Al Ahly Pharos

The Egyptian Mineral Resources Authority launched a global tender for the exploration of kaolin sand, glass sand, and other minerals yesterday, according to a statement from the Oil Ministry. Investors have until 13 February to submit their offers.Finance Minister Ahmed Kouchouk has extended the window for settling tax disputes until 30 June 2025 and will offer taxpayers a quick and effective method to settle their custom and tax disputes. The US Federal Reserve cut interest rates for th...

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

Net foreign assets of the CBE increased by USD1.17 billion in November to record USD11.8 billion, compared to USD10.64 billion in October.Egypt has trimmed its fuel consumption 6% to 171 grams per kWh over the past few months. The reduction in demand is saving the country some EGP1.2 bn monthly.The Ministry of Finance aims to reduce the external debt of the budget agencies by about USD1 billion during the remainder of the current fiscal year, to record USD77 billion dollars by the end of the ...

- Market Overview - AMOC- GBCO - ORWE- TMGH- Prepared by: Mayada Amin - CETA, CFTe

Chinese steelmaker Wu’an Xin Feng has a plan to set up a USD1.7 bn integrated industrial complex in the Suez Canal Economic Zone (SCZone). Egypt’s oil subsidy bill for the current fiscal year is expected to surpass EGP200 bn, significantly higher than the EGP154 bn initially allocated, a source said.Prime Minister Moustafa Madbouly met with Saudi Industry and Mineral Resources Minister Bandar Alkhorayef yesterday, where they agreed to include the sectors of petrochemical, pharma, and aut...

- Market Overview - GBCO- EHDR- MTIE- EAST- Prepared by: Mayada Amin - CETA, CFTe

Transport and Industry Minister Kamel El Wazir laid out the 23 industries that the government is looking to localize, adding that the state is offering incentives and facilities to attract investments into these selected sectors. The Qantara West Industrial Zone will welcome two new projects with combined investments of USD38 mn following agreements with the Suez Canal Economic Zone (SCZone).Egypt and Germany inked grant and debt swap agreements totaling some EUR77.3 mn to fund developme...

- Market Overview - COMI- ISPH- ADIB- ORWEprepared by: Mayada Amin- CETA, CFTe

UAE’s AMEA Power will set up a USD600 million, 5 GW wind power project in the Gulf of Suez in cooperation with the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority (NREA).There is a plan to launch renewable projects with a combined capacity of 10 GW and combined investments of USD10 billion from 2023-2028 under the government’s Nexus for Food, Water, and Energy initiative (NWFE).The EGP fell to EGP50.90 against the greenback at some banks on Thursday, down ...

- Market Overview - COMI- GBCO- ARCC- CCAP- prepared by: Mayada Amin- CETA, CFTe

Prime Minister Mostafa Madbouly announced in his weekly presser that the government is planning to offer up stakes in ten state-owned companies in 2025. The offerings will be via direct sales to strategic investors and/or through EGX listing.The cabinet also approved a EUR 7 mn comprehensive technical support package to support Egypt’s green transition— dubbed the European Green Facility initiative — that was inked between Egypt and the EU in October.The Prime Minister said that a contract ha...

- Market Overview - EAST- ESRS- ORWE- EHDR- prepared by: Mayada Amin- CETA, CFTe

Annual headline urban inflation declined to 25.5% in November from 26.5% in October. Monthly headline urban inflation declined to 0.5% in November 2024 from 1.3% in November 2023 and 1.1% in October 2024.Annual core inflation declined to 23.7% in November from 24.4% in October, while monthly core inflation decreased to 0.4% in November 2024 from 1% in November 2023 and 1.3% in October 2024, the CBE reported.The Finance Ministry is offering up six public-private partnerships (PPPs) with a tota...

Market Overview

Derivates will begin trading on the EGX in 2Q 2025, Financial Regulatory Authority Deputy Chairman Islam Azzam said. Azzam highlighted futures contracts for indices as being among the incoming additions.The FRA is also considering offering financial leasing loans for industrial lands from the Industrial Development Authority (IDA) for the first time, Financial Regulatory Authority Deputy Chairman Islam added.The government committee tasked with reforming state economic authorities has complet...

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

Egypt is in talks with the International Monetary Fund to extend timelines for key reforms under its economic reform program, a senior government official said. The official expects Egypt to be placed on the IMF Executive Board’s agenda before the Christmas holidays for the amendments to be given the final greenlight.The average yield on three-month EGP-denominated t-bills rose to 31.419% in Sunday’s auction by the Central Bank of Egypt, up 0.219 percentage points since the same bills last we...

- Market Overview - BINV- GBCO- FWRY - CLHO- PHDCprepared by: Mayada Amin- CETA, CFTe

Wataneya and Safi are named as among the up-to-four military companies to be offered up on the EGX, unnamed sources said. The National Service Products Organization-owned filling station operator and bottled water company are reportedly currently being reevaluated ahead of a listing scheduled for 1Q25. The EGP fell to its lowest level on Thursday since March’s exchange rate liberalization, passing the EGP50.00 mark against the greenback.Egypt is to lease a second LNG floating regasificat...

- Market Overview - ALCN- AMOC- BTFH- CIEB - CLHO- prepared by: Mayada Amin- CETA, CFTe