Al Ahly Pharos

The IMF has maintained its projection for Egypt’s real GDP growth in FY2023/24 at 3%, and to rebound to 4.4 percent in FY2024/25.Interest payments in the state budget FY2024/25 are estimated at EGP1.8 trillion, about 70% of the total revenues of EGP2.63 trillion, due to higher estimation of average interest payment on treasuries, at 25%, compared to 18.5% in FY2023/24.The government is looking to restart a number of stalled state projects building social housing, waste management facilities, and water infrastructure.Qatar and Algeria will become our two main sources of LNG, as the government seeks to import up to 52.5 bn cubic feet to meet heightened summer demand, an unnamed government official saidEgypt’s exports grew 5.3% YoY in the first three months of the year to total USD 9.6 bn.The Minister of Finance said that the government hopes to achieve the targets of its companies sales' program in 3 to 5 years. He added that the government is not likely to issue Eurobonds during the current fiscal year.CBE is planning to increase the limits on transfers through Instapay and the digital channels of banks.FAIT’s standalone net profit expanded by 48% y/y in 1Q24 recording EGP6 billion, supported by strong r growth (+82.4% y/y) which stood at EGP10.17 billion.EGX announced the opening price of the subscription right for KIMA’s capital increase at EGP3.27/share.MNT-Halan, GB Capital subsidiary,  is considering launching a multi-sukuk issuance program worth EGP20 billion during the coming period. The program is still in its initial stages, and its aim is to finance the company’s subsidiaries “Halan, Mashroey and Tasaheel”. 

Market Overview Prepared by: Mayada Amin- CETA, CFTe

The CBE has increased cash withdrawal limits from EGP150k to EGP250k per day from banks, and from EGP20k to EGP30k per day from ATMs.World Bank expects Egypt's GDP growth to decline to 2.8% in FY2023/24 from 3.8% in FY2022/23, 0.7 percentage point drop from its previous forecast in January, exacerbated by the repercussions of the Middle East conflict on Suez Canal and tourism. Growth is expected to record 4.2% in FY2024/25.The Renewable Energy Authority and the Sovereign Fund of Egypt are planning to open up bidding for the second half of the Zafarana wind farm in the latter half of the year. The government unveiled its plans to build two solar power plants for EGPC worth over EGP1 billion, to be financed by a grant from the EU.Egypt's fuel imports increased to USD3.3 billion during 1Q24, an increase of 6% compared to the corresponding quarter of last year.ESRS (FV: EGP97.02, OW) reported its 4Q23 and FY23 consolidated financial results with solid operational performance. Net attributable income came in at EGP1.0 billion in 4Q23, 82% higher YoY, and reversing 3Q23 loss of EGP508.8 million. This brings FY23 attributable loss to EGP113.0 million vs. a net profit of EGP4.3 billion in FY22. ESRS is currently trading at FY24e P/E of 1.4x.ESRS’s Board of Directors is holding an extraordinary general assembly to consider reducing the company’s capital through retiring treasury shares worth EGP910.5 million.Qalaa Holdings (CCAP) has signed a debt settlement agreement with Banque Misr, Banque du Caire, Arab African International Bank, and Al Ahli Bank of Kuwait whereby Qalaa settles the entirety of its debts for a total of EGP4.547 billion as follows:1.            Selling 239.1 million shares, representing 17.68% of TAQA Arabia, with Qalaa retaining the right to repurchase those shares within five years, and the banks having the right to resell those shares to Qalaa in the sixth year.2.            A registered 60,127 sqm land plot overlooking the Nile in Tibeen area.3.            Compensations for variations in exchange rate and stock prices. MOPCO clarified that the merged company net profit on 31 December 2023 was EGP3.59 billion, and the net profit of the merging company was EGP5.97 billion in the same period. It added that the merged company net profit was reported in the equity section of the merging company financial statement in FY23. Local free market urea prices increased from EGP16k to EGP20k per ton during the last month with the start of the summer cultivation season.Petrotreatment is planning to float its shares on EGX during the coming period.HELI (FV: EGP18.84, OW) expects to complete its financial assessment of the three offers it received from Hyde Park Developments, MASR (FV: EGP5.24, OW), and Mountain View to co-develop 500 feddans in New Heliopolis before the end of April 2024 in preparation for selecting an offer.DOMT shareholders approved cash dividend distribution of EGP0.50/share to be distributed in May 2024. This implies a dividend payout of 31% and dividend yield of 4.2%. Weekly Commodities Update|Last Price | WoW Change, % Brent, USD/bbl | 90.5 | -0.8% Diesel-HSFO Spread, USD/ton | 363.1 | -5.3% Egypt Urea, USD/ton | 328.0 | 0.0% Polyethylene, USD/ton | 1,030.0 | 0.0% Polypropylene, USD/ton | 970.0 | 0.0% Steel/Iron Ore Spreads, USD/ton | 394.1 | -3.3% LME Aluminum Cash Price, USD/ton | 2,448.1 | 1.5% Egyptia Retail Cement, EGP/ton | 2,095.0 | -0.1% Steam Coal FOB Newcastle Australia, USD/ton | 129.3 | 0.1% SMP, USD/MT | 2,550.0 | 0.0% Last price may vary week over week in some indices due to time difference

