Al Ahly Pharos

Market Overview  ALCN FWRY  ORWE GBCO ATQA MTIE prepared by: Mayada Amin - CETA, CFTe

*Key news articles for today* The World Bank has announced that it will be providing Egypt with USD700 mn. The funding comes as part of a three-year USD6 bn financing package from the bank that was announced in March. The government announced that it will carry on extending load-shedding for an “extra hour” until the end of the week. The EGP weakened against the greenback to its lowest level since...

Market Overview  JUFO GBCO MFPC MICH ALCN prepared by: Mayada Amin- CETA, CFTe

The Japan International Cooperation Agency (JICA) will soon disburse a USD300 million tranche from its USD733 million loan to finance the construction of the first phase of Cairo Metro Line 4.  The Ministry of Electricity and Energy and the Ministry of Petroleum and Mineral Resources announced that the duration of power cuts nationwide will be extended by one hour on Sunday and Monday. The USD ros...

Market overview  ALCN OCDI ELKA ATQA ELEC ESRS EGAS BINV ALUM Prepared by: Mayada Amin- CETA, CFTe

State gas firm EGAS is seeking at least 17 LNG shipments in a tender, to be delivered over the next three months.  International Cooperation Minister has signed agreements with US Ambassador to Egypt for eight USAID grants worth USD130 million to further the state’s developmental objectives. The new ministerial lineup could reportedly be delayed for several days. The Suez Canal Economic Zone signe...

Market Overview  MFPC EGAL ISPH ADIB EFIH OCDI ORWE prepared by: Mayada Amin- CETA, CFTe

The Federal Reserve held interest rates steady at their current range of 5.25% to 5.5%, and revised its outlook for rate cuts to just one in 2024.  The CBE revealed that the balance of foreign investments in Egyptian treasury bills in March, surged to USD32.5 billion, up from about USD13.7 billion in February.  Chinese shipping and logistics group Cosco Shipping will invest USD375 mn this year to...

Market Overview  CIRA SUGR GGCC EGAS ISMQ EXPA AFDI prepared by: Mayada Amin- CETA, CFTe

Egypt is looking to secure a USD 1 bn — or its equivalent in another currency — soft loan from the Brics’ New Development Bank (NDB) by the end of 2024 or the beginning of 2025. The government is also in talks with the NDB over the issuance of local currency-denominated bonds. The government will reportedly launch its new export subsidies program starting in July.  The EGX will today launch Egypt’...

Market Overview  OLFI JUFO EFID BTFH Prepared by: Mayada Amin- CETA, CFTe

May 2024 saw a continued decline in the annual urban inflation, falling to 28.1% from April’s 32.5%. Core inflation, which excludes highly volatile and administered prices, declined for the third consecutive month in May reaching 27.1%, compared to 31.8% in April. The European Bank for Reconstruction and Development (EBRD) will announce a new electricity production project to be carried out in par...

Market Overview  HRHO ORWE AMOC ESRS ALCN MFPC  JUFO PREPARED BY: Mayada Amin - CETA, CFTe

The Head of EBRD in Egypt said that the bank has pumped USD500 million into Egypt YTD, and expects the bank's financing to reach USD1.2 billion by year-end. The Cabinet has turned down a proposal from the Supply Ministry to raise the price of subsidized sugar to EGP18 from EGP12.6 per kilo. The government will not be importing sugar for a while and the private sector is expected to import som...

Market Overview  COMI SWDY  EFIH ALCN PHDC ESRS ABUK  AMOC Prepared by: Mayada Amin - CETA, CFTe

Prime Minister Moustafa Madbouly’s new government will take their oath before President El Sisi on Tuesday. The IMF has reached a staff-level agreement with Egypt on the third review of its expanded USD8 billion loan program, which is set to unlock USD820 million after the Fund’s executive board gives the go-ahead in the coming weeks. Ain Sokhna will receive the floating LNG regasification unit th...

Market Overview 

Remittances from Egyptians abroad surged 43.8% YoY in April to USD2.2 billion. On a monthly basis, remittances increased for the second consecutive month, rising 2.6%.  A number of government officials are reportedly in London today to gauge foreign appetite for fresh debt issuances, including the possibility of a eurobond issuance.  The Ministry of Petroleum will launch an international tender to...

Market Overview  ORWE PHDC HRHO SWDY  TMGH ESRS prepared by: Mayada Amin- CETA, CFTe

Net International Reserves increased to USD46.126 billion in May, the highest on record, up from USD41.1 billion in April. It is known that the second tranche of the Ras El-Hekma deal funds was received by the Egyptian authorities around mid-May. Ministries of Petroleum and Electricity announced they were extending rolling power blackouts across the country for an extra hour on Tuesday to allow fo...

Market Overview  PHDC HELI SWDY FWRY ALCN ORWE EKHOA prepared by: Mayada Amin- CETA,  CFTe

*Key news articles for today* President Al-Sisi reappointed Prime Minister Mostafa Madbouly on Monday to form a new government after the latter submitted his cabinet’s resignation.  The House of Representatives gave its seal of approval to the FY 2024-2025 state budget. The government has penciled in growth of 4.2%, up from an estimated 2.9% in FY 2023-2024. Headline inflation is expected to drop...

Market Overview  SUGR OCDI GBCO GDWA ORHD ORWE MASR Prepared by: Mayada Amin- CETA, CFTe

Saudi Public Investment Fund’s (PIF) telecom infrastructure subsidiary, Tawal, is looking to buy several telecom towers from Vodafone Egypt and another undisclosed telecom company.  Supply Minister has proposed hiking the price of subsidized sugar to EGP18 from EGP12.6 per kilo. The proposal has not been approved yet by the government. The CBE will auction USD500 million worth of one-year USD-deno...

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