Egy signs 3 binding agreements to invest $145M in automotive sector/ Egy issues its first Islamic sukuk/ Fuel subsidies in Egypt jump 290% in 6 months
Egypt signed three binding agreements with three of the largest international groups in the automotive industry, during the first meeting of the Supreme Council of Automobiles. This came based on President El-Sisi's directive to deepen the automotive industry in Egypt and reduce the large existing gap, pointing out that cars are the fourth commodity in import volume in terms of value.
Egypt initiated the issuance of its first US dollar-dominated sovereign bonds, known as Islamic sukuk, with a maturity of three years, in an effort to bridge the anticipated financing gap over the next four years.
French construction company, NGE has announced that it signed a contract to construct a 330 km high speed train line to connect the Red Sea Port at Sokhna to Borg Al-Arab near the Mediterranean port in Alexandria.
The project will be implemented by NGE subsidiary TSO as it will extend 600 more km to reach Marsa Matrouh on Egypt’s North West coast, according to the French company’s statement.
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Fuel subsidies in Egypt jump 290% in 6 months to 66 billion EGP. The Egyptian government aimed not to exceed subsidies for petroleum products in the budget for the current fiscal year 2022-2023, amounting to 28 billion EGP. While the fuel subsidy bill in the final account of the 2021-2022 budget amounted to 59 billion EGP, an increase of 212% over the fiscal year 2020-2021, which recorded 18.9 billion EGP.
B Investments Holding generated EGP 860.89 million in standalone net profit after tax in 2022, an annual leap from EGP 123.43 million.
Non-consolidated income hit EGP 999.39 million last year, compared to EGP 174.83 million in the January-December 2021 period, according to the financial results.
Meanwhile, the basic and diluted earnings per share (EPS) enlarged to EGP 5.34 in 2022 from EGP 0.75 a year earlier.