Al Ahly Pharos

Prime Minister Madbouly said he is coordinating with Investment and Trade Minister Hassan El Khatib over a new package that would encourage and incentivize both new and current investors to inject more investments into various sectors. Prime Minister Madbouly said he is working with Finance Minister Ahmed Kouchouk to finalize the tax reform announced earlier this month by the end of September. Pri...

Market Overview BINV EMFD TMGH GBCO HELI Prepared by: Mayada Amin- CETA, CFTe

*Key news articles for today*   The government will invest EGP1.0 bn to launch 1k hotel rooms in between the Al Farma archaeological site to the west of the Suez Canal. The initiative, which is expected to be invested in the last quarter of the year. The Ministry of Finance announced the launch of an integrated tax system that aims to support medium, small, and micro enterprises. The implementatio...

Market Overview  ACGC ELSH SWDY OFH prepared by: Mayada Amin- CETA, CFTe

Chinese appliance manufacturer Haier laid the foundation stone for the USD40 million second phase of its eco-industrial complex in Tenth of Ramadan City. With a production capacity of 300k refrigerators and deep freezers and offer around 1k jobs and is scheduled to begin production in the last quarter of 2025. Alexandria for Industrial Development (AID), a JV between Alex Steel and Catalyst Privat...

Market Overview  HRHO BINV HELI Prepared by: Mayada Amin - CETA, CFTe

The Suez Canal Economic Zone is looking to global investors to set up a wind turbine blades production factory, which would be the first of its kind in the region. The Madbouly government is reportedly planning to increase its imports of Israeli gas by 20% to 1.2 bn cf a day starting next month. Suez Canal Economic Zone Chief Walid Gamal El Din laid the foundation stone for the Kemedi Chemical Com...

Market overview EFIH PHAR ADIB HELI Prepared by: Mayada Amin - CETA, CFTe

“The electricity will not be cut off again... and there will be no more load shedding,” Mostafa Madbouly said, adding that the government is working to secure the necessary energy shipments to keep the lights on 24/7. Our natural gas output will return to normal levels before June 2025, Madbouly said, adding that the dip in production was due to the government’s inability to pay foreign companies...

Market Overview  COMI ADIB ETEL FWRY ABUK prepared by: Mayada Amin- CETA, CFTe

The government has hiked the prices of butane gas cylinders as part of efforts to rationalize subsidies for fuel. The price of household cylinders has gone up 50% to EGP150 ex-factory, while the price of cylinders for commercial use has increased 33.3% to EGP200 ex-factory. The value of the budget savings resulting from the increase in butane cylinder prices are estimated at EGP12 - 14 billion, du...

Market Overview  BINV BTFH FWRY ADIB CLHO Prepared by: Mayada Amin - CETA, CFTe

The Egyptian Stock Exchange is conducting a joint study with the GAFI to expand investment and tax incentives for listing and offering companies on the EGX. The Egyptian 5-year CDS rate fell during Tuesday’s trading to 5.9%, compared to 6.365% in last Monday. The Suez Canal Economic Zone wants to set up a USD60 mn data center with a capacity of 5-7 MW in partnership with the private sector.  A gov...

Market Overview  Prepared by: Mayada Amin - CETA, CFTe

Saudi Crown Prince Mohammed bin Salman announced that he has directed Saudi’s Public Investment Fund (PIF) to pump USD 5 bn in investments into Egypt as part of the “first phase” of a larger program of investment. The Agreement on Promotion and Mutual Protection of Investments between the two countries will be put into effect in two months or less after both sides sort out the necessary legislativ...

Market Overview  prepared by: Mayada Amin- CETA, CFTe

The Madbouly government is in the process of drafting an investment plan to offer the Red Sea’s Ras Banas to private sector players in a transaction similar to ADQ’s Ras El Hekma USD35 billion agreement. Egypt has bought 20 cargoes of liquefied natural gas (LNG) via the first tender issued to cover its winter demand since 2018, securing full volumes it was seeking at smaller-than-expected premiums...

Market Overview  Prepared by: Mayada Amin- CETA, CFTe

The government yesterday announced its first batch of new amendments to the tax system, which aim to ease the burden on taxpayers. Amendments include: Launching a central clearing system, putting a cap on late payment penalties such that the penalty does not exceed the original amount of tax due, establishing a pre-inquiry service for both local and foreign and raising the exemption threshold for...

Market Overview  MASR TMGH ORWE HRHO ETEL prepared by: Mayada Amin- CETA, CFTe

*Key news articles for today*   NYSE-listed global miner AngloGold Ashanti will buy Egypt-focused LSE- and TSX-listed Centamin in a cash and share transaction valued at around USD 2.5 bn. Annual urban inflation has accelerated to 26.2% in August after having fallen to 25.7% — its lowest level since December 2022 — in July. Annual core inflation — which excludes volatile items like food and fuel —...

Market Overview  Prepared by: Mayada Amin - CETA, CFTe

Remittances from Egyptians working abroad increased during July 2024, for the fifth month in a row, by 86.8%. Transfers amounting to about USD3 billion The government is considering canceling the planned capital gains tax on all EGX transactions as part of a broader drive to improve the country’s investment climate, Investment Minister said. Deputy Minister of Finance said that EGP67 billion were...

Market Overview  COMI EKHOA BTFH PHDC MASR Prepared by: Mayada Amin, CETA, CFTe

Egypt and Cyprus have begun serious steps to reach an agreement to build a 90-km marine natural gas pipeline to connect the two countries.  A consortium made up of SPE Capital-run equity fund SPE PEF III, European Bank for Reconstruction and Development, local private equity firm Tanmiya Capital Ventures, and the UK government’s British International Investment, inked an agreement to fully acquire...