Market Overview ORWEHRHOSWDY EKHOASUGRESRSprepared by: Mayada Amin, CETA  - CFTe

The CBE released balance of payments (BoP) data for 1HFY2023/24, which is not yet reflecting the effect of the EGP devaluation nor any massive FDI deals or fundings agreed upon during 1Q2024. Annual urban inflation receded to 33.3% YoY in March, down from of 35.7% in February.  Monthly urban inflation dropped to 1% MoM from the record high of 11.4% recorded in February. The EU on Friday said it would provide Egypt with EUR1 billion (USD1.07 billion) in short-term financial aid to help stabilize the country's economy.Three exchange companies affiliated with the three largest government banks attracted FX amounting to EGP12.97 billion since the liberalization of the exchange rate early March.The World Bank is studying lending Egypt USD700 million to support a resilient, green, and competitive economy.The EBRD approved the provision of a long-term senior loan of up to USD140 million (c. EUR 129 million) to finance the acquisition of the Gabal El Zeit windfarm.The government allocated EGP858 billion to the education sector in the next fiscal year’s draft budget, up 45% y-o-y. Healthcare will see a nearly 25% increase in the draft budget, with EGP496 billion allocated to the sector. Social protection is set for a 20% increase, with EGP636 billion earmarked in the coming fiscal year’s draft budget.EGAS is looking to import no less than one LNG shipment a month until July or August in efforts to prevent a repeat of last year’s rolling blackouts. The Minister of Finance said that the overall budget deficit during 9MFY2023/24 declined to 5.42%, compared to 6.2% during the same period of the last fiscal year. A primary surplus of 3% of GDP was recorded at a value of EGP416 billion.EAST has raised the prices of cigarettes by an average of 12%, which was put into action starting Sunday, 14 April 2024. JUFO released 4Q23 full financials. Attributable net profit recorded EGP142 million in 4Q23 (-13.6%, YoY, -56.1% QoQ). FY23 net profit recorded EGP1,021 million (+60.1% YoY). JUFO is currently trading at a FY24f P/E of 9.4x and an EV/EBITDA of 5.0x.QNBA recorded a strong set of results with 1Q24 net profit post-minority interest recording EGP7,042 million (+90% q/q, +49% y/y). The stock is currently trading at 2024 multiples of P/B of 0.8x and P/E of 3.5x.Africa’s largest lender, Standard Bank Group, will set up a new representative office in Egypt by the end of the year.According to local media sources, financial leasing companies are facing difficulties in accessing debt markets after the recent controls issued by the CBE to regulate banks’ financing to the sector. EKHO will distribute cash dividends of USD0.06/share on 30 April 2024 to shareholders on record on 24 April 2024, implying a dividend yield of 6.7%.Oil prices, which hit a six-month high on Friday, might rise on Monday after Iran's attack on Israel over the weekend. Brent crude reached USD92.18/bbl on Friday, the highest since October. For the week, Brent declined 0.8% to settle at USD90.45/bbl. According to local media, PHAR aims to export to about 11 new countries by 2027.According to local media, EBRD will provide MNT-Halan microfinance subsidiary Tasaheel Finance with EGP700 million to on-lend to women-run SMEs in Egypt.

