Al Ahly Pharos

Saudi Public Investment Fund’s (PIF) telecom infrastructure subsidiary, Tawal, is looking to buy several telecom towers from Vodafone Egypt and another undisclosed telecom company. Supply Minister has proposed hiking the price of subsidized sugar to EGP18 from EGP12.6 per kilo. The proposal has not been approved yet by the government.The CBE will auction USD500 million worth of one-year USD-denominated treasury bills with the submission deadline penciled in for 11 AM today.A number of fo...

Market Overview HRHOHELISKPCORWEPrepared by: Mayada Amin - CETA, CFTe

Prime Minister said the government will unveil several investment opportunities in key sectors during the joint investment conference between Egypt and the European Union slated for 29-30 June.Prime Minister and several government officials on Thursday held an online meeting with over 200 international investors, representing 110 companies. The conversation centered around the local investment environment and gave investors the chance to ask questions.Egypt’s net foreign asset deficit continu...

Market Overview COMIEASTAFDIORASBINVprepared by: Mayada Amin - CETA, CFTe

Prime Minister said that a subsidized bread loaf will be sold at 20 piastres, up from 5 piastres starting in June.The government is currently looking into replacing subsidies with cash support, a move which will allow citizens to use the support according to their needs.The government will hike electricity prices in July with the beginning of the new fiscal year. On average, the hikes will exceed 20%, but not yet determined.The EU and Egypt are expected to sign an EUR35 million financing agre...

Market Overview

Egypt is looking to welcome some 15.5-16.5 mn tourists this year, Tourism Minister said. The Ministry has revised its initial target of 17-18 mn due to geopolitical tensions.There will be no increase to income tax rates or brackets, Finance Minister, in response to media reports that claimed otherwise.The government is looking to launch a telecom-focused sub-fund under the Sovereign Fund of Egypt (SFE) within weeks. The Ministry of Environment is preparing a package of projects worth clo...

Market Overview SWDYSKPCMFPCBINVPHDCPrepared by: Mayada Amin, CETA, CFTe

Foreign investments in the secondary market for treasuries recorded a net sale on Monday of EGP1.7 billion, the first after the EGP flotation early March. Foreigners bought EGP326 million worth of treasuries and sold about EGP2.04 billion. American energy company Apache invested USD137 million in exploration activity in Egypt during the 1Q24. The government is looking to cut down on its spending on bread subsidies to bring the selling price closer to the “massive” cost of production...

Market Overview Prepared by: Mayada Amin- CETA, CFTe

Egypt and Italy agreed to kick off negotiations for the fourth phase of their debt swap arrangement.The government intends to invest EGP8 billion to establish six strategic stores for medicines and medical supplies, with construction operations to be completed during the next year.The government intends to renew the initiative to exempt gold from customs until the end of next June.The Chairman of the Plan and Budget Committee in the House of Representatives stated that Egypt will pay another ...

Market Overview ETELCCAPPHDCAMOCprepared by : Mayada Amin - CETA, CFTe

The CBE decided to keep the current key interest rates unchanged in its meeting held on Thursday. The CBE attributed its decision to the easing inflationary pressures, among other factors.The IMF is currently conducting the third review of Egypt’s expanded USD8 billion loan program.UK-based and Africa-focused petroleum firm Vivo Energy has reportedly submitted an offer of around USD100 million for 174 gas stations currently owned by state-owned fuel retailer Wataniya.The government has report...

Market Overview MASREASTCLHOMENAprepared by: Mayada Amin - CETA, CFTe

The CBE withdrew surplus liquidity from banks worth EGP872.5 billion from in open market operations fixed rate deposits of 27.75%, while returning liquidity worth one trillion pounds that it had withdrawn last week. The government lowered its forecast for the economic growth rate in FY2023/24 to 2.8% - 2.9%, from a previous forecast of 3%, as a result of geopolitical turmoil.Representatives from the IMF are in town to conduct the third review of our loan program. The review will unlock t...

Market Overview EMFDHELIMASREFID

The CBE sold yesterday 3-years T-bonds worth EGP5 billion, more than the EGP4 billion originally targeted. Yields averaged 24.83%, lower than 24.98% in the last auction.The government is planning a 20% payment of international oil companies’ dues during June 2024. Current dues reached USD4.5 billion after the payment of USD1.5 billion last March. Egypt’s production of natural gas increased by 4.8% MoM to 4.49 bcf in March 2024. However, production decreased by 15% YoY. On the other hand,...

Market Overview PHDCORHDISPHESRSprepared by: Mayada Amin- CETA, CFTe

The government is planning to offer up incentives to investors looking to invest in tourism projects that will wrap up construction before June 2026.A source at the General Authority for Investment and Free Zones revealed that the Authority is in the process of establishing 4 environment-friendly investment zones by 2030, with investments of EGP5 billion.The House gave final approval to the Unified Insurance Law, which will draw up new and comprehensive rules for regulating the Insurance indu...

Market Overview