day to Egypt's production. The drilling operations and production will be carried out by Rashid & Burullus Petroleum Company. This initiative aims to boost gas production in the West Delta Deep Marine area, which has experienced a significant decline in recent years. (Asharq)
Suez Canal Authority Chairman holds talks with Greek Minister of Maritime Affairs to strengthen collaborative efforts.
Suez Canal Authority Chairman and Greek Minister of Maritime Affairs discuss cooperation at the Arab-Greek Maritime Conference. They emphasize the importance of the Suez Canal, review its developments and projects, and express interest in expanding collaboration. The partnership with a Greek company in waste management services is highlighted as a promising model. Both parties aim to strengthen cooperation and explore opportunities for mutual benefit. (Al Mal)
National Bank of Egypt facilitates 27 billion EGP in financing through 12 deals in six months
The National Bank of Egypt (NBE) achieved remarkable success in arranging and managing 12 financing deals totaling 27 billion EGP during the first half of 2023. Bloomberg International recognized NBE as the best bank in the Egyptian market for its roles as a financing agent, document bank, and syndicated loan marketer. The bank's outstanding performance also earned it top rankings in Africa and the Middle East for its various functions. (Arab Finance)
Sidpec greenlights fair value studies in preparation for Ethydco Merger.
Sidpec Approves Valuations for Potential Ethydco Merger: Sidpec's board has approved Baker Tilly's valuations, indicating Ethydco's value at 33.5 billion EGP and Sidpec's at around 23.1 billion EGP. Sidpec shares remain undervalued on the EGX, prompting further speculation. Sidpec has been acquiring remaining shares in Ethydco and plans for the merged entity's privatization have been in progress. Gulf investors have shown interest, and there are reports of a potential IPO for Ethydco via the EGX. (Enterprise)
Government electronic payment and collection services reach 6.8 trillion EGP by May-end.
Minister of Finance, Dr. Mohamed Maait, highlights the success of the electronic payment and collection system for government dues. The system has processed 6.8 trillion EGP worth of transactions since its launch, promoting financial inclusion and improving government performance. The issuance of secure "Meeza" cards for employees and deployment of electronic collection machines across administrative authorities have further enhanced the system's effectiveness. (Arab Finance)
Egypt aims to boost gold supply by centralizing extractors.
The government aims to increase the country's gold supply by grouping extractors under one roof. Shalatin Mineral Resources Company, owned by the state, will construct these complexes in the Eastern Desert. The first complex, with an estimated cost of 250 million EGP, will be located near Aswan. The initiative aims to enhance productivity and attract investments in the mining sector. Egypt produces approximately 15.8 tons of gold annually and plans to invest 1 billion USD in the mining sector by 2030. (Asharq)
Vodafone partners in launching Basata Pay a new electronic payment platform in Egypt.
Basata Holdings has announced the launch of "Basata Pay," positioning it as one of Egypt's leading electronic payment companies. The platform is the result of the merger between "Masary" and "B" and aims to meet the growing demand for secure and competitive electronic payment solutions. Backed by a wide network of over 160,000 points of sale, including supermarkets and kiosks, Basata Pay simplifies financial transactions for individuals, merchants, and companies. The partnership with Vodafone Egypt further enhances the platform's capabilities. (Economy Plus)