An Emirati investor offered to buy all the shares of Misr Life Insurance Company, which is listed in the government public offering program. The Sovereign Fund of Egypt prefers the option of offering a share of the company on the EGX of no less than 25%, and intends to implement this offering during 1H2024.

The Transport Ministry has nominated its investment arm MOT Investment and Projects and the state-owned shipping firm National Navigation Company (NNC) to be added to the privatization program. 

The pan-Arab Arab Authority for Agricultural Investment and Development (AAAID) is planning to invest USD100 million in Egypt over the next three years, the authority’s chief said.

Saudi-based IT services and consulting firm Megamind is in talks to implement a EGP4 billion project in Egypt’s healthcare sector.

Egypt is negotiating with the World Bank on two new programmes, one of them to boost flexibility for small and medium enterprises. In addition, the WB is studying funding worth USD300 million in the current fiscal year to stimulate a competitive, flexible, and green economy.

Egypt and Oman are in talks to establish a fund for investing in agriculture, manufacturing, food, and pharma.

PHDC (FV: EGP5.59, OW) intends to obtain EGP11.0 billion in debt, EGP9.0 billion of which would be earmarked for Badya.

The Administrative Capital for Urban Development Company (ACUD), developer of the New Administrative Capital, intends to raise at least EGP150.0 billion from offering a 5-10% stake on the EGX in 2Q24.

The government is working on an initiative that could allow Egyptian expats and foreigners to purchase properties from private-sector real estate developers in FX.

Kima released 1Q23/24 unaudited financial indicators posting a 9% YoY decline (-4% QoQ) in revenues. This comes as global urea prices decline by 45% YoY (-6% QoQ), and as the exchange rate increases by 60% YoY. COGS increased by 30% YoY. Net profit declined by 26% YoY. Kima is currently trading at a 2023/2024f P/E of 10.5x.

The Egyptian Electricity Holding Company (EEHC) will close the bidding window for its tender for five concentrated solar power plants tomorrow, according to local media. The plants will power desalination plants on the North Coast. 

ACDEMA and PHAR are close to completing the procedures for establishing a multi-purpose factory specializing in the manufacture of pharmaceutical raw materials (API). 

Fitch Ratings downgraded the operating environment score of the National Bank of Egypt, Banque Misr, Banque du Caire, and COMI to ‘B-’ from ‘B’ and revised its outlook to stable from negative, in line with the sovereign rating.

Three consortiums have submitted bids for the credit rating license offered by the FRA including a joint bid from BTFH and Italy-based CRIF Ratings. The chosen consortium will be announced before the end of the year.

The CBE has issued a set of regulations for credit rating agencies, giving firms a 12-month period to make sure their operations abide by the new rules.

The CBE has published the new executive regulations for the Anti Money Laundering (AML) Act.