Majority stake sale plans denied by Misr Hotels Company
Majority stake sale plans denied by Misr Hotels Company. Misr Hotels Company has denied plans to sell a majority stake and has not received any acquisition offers from local firms, according to a company source. Reports suggested unnamed local companies were considering a majority stake acquisition. Misr Hotels is now referring inquiries to the government’s new hotel company, linked to its parent firm Holding Company for Tourism and Hotels (HOTAC). (Enterprise)
- Egypt aims to generate 40 million USD by selling train tickets in foreign currency.
Egypt aims to generate 40 million USD from selling train tickets in dollars to foreigners and Arabs in FY 2023-2024, securing funds for maintenance and loan repayment for recent train acquisitions. Tourism, a key foreign currency source, surged by 43% in H1 2023. The Ministry of Transport targets a daily passenger capacity increase to 1.5 million on the upgraded railway network next year. (Bloomberg Asharq)
- Central Bank of Egypt announces upcoming EUR T-Bill auction.
The Central Bank of Egypt (CBE) is set to conduct an auction for one-year T-bills valued at 600 million EUR, marking the first issuance of EUR-denominated T-bills since November. In the previous issuance, the central bank successfully sold 699.2 million EUR worth of one-year bills, achieving a yield of 2.3%. (Enterprise)
- Government's move to boost tobacco imports for cigarette supply and price regulation.
Prime Minister Dr. Mostafa Madbouly has ordered increased tobacco raw material orders to bolster cigarette production and stabilize the market, focusing on Eastern Tobacco Company's expansion efforts. The move aims to balance various product markets and address Egypt's 75% cigarette market share held by the company. (Economy Plus)
- Agthia withdraws from bid to acquire military-owned Safi bottled water.
Agthia, owned by ADQ, has reportedly withdrawn from the bid to acquire military-owned bottled drinks company Safi. Initially considered a bidder in May for a minority stake sale, Agthia's spokesperson declined to comment on the speculation, emphasizing their focus on expanding exports. (Enterprise)
- Abu Auf eyes entry into the Saudi Arabian market.
Abu Auf, an Egyptian food brand predominantly owned by ADQ's Emirati F&B company Agthia, intends to broaden its presence into Saudi Arabia by the close of this year. Following Agthia's acquisition of a 60% stake last year, Abu Auf is looking to allocate 5-7 million USD for Gulf expansion in 2023, building upon its existing brands within the kingdom. (Enterprise)
- Egyptians abroad offered option to pay instead of serving Military Duty.
Until September 13, Egyptian men living abroad can register with the Foreign Ministry to initiate the procedure for addressing any outstanding military service obligations. To begin the process, applicants are required to deposit a fee of USD 5,000 or EUR 5,000 into designated accounts at Banque Misr. (Enterprise)
- Egyptian pound's decline drives surge in British tourists visiting Egypt.
Amid a global travel resurgence, British tourists are flocking to Egypt, booking over double the pre-pandemic 2019 flights, driven by a stronger pound and a weakened Egyptian pound. The country recorded a record 7 million tourists in H1 2023, up 40% YoY, while hotel occupancy surged from 65% to 80% YoY in the same period. (Arab Finance)
- Ministry of Finance sets one-month deadline for Egyptians abroad car initiative payments.
Egypt allows 84,000 recipients of payment orders to finalize bank transfers within a month for the "Egyptians Abroad Car Import" initiative, securing import approval and reduced customs tax. The Finance Ministry assures timely repayment of deposits, while withdrawals can be requested after a year at current exchange rates. (Arab Finance)
- ReNew Power plans early 2023 start for 8 billion USD green hydrogen plant in Suez Canal Economic Zone.
The construction of the plant is estimated to span around six years, with ongoing technical studies preceding a final investment decision between November and March. ReNew Power and El Sewedy Electric previously signed a government framework agreement in November, planning to establish the plant producing 220 thousand tons of hydrogen and 1.1 million tons of green ammonia annually. (Economy Plus)
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