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Welcome to our daily podcast featuring the day's top news commentary and technical recommendations delivered to you before the opening bells of the Egyptian Stock Exchange (EGX).Alongside our morning podcasts, we will be publishing a collection of episodes presenting indepth analysis and insights on EGX's equities, all brought to you by Al Ahly Pharos.
 
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Egypt is in talks with Chinese officials to issue CNY-denominated bonds in the world’s second-largest bond market, Finance Minister told Enterprise. The minister declined to be specific about the size of the potential offering. The Madbouly cabinet will soon review a bill that, if passed, would allow businesses to deduct the healthcare tax from tax…
 
CBE repaid foreign debt obligations in 9M FY21/22 of USD20 billion. Egypt's external debt continued to grow to USD157.8 billion as of March 2022, +17% YoY, and 34.6% of GDP. GCC deposits with the Central Bank of Egypt amounted to about USD14.9 billion as of March 2022, with 8 deposits due to KSA, UAE and Kuwait. Foreign holdings of Egyptian treasur…
 
Egypt plans to issue international bonds worth USD6 billion in FY 2022/23 to finance its foreign exchange needs. The same article adds that Egypt is negotiating with the IMF a USD15 billion facility. Acquisition deals recently concluded by Gulf funds (ADQ, PIF) on the Egyptian stock exchange can be repurchased within two years from the date of sale…
 
El Sisi appointed 13 new ministers in a cabinet shake-up. Key changes: CIB’s retail banking chief, Ahmed Issa, replaces Khaled El Anany at the Tourism Ministry, while Nevine Gamea will make way for Rep. Ahmed Saleh, who had headed the House Economic Affairs Committee. Cairo Glass Chairman Mahmoud Esmat has been named the new public enterprises' min…
 
The Saudi sovereign wealth fund acquired stakes in four EGX-listed companies for USD 1.3 bn. El Mal newspaper reported that ADQ looks to increase its shareholding in MFPC by an additional 10-15%. Core inflation, which excludes volatile items such as food and fuel, climbed 15.6% on an annual basis in July, up from 14.6% in May. The cabinet will anno…
 
Annual urban inflation rose to record 13.6% in July compared to 13.2% in June. On a monthly basis, inflation rose by 1.3% in July, from 0.1% in June, according to CAPMAS. Egypt will begin cutting back on electricity consumption nationwide from next week in a bid to redirect more natural gas towards exports. Ministry of Electricity achieves a monthl…
 
Egypt is in negotiations with China to pay off debt through the sale of strategic assets. Egypt's non-oil exports by 20% during the first half of this year, reaching about USD19.4 billion. Farid: A lot of improvements will be implemented to the listing requirements to encourage a large number of companies to consider public offerings. Emirati ferti…
 
If commodity prices are easing and the local currency is weakening, ORWE hits two birds with one stone. ORWE is a high-yield stock with DY15-17%. Stock is trading at 2022 P/E of 4.2x and EV/EBITDA of 4.3x. (Pitch) Foreign reserves slipped to USD33.14 bn in July, down from USD33.40 bn a month earlier. Mohamed Farid has been appointed as acting chair…
 
Saudi Arabia’s sovereign wealth fund has set up a company to manage its investments in Egypt and is looking at promising sectors such as infrastructure, real estate, health care, financial services, food and agriculture, manufacturing and pharma. Saudi Arabia’s sovereign fund appoints EFG Hermes as an advisor to acquire United Bank. The government …
 
The EGP continued to slide against the USD and closed at 19.15 yesterday. Suez Canal Authority (SCA) is considering listing 10-15% of three of its companies on the EGX by the end of 2022. Prime Minister has given orders to solve problems facing the industrial sector, in a meeting with the Minister of Trade and Industry. Qualifying bidders looking t…
 
Egypt’s PMI recorded 46.4 in July, up from a two-year low of 45.2 in June. Revenues at the Suez Canal reached a record high of USD 704 mn in July (+32% YoY). SCA expects Canal revenues to hit USD7.8-8.0 bn in 2021, up from USD6.3 bn in 2021. ADQ Holding is in negotiations with the Egyptian government to acquire an additional stake of about 10 to 15…
 
Minister of Finance revealed that the size of the loan requested by the government from the International Monetary Fund is less than USD15 billion. Ministry of Finance has not yet determined the final size of the international bond to be offered in 2022-2023. Free Zone Companies are looking into securing their raw material needs from the local mark…
 
