Al Ahly Pharos

The government aims to lower the overall debt-to-GDP ratio to below 90% by June 2022 The government revised its forecast for the budget deficit in FY2021/22 to 6.7%, and to less than 6% for FY2022/23 Revenues from the Suez Canal increased by about 10% YoY in January 2022, to reach USD544.7 million Suez Canal announced implementation of the new fees, with an increase by 6% YoY The government is loo...

- Market Overview - AMOC - AUTO - HELI - HRHO - ESRS - ISPH - MNHD - ARCC - RACC - Prepared by: Mayada Amin - CETA, CFTe

The Planning Ministry has upgraded its FY2021/22 growth forecast for the economy to 6%, from 5.6% Egypt is expected to issue Eurobonds worth up to USD5 billion in the FY2022/23 NFL in banks (exc. CBE) increased from USD7 billion to USD10 billion, due to portfolio exits The government has approved new tax exemptions, from the Value Added Tax Law and the Stamp Tax Law Egypt officially joined the JP...

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

Egypt is rejoining JPMorgan’s Emerging Markets Bond Index (EMBI) today, Finance Minister said, which could potentially bring new passive flows into EGP-denominated debt. Egyptian bonds will have an estimated weighting of 1.8% in the index. Egypt will also become a constituent of JPMorgan’s green bond index with a weighting of 1.2%, he said.   Local Egyptian debt will not be listed on Euroclear unt...

- Market Overview - ABUK - AUTO - CLHO - EKHO - MNHD - SWDY - TMGH - Prepared by: Mayada Amin - CETA, CFTe

Pharos Expectations for the February 2022 EGX30 Rebalancing| Additions: EFIH (3.7%), EMFD (0.7%), and ADIB (0.4%). Deletions: ORWE, PRDC, FDWA, ASPI, EGTS, and RAYA. Notable Weight Changes: ABUK's weight should increase from 4.0% to 4.9%, TMGH's weight should decrease from 4.7% to 4.0%, HRHO's weight should decrease from 4.8% to 4.1%. Egypt will receive a USD368 million loan from th...

- Market Overview  - ESRS - ARCC - AJWA - ADIB - prepared by: Mayada Amin - CETA, CFTe

The IMF upgraded Egypt’s real GDP growth by 0.4 ppts in 2022 to 5.6%, compared to October 2021 projections. The IMF has downgraded its 2022 global growth forecast to 4.4%, 0.5 ppts less than previously estimated IMF pointed to potential pressure on emerging market currencies and more expensive debt leading to “challenging monetary and fiscal policy trade-offs” as the US Federal Reserve prepares to...

- Market Overview - ESRS - SWDY - HELI - MTIE - JUFO - MNHD - HRHO -Prepared by: Mayada Amin - CETA, CFTe

Global markets were severely down at open, but recovered towards the end of the trading session, with futures pointing at markets being in the red today. Anticipated interest rate hikes in the US and rising geopolitical tensions in Europe were the key reasons.   Tourism revenues surpassed USD13 billion in 2021 The Oil Ministry wants to attract USD 7 bn of FDI in FY 2022/23 Egypt’s budget deficit s...

- Market Overview - COMI - HELI - EMFD - SWDY - ETEL - SKPC - Prepared by: Mayada Amin - CETA, CFTe

Government plans to launch seawater desalination plants using renewable energy in Matrouh Governorate over 4 years An Iraqi industrial delegation is in Egypt seeking the help of the Egyptian government and private sector to establish industrial zones and develop the country’s industrial sector The Industrial Committee of the Parliament is in discussions with the Ministry of Industry and Trade to c...

- Market Overview - COMI - ISPH - ARCC - ATLC - EPCO  -EXPA - prepared by: Mayada Amin - CETA, CFTe

After meeting 44 companies, across 9 sectors, on 9 consecutive days, we present you with a compiled set of 9 investment ideas:  Stay with the Fittest: COMI  Ambition and Diversity Win: EKHO, CIRA  Buy One, Get Two: ORHD  It Is Time to Shift from FWRY to EFIH, HRHO, AUTO  Catch the Commodity Rally in 1H22: ABUK Transaction Triggers: AUTO, HRHO, Ibtikar  Construct and Don’t Demolish: ORAS, SWDY  Buy...

Egypt signed a five-year USD1 billion funding agreement with South Korea Egypt signed two agreements with the Canadian Transglobe and Pharos Energy companies, worth USD506 million for oil exploration  Egypt is considering the issuance of sustainable development bonds to finance Hayah Karima initiative CBE will meet today with local banks’ leaders to discuss the requirements for supporting manufact...

- Market Overview  - COMI - HRHO - MTIE - RMDA - TMGH - prepared by: Mayada Amin - CETA, CFTe

Ministry of Finance revised its projection for the budget's overall deficit to 6.9% of GDP up from 6.7% in FY21/22 Minister of Finance said that the budget's primary balance recorded a surplus of EGP3.2 billion in 1HFY2021/22, on the back on a 16% YoY growth in tax revenues Non-oil exports rose 26% YoY to hit a record USD32 billion in 2021 Cabinet gave the green light to the first intern...

Foreign investments in T-bills went down in November for the second consecutive month, by USD1.5 billion, reaching about USD20.6 billion The government raised its forecast for the budget deficit in FY2022/23 to 6.3% from 6.1%,  President decided to raise the minimum wage by 13% to EGP2,700 Ministry of Electricity intends to pump EGP3-4 bn investments to increase the capacities of the Egyptian-Liby...

- Market Overview - BINV - ORWE - OFH - EGTS - PRCL - MTIE Prepared by: Mayada Amin - CETA , CFTe

- Market Overview - ABUK - EAST - HELI - PHDC - RAYA - BINV - SAUD - ECAP - Prepared by: Mayada Amin - CETA, CFTe

Net foreign liabilities (NFL) at Egyptian banks recorded USD7 billion as of November 2021 Suez Canal Economic Zone investments exceeded USD10 billion in 2021 Volume of soft development loans that were agreed upon during 2021 are about USD10.2 billion Egypt is considering issuing bonds in Japan as part of plans to issue various medium and long-term government bonds FRA: EGX will witness an initial...

- Market overview  - ABUK - AMOC - AUTO - COMI - HRHO - ISPH - HELI  - prepared by: Mayada Amin -CETA, CFTe

Suez Canal revenues are expected to hit USD7 billion in 2022, up 11.1% YoY Suez Canal Authority is considering granting reductions in transit fees ranging between 10%-20% for green ships EGP30 billion will be allocated to develop state-owned oil companies in the FY2022/23 budget (AMOC) SCZone is in talks with Hungary over potential investment in a specialized industrial area South Korea will provi...

- Market Overview  - COMI - MTIE - BINV - ZEOT - prepared by: Mayada Amin - CETA, CFTe