Episodit
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Egypt's net international reserves rose to USD46.4 billion at the end of June, surpassing the previous record high of USD46.1 billion posted a month earlier.
Non-oil trade deficit declined by 22.9% during 1Q24 to record about USD6.4 billion.
The African Development Bank estimates Phase 3 of the water waste treatment plant in Al-Jabal Al-Asfar at about EUR510 million that will be financed by the bank, the French Development Agency, and the European Commission.
Egypt is looking to attract new Turkish investments worth USD1 billion within 18 months in various sectors, including clothing, and home and electrical appliances.
The World Bank’s International Center for the Settlement of Investment Disputes (ICSID) last week dismissed claims brought against the Egyptian government by UAE-based CTIP Oil & Gas Investment Limited. The Emirati firm was looking to receive an EGP3 billion — equivalent to USD62.4 million at current exchange rates– settlement from the government to make up for alleged damages filed by the company.
Arrears owed by the Electricity Ministry to various government sectors rose to EGP114 billion at the end of May, up from around EGP100 billion in 1Q24.
Some 379.8 million shares of SWDY's (FV: EGP44.88, EW) shareholders, representing 17.5% of the company's total shares, responded to Electra's share purchase offer.
A consortium of Egyptian and Chinese companies, that includes Arab Contactors and ORAS, will soon start work on the third phase of the electric light rail transit (LRT) project, with a total investment of USD550 million.
The Qatar Islamic Bank (QIB) has backed out of the race to acquire Central Bank of Egypt-owned lender United Bank after the two parties failed to agree on a valuation for the bank.
Fertilizer companies are looking to defer loan payments amid production cuts triggered by repeated halts in production due to unstable natural gas supplies amid nationwide shortages.
Weekly Commodities Update
| | Last Price | WoW Change, %
| Brent, USD/bbl | 86.5 | 0.2%
| Diesel-HSFO Spread, USD/ton | 299 | -4.4%
| Egypt Urea, USD/ton | 338 | 0.0%
| Polyethylene, USD/ton | 1,050 | 0.0%
| Polypropylene, USD/ton | 995 | 0.0%
| Iron Ore 65%, USD/ton | 130 | 2.5%
| Steel/Iron Ore Spreads, USD/ton | 385 | -1.0%
| LME Copper Cash Price, USD/ton | 9,795 | 3.6%
| LME Aluminum Cash Price, USD/ton | 2,478 | -0.4%
| Egyptia Retail Cement, EGP/ton | 2,114 | 1.9%
| Steam Coal FOB Newcastle Australia, USD/ton | 136 | 1.7%
| SMP, USD/MT | 2,586 | -6.5%
| Last price may vary week over week in some indices due to time difference -
Market Overview
COMI
ORWE
CSAG
ASCM
EFIC
EGAL
EGAS
MEPA
MPRC
prepared by: Mayada Amin - CETA, CFTe -
Puuttuva jakso?
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Egypt's PMI ticked up from 49.6 in May to 49.9 in June, posting only fractionally below the 50.0 mark which separates growth from contraction.
Prime Minister held a presser a day after his new Cabinet took office, giving an overview of the new government’s list of priorities and its upcoming plans. These include (1) increasing the private sector’s contribution to the overall economy to more than 65% of total investments over the coming two to three years, (2) investing in Egypt’s industrial development, and (3) improving transparency.
The UK government’s British International Investment (BII) has set aside USD100-200 million it plans to invest in Egypt’s financial sector over 2024.
The 20 LNG shipments state gas firm EGAS secured late last month — its largest in years — reportedly cost the state between USD880-910 million.
Egypt asked the World Bank to extend the period of the comprehensive health insurance program for an additional 23 months to end in September 2026 instead of October 2024.
Egypt imported fuel shipments worth about USD6.4 billion during 1H2024, an increase of c.4.92%.
Regarding the cancellation of the Tourism Development Authority’s (TDA) land reduction for Makadi Heights in 2022, ORHD (FV: EGP26.26, OW) announced that it has accepted the TDA’s request for an additional payment of USD5.6 million in return for a new development timeline of eight years for Makadi Heights' remaining undeveloped land bank. We ran an exercise using the aforementioned payment timeline to get a sense of the impact of this payment on valuation, and the effect is minimal, entailing a reduction in FV of only EGP0.10/share.
