Foreign reserves inched up to USD34.2 billion in January from USD34 billion the previous month

Activity in Egypt’s non-oil private sector contracted for the 26th consecutive month in January. The PMI reading fell to 45.5 in January from 47.2 a month before.

Policymakers consider amending capital gains tax rules in response to the current exchange-rate volatility. Capital gains tax on gains from stock trades made by resident investors in fiscal year 2022 would not be due until after the new tax legislation is passed.

The Senate Industrial Committee approved a new government-drafted bill that would grant the Industrial Development Authority (IDA) the power for three years to allow unlicensed industrial projects to operate for a temporary one-year period.

Fees for using natural gas national grid declined to 37.6 cents per mmbtu in 2023, down from 41.07 cents per mmbtu during 2022.

Helwan fertilizers Co sells 10% of its total shares with total value of EGP1.314 billion. It is noteworthy that Abu Qir Fertilizers owns 17% in Helwan Fertilizers but the deal doesn't have any impact on its shares in the company. 

Foreign investment funds are interested in acquiring stake in El Nasr Fertilizers Company- SEMADCO. The government is looking to sell its shares to strategic investors. It is noteworthy that Chemical Industries Holding Company- CIHC is the main owner of Semadco’s shares and currently, a valuation is being carried to determine the fair value for the company. 

EGBE achieved net profits of EGP 856 million in 2022, compared to EGP 696 million in 2021, an increase of 22.9%, supported by an increase in revenues to EGP 8.23 billion from EGP 7.61 billion in the comparable period.

According to local media, Arab African International Bank is looking to sell its entire 12.7% stake in PHDC (FV: EGP3.91, OW) to Emirati investment company, Al Ain Holding.

EGTS’s (FV: EGP1.68, EW) court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is postponed to 11 March 2023.

ISPH signed a distribution agreement with “Boehringer Ingelheim”, one of the world's leading pharmaceutical companies, to distribute Boehringer Ingelheim treatments. Boehringer Ingelheim’s key biopharmaceutical disease areas include type 2 diabetes, hypertension, and respiratory diseases and stroke.

US-based, Egypt-focused asset manager, Concord International Investments plans to establish a USD40 mn company to invest in Egypt’s healthcare sector.

ELEC launched a new plant for meters production with a capacity of 1.5 million meter per year and investments of EGP60 million in Abu Rawash, Giza. The company plans to export part of the plant's production especially to African countries, where the local component of meters reaches around 70%, the CEO pointed.

The Transport Ministry has denied that it’s in talks to sell development and management rights at Suez Port to Abu Dhabi Ports.

The Ministry also denied that it is in advanced talks with ADQ to take over the management of the port under a usufruct contract.

Weekly Commodities Update:

  | Chems & Petchems | | Last Price | WoW Change, %
| Brent, USD/bbl | 79.9 | -7.8%
| Diesel-HSFO Spread, USD/ton | 462.6 | -19.6%
| Egypt Urea, USD/ton | 410.0 | -7.9%
| Polyethylene, USD/ton | 1,120.0 | 0.9%
| Polypropylene, USD/ton | 1,025.0 | 0.0%
| Steel/Iron Ore Spreads, USD/ton | 472.4 | 1.0%
| LME Aluminum Cash Price, USD/ton | 2,534.5 | -2.2%
| Egyptian Retail Cement, EGP/ton | 1,920.0 | 0.0%
| Steam Coal FOB Newcastle Australia, USD/ton | 236.0 | -34.1%
| SMP, USD/MT | 2,842.0 | 0.1%