The Egyptian government held an extended meeting with the World Bank, on Sunday, to discuss the country's financing package. The portfolio between Egypt and the World Bank is c.USD 6.8 billion.
Al Mal Newspaper reported that several international institutions decided to invest in Egyptian sovereign debt instruments, including Goldman Sachs and JP Morgan.
Minister of Petroleum expected that Egypt's oil exports would reach more than USD18 billion in 2023, revealing that reserves for new gas discoveries are being evaluated.
The Sovereign Wealth Fund of Egypt: Gulf investors are evaluating 7 hotels in Egypt, to purchase strategic stakes within, through capital injections.
HELI cancelled the agreement with Mountain View to co-develop the 1,695 feddan Heliopark land plot in light of current economic developments and rise in land valuations. Heliopark contributes EGP7.11/share to our EGP12.44/share HELI valuation assuming initial guidelines of the Mountain View co-development agreement.
OCDI signed a EGP2.8 billion loan to partially finance the development cost of The Estates project.
PHDC general assembly approved a EGP150.0 million financial lease contract with ICLE.
NBE achieved a pretax profit of EGP48.58 billion in 9M22, compared to EGP48.26 billion in the same period last year. While the third quarter witnessed a pretax profit of EGP22.77 billion, compared to EGP19.08 billion by the end of September 2021.
CI Capital and Compass Capital are launching a fund to invest in EGX-listed companies, with initial investments ranging between EGP 2-3 billion.
ValU has partnered with the financial services technology startup “Sympl” to provide short-term soft payment solutions to its customers.
Live poultry prices rose this week by EGP6/Kg to reach EGP60/Kg from the farms despite the drop in feed prices on shortage in supply.
The Finance Ministry is considering cutting a 5% development fee on imported mobile phone parts amid government plans to localize electronics assembly.
MHOT reported 1H22/23 revenue of EGP398.8 million, up 65.0% y/y, and net profit of EGP347.2 million, up 129.7% y/y.
Egypt’s Pharmaceutical and cosmeceutical exports grew by 38.8% YoY in 2022 to stand at USD968 million, compared to USD697 million in 2021.