CABINET WATCH-

Introducing the cabinet’s Economic Ministerial Group: Prime Minister Moustafa Madbouly issued a directive forming the Economic Ministerial Group to steer the country’s economic and financial policies, according to a cabinet statement.

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Who’s on board: Headed by Madbouly, the group will include Central Bank Governor Hassan Abdalla, Planning and Economic Development Minister Rania Al Mashat, Finance Minister Ahmed Kouchouk — who will serve as the group’s spokesperson — Supply Minister Sherif Farouk, and Investment and Foreign Trade Minister Hassan El Khatib.

The group’s mission: The group is tasked with formulating the overall framework for economic and financial policies, promoting growth and employment, and ensuring financial sustainability and economic stability. It will meet weekly — or as needed — and can invite experts to its meetings to make use of their expertise.

RETAIL-

Eastern Company hikes smoke prices for the third time this year: State-owned tobacco giant Eastern Company on Friday bumped up the prices of its cigarettes by up to EGP 0.50 after the company’s board approved the decision a day earlier, according to two EGX disclosures (here and here, pdf). The price of all its 20-cigarette packs, including Cleopatra, now stands at EGP 34.72, while its higher-end Viceroy and Pall Mall has maintained its price of EGP 55. The Box 10 — the pack including 10 cigarettes — saw the biggest jump in price, now going for EGP 25 a pack from EGP 24.5. This marks the company’s third price hike this year, following earlier increases in April and February.

The rationale: “The price hike complies with the Universal Health Ins. Law,” Eastern CEO Hany Aman told Hadret El Mowaten last night (watch, runtime: 1:40).

ENERGY-

Infinity to set up its first ever projects in Cameroon: Our friends at renewables firm Infinity Power inked an MoU with the Cameroon West Regional Council that will see the firm develop 4 GW-worth of renewable energy projects by 2035, with the projects likely to include “solar, battery storage, wind, hydro and biomass plants,” the company said in a press release (pdf).

REAL ESTATE-

Madinet Masr, HDD sign agreement to develop project in New Heliopolis: Madinet Masr will co-develop two plots in New Heliopolis alongside Heliopolis Housing and Development (HHD) under an agreement inked between the two sides, Madinet Masr (pdf) and HHD (pdf) said in separate statements. Madinet Masr made a contract payment of EGP 1.1 bn upon signing. The project is expected to generate some EGP 194.7 bn in revenues over the 12-year period — the project is expected to launch before the end of 2024, Madinet Masr CEO Abdallah Sallam said earlier this year.

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