Al Ahly Pharos

The government is set to hike electricity prices for the industrial sector. The price will rise by EGP0.55 per kWh to EGP1.94 per kWh, with the 39.6% increase slated to come into effect this month. Electricity tariffs will not be raised for low-voltage industries to cushion small- and medium-sized enterprises. The government is looking into raising the price at which gas is offered to factories. T...

Market Overview  COMI ADIB GBCO FWRY  ESRS Prepared by: Mayada Amin- CETA, CFTe

*Key news articles for today*   The government raised electricity prices in Egypt by rates ranging between 14% and 39% for domestic use. The new increases in electricity chip prices actually took effect 3 days ago. The commercial and industrial sectors will also see price hikes, reportedly ranging from 23.5-46% and 21.2-31%, respectively, from the beginning September. President Abdel Fattah El Sis...

Market Overview  MFPC PHDC AMOC SKPC ARAB prepared by: Mayada Amin- CETA, CFTe

The Electricity Ministry has completed its study on increasing electricity prices, with plans to introduce the hike in September following cabinet approval. Foreign investments in treasury bills increased last May by about USD2.04 billion, reaching USD37.5 billion at the end of May, compared to USD35.46 billion at the end of April. The Ministry of Electricity is satisfied with the existing “gas, s...

Market Overview  ADIB JUFO MPRC BTFH ARAB prepared by: Mayada Amin- CETA, CFTe

AD Ports’ Noatum has acquired a majority stake in maritime, logistics, and cargo services provider Safina Shipping Services.  Egypt’s unemployment rate fell to 6.5% of the total workforce in the second quarter of this year, falling 0.2 percentage points from the previous quarter. Renewables firm Infinity Power, Emirati state-run renewables giant Masdar, and the Egyptian Electricity Transmission Co...

Market Overview  COMI CIEB ADIB BTFH FWRY ALCN MFPC SKPC DSCW prepared by: Mayada Amin - CETA, CFTe

The cabinet has approved a resolution regarding the issuance of executive regulations for the hospital privatization bill. The cabinet approved a draft resolution to set up the National Council for the Localization of Chip and Solar Cell Tech Production  The cabinet approved the suspension of the 14% agricultural land tax (known as the mud tax) for another year starting 1 August. Trade offices hav...

Market Overview  JUFO  MFPC ORWE  ALCN ORAS ABUK SKPC Prepared by: Mayada Amin- CETA, CFTe

Foreign investors' transactions returned to record net purchases of bills and bonds during yesterday's trading, Tuesday, for the first time after a selling wave that lasted 8 sessions. Their net purchases of treasuries yesterday amounted to about USD160 million. The Finance Ministry raised some EGP50.3 bn worth of three-month T-bills this week at an average yield of 28.3%, a five-month h...

Market Overview  CLHO HRHO MPRC ACGC prepared by: Mayada Amin- CETA, CFTe

Egypt is looking to attract some USD2 bn in foreign direct investment from EU countries in its industrial sector by the end of 2024. Also, Egypt seeks to increase its exports to the EU by 10% by the end of this year, rising from EUR11.5 bn in 2023, to EUR12.6 bn in 2024. The CBE sold EUR610 mn one-year treasury bills on Monday, with an average yield of 3.75%, which is 0.25% less than the previous...

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

The Oil Ministry received 10 out of 21 contracted liquified natural gas (LNG) shipments as of last week, a government official said. The official also told the news outlet that the Ministry is set to receive another 3-4 LNG shipments within the coming two weeks. Saudi Arabia Drilling & Exploration Company could soon ink an agreement with an undisclosed Egyptian private sector player holding tw...

Market Overview  JUFO ALCN ADIB EXPA CIEB FWRY  EFIH SKPC Prepared by; Mayada Amin- CETA, CFTe

Egypt's annual urban consumer price inflation eased to 25.7% in July from 27.5% in June.  The Central Bank of Egypt is looking to raise some EUR600 million from auctioning off one-year EUR-denominated treasury bills.  The hot money outflows last week, triggered by the global markets meltdown, represented no more than 7-8% of foreign investors’ holdings of our debt instruments, Prime Minister...

Market Overview  RMDA CIEB ADIB HRHO ALCN ARAB prepared by: Mayada Amin- CETA, CFTe

Remittances from Egyptians abroad rose 65.9% y/y in June, recording USD2.6 billion. On a monthly basis, remittances were down 3.7%. The government sees the economy growing at a 5.5% clip during the fiscal year 2026-27 and 6.5% in 2030, according to a cabinet statement. The Madbouly government sees the economy growing 4.2% during the current fiscal year. The government has reportedly wrapped up stu...

Market Overview  COMI RMDA CIEB  HRHO ESRS EAST JUFO AFDI PRCL Prepared by: Mayada Amin-CETA, CFTe

Finance Minister Ahmed Kouchouk held a presser. Among his remarks: The government rationalized public spending by 2.2% of GDP, brought down the budget deficit to 3.6%, and achieved a primary surplus of 6.1% during the last fiscal year. The government wants to reduce debt servicing to 35% of total government spending over the medium term. Tax revenues grew by 30% y-o-y in FY 2023-24 to record EGP1....

Market Overview  COMI ADIB ORWE ALCN ESRS Prepared by: Mayada Amin - CETA, CFTe

The EGP was changing hands at an average of 49.2 to the greenback — its lowest level since March. Foreign investors reportedly sold some USD600 mn worth of local debt instruments over the past two days. Foreign investments in Egyptian treasuries in July reportedly recorded USD900 mn. The Ministry of Petroleum aims to increase Egypt’s production of natural gas by the end of this year to about 5 bil...

Market Overview  COMI ADIB HRHO EFIH ORWE ALCN Prepared by: Mayada Amin - CETA, CFTe

Egypt's PMI recorded 49.7 in July, down from 49.9 in June. The July reading is the second-highest in almost three years. Customs collections from the expatriate car program increased to more than USD850 million by the end of last July.  Chinese smartphone maker Honor is reportedly considering setting up a factory to produce its devices in Egypt, with initial investment of USD10 million. Cabin...