Some global investment banks, including Goldman Sachs and Pimco, now think the Federal Reserve will pause on its tightening cycle when it meets next week to prevent the US banking crisis from intensifying.  

Global investment banks are calling for further depreciation in the EGP and a major rate hike of 200-300 bps.

The number of tourists visiting Egypt jumped 34% y-o-y during January and February 2023.

Traffic in the Suez Canal recorded yesterday the highest daily rate with 107 vessels and a total net tonnage of 6.3 million tons.

Natural gas will continue to be sold to electricity plants affiliated with the Electricity Ministry at USD3/mmBtu while relieving the Ministry of Finance from the USD0.25/mmBtu it used to bear in subsidies.

AMER reported a 28.8% y/y decrease in FY22 revenue to EGP1.3 billion and FY22 net loss before minority of EGP195.2 million, compared to FY21 net profit before minority of EGP83.2 million.

ADQ is reportedly in early talks with the government to acquire a 10-15% stake in the state-owned Delta Sugar Company.

Egypt and Greece are in the process of selecting a consultant to conduct feasibility studies for the USD4 billion EuroAfrica Interconnector that will link their electricity grids.

Italian cable manufacturer Prysmian is expected to finish manufacturing the EUR221.6 million subsea cable that will link the power grids of Egypt and Saudi Arabia and have it installed by the end of December.

Emirates Global Aluminum company is open to investing in the field of electircity, renewable energy and green hydrogen in Egypt.

Mansour Auto is planning to invest USD16 mn in a program that will see manufacturing of new models across their brands portfolio.