Al Ahly Pharos

Saudi Arabia is extending by one year its USD5 billion deposit at the Central Bank of Egypt (CBE). Subsidized loans to industrial, agricultural, and construction companies will be axed, Deputy CBE Governor said.  Borrowers who have already taken out loans under the program will continue to benefit from the subsidized 8% interest rate. However, who want to extend or borrow more under existing facil...

- Market Overview  - COMI - CIEB - HRHO - ISPH - ORAS - OCDI - ORHD -,ASPI - EGTS - prepared by: Mayada Amin- CETA, CFTe

The CBE is mulling a handful of options as part of its strategy to increase FX liquidity. The options reportedly on the table include: 1.            Offering service and funding incentives in exchange for tourism operators and hotels depositing their FX in local banks; 2.            Launching USD-denominated savings schemes for Egyptian expats; 3.            Easing banks’ regulatory requirements (...

Market Overview  prepared by: Mayada Amin - CETA , CFTe

Imports of everything but food and fuel have slowed in the past two weeks, importers and bankers are quoted as saying. The CBE in October said it would gradually phase out import restrictions. The House of Representatives’ Manpower Committee will hold hearings on the new draft Labor Act, which extends both maternity leave and notice periods, caps working hours, and changes minimum raise increments...

- Market Overview  - COMI - CCAP -  EMFD - TMGH - ADIB  - ARAB - ALUM Prepared by: Mayada Amin - CETA, CFTe

The European Investment Bank (EIB) and the French Development Agency (AFD) have signed agreements with the Egyptian government to help finance upgrades to the Tanta-Mansoura-Damietta railway line. The EIB is extending a EUR221 million loan, while the AFD will lend EUR95 million. The government is working to establish a company dedicated to receiving the investments of Egyptians working abroad. The...

- Market Overview  - HRHO - ASCM - FWRY - ATLC - ATQA - EFIH - prepared by: Mayada Amin- CETA, CFTe

The Fed gave a clear indication that it plans to ease rate hikes, according to the minutes released yesterday. Emerging-market debt to GDP ratio reached a record high in 3Q2022 at 254% even as the amount of debt slipped during the quarter, according to Institute of International Finance (IIF), matching the all-time high recorded in 1Q2022, due to widening budget deficits and weaker economic growth...

Market Overview  Prepared by: Mayada Amin - CETA, CFTe

The Egyptian Mercantile Exchange (EMX) will go live on Sunday 27th November, the Supply Ministry said. Traders will be able to buy and sell wheat from next week.   The House of Representatives approved a previously agreed USD6 billion loan with the International Islamic Trade Finance Corporation to help meet the country’s needs of basic food commodities and fuel productions.   According to local p...

- Market Overview  - HRHO - EKHO - AUTO - FWRY - SKPC - CLHO - MTIE - MENA - Prepared by: Mayada Amin- CETA, CFTe

The CBE notified the banks to stop granting new financing within the framework of the industrial sector initiative, contracting, and new and renewable energy at a return rate of 8%. Companies affected by the cancellation of the Initiative are:  CCAP ERS AUTO IRAX DSCW LSCW SWDY DOMT PHAR ORWE More details are included our pre trading thoughts report The PM emphasized the importance of exercising c...

- Market overview  - AMOC - ORAS - PHDC - CLHO - ISMA - prepared by: Mayada Amin- CETA, CFTe

The CBE is going to stop providing funding for subsidized loans and pass the responsibility to the housing, finance, and tourism ministries. The initiatives that the CBE will stop supporting include: the tourism sector support initiative, the dual-fuel vehicle replacement initiative, the real estate financing initiative for low- and middle-income, and the initiative to encourage modern irrigation...

- Market Overview  - Prepared by: Mayada Amin- CETA, CFTe

Remittances from Egyptians working abroad declined in August to record USD2.2 billion, compared to USD2.7 billion in August last year. Exports of ready-made garments increased by 29% during 9M2022 to record USD1.91 billion. The EGX will launch Africa’s first voluntary carbon market in mid-2023. Alstom signed a framework agreement with the National Authority for Tunnels to design, build, and mainta...

Market Overview  Prepared by: Mayada Amin - CETA, CFTe

Initial agreements for green hydrogen and wind power projects worth up to USD119 billion have been signed during COP27.  The Cabinet approved the draft decree to form the “Supreme Council for Investment” and its working system, which will be chaired by the President, and with the membership of each of: the Prime Minister, the CBE Governor, and a number of ministers and heads of concerned authoriti...

- Market Overview  - AMOC - FWRY - ATQA - PRCL - DSCW - SWDY - CCAP - ISPH - ETRS Prepared by: Mayada Amin- CETA, CFTe

Egypt has signed framework agreements worth USD83 billion with international power companies to construct nine green hydrogen and ammonia facilities in the Suez Canal Economic Zone. Egypt’s unemployment rate rose marginally to 7.4% in 3Q 2022, up 0.2 percentage point from last quarter. The Sovereign Fund of Egypt could acquire a minority stake in ACWA Power’s planned 1.1-GW wind farm in the Gulf o...

Market Overview ORAS ELEC DSCW ARAB ACAMD  prepared by: Mayada Amin- CETA, CFTe

Cabinet is out with the rules and regulations for the expat car import scheme. Construction at the Grand Egyptian Museum has been completed. The museum would be inaugurated in 2023. The Luxembourg-based Alcazar Energy II fund signed an MoU with the Egyptian government to invest in green hydrogen-based ammonia with a production capacity of 230,000 tons per year. EFIH 3Q22 net profit came in at EGP2...

- Market Overview  - FWRY - EFIH - MTIE - EGTS - EKHO - RMDA -,prepared by: Mayada Amin- CETA, CFTe

The government’s state ownership policy document could go into effect at the end of this year.  The European Investment Bank plans to commit USD1.5 billion in new financing to Egypt, primarily focusing on water treatment. The Senate approved some amendments to Investment Law No. 72 of 2017, granting projects in industries and areas determined by the Cabinet, and their expansions, an investment inc...