Some provisions of the customs law have been amended to facilitate customs release procedures under a decision issued by Finance Minister.
The Supreme Council for Investments is studying offering more incentives to the industrial sector.
GAFI will launch its new digital platform within days. The platform will provide investors with the services to establish companies, authenticate contracts at notary offices, and register using electronic signatures among other services.
Mohamed Farid has been reappointed chairman of the Financial Regulatory Authority (FRA) for another one-year term.
The government has denied rumors circulating that it has sold USD billions worth of assets owned by the Endowments Ministry.
MFPC issued standalone results for 2Q23. Net profit after taxes amounted to EGP848 million (+3% YoY, -78% QoQ,), bringing 1H23 net profit to EGP4.776 billion, higher by 67% YoY. MFPC is trading at 2023 P/E 8.0x and EV/EBITDA of 4.0x.
HELI could this month wrap up negotiations to partner with an unnamed Gulf investor on its Heliopark project, according to local media.
HELI denied media reports that it intends to sell its Heliopark land plot to a local investor at a discount on a cash basis.
HELI stated that it did not receive an offer regarding media reports that a Saudi investor is offering to acquire 70.0% of HELI for USD400.0 million.
MNHD launched an R&D arm, Madinet Masr Innovation Labs, to provide digital solutions to the real estate market. The arm's first product, Touba, is a platform that offers customers solutions for purchasing and investing in real estate.
MNHD plans to expand its project portfolio to the North Coast, the Red Sea Coast, West Cairo, and New Nasser in Upper Egypt, according to local media.
Developers including Qatari Diar and Emaar Properties are in talks with GAFI on expanding their businesses in Egypt.
MTIE announced increasing the company’s issued capital EGP749 million, an increase of EGP149.8 million through the issuance of 241.7 million bonus shares (0.25 bonus share for each original share held). Record date is on 23 August 2023 and distribution date on 24 August 2023.
GAFI has received 3 investment requests worth USD180 million to establish feeding factories in the electrical and home appliances sector.
BTFH has received the greenlight from FRA to proceed with its acquisition of Minya-based microfinance provider Cash.
CICH has closed an EGP700 mn securitized bond issuance for its micro-financing arm, Reefy Microfinance.
Banque Misr is preparing to launch a new digital payments company in partnership with several financial institutions, including Banque du Caire.
