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*Key news articles for today*Net International Reserves inched up to USD48.14 billion at the end of April, up from USD47.76 billion in March. The ascent is driven by a USD1 billion increase in the value of gold component of reserves, driving the reserves up, despite the lower value of foreign currencies which recorded USD34.32 billion down from USD35.14 billion in March.Trump said the US would stop attacking the Houthis in Yemen, as Oman confirmed a "ceasefire" had been reached with the Iran-backed group for it to stop targeting shipping in the Red Sea.The Finance Ministry is looking to collect some EGP722 mn from the incoming stamp tax on EGX transactions in the upcoming fiscal year, as part of a broader plan to collect some EGP 61 bn from stamp duties through various channels, a government source said. The draft law for the implementation of the stamp tax on EGX transactions is currently in its final stages of preparation ahead of being submitted to the House of Representatives for final approval, upon which it would replace the long-delayed capital gains tax on bourse transactions.The Tourism Ministry is looking to secure some EGP200 mn to launch the second iteration of the subsidized loan program for hospitality players, Tourism Minister Sherif Fathy said.The International Finance Corporation (IFC) plans to invest USD1 bn in Egypt's agriculture and food industries during 2025, an IFC official said.The IFC is seeking to secure USD600 million in financing for the Abydos 2 project, which will be the largest photovoltaic solar power plant in Egypt, equipped with a battery energy storage system, and cost exceeding USD750 million.Egypt will host a delegation from the European Commission late in May to finalize negotiations to unlock a tranche of the EUR4 bn grant from the EU. Egypt is studying a plan to ramp up imports from Morocco to USD600 mn over the coming period to address the trade imbalance between the two countries.Chevron will invest at least USD120 mn in a new exploration concession to explore for oil and gas in the West Star concession in the northeast Mediterranean.OLFI released 1Q25 financial results, reporting net profit of EGP184 million (+17.2% YoY, -34.8% QoQ). OLFI is currently trading at FY25f P/E of 6.3x.POUL has signed an exclusive licensing agreement with French firm Avril to manufacture and distribute the “Sanders” and “Golden Horse” brands in Egypt and the Gulf region. The partnership involves investments totaling EGP200 million, with projected annual sales volume reaching 9,000 tons.Scatec has kicked off construction of its USD590 million, 1.1 GW Obelisk solar project with 200 MWh of battery energy storage in Nagaa Hammadi. The project will be fully operational in the second half of 2026. The project could cover up to 40% of EGAL's electricity needs and save more than 15% of the company's electricity cost. 

*Key news articles for today*Abu Dhabi wealth fund ADQ-owned AD Ports Group has inked a 50-year renewable usufruct agreement with the Suez Canal Economic Zone (SCZone) to develop and operate an industrial and logistics zone spanning 20 sqkm in East Port Said. Net foreign assets in Egypt's banking sector increased for the third consecutive month to USD15.04 billion in March, up c. 47.5% from February's USD10.2 billion. Commercial banks recorded their first surplus since August; their net foreign assets came in at USD2.5 billion in March. The government is preparing to unveil a revamped export subsidy program that will roughly double support rates across all sectors, introduce new incentives for branded exports, and prioritize higher value-added sectors. The framework is expected to be formally announced soon, come into effect on 1 July, and run through 2028.  The CBE has plans to issue a record EGP2.2 trillion in t-bills and bonds during the fourth quarter of the current fiscal year, marking a 9.7% q/q increase, to help cover the budget deficit.  The government plans to purchase 8.5 million tons of wheat in the upcoming fiscal year, split between local and imported supply. That is around 300k tons more than FY24/25. The government plans to implement a number of amendments and measures to increase the expected VAT proceeds during the next fiscal year, by including new sectors in the formal economy and applying the tax to entities previously exempted from it. This comes amid expectations of lower production costs and a further reduction in interest rates.  Sources told press that allowing banks to process customs imports after the official working hours without restrictions will expand the import and export base for investors, which will positively impact VAT revenue. ABUK released 3Q24/25 unaudited financial indicators with net profit came of EGP3.3 billion (-59% YoY, +5% QoQ). This brought 9M24/25 bottom line to EGP7.8 billion (-36% YoY). ABUK is currently trading at FY24/25f PE of 5.0x. EFIC released 1Q25 unaudited standalone results with net profit increasing by 32% YoY (-78% QoQ) to EGP208.9 million. EFIC is currently trading at FY25f PE of 5.2x. ABUK subsidiary North Abu Qir for Agri-Nutrient Company's Board of Directors approved the establishment of a new company under the name Khaleej Abu Qir for Agri-Nutrient as a private free zone company with an authorized capital of USD100 million and issued and paid-in capital of USD5 million.  ABUK subsidiary Global Company for Methanol and its Derivatives' general assembly approved the liquidation of the company, and the redemption of the shareholder shares in the company's capital. TMGH (FV: EGP75.00, OW) launched the second phase of SouthMed on the North Coast. Weekly Commodities Update|   | Last Price | WoW Change, % | Brent, USD/bbl | 66.9 | -1.6% | Diesel-HSFO Spread, USD/ton | 216.7 | 2.1% | Egypt Urea, USD/ton | 392.5 | -0.6% | Polyethylene, USD/ton | 940.0 | 0.0% | Polypropylene, USD/ton | 990.0 | -0.5% | LME Aluminum Cash Price, USD/ton | 2,396.3 | 2.9% | LME Copper Cash Price, USD/ton | 9,376.4 | 2.4% | Egyptian Retail Cement, EGP/ton | 3,527.0 | 0.1% | Steam Coal FOB Newcastle Australia, USD/ton | 93.8 | -1.4% | SMP, USD/MT | 2,795.0 | -2.8%