Market Overview ALCNEKHOA PHDCABUK MFPCprepared by: Mayada Amin- CETA, CFTe

The National Council of Wages raised the minimum wage for private sector workers by 71% to EGP6,000 starting in May.The Central Bank of Egypt is looking into imposing fines on importers who refuse to move their goods from ports even after receiving the required FX to do so.The Libyan Investment Authority is reportedly looking into acquiring a majority stake or 100% of an unnamed Egyptian commercial bank.The proceeds of FX concessions at three exchange companies affiliated with the three largest government banks recorded EGP11.246 billion since the liberalization of the FX rate on 6 March.According to local media, HELI (FV: EGP18.84, OW) received offers from Hyde Park Developments and La Vista Developments to co-develop 500 feddans in New Heliopolis. We remind you that HELI had also received an offer from Mountain View at the end of February 2024 to co-develop 517 feddans in New Heliopolis and an offer from MASR (FV: EGP5.24, OW) at the beginning of March 2024 to co-develop 580 feddans in New Heliopolis.EFIH is distributing cash dividends of EGP0.19/share (DPO: 28%, DY: 0.8%). Record date is on 24 April 2024 and distribution date is on 30 April 2024.OLFI's general assembly approved the proposed cash dividend distribution of EGP0.95/share, implying a payout ratio of 81% and a DY of 8.5%.GBCO declared cash dividends of EGP0.20/share, implying a payout ratio of 11.5% and a DY of 1.7%. Record date is on 21 April 2024 and distribution date is on 24 April 2024.KIMA is increasing its issued and paid-in capital through a rights issue from EGP5.9 billion to EGP9.9 billion by EGP4 billion distributed over 800 million shares at a par value of EGP5/share in addition to EGP0.05/share as issuance expenses.The Egyptian Drug Authority (EDA) is allowing companies to place two prices on packages, one for sale in the local market and the other for export.Weekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 91.2 | 4.2% | Diesel-HSFO Spread, USD/ton | 384 | 6.0% | Egypt Urea, USD/ton | 328 | -1.4% | Polyethylene, USD/ton | 1,030 | -1.0% | Polypropylene, USD/ton | 970 | 0.0% | Steel/Iron Ore Spreads, USD/ton | 405 | -2.0% | LME Aluminum Cash Price, USD/ton | 2,413 | 5.1% | Egyptian Retail Cement, EGP/ton | 2,097 | -0.4% | Steam Coal FOB Newcastle Australia, USD/ton | 129 | 0.0% | SMP, USD/MT | 2,517 | 0.0% | Last price may vary week over week in some indices due to time difference