Raya Information Technology, a subsidiary of RAYA, plans to IPO on EGX in October 2024.
OIH reported positive 1Q24 fianancial results. Net profit came in at EGP351.4 million (+240% y/y).
The FRA approved establishing a new arm for CNFN, Contact Insurance Consultancy.
Saudi low-cost airline Flynas launched its first flight from Riyadh to Alamein International Airport last Wednesday, becoming the first airline in the region to host scheduled flights to Alamein.
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Market overview
COMI
ADIB
EAST
BTFH
CIEB
Prepared by: Mayada Amin- CETA, CFTe -
According to the Minutes from the two-day session held on June 11-12, Federal Reserve officials at their June meeting indicated that inflation is moving in the right direction but not quickly enough for them to lower interest rates. The FOMC “dot plot” showed one quarter percentage point cut by the end of 2024.
The government cleared USD1.3 bn worth of arrears to foreign oil and gas companies operating in the country at the end of June — accounting for around 20% of its outstanding dues.
The first phase for the Egypt-Saudi Arabia 1.5k GW electricity interconnection will start operations in July 2025.
Japanese hygiene and health food products company Saraya is looking into setting up two projects in the Suez Canal Economic Zone (SCZone). The projects would come as part of the second phase of the company’s USD25 mn investment plan in Egypt.
The Central Bank of Egypt is reportedly gearing up to allow Egyptian expats to transfer their remittances using payment platform InstaPay.
Egyptian National Railways (ENR) has awarded Italy’s Mermec a EUR130 mn contract to supply a European Train Control System (ETCS) for a portion of the railway line linking Sinai to the Suez Canal.
Several European institutions intend to provide funds that might sum up to EUR450 million by 2024 end to the National Tunnels Authority affiliated with the Ministry of Transport, to complete the implementation of the high-speed electric train project linking the cities of Ain Sokhna and Matrouh.
The CEO of the commercial sector at Sky Abu Dhabi, a subsidiary of the Emirati Diamond Group, revealed that his company is currently in negotiations aimed at obtaining a huge plot of land on the North Coast with an area of up to 600 acres, to implement a large project on it.
Kima's fertilizer factories will be fully operational within days, following a partial resumption of gas supplies.
CNFN is planning to invest EGP12 bn across all of its investments, including cars, furniture, furnishings, education and green finance. Additionally, it's planning to enter foreign markets and pursue available opportunities.
Act Financial is planning to use the EGP1 bn raised from its IPO to invest into three EGX-listed companies this year, the company is also exploring potential investments in six non-listed local companies with the hopes of eventually listing them on the EGX. The investments will range from 5-30%, depending on the size of the company and Act Financial's plan for it. ACTF is currently also in negotiations to secure EGP2 bn in loans.
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Market Overview
ABUK
ORWR
PRCL
ORHD
prepared by: Mayada Amin- CETA, CFTe -
*Key news articles for today*
The names of the new Cabinet were announced, with close to 20 new faces set to take over ministries. Among main changes was the Minister of Finance, as Ahmed Kouchouk is replacing Mohamed Maait.
Real estate player El Attal Holding is planning to list 30-35% of its shares on the EGX in 2025.
The Ministry of Petroleum has repaid USD1.3 billion to foreign oil and gas companies at the end of June, a government source said. Another official said that the government paid 20% of the companies’ dues last month, and is working to pay the largest possible amount of dues this year, but paying the full amount before the end of 2024 might be difficult.
The CBE accepted bids from 31 banks for EGP 1.1 tn in fixed-rate deposits at a rate of 27.75% during its weekly fixed-rate auction
Dutch lighting manufacturer Signify — formerly known as Philips Lighting — and local electrical solutions manufacturer Gila Electric are in talks with the government to launch four projects worth a combined USD 106 mn.
The Federation of Egyptian Chambers of Commerce (FEDCOC) will submit a proposal to the Local Development Ministry recommending changes to the current opening and closing times for retail shops, which currently close at 10pm under a new initiative to end blackouts this summer.
