Abu Dhabi Ports (ADP) wants to invest some EUR 500 mn to develop Egypt’s river transport infrastructure and industry. 

Eight players have expressed interest in setting up green hydrogen plants in Egypt, and MoUs are soon expected to be signed, according to Suez Canal Economic Zone (SCZone) CEO. 

The General Authority for Free zones and Investment (GAFI) is looking into applications for golden licenses submitted by 40 companies.

The Industrial Development Authority (IDA) is currently studying some 500 requests for industrial land from local and foreign investors.

The government’s car import scheme has attracted USD 307 mn since its launch in November, out of the Ministry’s USD 2.5 bn target. 

An Emirati consortium signed an MoU with GAFI to establish a finance hub in the new administrative capital.

EAST (FV: EGP24.72, OW) raised selling prices across all products by EGP1.50-3.00/pack to cover inflation and EGP devaluation. EAST to record revenues of EGP18,786 mn during FY22/23 and an attributable net profit of EGP4,402 mn. EAST is currently trading at a FY22/23 PE of 6.6x and an EV/EBITDA of 2.5x.

The government plans to raise export subsidies to EGP 28-30 bn in FY23/24 from EGP 8 bn in FY22/23. Under the new 3-year program, the rebate rate is 8% of export value. ORWE and DSCW are the key beneficiaries of the program.

DSCW decided to adjust the prices and volume of their treasury buy-back program to 70 mn shares at a price of EGP0.45/share.

Lawmakers have called on the government to introduce price controls on building materials amid a recent surge in prices. They also called on the government to reconsider the anti-dumping duties. 

Low global inventories of copper and a rebound in Chinese demand for the metal could see prices surge as high as USD12k per ton.

MNHD launched the first phase of Rai which is located on the Sarai land plot.

ETEL BoD revised the proposed dividends distribution upwards to EGP1.25 per share from EGP0.75; DY of 5.5%. ETEL is currently trading at 2023f P/E of 3.7x and EV/EBITDA of 3.2x.

The value of transactions processed over InstaPay recorded EGP112.7 billion by the end of 2022.

Al Baraka Bank intends to acquire undisclosed shares in Banque du Caire’s digital payments subsidiary Taly. 

OFH released FY22 results with net loss at EGP133.4 mn (-31% y/y), driven by higher operating expenses, salaries, and admin expenses.

MOIL signed an MoU with Al Jihaz Holding by which the latter will acquire Valentine Maritime which is wholly owned by MOIL. 

Weekly Commodity Update |           Last Price            WoW Change, %

LME Copper Cash Price, USD/ton     8,911.8            3.9%

LME Aluminum Cash Price, USD/ton 2,296.8            3.2%

Brent, USD/bbl            75.0     2.8%

Steam Coal, USD/ton 175.4   1.4%

Polypropylene, USD/ton         1,022.5            -1.7%

Steel/Iron Ore Spreads, USD/ton       488.7   -2.0%

SMP, USD/MT            2,648.0            -3.0%

Crude Palm Oil, USD/MT       820.1   -9.1%

Egyptian Retail Cement, EGP/ton      1,921.5            0.3%

Diesel-HSFO Spread, USD/ton          412.6   0.1%

Polyethylene, USD/ton           1,150.0            0.0%

Egypt Urea, USD/ton  378.0   0.0%