Al Ahly Pharos

ABUK ALCN TMGH ORAS EFID prepared by: Mayada Amin - CETA, CFTe

The government will soon announce “important news” regarding the privatization of a number of banks and airports, Prime Minister Moustafa Madbouly said. Egypt’s external debt sat at USD152.9 bn during the end of FY2023/24, falling some USD15.1 bn (almost 9%). Egypt's import bill for petroleum products reached USD10.5 billion during 9M2024, compared to USD9.4 billion in the same period last ye...

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

The Financial Regulatory Authority has suspended issuing new licenses for companies seeking to operate in consumer finance or microfinance for one year.  Egypt is looking to boost its natural gas production by 30% to 6 bn cubic feet of gas per day by the end of 2025. Kuwait is reportedly mulling converting its deposits in the CBE - USD4 billion - into direct investments.  Egypt stands to save betw...

Market Overview  prepared by: Mayada Amin -CETA, CFTe

President Abdel Fattah El Sisi yesterday inaugurated the country’s newest and largest railway station, Giza’s Bashteel Station. The CBE’s MPC is scheduled to meet on Thursday, 17 October. We expect the CBE to prefer to hold rates unchanged in its upcoming meeting. The Suez Canal Authority has rolled out fresh incentives and facilities for yachts passing through the waterway in a bid to promote yac...

Market Overview  Prepared by: Mayada Amin- CETA, CFTe

Annual urban inflation slightly accelerated, registering 26.4% YoY in September, up from 26.2% in August.  Finance Minister Ahmed Kouchouk unveiled the first phase of a package of tax facilities aimed at simplifying the tax system and easing the burden on taxpayers The revamped export subsidy program aims to enhance transparency by clearly reflecting the allocated budget for it, Investment Ministe...

Market Overview  CLHO ETEL BTFH ALCN ORAS prepared by: Mayada Amin- CETA, CFTe

*Key news articles for today* The government will announce a fresh package of tax facilities and investment incentives later today.  Finance Minister said that he expects to see the facilities implemented before the end of the year. Minister of Transportation and Industry Kamel El Wazir said that president El Sisi ratified a decree to launch an initiative to assist halted factories with financing...

Market Overview  prepared by: Mayada Amin -CETA, CFTe

The House of Representatives preliminary approved government-drafted amendments to the law regulating how the Sovereign Fund of Egypt (SFE) operates.   The MPs approved a presidential decree approving increasing our subscription to the IMF by 50% — which will be worth some USD1.4 bn and EGP48 bn. The MPs also approved a USD15 mn USAID grant to help us fight climate change. Investment Minister said...

Market Overview  FAIT JUFO EAST CLHO prepared by: Mayada Amin- CETA, CFTe

Ras El Hekma is reportedly expected to reach total investments worth USD110 billion by 2045, with a yearly GDP contribution of USD25 billion, and create around 750k direct and indirect jobs. Egypt’s GDP growth rate was 2.4% in the fourth quarter of the 2023/24 year, bringing the annual growth rate to 2.4%, down from 3.8% a year earlier. Net International Reserves reached USD46.74 billion at the en...

Market Overview  OCDI JUFO FAIT EFID SAUD prepared by: Mayada Amin- CETA, CFTe

Net foreign asset (NFA) surplus fell 27% to USD9.7 bn in August, down from USD13.3 bn in July. NFA of banks registered a deficit of USD536 mn, down from a surplus of USD2.8 bn in July.  Egypt's PMI registered 48.8 in September, the headline index was below the 50.0 no-change value to indicate a modest decline in business conditions at non-oil private sector companies.  The cabinet approved a...

Market Overview  Prepared by: Mayada Amin - CETA, CFTe

The CBE has released the Balance of Payment (BoP)'s performance report for FY2023/24. Key points are: The overall BoP recorded a surplus of c. USD9.7 bn during FY 2023/24. Egypt's current account deficit more than quadrupled, surging to USD 20.8 bn. The oil trade balance surged to USD8 bn deficit in FY2023/24, compared to a USD 410 mn surplus in FY2022/23. The non-oil trade deficit was f...

Market Overview  HRHO GBCO EFIH JUFO EFID prepared by: Mayada Amin- CETA, CFTe

Emirati sovereign wealth fund ADQ will lay the foundation stone for its USD multi-billion Ras El Hekma project on Friday, Deputy Housing Minister said. The Madbouly government will start introducing cash-based subsidies on a trial basis in certain areas of the country starting next fiscal year, Supply Minister said. Intro Group subsidiary Intro Technology signed a MoU with Omani data center leader...

Market Overview  ADIB SWDY PHDC TMGH EMFD prepared by: Mayada Amin- CETA, CFTe

Ongoing geopolitical tension in the region has had a dire impact on Suez Canal revenues, which have seen a 50-60% drop — equivalent to USD6 billion — over the past 7-8 months, President El Sisi said. The government is currently in talks with foreign partners over a new set of incentives for the oil and gas industry that aim to boost oil and gas production and reduce the growing gap between energy...

Market Overview  HRHO JUFO TMGH ABUK ALCN prepared by: Mayada Amin- CETA, CFTe

Egypt's total public debt declined by about 2.1% during the last quarter of FY23/24 to EGP12.52 trillion. The European Bank for Reconstruction and Development (EBRD) raised Egypt’s growth forecast for 2025 to 4.5% from 4.4%. The Central Bank of Egypt intends to launch a version for commercial transactions via InstaPay for transactions between individuals and merchants. The Ministry of Transpo...

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