TMGH (FV: EGP75.00, OW) achieved reservations in its North Coast project, SouthMed, of over EGP60.0 billion in 12 hours since the opening of bookings before the official launch. The company expects SouthMed to generate sales of over EGP1.6 trillion over the project’s duration and estimates investment cost at EGP1.0 trillion.
PHDC (FV: EGP7.11, OW) Board approved a share buyback of up to 88.2 million treasury shares during the period 2 July 2024 to 31 July 2024.
ABUK and MFPC restarted operations at their factories yesterday following the resumption of natural gas supplies.
The CBE has issued new guidelines aimed at improving the composition and governance of bank boards, aiming to bolster decision-making and operational efficiency within banks.
The financing gap for SMEs in Egypt is estimated at around USD 46 bn, but these businesses contribute more than 43% of the country’s GDP, according to the latest report from global payments giant Visa.
Al Ahly CIRA — will develop four new international university models in Egypt under a newly-signed agreement with the Sovereign Fund of Egypt (SFE).
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Market Overview
CCAP
CERA
DOMT
EFIH
ISPH
Prepared by: Mayada Amin- CETA, CFTe -
El Gouna Land Sale Unlocks Massive Value and Reconfirms ORHD as Our Sector Top Pick
ORHD sold a 145k sqm land plot at the backend of El Gouna for EGP1.5 billion, implying a price of USD225/sqm. This is highly positive from both a valuation perspective and an earnings perspective. If we apply the USD225/sqm price to both back and midway land in our valuation, our FV would accordingly increase from EGP26.26/share to EGP32.69/share.
Egypt welcomed a record 7.1 mn tourists in 1H 2024, ever so slightly inching above the previous record in the first half of last year.Egypt received the first shipment of natural gas out of 21 shipments that were contracted to continue at intermittent intervals during the remaining months of the summer in order to avoid blackouts.
The government has reverted to planned two-hour power outages as of yesterday, instead of three hours. The two-hour planned outages will take place between 3pm to 7pm.
Minister of International Cooperation revealed investment guarantees provided by the EU worth EUR1.8 billion through the European Fund for Sustainable Development (EFSD), within the financing package worth EUR7.4 billion, which would enhance FDIs worth EUR11 billion in priority sectors.
German carmaker Volkswagen is interested in helping develop a shared production facility in the East Port Said Industrial Zone.
The Sovereign Fund of Egypt has drawn in some EGP52 bn in local investments and around USD5.1 bn in foreign investments over the past 4 years.
The General Authority for Freezones and Investment has issued 31 golden licenses to local and foreign investors in Egypt since December 2022.
Apex International Energy has allocated more than USD100 million to implement its operations in Egypt in 2024.
Act Financial is kicking off its IPO procedures today in an event held alongside IPO manager Zilla Capital. The company has set the final IPO price at EGP2.90/share, while an independent financial advisor to the transaction, set the fair value price at EGP3.63/share.
Valu, HRHO’s consumer finance arm, finalized it’s 10th securitization issuance worth EGP1.2 bn, under a securitization program of EGP9.0 bn
SAUD will provide Raya Holding subsidiary Raya Information Technology with a credit facility of up to EGP550 mn or its equivalent in FC.
CI Mortgage, CICH’s arm is negotiating with two banks to receive financing facilities worth EGP400 mn to use in acquiring new customers.
Qalaa Holdings’ TAQA is negotiating with clients in the tourism, industrial and agricultural sectors about proposed projects to produce 150 MW of solar energy in Egypt.
Egypt has started receiving import offers for liquified ethane gas for the first time in favor of petrochemicals companies.
The National Tunnels Authority (NTA) has kicked off procedures to take out a loan of up to EGP74 billion from a syndicate of ten local banks.
The Arab Organization for Industrialization and TMGH will work to localize elevator manufacturing under an agreement signed with Schindler.
Egyptian real estate developer Al Ahly Sabbour is in talks with advisors regarding plans to go public on the EGX.
Auto sales inched up 10.8% MoM in May to 6.3k vehicles.
