Al Ahly Pharos

The Finance Ministry is looking to raise USD500 million in a bond issuance in India in 2024, Minister said. The bond would be denominated in INR.  The tax revenue on the Suez Canal Authority’s income during 1Q23/24 increased by 151.6% to EGP21.4 billion. The CBE is currently negotiating with the UAE to roll over a USD3 billion deposit, due current December. The African Finance Corporation aims to...

Market Overview  COMI ADIB HDBK CCAP SWDY FWRY TMGH HELI Prepared by: Mayada Amin, CETA,  CFTe

Budget deficit widened to 3.9% of GDP in 1Q FY 2023-24 from 2.1% a year earlier, largely due to the government’s spiraling interest bill. The government has downgraded its growth forecast for the current fiscal year to 3.5% down from the previous 4.2% forecast made last month. The IMF will move forward with Egypt’s USD3 billion loan program “soon". The Fund’s Managing Director Kristalina adde...

Market Overview  COMI HRHO CCAP EGIH

Egypt has USD42.3 billion in foreign debt repayments in 2024, including interest payments. According to CBE data, Kuwait has rolled over a total of USD4 billion deposits. Also, the data shows a rollover of a USD1 billion UAE deposit. China-based chemicals manufacturer Befar Group could build a USD2 billion industrial complex for producing specialty chemicals in East Port Said under a letter of int...

Market Overview  COMI EHDR HRHO FWRY MASR ORHD JUFO prepared by: Mayada Amin - CERA, CFTe

Egypt is set to resume LNG exports in January after half a year with virtually no gas leaving its shores. The government hopes to export as much as 1 billion cubic feet of gas per day from the beginning of next year. OPEC+ member states are meeting today to discuss how to respond to falling oil prices, decide on next year’s production targets, and decide on whether to prolong production cuts. Emir...

Market Overview  COMI GBCO EHDR ELKA CLHO prepared by: Mayada Amin- CETA, CFTe

The EBRD has opened talks with the SFE about investing in both United Bank and Banque du Caire but is still waiting for clarity over the size of the stakes the government is willing to sell. CBE is studying issuing the digital pound, in cooperation with the IMF and the World Bank, with the aim of boosting the country’s digital transformation.  GAFI will soon announce new free trade and industrial...

Market Overview  Prepared by: Mayada Amin - CETA, CFTe

Emirati and Qatari sovereign wealth funds and investors are eyeing stakes in state-owned pharma companies Chemical Industries Development (CID) and Misr Pharma. The Chinese consortium contracted to work on the fourth phase of Cairo’s light rail transit (LRT) system will arrange a USD250 million soft loan from a syndicate of international banks to help finance the project. Saudi pharma manufacturer...

Market Overview  COMI ORAS ORHD EGAS ORWE RMDA GBCO CCAP MASR ELKA

Despite the Gaza War, almost 1.5 million tourists visited Egypt in October, up 8% y-o-y, while arrivals in the first three weeks of November were 5-10% higher, Tourism Minister said. President Abdel Fattah El Sisi has reappointed Hassan Abdalla as the acting governor of the Central Bank of Egypt for a second one-year term as part of a wider board shuffle. Goods worth a combined USD63 billion have...

Market Overview  HRHO CIEB BINV ELKA EGAS EEII EDBM Prepared by: Mayada Amin - CETA, CFTe

An Emirati investor offered to buy all the shares of Misr Life Insurance Company, which is listed in the government public offering program. The Sovereign Fund of Egypt prefers the option of offering a share of the company on the EGX of no less than 25%, and intends to implement this offering during 1H2024. The Transport Ministry has nominated its investment arm MOT Investment and Projects and the...

Market Overview  COMI CIEB HRHO CCAP MTIE ASCM CLHO Prepared by: Mayada Amin - CETA, CFTe

Egypt's cast iron and steel exports surged to USD1.74 billion in the first nine months of 2023, up by 65% YoY. Saudi Arabia is seeking to increase mutual trade with Egypt to USD100 billion. Egypt is preparing to resume liquefied gas exports,  as the imports of Israeli gas from the Tamar field increased again to levels exceeding the pre-Israeli aggression on Gaza levels, reportedly reaching ab...

Market Overview  MCQE HRHO FWRY ORAS JUFO JUFO HELI TMGH ELSH

The Fed agreed at their last policy meeting that they would proceed "carefully" and only raise interest rates if progress in controlling inflation faltered. They expressed little appetite for cutting interest rates anytime soon, particularly as inflation remains well above their goal.   The Minister of Finance revealed that the government is considering issuing blue bonds in the internat...

Market overview  COMI ADIB EXPA EKHOA CCAP BTFH MASR MFPC ORAS Prepared by: Mayada Amin- CFTe, CETA

Egypt and Saudi Arabia are studying the possibility of conducting local currency-denominated trade in the coming period. Two high-profile Saudi investors are separately eyeing investments and acquisitions in Egypt that could together be worth north of half a billion USD, 1.Al Lami Holding Group is aiming to invest some USD500 million in Egypt over the next two years in tourism and real estate. 2.B...

Market Overview  Prepared by: Mayada Amin- CFTe, CETA

Egypt welcomed around 13 million tourists in 9M2023, putting Egypt on track to hit the target of 15 million visitors in 2023, up 32% YoY. The volume of imports accumulated at ports decreased by about 17% last October, equivalent to USD800 million, to reach about USD3.9 billion, compared to USD4.7 billion at the end of last September. Units of Saudi Arabia’s Fawaz Abdulaziz Alhokair Company (Alhoka...

Market Overview  COMI CIEB EKHOA ALCN AMOC CERA prepared by: Mayada Amin- CETA, CFTe

Amid the devastating Israeli war on Gaza, the IMF is considering expanding Egypt's USD3 billion loan program by an unspecified amount. Egypt is preparing to repay USD-denominated Eurobonds tomorrow, Monday, worth USD500 million, which were issued in 2019 for a period of 5 years, with a coupon interest of 4.5%. Egypt's five-year CDS rates retreated to 14.12% compared to 15.58% recorded on...