The EGP settled at 19.0084 against the USD during yesterday's trades, leaving it down more than 20% since March. Remittances from Egyptians working abroad declined 8% y-o-y in May to USD 2.4 bn. Flows were down 23% from USD 3.1 bn in April. Egypt wants to attract USD 10 bn of foreign direct investment during the current fiscal year, up from an aver…
 
Egypt has again appealed to the UN Security Council to intervene in the dispute with Ethiopia over the Grand Ethiopia Renaissance Dam (GERD). The distribution arm of Abu Dhabi National Oil Company (ADNOC) has agreed to acquire 50% of Total Energies Egypt for USD 186 mn. Total Energies represents EGP2.52/share out of BINV’s total SoTP valuation of 1…
 
The Federal Reserve enacted its second consecutive 0.75 percentage point interest rate increase, taking its benchmark rate to a range of 2.25%-2.5%. Minister of Finance said that the government might issue local Sukuk at the present time, given the current adverse conditions of international markets, worth USD500 million to USD1 billion. Egypt is w…
 
US Federal Reserve starts its two-day policy meeting today. The consensus is that the Fed will go ahead with a second consecutive 75-bps rate hike to control inflation. Egypt, Jordan, the UAE, and now Bahrain, have identified USD3.4 billion worth of joint investment projects in the first phase of a USD10 billion industrial partnership signed in May…
 
Egypt’s external debt jumped 17% y/y in 3Q FY2021-2022 to USD157.8 billion. Long-term debt accounted for around 83% of the total figure. Jordan will impose pre-clearance fees for Egyptian imports and mandate the use of letters of credit (L/Cs) for financing trade with Egyptian companies. The Financial Regulatory Authority is studying obligating com…
 
Economic and Social Development Plans for FY2022-23 target an economic growth rate of 5.5% and estimated investments about EGP1.4 trillion, compared to EGP1.2 trillion estimated for FY2021-22, with GDP at current prices targeted at EGP9.22 trillion. Russia and Ukraine signed a landmark agreement to resume grain exports through the Black Sea. The Eu…
 
The government is planning to add another 450k family to the Takaful and Karama and raise the personal income tax exemption threshold to EGP 2.5k from EGP 2k. GASC canceled the tender to purchase an unlimited amount of wheat, due to high prices, reaching USD443 per ton. Egypt's exports of natural gas jumped by 406.5% YoY to USD2.8 billion in 1Q22. …
 
Energy, Climate Change, and the Grand Ethiopian Renaissance Dam (GERD) were all up for discussion yesterday during talks between El Sisi and German Chancellor Olaf Scholz in Berlin. El-Sisi called for cooperation and coordination between Egypt and Europe in various fields. “All the gas that can be extracted from the eastern Mediterranean can be exp…
 
African Development Bank BoD approved a USD271 mn loan to Egypt within the program to guarantee food security, as part of a FY2022-23 facility of USD1.07 bn in cooperation with WBG and ADB. MNHD’s Board stated that OCDI’s indicative acquisition price range of EGP3.20/share to EGP3.40/share does not reflect MNHD’s value. ORHD’s Makadi Heights is pre…
 
IMF and Egyptian officials held “productive discussions” on a fresh assistance program during staff-level talks, which took place between 26 June and 7 July. Fuel Pricing Committee decided to hike fuel prices by an average of 7.5% compared to 2Q2022, and increase diesel prices to EGP7.25/L from EGP6.75/L. Net International Reserves (NIR) dropped by…
 
Annual urban inflation retreated to 13.2% YoY in June down from 13.5% in May, as food & beverages item recorded a slower annual increase, 22.3%, and a decline by 1.8% MoM. Trade deficit dropped in April by 53% YoY to USD1.70 billion. The value of exports increased by 54.2% to USD4.94 billion, while imports decreased by 2.7% to USD6.64 billion. Egyp…
 
The Egyptian economy grew at a 6.2% clip in FY2021/22, up from 3.3% the previous year, as positive growth was recorded across all sectors. Egyptians' remittances rose by 7.7% YoY during 4M2022 to reach about USD11.1 billion. In April, remittances recorded 24% growth, registering USD3.1 billion. Egypt purchased 444,000 tons of Russian, French, and R…
 
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