Weekly Commodities Update
Last Price | WoW Change, %
Brent, USD/bbl | 85.7 | 1.4%
Diesel-HSFO Spread, USD/ton | 313.1 | 1.2%
Egypt Urea, USD/ton | 337.5 | 0.0%
Polyethylene, USD/ton | 1,050.0 | 1.0%
Polypropylene, USD/ton | 995.0 | -0.5%
Iron Ore 65%, USD/ton | 126.5 | 0.4%
Steel/Iron Ore Spreads, USD/ton | 387.8 | -1.0%
LME Aluminum Cash Price, USD/ton | 2,487.8 | 0.9%
Egyptian Retail Cement, EGP/ton | 2,075.0 | -1.3%
Steam Coal FOB Newcastle Australia, USD/ton | 133.5 | 1.1%
SMP, USD/MT | 2,766.0 | 0.0% -
Market Overview
EFIH
ADIB
MTIE
PHDC
ISPH
DOMT
Prepared by: Mayada Amin - CETA, CFTe -
At the end of the two-day Egypt-EU Investment conference, Prime Minister said that 29 agreements and MoUs had been signed over the event totaling EUR49 billion with EU-affiliated entities. On top of this, a further six agreements and MoUs with non-EU-affiliated entities that export to the EU inked a further EUR18.7 billion.
Egypt is looking to raise its target for the renewable share of energy generation to 58% by 2040 in an updated strategy for expanding green power.
The government has decided to postpone any hikes to electricity prices until September, a source from the Electricity Ministry said. The government has put off implementing the hikes until the electricity crisis is resolved, the source said.
State IPO program is to ramp up again in October.
Egypt received seven local and international offers to exploit eight government headquarters in the downtown Cairo area, Minister of Planning said.
The new government lineup could be sworn in within a few days.
Egypt’s net foreign assets recorded their first surplus in over two years.
The IMF has scheduled Egypt's third review under the EFF to be discussed by the Fund's executive board on 10 July. Subject to the Board's approval, Egypt will access USD820 million.
The current account (CA) deficit inched up to USD7.46 billion in 3QFY2023/24, the highest on record for a single quarter, up from USD6.8 billion in 2Q, bringing up the total CA deficit for 9MFY2023/24 to c.USD17 billion.
Remittances from Egyptians working abroad inched up to USD5 billion in 1Q2024 from USD4.91 billion in 4Q2023.
Egyptian external debt decreased by the end of 1Q2024 by USD7.427 billion to reach USD160.607 billion, compared to USD168.034 billion in December.
The Egyptian Mercantile Exchange (EMX) could begin offering wheat and sugar before the end of the year.
The independent financial advisor finalized the study on SWDY’s share fair value on 26 June 2024, and concluded that the fair value is EGP52.38/share.
SWDY is setting up a copper factory in Saudi Arabia that will go live in six months’ time.
Steel rebar prices are stable in July at most of local steel manufacturers.
The SFE inked a binding offtake agreement with ORAS, Scatec, and Fertiglobe to produce 100 MW of green hydrogen from its Ain Sokhna plant.
The Ministry of Finance’s Private Sector Partnership Unit is preparing to launch desalination plant projects worth USD2 billion in 4 to 6 plants as a first phase.
SKPC started receiving feed gasses and gradually resumed operations in its factories on Thursday.
A consortium of TAQA and France’s Voltalia will build a USD3.5 billion green ammonia project in Ain Sokhna, under an agreement inked with SFE.
The Egyptian Petrochemical Holding Company and MFPC, along with Norwegian firms Scatec and Yara International, will produce green ammonia in Damietta with initial investments of around USD890 million.
ETEL inked an MoU with Hungarian telecom company 4iG Group to develop and operate a joint venture for building and managing fiber-to-the-home (FTTH) and fiber-to-the-tower (FTTT) networks, with total investments of at least USD600 million.
EBRD will provide COMI with USD60 million for on-lending to local women-led businesses and green investments.
HRHO’s Corp-Solutions issued EGP433 million of short-term notes.
The Ministry of Trade and Industry has extended the sugar export ban for the third time in a row, starting from July until the end of September, to maintain the supply in the markets and support price stability at current levels.
