The National Wages Council decided to raise the minimum wage for private sector workers to EGP7k a month, up from EGP6k, starting March. The Council also set the value of the bonus granted to employees at no less than 3% of their social insurance wage with a floor of EGP250 per month.

Hong Kong-listed United Energy Group (UEG) inked a sale and purchase agreement to fully acquire Apex's upstream oil and gas exploration and production operations in Egypt for an undisclosed sum.

A consortium of Infinity Power, Hassan Allam Utilities, and the UAE’s Masdar secured a 20 sq km land plot in New Valley Governorate’s Dakhla Oasis for their 900 MW solar power plant and its accompanying battery storage.

South Sinai is looking to pull in EGP500-600 billion in industrial investments. Both foreign and local investors will be offered plots to encourage investment.

The Investment Authority is close to issuing a comprehensive decision which includes updating the financial and accounting standards and procedures for companies evaluation, including mergers, divisions, and amending the companies' financial structures, and updating the methods of evaluating in-kind shares.

The Egyptian government is close to concluding negotiations with the European Union and the European Bank for Reconstruction and Development (EBRD) to obtain financing of up to EUR200 million to launch a new power line,  to transmit electricity produced from wind energy projects in Gebel El Zeit, which will take a year to implement.

ADIB (FV: EGP85.00, OW) recorded a strong 4Q24 consolidated bottom line post minority of EGP2,207 million (-1% q/q, +97% y/y), bringing FY24 bottom line post minority to EGP9,009 million (+93% y/y and 6% higher than Al Ahly Pharos estimate). Board of Directors proposed to increase the bank’s paid-in capital from EGP6 billion to EGP12 billion, through the distribution of one share for each original share before the increase, deducted from FY24 net profit. The bank is currently trading at P/E25 2.4x.

OCDI reported strong FY24 sales of EGP50.3 billion, up 66.2% y/y, implying 4Q24 sales of EGP10.5 billion, up 0.5% y/y and down 63.5% q/q. Sales performance in FY24 was driven by the launch of Ogami on the North Coast, which contributed sales of EGP24.5 billion. OCDI plans to open five new hotels offering a total of 550 rooms, is studying acquiring land plots of no less than 300 feddans in East and West Cairo, and is looking into expanding into education.

U.S. President said that he will introduce new 25% tariffs on all steel and aluminum imports into the U.S., on top of existing metals duties.

Egypt steel production increased 12.3% YoY to 9.04 million tons in 2024, while steel sales inched up 6.1% YoY to 7.0 million tons throughout the year. 

Egyptian cement manufacturers received export orders of 1 million tons this month, driven by the reconstruction of neighboring countries, primarily Libya, Syria, and Iraq. Libyan market captures more than 50% of the received orders. 

Badr City’s medical city Capital Med is planning to make its EGX debut through a direct listing in 1H25. The company will then move forward with a capital increase to fund the construction of the new phase of the medical city. Al Ahly Pharos will act as the financial advisor and offering manager for the listing.

The Suez Canal Economic Zone signed a contract with ETRS and Nafith International to develop a smart truck yard in West Port Said Port at an investment cost of EGP250 million.

Weekly Commodities Update

Last Price | WoW Change, %
Brent, USD/bbl | 74.7 | -2.7%
Diesel-HSFO Spread, USD/ton | 259.2 | -1.6%
Egypt Urea, USD/ton | 447.5 | 3.2%
Polyethylene, USD/ton | 940.0 | 0.0%
Polypropylene, USD/ton | 957.5 | 0.0%

Iron Ore 65%, USD/ton | 123.3

Steel/Iron Ore Spreads, USD/ton | 375.0 | -1