Market Overview 

Trade deficit amounted to USD2.08 billion in January, compared to USD3.32 billion for the same month in 2023, a decrease of 37.2%.The Italian "Eni" revealed that it spent USD230 million in 2023 on the development works in Zohr Field, bringing its total expenses on the field to USD6.2 billion.The government discussed main criteria for establishing new special free zones, including the type of the activity, size of employment, exported portion of the output, dependence on local input, and others.Authorities are in talks to lease a floating storage regasification unit (FSRU), with plans to dock the terminal at the Gulf of Suez.The government has developed a mobile application to enable users to view and report commodity prices.Customers have sold nearly EGP10.5 bn worth of foreign currency at the National Bank of Egypt’s, Banque Misr’s, and Banque du Caire’s foreign currency exchange bureaus since the float of the EGP.The Real Estate Tax Authority targets EGP8 billion in revenue in the next fiscal year.Expats have until Monday, 29 April to register for the expat car-for-FX initiative.The government is embarking on a project to make Greater Cairo a more attractive tourist destination.El Sisi promised to continue implementing economic reforms based on “the localization of industry, expansion of the agricultural area, increase of foreign direct investment, and support for the private sector, while providing the necessary social protection measures for the most vulnerable classes.”ESRS (FV: EGP97.02, OW) reduced its local rebar and flat steel prices by 12% and 17% to EGP40.7k/ton and EGP41.7k/ton, inclusive of 14% VAT. The study of the technical and financial offers submitted for the rehabilitation of EGAL's facility is expected to take one month, according to local media. EFID declared cash dividends of EGP0.43/share for FY23, implying dividend payout ratio of 18.4% and dividend yield of 1.3%. Dividends will be distributed on April 24, 2024 and record date to be on April 21, 2024.ABUK and Helwan Fertilizers submitted a request for the government to revise the subsidized fertilizers prices due to the higher production cost after floatation. Investment management firm Act Financial is looking to raise EGP700 mn selling off a minority stake next month. EGP 500 mn will come from the sale to investors via private placement and the remaining EGP 200 mn will come from the public offering. The Cairo Twenty-Four website stated that Kuwaiti investors submitted an offer to acquire Banque du Caire.

Market Overview 

Net International reserves surged to record USD 40.46 billion in March, up from USD35.31 billion in February.Foreign investors have poured USD17.8 bn into Egyptian government debt in the first quarter of 2024.The cabinet approved the new EGP120 bn program of subsidized loans for manufacturers in freezones as well as agriculture and renewable energy companies — which offers financing at an interest rate of 15%.The cabinet approved the executive regulations for the new Building Reconciliation Act. The cabinet approved amendments to executive regulations of the Competition Act. The cabinet also approved amendments to the law regulating the importers registry with the aim of facilitating the registration process for importers. Egypt is negotiating with the European Union to get a EUR2 billion grant, within the framework of implementing electrical interconnection projects with Italy and Greece.ORWE approved cash dividends for FY23 of EGP1.25/share to be distributed in May 2024, implying payout ratio of 48% and dividend yield of 7.8%.According to local media, Tobacco distributors got the government’s approval to hike prices by up to 12%. EAST CEO said it will raise its prices by a lot less than the 12% cap. According to local media, the Egyptian Drug Authority (EDA) is studying a number of requests and proposals for new medicine pricing schemes put forward by local pharma companies. The Egyptian Railway Authority of the Ministry of Transportation plans to offer a tender worth USD300 million, early 2025, to develop the signaling and control systems for the Luxor-High Dam railway.EBRD agreed to provide a loan worth EGP700 million to Tasaheel Microfinance Company, to support the European Bank’s “Women in Business” program in Egypt, which targets supporting female entrepreneurs.