All accumulated cars at Egyptian ports until 25 June 2024 will be released in a week, according to a government official.
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Market Overview
ISPH
COMI
ADIB
MICH
FWRY
AMOC
Prepared by: Mayada Amin- CETA, CFTe -
Al Ahly Financial Investments Management and Evolve Investment have launched Dahab Fund. Dahab is an Open-End fund that aims to achieve appropriate long-term returns for investment in gold, allowing instant investment with high liquidity and low cost such that the Net Asset Value of the fund is calculated based on the gold price announced by the Egyptian Stock Exchange.
A report issued by the Institute of International Finance said that Egypt has repaid USD25 billion of its public domestic and foreign debt since last March.
Factories in the steel, livestock, food production, petrochemicals, and fertilizers industries are facing operational disruptions due to ongoing power cuts and gas shortages that are squeezing companies’ bottom lines.
The Suez Canal Economic Zone (SCZone) inked a framework agreement with Chinese chemicals manufacturer Befar Group to set up an integrated chemicals production complex dubbed Green Marine in China’s special economic zone TEDA. Green Marine’s first phase will see an investment of USD250 million to build a 300k sqm facility in TEDA.
Shareholders in the Leviathan gas field — Israel’s largest — announced that they plan to invest up to USD500 million to expand production. The field primarily exports to Egypt and Jordan, with exports from the Leviathan gas field to Egypt reaching 6.3 bcm last year, up 28% from the previous year.
Egypt’s FDI inflows fell by 13.7% y-o-y to USD9.8 billion in 2023 on the back of a particularly big year for M&As the year previous with “abnormally high project values,” according to the UN Trade and Development’s (UNCTAD). FDI outflows increased 14% y-o-y, coming in at USD390 million in 2023.
An Egyptian bid has been awarded to purchase 17 cargoes of LNG for delivery during the summer, at a premium of USD1.6 to USD1.9 over the standard price of the Dutch gas trading platform.
J.P. Morgan Bank intends to provide EUR156 million funding within days for the project of two monorail lines in the New Administrative Capital.
The EU Ambassador to Egypt announced a new EUR40 million program to support urban development in Egypt.
MFPC and EGCH announced shutting down their plants due to halting natural gas supply until the improvement of the operating conditions of the natural gas network.
Four state-owned firms are set to launch a consortium alongside Triangle Group’s Gama Construction in a USD600 million Joint venture to import liquified ethane gas. The consortium — which is set to launch this month — includes ECHEM, SKPC, Ethydco, and GASCO. The shipments will allow SKPC and Ethydco to meet 100% of their production capacities with the quantities of the shipments estimated to reach around 600k–1 million tons annually.
ORHD opened its new 80-yacht-capacity Fanadir Marina, bringing El Gouna's total yacht capacity to over 680 yachts, making it the largest operator of private marinas in Egypt.
Banque du Caire (BdC) eased its FX credit card limits yesterday, while keeping its FX commission stable at 10%. The move follows COMI, Banque Misr, and the National Bank of Egypt (NBE), who raised their FX limits and, unlike BdC, cut their FX commission in half to 5%.
Spanish renewables developer Ignis Energia, in which HRHO’s energy investment platform Vortex Energy owns an equity stake since 2021, inked a strategic partnership agreement with private equity giant KKR to launch a new platform to produce green hydrogen and green ammonia to power energy-intensive industrial sectors in Spain and other countries.
Egypt food industry exports jumped 34% YoY to a record USD2.1 billion in the first four months of 2024, according to data from the Food Export Council.
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Market Overview
COMI
MTIE
PHDC
BTFH
HELI
OLFI
Prepared by: Mayada Amin - CETA, CFTe -
*Key news articles for today*
Mostafa Madbouly penciled in the third week of July as when the country will be ready to “stop cutting electricity completely throughout the summer period.” However, Madbouly clarified that the current “one hour” extension will continue as planned until the end of the week and that power cuts will resume after the summer months until the end of year. The surprise week-long extension of additional outages this week came as a result of a gas field in a “neighboring country” being offline for a 12-hour period, Madbouly said
Madbouly laid out a USD1 bn plan to import fuel to power energy plants till the end of the year, in addition to USD180 mn to import 300 tons of mazut next week.
