Al Ahly Pharos

Abu Dhabi Ports (ADP) wants to invest some EUR 500 mn to develop Egypt’s river transport infrastructure and industry.  Eight players have expressed interest in setting up green hydrogen plants in Egypt, and MoUs are soon expected to be signed, according to Suez Canal Economic Zone (SCZone) CEO.  The General Authority for Free zones and Investment (GAFI) is looking into applications for golden lice...

Market Overview  HRHO AMOC EFIH CCAP TMGH prepared by: Mayada Amin- CETA, CFTe

CBE is expected to raise rates by 200-300 bps at its MPC meeting this Thursday. IMF: Preparations for the first Egypt review have started and dates for the first review mission will be announced when they have been agreed upon with the Egyptian authorities. Kuwait has extended the tenor of a USD2 billion deposit with the CBE for one year to September 2023. IFC can help the Egyptian government impl...

Market Overview  Prepared by: Mayada Amin - CETA, CFTe

The World Bank approved a new USD7 billion partnership agreement with Egypt. The Federal Reserve announced another 25 basis point interest rate hike. IFC, the Sovereign Fund of Egypt, and the European Bank for Reconstruction and Development have partnered to boost the supply of safe drinking water in Egypt through a public-private partnership. New and renewable energy budget for FY23/24 is set to...

Market Overview  Prepared by: Mayada Amin- CETA, CFTe

Market Overview  Prepared by:Mayada  Amin - CETA, CFTe

Net foreign direct investment (FDI) inflows to Egypt registered USD8.90 billion in 2022, the highest level since 2011. That’s 74% higher than 2021. The SFE will wait until the end of Ramadan to start taking companies in its pre-IPO fund to market. The SFE has added Salhia Investment and Development Company to the pre-IPO fund. Restaurants, malls, and other commercial spaces will now be open until...

Market Overview  Prepared by:Mayada Amin- CETA, CFTe

The House yesterday voted through legislative amendments allowing the government to borrow an extra EGP 165 bn for the final quarter of the current fiscal year. Around EGP 70 bn will be used to increase funding to social protection programs while EGP 85 bn of the new borrowing will be spent on servicing government debt in the April-June quarter. Foreign investments in Treasury bills reached USD10....

-UBS will acquire Credit Suisse USD 3.25 bn in return for receiving up to CHF 100 bn in liquidity from the Swiss central bank.   - Minister of Finance revealed draft state budget for FY23/24. It factors in 5% real GDP growth, a primary surplus of 2.5% of GDP, and an overall deficit of 6.37% of GDP.  -El Sisi has directed the government to raise the personal income tax exemption threshold to EGP 36...

Market Overview  Prepared by: Mayada Amin - CETA, CFTe

As Egypt prepares to trade with Russia in local currencies, it is now looking at making similar arrangements with China and India. The Emigration Ministry will set up a new company aimed at encouraging Egyptians living abroad to invest in the local economy and bring more hard currency into the country. The Minister of Finance said that Egypt aims to achieve FDIs of USD10 billion in FY 22/23.  Abu...

Market Overview 

EGX30 saw its biggest drop in three years yesterday as the fallout from the US banking crisis continued to send tremors through global financial markets. Credit Suisse will borrow as much as USD54 billion from the Swiss central bank and will buy back some of its debt in a bid to improve liquidity and curb investors’ fears.  The government will start marketing state companies to investors in April,...

Market Overview 

Following several days of volatility, US stocks rose, with bank shares regaining much of the losses triggered by the collapse of several US lenders last week.   Markets were also supported by the fact that annual US inflation continued to decline in February, in the hope of a dovish rate decision next week.  Moody’s has downgraded its outlook for the US banking sector to negative from stable due t...

Market Overview 

Some global investment banks, including Goldman Sachs and Pimco, now think the Federal Reserve will pause on its tightening cycle when it meets next week to prevent the US banking crisis from intensifying.     Global investment banks are calling for further depreciation in the EGP and a major rate hike of 200-300 bps.   The number of tourists visiting Egypt jumped 34% y-o-y during January and Febr...

Market Overview  Prepared by: Mayada Amin- CETA, CFTe

US authorities announced they would guarantee all deposits in a bid to prevent a wider banking crisis.  Silicon Valley Bank’s Failure May Lead to Smaller Fed Rate Hike, which will relieve the pressure off emerging markets. CBE noted that there are no negative repercussions on the Egyptian banking sector, from the failure of the American Silicon Valley Bank, since Egyptian banks do not have any dep...

Market Overview  Prepared by: Mayada Amin- CETA ,CFTe

Silicon Valley Bank last week became the biggest casualty so far of surging US interest rates, collapsing on Friday. Annual urban inflation jumped 31.9% y-o-y in February, up from 25.8% in January. Monthly headline inflation accelerated to 6.5% from 4.7% in January. The government will unveil its largest-ever export subsidy program next week. CBE has sent investment banks a request to pitch for an...

Market Overview  FWRY ORWE MENA EGTS ACGC Prepared by: Mayada Amin- CETA, CFTe

The state prefers selling stakes in state-owned companies to strategic investors over public share sales, Prime Minister said. He added that the government has a clear plan for securing US dollars for a year. He declared that Egypt can sell stakes in companies outside the list of 32 announced earlier. Egypt is expanding the number of ways to acquire citizenship. Ministers approved the latest round...