Market Overview HELIORASAMOCSKPCprepared by: Mayada Amin- CETA, CFTe

Government sources said that the Ministry of Finance has raised expected VAT revenues in the next fiscal year to EGP835 billion, an increase of 25% over the budget estimates for the current year 2023-2024, due to high inflation rates.Egypt Purchasing Managers’ Index (PMI) rose from 47.1 in February to 47.6 in March, indicating a softer, but still-solid deterioration in the health of the non oil private sector.  Output and new orders' volumes declined, yet input and output price inflation softened, and signals were reported that recent measures to combat Egypt's currency crisis, particularly the raising of interest rates and floating of the Egyptian pound, did bring some relief to price pressures.Tourist arrivals were up 4% y-o-y in 1Q 2024 to 3.7 mn, but arrivals to Sharm El Sheikh were down 20% y-o-y in the same period, a government official said.El Sisi has given final approval for the amendments to the Unified Budget Act. The Ministry of Electricity’s purchase bill for renewable energy from investors increased by about EGP700 million per month to reach EGP2 billion after the liberalization of the exchange rate.British Capricorn Energy has allocated USD10 million for exploration in Egypt in 2024, in five fields.EGAL raised the prices of its products in early April by around EGP3,000/ton, backed by the hike in primary aluminium price on the London Metal Exchange (LME) in March. EGAL is working on the final studies to launch the aluminum foil project with investments of USD100 million and production capacity of 50k tpa. EGAL is also looking into setting up a USD15 million aluminum silk production line by 2025.SWDY's subsidiary Elsewedy Industrial Development is expected to break ground on its industrial zone — dubbed Industria October — in New 6 October City upon receiving a 2.5 mn-sqm plot from the New Urban Communities Authority within two to three weeks. SWDY plans to wrap up its expansion of its Saudi factory by late 2024. The company also wants to step into Latin America this year, with a focus on infrastructure, electricity, renewable energy, and gas sectors. Oil prices settled higher on Tuesday after a session in which Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East pushed the Brent benchmark above USD89/bbl for the first time since October. Brent futures for June delivery settled up 1.7%, at USD88.92/bbl.State-owned El Nasr Mining Company, an unnamed Indian company, and an unnamed local private company have set up a mining company for phosphate with combined investments of USD400 million. The private company holds a 40% stake in the joint venture, while El Nasr owns 24%. The Indian company owns the remaining 36%.The agricultural sector revealed that a number of feed factories reduced the supply price of feed for poultry farms, and the reduction rates ranged between EGP300-EGP400 per ton, depending on the type. CEO of Holdipharma company communicated that they will finish the development of 9 affiliated factories, with investment cost of around EGP1 billion, and will inaugurate by 30 April. Also, he mentioned that they will register 30 new drugs for chronic diseases with prices lower than current market prices. 

Market Overview AMOCORASSKPCMFPCAFDIprepared by: Mayada Amin- CETA, CFTe

The IMF is scheduled to complete its third review of Egypt's USD8 billion loan deal by the end of June, and its last review by 2026. The remaining five reviews will take place every six months, with each disbursement programmed to be around USD1.3 billion.Egypt’s GDP growth slowed to 2.3% in 2Q 2023-24, down from 2.65% in 1Q 2023-24 and 3.9% during the same period last year.Net Foreign Assets of the banking system improved significantly in February, recording a net liability position of USD21.97 billion up from a NFL position of USD29 billion in January. Egypt's external debt increased by about 2.1% during 4Q2024, equivalent to USD3.5 billion, according to Ministry of Planning, reaching USD168.04 billion in December 2023 compared to USD164.522 billion at the end of September 2023.The EU-Egypt Investment Conference is happening on Saturday, June 29, according to a cabinet statement. The Oil Ministry has been working on a plan that will see state-owned firm Egyptian Petrochemicals Holding Company producing the country’s first sustainable aviation fuels (SAF). The current account deficit rose in 2Q FY2023-24 to USD6.83 billion, compared to a surplus of USD1.4 billion in the same quarter of the last fiscal year, and a deficit of USD2.8 billion in the first quarter of the year.HELI (FV: EGP18.84, OW) reported expectedly strong FY23 revenue of EGP15.6 billion, up 756% y/y, and FY23 net profit of EGP7.8 billion, up 1194% y/y. EFIC will distribute EGP2/share on 30 April, EGP2/share on 20 October, and EGP3/share on 1 December 2024. DPS is a total of EGP7/share, implying a dividend yield of 9%. The company's general assembly approved increasing issued and paid-in capital from EGP727.7 million to EGP1 billion.Qalaa Holdings (CCAP) announced the closing of an agreement with Financial Holdings International Ltd (FHI), a shareholder in several affiliates of Qalaa, and a creditor to Qalaa and some of its affiliates. The share purchase and debt assignment agreement settles most of the liabilities owed by Qalaa and certain of its affiliates to FHI, and transfers the shareholding of FHI in several Qalaa affiliates to Qalaa. The government is currently mulling over a project to produce sustainable biofuel from jatropha plants, where laboratory studies are being funded via an Italian grant. EGAL announced that two companies, namely the Chinese NFC and the Emirati Fleet Energy Company, have submitted technical offers for the rehabilitation project of EGAL’s facility. AMIC released its figures for February 2024 where auto sales volume in February increased by a 10% MoM and 21.7% YoY to 7.3k units.BINV released positive FY23 financial results where the bottom-line recorded EGP518 million (-39% y/y). However, after adding the capital gain received from the exit of Total Energies Egypt to the reported net income, the company’s FY23 total income reached EGP1,228 million compared to EGP846 million in FY22 (+45% y/y). Valu, HRHO’s consumer finance arm, signed an agreement with Noon payments to provide customers flexible payment agreements.The CBE’s BoD decided to issue the attached supervisory instructions regarding “Requirements for the Stress Tests for Banks,” where an internal assessment report for capital adequacy should be provided, which reflects an assessment of the banks’ ability to deal with various risks. CANA’s AGM approved 1) increasing the bank’s authorized capital to EGP10 bn from a current EGP5 billion, 2) approving the dividend distribution proposal (free shares worth EGP1.5 billion), which will bring the paid-in capital to EGP6.5 bnThe General Union of Poultry Producers announced the launch of an initiative to reduce the price of chicken by 10 to 15%, and to reduce the price of an egg carton to EGP145 from EGP156. 