Alongside upping supply, the government wants to lessen energy demand by closing all shops and malls — with the exception of supermarkets, restaurants, and pharmacies — by 10pm. Restaurants will be allowed to run until 1am.
MPs are set to vote today on a USD47 mn extension to a USD125 mn USAID grant to back rural development.
The CBE took accepted bids from 32 banks for EGP1.1 tn in fixed-rate deposits at a rate of 27.75% during its first weekly fixed-rate auction after the Eid Al Adha break.
The production of the Zohr gas field rose an average of 1.9 billion cubic feet per day at the present time, compared to 1.8 billion cubic feet on average during the last period.
MPs approved an agreement with the Asian Infrastructure Investment Bank to provide a EUR250 million to develop the Abu Qir railway line in Alexandria and turn it into an electric metro.
AMOC's BoD approved FY24/25 budget including a CAPEX worth EGP551.8 million. The budget also included revenues of EGP42.0 billion (vs. EGP28.2 billion in FY23/24 budget) and a net profit of EGP660.2 million (vs. EGP603.5 million in previous year budget).
ABUK sent a release announcing that due to the heat wave and natural gas shortage. Accordingly, the company's three plants have stopped in order to prevent any damage. Also, SKPC sent a release announcing that there is a total plants shutdown and stoppage of production due to the lack of feed gas. Government sources confirmed that gas supply will be resumed gradually by the end of the current week.
EFIH will distribute around 0.249 bonus share for each original share on 11 July 2024. Record date is on Wednesday 10 July 2024. This brings the company's capital to EGP1.15 billion.
Banque Misr and the National Bank of Egypt are lowering their FX markup fees to 5% from 10% and raising their FX credit card limits by 50%. Also, EGBE and HDBK are reportedly raising their FX credit card limits.
The FRA has given CICH’s asset management arm, CI Capital Asset Management, preliminary approval to set up a fund investing in the newly launched sharia-compliant EGX33, with plans to open the doors for investors looking to subscribe to the fund by 3Q 2024.
HRHO’s ValU has signed a strategic partnership with Alameda Healthcare Group, to provide a range of flexible payment solutions to its customers.
Red Sea Ports Authority is studying to build a new multipurpose station in Suez Port, as part of the infrastructure development plan for the logistics and ports sectors.
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Market Overview
ALCN
FWRY
ORWE
GBCO
ATQA
MTIE
prepared by: Mayada Amin - CETA, CFTe -
*Key news articles for today*
The World Bank has announced that it will be providing Egypt with USD700 mn. The funding comes as part of a three-year USD6 bn financing package from the bank that was announced in March.
The government announced that it will carry on extending load-shedding for an “extra hour” until the end of the week.
The EGP weakened against the greenback to its lowest level since 21 April by the time banks closed yesterday, with the national currency settling at EGP 48.37 at the Central Bank of Egypt and other local lenders.
French glass and building materials manufacturer Saint-Gobain has filed a proposal to set up a new USD40 mn glass factory in the Sadat City.
The Korean Economic Development Cooperation Fund made available USD100 million financing with a 20-year term, including a 5-year grace period, at an interest rate of 1.5%.
The Egyptian-European Investment Conference will kick off in Cairo next Saturday for two days, and is expected to witness the conclusion of a number of investment deals and memorandums of understanding.
ADIB’s 1:5 bonus shares record date is 10 July, 2024 while distribution date is 11 July, 2024.
COMI will reduce its FX markup fees and increase local and international transaction limits for credit cards, effective as of tomorrow.
According to Fitch, foreign currency inflows and exchange rate stability following the float of the EGP in March and the country securing some USD57 bn in financing in 2024 have improved the forecasts for Egypt’s banking sector. Fitch expects banks to direct the uptick in inflows towards those importing non-essential goods and tackle any import backlogs, in addition to making arrear payments to oil companies and increase FX lending to companies. Lastly, Fitch believes that the EGP float will have a limited impact on the balance sheets and capital position of Egyptian banks as the sector is able to absorb the rise of the USD against the EGP by about 35%.
