Al Ahly Pharos

Our take on Trump’s return to the White House, becoming the 47th President of the United States: One of the main channels that might affect Egypt's economy is the fact that Trump's main economic policies might cause an upward pressure on the USD globally. Trump is pro expansionary fiscal policies, and likely to try to boost businesses in the US through tax cuts. This, in turn, might imply some inflationary pressures, which means the Fed might need to revise its pace of easing, that easing was...

- Market Overview - BINV- SWDY- ARAB- OLFIPrepared by: Mayada Amin- CETA, CFTe

The General Authority for Investment and Freezones is looking into setting up a freezone in Minya that would house textile projects from a Chinese investment alliance that is eyeing USD1.5 billion in initial investments.The Finance Ministry will launch an electronic tax system for clearing investors’ receivables and debts next month.Net foreign assets of the CBE were almost flat at EGP592.469 billion (c. USD11.7 billion) by the end of December 2024.The FRA issued a decree determining the mini...

- Market Overview - CCAP- ALCN- OFH- SCEM- prepared by: Mayada Amin- CETA, CFTe

The CBE has released the Balance of Payment (BoP)'s performance report for 1QFY2024/25. The overall BoP recorded a deficit of USD991.2 million 1QFY 2024/25, as opposed to a surplus of c. USD230 million in the comparable period in the previous year. The current account deficit has surged by 110.5% YoY to USD5.9 billion in 1QFY2024/25 up from a deficit of 2.8 billion in 1QFY 2023/24, mainly fueled by a record-high trade deficit at USD14 billion, the highest trade deficit for a single quarter on...

- Market Overview - BTFH- SKPC- ABUK- EKHO- prepared by: Mayada Amin- CETA, CFTe

Organi Group is going to increasingly focus on expanding its presence in the automotive and tourism sectors over the next five years and invest USD1 bn in the two sectors by 2030. The Egyptian National Railways (ENR) has partnered with Italian rail construction and maintenance firm Salcef Group to form a new joint venture, Salcef Track, that will oversee the development, renewal, and maintenance of Egypt's railway infrastructure over the next 25 years.ExxonMobil Corporation announced a new di...

- Market Overview - ABUK- MFPC- AMOC- SKPC- Prepared by: Mayada Amin- CETA, CFTe

Negotiations are currently underway to open branches of Egyptian universities overseas, with the efforts taking place within a push internationalize the higher education sector in Egypt and education service exports.The Egyptian Customs Authority (ECA) has begun procedures to release the roughly 30k vehicles currently stranded at the country’s ports that violated previous personal import or disabled-accessible vehicle import regulations, according to a document from the authority. Lawmak...

- Market Overview - COMI- OFH- ABUK- EKHOA- ALCN prepared by: Mayada Amin- CETA, CFTe

The Finance Ministry is preparing to release the new public debt policy document by the end of March, which will outline its plans for public and foreign debt, including the issuance of green bonds, sukuk, and international bonds.The government is currently working on two parallel budgets, with the upcoming FY 2025-2026 budget being simultaneously developed alongside a comprehensive three-year budget that will establish longer-term spending caps that can only be exceeded under very limited ci...

Market Overview Prepared by Mayada Amin- CETA, CFTe

A new unified subsidy card system that will also be able to be done through your mobile system is on its way, cabinet spokesperson Mohamed El Homsani said. The unified card will not just provide access to food subsidies, but also cover health ins. coverage, and other services, according to El Homsani.Trial operations of the EGP 15 bn integrated tourist city in South Sinai’s St. Catherine will kick off in April or May, an unnamed source said.Foreign investors’ net purchases of Egyptian debt ca...

- Market Overview - SKPC- AMOC- ABUK - OLFI- prepared by: Mayada Amin- CETA, CFTe

Egypt’s annual urban inflation rate fell to 24.1% YoY in December, as expected, from 25.5% in November, its lowest in two years. On a monthly basis, urban prices rose by 0.2% compared with 0.5% in November. Core inflation recorded 23.2% in December 2024, compared with 23.7% in November 2024, while monthly core inflation recorded 0.9% in December 2024, compared with 0.4% in November 2024.The government’s new social protection package will contain raises in the minimum wage, tax thresholds, soc...

-Market Overview - EPCO- POUL- PHAR- CIRA- CCAPPrepared by: Mayada Amin - CETA, CFTe

Banque Misr is preparing to appoint an advisor for the offering of its subsidiary Banque du Caire. Emirates NBD is reportedly considering the acquisition of a controlling stake in BdC, as the bank is currently in the final stages of due diligence with the acquisition expected to go through in 1Q 2025.The government has its sights set on tackling the backlog of dues owed to exporters, with the Finance Ministry and the Investment Ministry announced a new mechanism to clear EGP60 bn in overdue p...

- Market Overview - EGAL- APSW- KZPC- ATQA- prepared by: Mayada Amin- CETA, CFTe

*Key news articles for today*Net foreign assets in Egypt’s banking sector (including CBE) dropped to USD5.96 bn in November, down from USD9.2 bn in October, marking a sharper monthly decline of 35.2%. This is the second consecutive monthly drop as pressure on foreign currency resources increases. This decline was attributed to the worsening deficit in the net foreign assets of commercial banks. Egypt's PMI fell to 48.1 in December, down from 49.2 in November, marking the sharpest decline...

- Market Overview - PHDC- FWRY- CLHO- ISPHPrepared by: Mayada Amin- CETA, CFTe