Market Overview BTFHSUGRSWDY PHDCHELIMFPCSKPCEFIHORASPrepared by: Mayada Amin- CETA, CFTe

The Prime Minister approved a new EGP120 billion program of subsidized loans for manufacturers in freezones as well as agriculture and renewable energy companies.The European Union is looking to deliver the first tranche, EUR1 billion, of the bloc’s pledged EUR5 billion of concessional loans as part of its EUR7.4 billion package to Egypt before next summer.Merchandise circulation in the ports returned to normal levels after periods of accumulation and decreased to USD1.8 billion.The EU-Egypt Investment Conference is now penciled in for June, EU Ambassador to Cairo said. The conference, originally scheduled for May, is expected to bring together some 450 European companies.President El Sisi called for the swift completion of the required legislative steps to facilitate the participation of the private sector in the country’s healthcare sector, the President said during a meeting.Russian company Infinity intends to invest USD1 billion in Egypt in the mining sector, after announcing a global auction for gold carried out by Shalatin Mineral Resources Company.The British Pharos Energy received USD10 million of its arrears from EGPC, in addition to USD5.7 million during 2023, which is equivalent to 26.7% of its dues by the end of 2023, amounting to USD37.4 million.JUFO released 4Q23 financial indicators. Attributable net profit recorded EGP141 million in 4Q23 (-56.1% YoY, -13.7% QoQ). This brings FY23 attributable net profit to EGP1.0 billion (+60.0% YoY). JUFO is currently trading at 2024f P/E of 9.8x and EV/EBITDA of 5.2x.JUFO’s BoD proposed cash dividends distribution of EGP0.20/share, implying payout ratio of 18.4% and a dividend yield of 1.2%. Negotiations between SKPC and Ethydco for a merger are resumed after receiving the approval of ADQ for a share swap. The merger is expected to be finalized in 3Q24. ADES targets to complete drilling six oil wells in Ras Ghareb during 2H24.COMI (FV: EGP100, OW) is to distribute cash dividends of EGP0.55/share, implying a DY of 0.7% and a payout ratio of 5.6% of 2023 net profit. Record date is 21 April 2024 while distribution date is 24 April 2024.AIH reported positive FY23 results where net consolidated attributable income stood at EGP90.16 million (+28% y/y). AIH is currently trading at P/E24 of 8.4x and P/B24 of 0.8x.According to local media, Drive Finance, a subsidiary of GB Capital, owned by GBCO, is considering issuing a financing sukuk program worth EGP2 billion before the end of this year.  GBCO plans to start operating its car assembly plant in Sadat City by the beginning of 2025. MCQE's (FV: EGP22.36, EW) general assembly approved the proposed cash dividend distribution of EGP0.5/share for FY23 to be distributed in two equal installments. This implies a DY of 3% and payout ratio of 51%.Weekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 87.5 | 2.4% | Diesel-HSFO Spread, USD/ton | 362 | -2.2% | Egypt Urea, USD/ton | 333 | -6.3% | Polyethylene, USD/ton | 1,040 | 0.0% | Polypropylene, USD/ton | 970 | 0.5% | Steel/Iron Ore Spreads, USD/ton | 408 | 3.0% | LME Aluminum Cash Price, USD/ton | 2,295 | 1.4% | Egyptian Retail Cement, EGP/ton | 2,106 | 0.0% | Steam Coal FOB Newcastle Australia, USD/ton | 129 | 1.1% | SMP, USD/MT | 2,517 | 0.0% | Last price may vary week over week in some indices due to time difference

