BUILDING RECONCILIATION ACT IS HERE: President Abdel Fattah El Sisi ratified the new Building Reconciliation Act yesterday. The amended law, which got the greenlight from the House last month, makes it easier for owners of unauthorized buildings built by October 15 of this year to legalize their properties in return for a reconciliation fee. (Official Gazette)

** We dove into the ins and outs of the new act in a Hardhat last month.

CAPITAL INCREASE FOR RAYA AUTO: Raya Holding plans to increase the capital of its automotive unit Raya Auto by at least EGP 250 mn after teaming up with an undisclosed partner at the beginning of 2024. The capital increase will be used to back the company’s expansion into light vehicles and EVs. (Asharq Business)

UAE WILL HELP DEVELOP EGYPTIAN DATA CENTERS: The Madbouly government will work with the UAE to develop our data centers, under an MoU inked between the two sides. (Cabinet statement)

TE CONFIRMS OFFERS FOR TOWER PORTOFOLIO: Telecom Egypt is mulling over several non-binding offers for its tower portfolio, the telecom services provider confirmed in a disclosure to EGX yesterday. The disclosure came after local media reported that three bidders are competing to buy the majority of Telecom Egypt’s cell towers in a sale and leaseback agreement that could be worth between USD 150-250 mn. (EGX disclosure, pdf)

LUKOIL TO INVEST MNS IN OIL: Russian energy company Lukoil will invest USD 73 mn to develop the oil reserves and increase the production capacity of the West Esh El Mallaha field in the Eastern Desert. (Al Borsa)

ORASCOM DEVELOPMENT LAUNCHES PLATFORM FOR BROKERS: Real estate developer Orascom Development have launched “My Orascom,” a self-service platform for brokers that gives them access to the developer’s property portfolio across the Middle East, North Africa, and Europe with details of the units and payment plans. (Statement, pdf)

GASC LAUNCHES WHEAT TENDER: GASC has launched an international tender for an undisclosed amount of wheat. (Reuters)

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