Al Ahly Pharos

Ras El-Hekma: Potential Addition to TMGH Valuation Is Massive On Friday, the Prime Minister announced a USD35.0 billion investment by ADQ to acquire the development rights for Ras El-Hekma on the North Coast in Egypt. ADQ’s press release mentions TMGH as one of the partners it will work with. In an attempt to preliminarily gauge how much potential value this project could add to our TMGH valuation...

Market Overview  EAST KABO MCQE ARCC prepared by: Mayada Amin - CETA, CFTe

UDC Real Estate Development has received a land plot in New Cairo’s Al Andalus to build a EGP60 bn mixed-use development. The project will span some 665k sqm and will feature residential, administrative, entertainment, commercial, and hospitality units. Budget expenditures in 1HFY2023-24 rose to EGP1.461 trillion, compared to EGP940.8 billion in the corresponding period of FY2022/23, mainly due to...

Market Overview  COMI SUGR EAST OIH APSW RMDA prepared by: Mayada Amin- CETA, CFTe

The EGX is preparing a proposal to allow individuals to trade T- bills in the secondary market soon, within the framework of the EGX management strategy for development. The government is considering a new increase in the procurement price of wheat ardeb for the current season by EGP400, to reach EGP2,000/ ardeb in conjunction with the rise in the price of wheat in the local market. Egypt's g...

CLHO MTIE ETEL ORHD ISPH Prepared by: Mayada Amin - CETA, CFTe

Tourist arrivals in the first 40 days of this year were up 5% from the same period last year, Tourism Minister said. Egypt received a record 14.9 million tourists in 2023. Egypt's Trade deficit reached USD3.032 billion during December 2023. Egypt's trade deficit decreased during 2023 by about USD11.2 billion, recording about USD36.9 billion. BP is planning to inject at least USD1.5 billi...

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

Minister of Planning announced that Egypt aims to reach a growth rate of 4.2% in FY2024-25, up from 3% for the current year. Egypt Post’s investment arm could invest as much as EGP6 billion throughout the year split between private equity investments and investments in EGX-listed companies. Importers are reportedly expecting banks' provision of foreign currency to complete the procedures for...

Market Overview  EXPA COMI CLHO GBCO HRHO ALCN BTFH ZMID ESRS SKPC EFID Prepared by: Mayada Amin- CETA, CFTe

Egypt's unemployment rate hit 6.9% in 4Q2023, down from 7.1% in the 3Q2023 and 7.2% in the corresponding quarter of 2022. Outstanding balance of foreign investors in Egyptian T-bills increased by about USD400 million in November to USD12.6 billion compared to USD12.2 billion in October. Arab countries' debt to Egypt rose to USD48.4 billion at the end of last September, compared to USD46....

Market overview  HELI EXPA HRHO EKHO CCAP PHAR OIH FWRY  ORAS ISPH Prepared by: Mayada Amin- CETA, CFTe

Foreign investments in treasury bills increased by USD400 million MoM to reach USD12.6 billion in November 2023 The Internal Trade Development Authority studies offering a number of idle assets and outlets owned by the Minisyry of supply for the private sector to make better use of it.  ADNOC and BP announced that they have agreed to form a new joint venture (JV) in Egypt. New decisions for ration...

Market Overview  COMI HRHO CCAP BTFH FWRY PHDC PHAR ABUK AMOC ZMID  EGCH CLHO Prepared by: Mayada Amin - CETA, CFTe

*Key news articles for today*  Egypt aims to raise some USD6.5 bn through the privatization of state-owned companies and assets by the end of the year, Finance Minister said. A large chunk of the USD6.5 should be raised by June through stake sales of Wataniya, Gabal El Zeit wind farm, Port Said and Damietta Container & Cargo Handling companies, United Bank, and a Siemens-built power plant in B...

Market Overview  COMI GBCO FWRY EFIH ISPH MFPC Prepared by: Mayada Amin- CETA, CFTe

*Key news articles for today* The House approved five bills putting forward the EGP180 billion social protection package announced last week. A delegation led by Prime Minister Moustafa Madbouly met with IMF to discuss reviews of Egypt’s USD3 billion loan program. Madbouly was joined by CBE Governor Hassan Abdullah, Finance Minister Mohamed Maait, International Cooperation Minister Rania Al Mashat...

Market Overview 

The IMF’s first and second reviews of Egypt’s USD3 billion loan program are in their final stages and are expected to be completed in a few short weeks, according to the IMF Managing Director.  MPs are meeting today to discuss and vote on the EGP180 billion social support package announced last week by the presidency.  The House will also discuss and vote on a number of agreements that include: A...

Market Overview  Prepared by: Mayada Amin - CETA, CFTe

The government and TMGH could together retain a 20% stake in the North Coast’s Ras El Hekma.  Annual urban inflation eased in January to reach 29.8% in January from 33.7% in December. Monthly Inflation, however, inched up again in January to 1.6%, compared to 1.4% the month before. Annual core inflation, which excludes volatile items, fell to 29% in January, down from 34.2% in December, Meanwhile,...

Market Overview  COMI BINV ACAMD  EGTS JUFO ETEL MASR ORHD Prepared by: Mayada Amin - CETA, CFTe

President El-Sisi directed the government to take several urgent social measures, including:  Raising all salaries for government employees by 50% at a minimum of EGP1,000 to EGP1,200 to reach EGP6,000. Meanwhile, the social package allocates EGP15 billion for increasing the salaries of doctors, nurses, teachers, and university faculty members. A15% increase in pensions for 13 million citizens at...

Market Overview  COMI ORWE ORAS MPRC OFH Prepared by: Mayada Amin- CETA, CFTe

*Key news articles for today* Planning Minister and Sovereign Fund of Egypt (SFE) Chair Hala El Said said that investors have 48 hours to submit their final bids for Wataniya. The government will finalize the 580-MW Gabal El Zeit wind farm stake sale before the end of March. The government is studying increasing the number of floors allowed for hotel buildings to expand the number of hotel rooms a...