Market overview TMGHESRSSWDYEKHOPrepared by: Mayada Amin- CETA, CFTe

The IMF Board completed the First and Second Reviews for Egypt and approved an augmentation of the original program by about USD5 billion, allowing the authorities to draw the equivalent of about USD820 million. Egypt will receive the first tranche of an expanded loan agreement with the IMF next week, Prime Minister said during a news conference. He added that it is expected to receive the second batch for the Ras El Hikma deal early May.The EU intends to fast-track some of its aid money to Egypt using an urgent funding procedure that bypasses parliamentary oversight and other safeguards.Foreign investment injected into treasuries have reportedly recorded between USD14 billion to USD16 billion.A number of sectors and retail chains have begun to respond to the government's initiative to reduce commodity prices.President El Sisi will officially begin his third term when he takes the constitutional oath on Tuesday before the House of Representatives in the New Administrative Capital. The inauguration will see the presidency begin its move to the New Capital.The Finance Ministry raised some EGP25 billion worth of one-year t-bills and EGP35 billion worth of six-month bills on Thursday, with yields decreased on high demand. The average yield of the one-year bills dropped to 25.9% from a record high 32.3% earlier this month, while the six-month bills’ average yield dropped to 25.75% from 31.84%.The government and local private players have signed several agreements with their Italian counterparts, which will see Italy pour over EUR150 million into Egypt, to back food security and support MSMEs. The SCZone has greenlit a number of projects.The SCZone will create a route to transport green fuel produced in the zone to the Dutch Port of Rotterdam, which will help the fuel reach European markets, under an MoU inked between the two sides.Norwegian paint manufacturer Jotun’s new USD100 million industrial paint and varnish factory has kicked off operations, according to a cabinet statement.FTSE Russell decided not to strip Egypt and Pakistan of their emerging-market status for at least six-months, as a green light for passive stock funds to resume investing in these countries.Egypt's agricultural exports grew by 25% YoY during 1Q2024, reaching USD1.5 billion.Egypt is considering importing liquefied natural gas, aiming to avoid a fuel shortage during this summer.Oil producer Capricorn Energy received a payment of USD30 million this week from the Egyptian government after its debt to the company rose to USD169 million last year.ORAS (FV: EGP233.65, EW) subsidiary Orascom Industrial Parks received approval from the General Authority of the Suez Canal Economic Zone (SCZone) to develop and manage a EGP13 billion integrated industrial complex in the Sokhna Industrial Zone.According to local media, EFID is interested in acquiring Bisco Misr; however, no official offer has been submitted nor has any procedure been taken. IDHC released 4Q23 full financials. Net attributable profit recorded EGP109 million in 4Q23 (-20.5% YoY, -38.7% QoQ). Attributable net profit dropped by 5.7% YoY to record EGP510 million in FY23. IDHC is currently trading at 2024f P/E of 14.4x and EV/EBITDA of 7.6xThe Sovereign Fund of Egypt aims to acquire a controlling stake in the company that owns Misr Pharmacies chain through its subsidiary fund specializing in healthcare. The FRA released its latest quarterly report on how non-banking financial services (NBFS) performed. NBE has acquired the Egyptian Arab Land Bank’s entire 24% stake in property developer Hyde Park Developments for an undisclosed sum. 

Market Overview DSCWGBCOPHDC