The Oil Ministry yesterday inked two agreements with Cyprus to liquify and re-export Cypriot natural gas.

Saudi renewables giant Acwa Power is setting up a 2 GW wind farm in South Hurghada with investments of SAR8.6 bn (c. USD2.3 bn).

Italian leading hospital group San Donato Group wants to set up a USD100 mn hospital and an international medicine-focused university.

Chinese electronics and household appliance manufacturer Hisense and UAE’s FBB Tech began construction of their USD38 mn new electronic devices manufacturing facility in the China-Egypt Teda trade zone in Ain Sokhna.

Italian energy player Eni plans to begin producing 100 mn cubic feet per day (cf/d) of gas from its Noor field off Egypt’s northern coast by mid-2026.

The EGX and the Madbouly government are in talks over listing all of the companies earmarked for privatization on the EGX in the lead up to selling them off to strategic investors.

Egypt is looking to up its imports of Israeli gas by 58% by the middle of 2025.

Egypt’s grain imports, including wheat, corn and soybeans, reached USD8.56 billion in 2024, compared to USD7.99 billion in 2023, a growth of 7.1%.

Jihad Azour, the Director of the Middle East and Central Asia Department at the IMF, stated that the fourth tranche of the Fund’s loan to Egypt includes a new program related to the environment, and in light of that, the fourth review and a new program will be approved.

SAUD 4Q24 standalone bottom line recorded EGP787 million (-11% q/q, +28% y/y). Bringing FY24 bottom line to EGP3,012 million (+35% y/y, and 8% higher than Al Ahly Pharos Estimates of EGP2,798 million). BoD proposed to distribute cash dividends of EGP0.85/share, which implies a pay-out ratio of 24%, perfectly in line with Al Ahly Pharos estimates, subject to the CBE's approval. SAUD is currently trading at P/E25 of 2.9x and P/B25 of 0.6x.