Al Ahly Pharos

Egypt is in talks with the International Monetary Fund to extend timelines for key reforms under its economic reform program, a senior government official said. The official expects Egypt to be placed on the IMF Executive Board’s agenda before the Christmas holidays for the amendments to be given the final greenlight. The average yield on three-month EGP-denominated t-bills rose to 31.419% in Sund...

- Market Overview  - BINV - GBCO - FWRY  - CLHO - PHDC prepared by: Mayada Amin- CETA, CFTe

Wataneya and Safi are named as among the up-to-four military companies to be offered up on the EGX, unnamed sources said. The National Service Products Organization-owned filling station operator and bottled water company are reportedly currently being reevaluated ahead of a listing scheduled for 1Q25.  The EGP fell to its lowest level on Thursday since March’s exchange rate liberalization, passin...

- Market Overview  - ALCN - AMOC - BTFH - CIEB  - CLHO - prepared by: Mayada Amin- CETA, CFTe

Prime Minister said that there is a plan to offer three to four companies affiliated with the military on the EGX. We should know more next week with the release of the government’s privatization plan for the coming period. Prime Minister said that foreign companies, both new to the market and veterans, are getting ready to launch projects, including in the automotive and renewable energy industri...

- Market Overview  - ADIB - FAIT - FWRY  - ORWE - SAUD - prepared by: Mayada Amin - CETA, CFTe

*Key news articles for today* The government is planning on offering up stakes in its majority-owned Port Said Container and Cargo Handling Company (PSCCHC) and Damietta Container and Cargo Handling Company (DCHC) on the EGX during 1Q25. The sources expect the government to offer 20-25% stakes in each company, with the IPO’s private placement focused on attracting major companies like the UAE’s AD...

- Market Overview  - COMI - EAST - EFIH - ATLC - DSCW - Prepared by: Mayada Amin- CETA, CFTe

The recently formed Entrepreneurship Ministerial Committee has announced ambitious plans to increase investments in Egypt’s startups tenfold to USD5 bn in the coming period, through easing market entry among other measures. Industry Ministry revealed new information about the government’s plans to localize automotive feeder industries with a USD 360 mn joint tire-manufacturing project between the...

Market Overview  PHDC DSCW ORHD ACGC prepared by: Mayada Amin - CETA. CFTe

Hassan Allam Holding and ADP France have submitted a joint proposal to manage and operate Egyptian airports. UAE-based EV infrastructure company Zero Carbon is currently undertaking feasibility studies ahead of a launch in the Egyptian market. Egypt is planning to carry on importing liquefied natural gas until the country closes the gap between domestic production and consumption in either 2029 or...

- Market Overview  - FWRY - GBCO - HELI - EAST - ADIB - prepared by: Mayada Amin - CETA, CFTe

German companies are mulling several investments in Egypt, including: A EUR 1 billion direct reduced iron factory. A EUR 30 million flame-resistant material factory. A EUR 5 million first phase of a bicycle parts factory.  Auto parts factory in Egypt. China Glass Holding subsidiary CNG Egypt New Energy Glass kicked off construction work on a USD300 million glass factory. The ro-ro shipping line co...

- Market Overview  - COMI - FWRY  - ORHD - ISPH prepared by: Mayada Amin-CETA, CFTe

A “very important” Qatari real estate project on the North Coast is in the works, Prime Minister Mostafa Madbouly said. The Gulf nation is also looking into investments into the North Coast’s tourism and hospitality sectors, according to Madbouly, who added that they will soon present Qatar with a list of relevant investments that may be of interest in Greater Cairo and the new capital. The govern...

Market Overview 

*Key news articles for today* The government is planning to issue its first EGP-denominated sovereign sukuk in the domestic market in the next fiscal year. The government is planning to localize 50% of all vaccine production by 2030. There will then be efforts to increase this to 75% by 2035 and full self-sufficiency by 2040. The government has allocated a total of EGP10 billion to settle a signif...

Market Overview  COMI ADIB EKHOA ETEL EFIH Prepared by: Mayada Amin- CETA , CFTe

The government is mulling a permanent exemption for factories from property taxes and either raising the residential tax exemption cap or doing away with it altogether for first homes, Deputy Finance Minister said. Remittances from Egyptians working abroad more than doubled YoY in September to hit USD2.7 bn. The CBE sold EGP75.2 bn worth of t-bills with record average yields of 30.9% for three-mon...

Market Overview  Prepared by: Mayada Amin- CETA, CFTe

Imported mobile phones could be subject to customs and tax fees totaling 37.5%, as part of incoming government regulations to support the country’s mobile phone manufacturing localization efforts. Prime Minister is gearing up to announce “positive news” regarding the airport privatization plan developed with the International Finance Corporation (IFC). Infinity Power, UAE’s Masdar, and Hassan Alla...

Market Overview  prepared by: Mayada Amin- CETA, CFTe

 In line with our expectation, the CBE left interest rates unchanged after its MPC Committee met on Thursday.  A coalition of Chinese companies has been established to develop a 1 million feddan integrated farming zone in the New Valley Governorate.   Planning and International Cooperation Minister Rania Al Mashat met with a delegation from the European Union to discuss unlocking EUR1.8 billion in...

Market Overview  CIEB ADIB FAIT CSAG FWRY Prepared by: Mayada Amin- CETA, CFTe

The CBE's MPC is scheduled to meet today. We remind you that we expect the CBE to prefer to hold rates unchanged in today’s meeting due to persistent inflationary pressures, among other factors. Senior private and public sector figures from Egypt and the UAE inked numerous investments: Cabinet greenlit two power purchase agreements for two separate solar projects for a consortium made up of t...