We published this morning our earnings expectations for companies under coverage in 4Q2022/FY2022/FY2023, where 4Q2022 should be a stable quarter YoY, with some developments.
The CBE clarified that the draft law amending some provisions of the Unified Tax Procedures Law submitted by the government is only related to exchanging information with foreign tax authorities and not with the Egyptian Tax Authority for local purposes. The CBE confirmed that the aforementioned draft law does not affect the confidentiality of bank customers’ accounts in Egypt.
Deputy Finance Minister Ahmed Kujouk said that Egypt will obtain USD1 billion from the WB, USD200 million from the African Development Bank and USD400 million from the Asian Investment Bank, before the end of the current fiscal year.
Egypt is targeting between USD1.5 billion and USD2.5 billion from the issuance of its first sovereign Sukuk.
The PM said that the government succeeded to attract USD9 billion in direct investments, the highest in 15 years.
Companies applying for the government’s golden license for industry will no longer need to meet a minimum issued capital requirement.
As the government looks to reassure the market, they issued a report responding to claims and rumors circulating about the economy. The PM emphasized that the government is working on a plan to secure the nation’s FX needs until the end of FY 2022-2023.
Egypt signed MoUs with seven companies and consortiums including Saudi renewables player Acwa Power and Qalaa Holdings, to conduct feasibility studies on new projects to produce green hydrogen and its derivatives.
The PM said that the government announced a plan to benefit from state assets assets, whether through offerings during the first quarter of next year or through partnership projects with strategic investors and the private sector.
Etisalat UAE is considering acquiring an undisclosed stake out of Vodacom’s 55% stake in Vodafone Egypt.
Ministry of Transportation to open and evaluate the technical and financial proposals of Abu Qir - Alexandria underground project bid in March 2023, at initial cost of EUR1.5 billion. Among the bidding consortiums are SWDY and ORAS.
We remind you that EGTS’s (FV: EGP1.68, EW) next court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is, if not further postponed, on 10 December 2022.
Companies that work on the engineering side of the automotive industry will now be able to enjoy incentives provided to businesses under the Investment Act.
Al Amal Company, the local agent for BYD and Lada decided to decrease their utilization rates by 30% through operating only 4 days a week starting the current December, as a measure to the current market turbulence and decline in demand.
Egypt plans to offer a global bid for oil and gas exploration in the Mediterranean and Western desert before the end of the current year.
Cyprus’ Aphrodite field will see a new round of drilling in early 2023. Cyprus is trying to accelerate development so the first shipment could reach Egypt by 2027.