The Finance Ministry is updating its tax policy framework so that it is more attractive to potential investors. The policy will be ready in 1Q 2025. The government expects its tax revenues to jump by around EGP 100 bn once the new policy is put in place, as a result of incorporating the informal economy and encouraging further investment.

An international consortium has submitted a proposal to manage the Cairo International Financial Center (CIFC), an area of the new capital that will house financial institutions.

The Ministry of Public Business Sector is studying an offer from an alliance of Egyptian and Emirati investors, to acquire a 25% to 30% stake in one of the companies affiliated with the Holding Company for Cotton, Spinning, Weaving and Clothing.

The UAE is also looking to set up new investment projects in Egypt via various financing methods, UAE’s ambassador to Egypt said.

Ain Sokhna Port received the seventh contracted shipment of LNG with a capacity of about 155 thousand tons, in preparation for the gasification process.

Investment and Foreign Trade Minister has proposed a number of measures to help improve Egypt’s investment climate, facilitate procedures, and boost priority sectors.

The CBE accepted bids from 32 banks for EGP 947.1 bn in fixed-rate deposits at a rate of 27.75% during its weekly fixed-rate auction.

The CBE’s net foreign assets recorded a surplus of EGP494.5 billion as of June-end, compared to EGP458.63 billion last May.

The retail tranche of ACTF’s IPO was 54.8x covered by the end of their subscription period yesterday. The subscription period for institutional investors wrapped up last Thursday and saw the offering 20.2x oversubscribed.

According to a report issued by Fitch Credit Rating Agency, many Gulf banks are looking for several acquisitions in the Egyptian banking sector, amid interest in other markets such as Turkey and India, supported by better growth opportunities compared to Gulf markets.

The Ministry of Electricity and Renewable Energy aims to add 750 megawatts of electrical capacity generated by two wind and solar energy projects by next October, with total investments amounting to USD700 million. The first project will be opened during August and is being connected to the national electricity grid. It is the first phase of a wind energy project with a capacity of 250 megawatts, implemented by a consortium of ORAS, Toyota, and Engie in the Gulf of Suez region near Ras Gharib. The second project is the solar energy station, which is being implemented by the Emirati company Al Nowais, with a capacity of 500 megawatts in the Kom Ombo area in Aswan Governorate, and it is scheduled to operate in October.
The proportion of government transactions that are processed digitally is slated to rise from some 33% for the 2023-24 fiscal year to 37% by 2030.