CBE is expected to raise rates by 200-300 bps at its MPC meeting today.
Cabinet approved the FY 2023-2024 budget. The Finance Ministry will increase by 28% its spending on social safety programs and has raised allocations to food subsidies by 20% and fuel subsidies by 24%.
The Finance Ministry is targeting 4.1% growth in FY 2023-2024 and expects to deliver a 2.5% primary surplus and a budget deficit of 6.4%. Inflation is expected to sit at an estimated 16%.
The Tourism Ministry is raising ticket prices for visiting archeological sites and museums starting 1 December 2023.
Food exports grew 3.1% y/y in January-February 2023 to USD665 million.
Bahraini investment firm, Modern Development and Investment Company, is considering setting up USD-denominated funds to invest in a range of sectors in Egypt.
Discussions regarding offering Elab as part of the government’s privatization program revolve around offering a 15%-23% stake.
In EMFD’s Hilltop phase in Uptown Cairo, the company is linking its selling prices to the USD.
MNHD is considering expanding to the New Administrative Capital and in the Gulf region. The company is also planning to change its name from Madinet Nasr to Madinet Masr.
Cabinet approved PHDC’s Badya University which will open in September 2023.
Cabinet approved facilities for real estate companies, including a deadline extension on projects and a reduction of the interest rate paid on land installments.
The Ministry of Transport will announce, mid April, the winning consortium to implement the Abu Qir metro project with investments of EUR1.8 billion. Qualified consortia include SWDY - German Siemens, French Alstom - Arab Contractors - Hassan Allam - Concord, ORAS - Colas Rail, and a consortium of Chinese companies.
The Egyptian Nuclear & Radiological Regulatory Authority has given the green light to establish a third unit for the Dabaa Nuclear Power Plant. The planned four reactors for the Dabaa Nuclear Power Plant are expected to operate at a full capacity of 4,800 MW by 2030. The first nuclear reactor is set to go into operation in 2028.
MTIE 4Q22 net profit reached EGP127 million (+218.3% YoY, +75.3% QoQ), bringing FY22 net profit to EGP342.7 million (-6.9% YoY).
Cabinet signed off on golden licenses for Bosch subsidiary, BSH Home Appliances, and Turkish retailer Beko.
According to local press, the Industrial Development Authority intends to provide digital services to investors in cooperation with EFIH.
EGX’s Listing Committee approved the temporary listing of the shares of DIGITIZE for Investment and Technology with an issued capital of EGP12 million.
POUL decided to not distribute cash dividends for 2022.
CNFN OGM approved distributing cash dividends of EGP0.252/share. Distribution date is 13 April 2023.
Faisal Islamic Bank’s Faisal for Financial Investments wants to launch a EGP1 billion sukuk fund by the end of 2023.
Expats now have five years to bring their vehicles into the country instead of one year.
Rimco EGT Investment increased its stake in MCRO from 2.1% to 5.43%.