ETEL and Post for Investment are studying the acquisition of a 100% stake of Egypt Trust.
OLFI aims to pump investments worth no less than EGP350 million during 2024 to expand dairy production capabilities and establish a new processed cheese factory. Also, the company seeks to double its export revenues during the current year to reach USD40 million compared to around USD20 million achieved last year.
Friday Food Industries Company intends to list part of its shares on the Egyptian Stock Exchange by the end of 2026, following the completion of their project for the largest ice cream factory in the Middle East.
President Abdel Fattah El Sisi on Sunday ratified a bill allowing private entities to set up, manage, and operate healthcare facilities and public hospitals for a period of 3-15 years, according to the Official Gazette.
OCDI is planning to open its commercial project, EDNC, located in Eastown in East Cairo, in September 2024.
CCAP's MD, Hisham Alkhazendar, declared that the stake of Citadel Capital Partners - the principal shareholder- will not exceed 33%, up from 23.49% before the debt purchase deal.
The government’s digital customs window Nafeza has been non-operational for more than a month and a half, resulting in a backlog of 8k-9k imported cars stuck at the country’s ports, which is creating a shortage of vehicles in the market and pushing car prices up.
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Market Overview
JUFO
GBCO
MFPC
MICH
ALCN
prepared by: Mayada Amin- CETA, CFTe -
The Japan International Cooperation Agency (JICA) will soon disburse a USD300 million tranche from its USD733 million loan to finance the construction of the first phase of Cairo Metro Line 4.
The Ministry of Electricity and Energy and the Ministry of Petroleum and Mineral Resources announced that the duration of power cuts nationwide will be extended by one hour on Sunday and Monday.
The USD rose above 48 EGP for the first time since April, jumping by around EGP0.70 yesterday. The rate settled at EGP48.20 by the end of the day at the Central Bank of Egypt.
The value of “electronic payment and collection” services increased by 19% during 11MFY2023/24, recording about EGP2.5 trillion.
Egypt’s natural gas production decreased by 5% during last April, reaching 4.26 billion cubic meters. At the same time, gas consumption in Egypt decreased by 4.5% during April, reaching 5.02 billion cubic meters.
The court rejected the lawsuit filed by EGTS regarding the 20.0 million sqm third phase Sahl Hasheesh land plot.
Beltone Holding is revamping its Beltone Trading App into an investment fund platform with a new fully digital onboarding process and is planning to apply for approval from the FRA in July. The company has also applied for new low-, medium-, and high-risk funds, ranging from fixed-income to equity funds. The company has also applied with the FRA for a new fund tracking the newly introduced EGX33 Shariah index.
QNB Al Ahli, the Egyptian unit of Qatar National Bank (QNB Group), will be rebranding to QNB.
Arkan Palm and Intercontinental Hotels Group (IHG) will establish a Holiday Inn Express hotel in Arkan Palm’s 205 project in West Cairo.
Weekly Commodities Update
| | Last Price | WoW Change, %
| Brent, USD/bbl | 85.2 | 3.2%
| Diesel-HSFO Spread, USD/ton | 313 | 4.1%
| Egypt Urea, USD/ton | 338 | -4.9%
| Polyethylene, USD/ton | 1,040 | 0.0%
| Polypropylene, USD/ton | 1,000 | 0.5%
| Iron Ore 65%, USD/ton | 126 | -1.1%
| Steel/Iron Ore Spreads, USD/ton | 389 | 1.0%
| LME Copper Cash Price, USD/ton | 9,548 | -0.7%
| LME Aluminum Cash Price, USD/ton | 2,465 | 0.1%
| Egyptia Retail Cement, EGP/ton | 2,102 | 3.0%
| Steam Coal FOB Newcastle Australia, USD/ton | 132 | -0.8%
| SMP, USD/MT | 2,766 | 1.6%
| Last price may vary week over week in some indices due to time difference -
Market overview
ALCN
OCDI
ELKA
ATQA
ELEC
ESRS
EGAS
BINV
ALUM
Prepared by: Mayada Amin- CETA, CFTe - Näytä enemmän
