Al Ahly Pharos

*Key news articles for today*   Egypt plans to “present a comprehensive vision for the reconstruction of the Gaza Strip in a manner that ensures the Palestinian people remain in their homeland and aligns with their legitimate and legal rights. Two consortiums of international energy players are set to invest a total of USD130 million over the next five to eight years in drilling 10 oil and gas exp...

- Market Overview 

Annual urban inflation recorded 24.0% in January 2025 compared with 24.1% in December 2024.  Annual core inflation, computed by the CBE, recorded 22.6% in January 2025 compared with 23.2% in December 2024.  Spanish hospitality group Barceló is in negotiations to acquire and participate in several projects in Egypt, CEO Raúl González said in a meeting with Investment Minister Hassan El Khatib durin...

- Market Overview  - TAQA - CCAP - OIH - HRHO - ELKA - prepared by : Mayada Amin- CETA, CFTe

The National Wages Council decided to raise the minimum wage for private sector workers to EGP7k a month, up from EGP6k, starting March. The Council also set the value of the bonus granted to employees at no less than 3% of their social insurance wage with a floor of EGP250 per month. Hong Kong-listed United Energy Group (UEG) inked a sale and purchase agreement to fully acquire Apex's upstre...

- Market Overview  - ABUK - EAST - JUFO - HRHO - ADIB - prepared by: Mayada Amin- CETA, CFTe

The IMF’s Executive Board is to sign off on Egypt’s fourth review “in the coming weeks,” IMF Communications Director Julie Kozack said in a briefing to the press. The meeting will also see the board look into a set of fresh funds under the IMF’s Resilience and Sustainability Facility. BP’s recent discovery at its King Mariout offshore concession could hold up to 4 trillion cubic feet of natural ga...

- Market Overview  - SKPC - COMI - OCDI - JUFO - ETEL -prepared by: Mayada Amin- CETA, CFTe

The new social protection package will be announced “within days,” Prime Minister said. The package of minimum wage hikes and pension increases will come into effect starting the next fiscal year.  Net foreign reserves inched up to USD47.3 billion at the end of January 2025, marking a USD156 million increase from December. Net foreign assets in Egypt’s banking sector reached USD5.23 billion in Dec...

Market Overview  COMI HRHO ELKA ELSH prepared by: Mayada Amin- CETA, CFTe

Egypt's PMI recorded 50.7 in January, up from 48.1 in December, signaling a renewed improvement in the health of the Egyptian non-oil economy at the beginning of the year, on growth in output and sales as well as falling cost pressures to eight-month low. The government will lease a Turkish floating storage regasification unit starting June and for the duration of the summer, an unnamed gover...

Market Overview  Prepared by: Mayada Amin- CETA, CFTe

Kuwait’s Ali Alghanim & Sons Group is looking into setting up an insulin factory in Egypt in partnership with foreign companies as part of its expansion in Egypt. The group is also exploring the development of a tourist resort overlooking the Red Sea. The government holding intensive discussions to resolve the issue of the long-awaited capital gains tax on EGX transactions, and even look for a...

- Market Overview  - COMI - ADIB - ORAS - BTFH - prepared by: Mayada Amin- CETA, CFTe

Kuwait’s Bukhamseen Group is looking into establishing a USD125 million hotel in Egypt as part of its plan to expand its presence in the Egyptian market. The Kuwaiti Jazeera Airways is interested in expanding its presence in the local market, boosting investments in airport development and mulling a mass transit project. Aref Investment Group is looking to expand its investments in Egypt in the fi...

- Market Overview  - SKPC - ORAS - ADIB - RMDA - Prepared by: Mayada Amin- CETA, CFTe

Kuwait’s Bukhamseen Group is planning to acquire one of Egypt’s largest tourism and hospitality investment companies in a USD4.9 billion transaction, Al Mal reports without disclosing the identity of the sought after company. The government is in talks to temporarily use Cyprus’ floating storage and regasification unit Etyfa Prometheus, according to industry publication Mees.  Suez Canal Authority...

- Market Overview - ADIB - CCAP - MASR - ABUK - BTFH - Prepared by: Mayada Amin- CETA, CFTe

Who’s in and who’s out of the EGX30?  In: Orascom Development,  Rameda, EgyptAlum,  Ibn Sina Pharma,  Qalaa Holdings, and  Eipico  Out : Ezz Steel,  B Investments,  Faisal Islamic Bank of Egypt,  Cleopatra Hospitals,  Elsewedy Electric, and Heliopolis Housing  The Prime Minister said that the government is working the social protection package including increase in salaries and pensions, which is...

- Market Overview  - ABUK  - ALCN - CIEB  - CLHO  - MFPC - prepared by: Mayada Amin- CETA, CFTe

*Key news articles for today* Egypt has officially returned to international debt markets with its first USD bond issuance in nearly two years, issuing USD 2 bn in 5- and 8-year bonds.  Global outsourcing giant Concentrix will invest USD 1 bn over the next four years to expand its operations in Egypt under an MoU inked with the Information Technology Industry Development Agency (ITIDA). The compan...

- Market Overview  - RMDA - AMOC - ORHD - MPRC - ORAS - prepared by: Mayada Amin- CETA, CFTe

The newly formed private sector advisory committees will hold their first meeting with Prime Minister Moustafa Madbouly today, set from now on to be at least a monthly occurrence with the PM as chair, according to a cabinet statement. The House approved a EUR318 mn loan for a high-speed rail line connecting Sokhna and Marsa Matrouh from the Islamic Development Bank. An amended protocol with Russia...

Market Overview  Prepared by: Mayada Amin- CETA, CFTe

The House approved a new simplified tax system for SMEs that proposed that businesses with an annual turnover of up to EGP15 million will pay a simple flat tax that covers income tax, value-added tax, duty tax, and others.  The Economic Committee approved a framework agreement with the African Development Bank to phase out LIBOR as a reference interest rate. French shipping line CMA CGM will conti...