*Key news articles for today*Egypt is having to increasingly look to debt to bridge the budget deficit and repay its debt obligations, with the government financing gap in the next fiscal year's draft budget up by over 25% to EGP 3.6 tn. The widening shortfall is attributed to a fall in non-tax revenues coupled with increased social spending. The days of investors trudging from government office to government office to get projects off the ground may soon be over, with the state set to launch its in-the-works online unified licensing platform next month. The exchange rate of the USD against the EGP fell below EGP 51 this week, as US reduced customs duties began to bring out relief for the market. The rebound in the value of the EGP is down to an increase in foreign investment inflows, a senior banking source said. The Deputy Minister of Electricity, revealed that investments in the project to export Egyptian electricity from renewable energy sources will range between USD15 and USD20 billion, adding that the government recently completed preliminary studies for the project and is in the process of conducting detailed and final studies in cooperation with the Emirati company K&K. The number of tourists arriving to Egypt increased by 25% year-on-year during 1Q2025, reaching 3.9 million tourists. The CBE withdrew EGP740.85 billion through the weekly open market auction, with an annual return of 25.5% and for a period of 7 days. ExxonMobil is seeking to sell its only gas discovery in Egypt, Nefertari-1, as it believes the discovery does not fit within its portfolio in terms of the reserves required to begin development and production operations, as it focuses on discoveries with reserves exceeding 4 trillion cubic feet of gas. TMGH (FV: EGP75.00, OW) is in advanced stages of negotiations to develop a mixed-use project on a 14.0 million sqm land plot southwest of Baghdad in Iraq. The project is expected to host around 45k mixed-use units and generate sales of around USD17.0 billion and recurring income of over USD1.5 billion per year upon completion. TMGH expects to receive the land by the end of 2025.               SUGR released 1Q25 financial indicators, with net profit reaching EGP315 million (+45.3% YoY. +8.7% QoQ). SUGR is currently trading at FY25f P/E of 4.9x. SWDY stated they haven't signed new industrial projects in Iraq, but they are still studying some potential ventures.

China's Wu'an Xin Feng has kicked off construction on its planned USD1.7 bn integrated industrial complex in Ain Sokhna's Industrial Zone, the Suez Canal Economic Zone (SCZone) said in a statement. The two-phase complex being built by the company's Egyptian arm Xin Feng Egypt Steel will be completed over a five-year period and create 8k direct jobs.The Asian Infrastructure Investment Bank (AIIB) is putting together USD300 mn in budget support for Egypt, Planning and International Cooperation Minister Rania Al Mashat said. The agreement is expected to be finalized by June, Al Mashat said, adding that negotiations have been completed.Kuwait's Bukhamseen Holding plans to invest between EGP30-40 bn in Egypt over the coming two years, Asharq Business reports. The investment ticket, currently equivalent to USD590.0-786.6 mn at today's exchange rate, will go toward several sectors, with a focus on hospitality.Five Arab and foreign investment funds are negotiating with the Egyptian government to acquire strategic stakes in government hospitals and pharmaceutical companies that were recently listed as part of the IPO program, according to government sources. They added that Emirati and Saudi companies are the most interested in the Egyptian pharmaceutical market, and they expect the coming period to witness major acquisitions in this sector.Egypt's non-oil trade deficit narrowed by 27.7% y-o-y in 1Q 2025 to USD6.3 bn, according to a government document. This was supported by a 27% y-o-y rise in non-oil merchandise exports, reaching USD12.7 bn, up from USD10.0 bn.The overall state budget deficit decreased during 8M FY2024/25 to EGP879.3 billion, 5.1% of GDP, compared to EGP898 billion, equivalent to 6.5% of GDP, during the same period of the previous year. This was due to a 32.8% growth in general revenues to EGP1.442 trillion, compared to EGP1.086 trillion.The central bank sold USD984.9 mn in one-year USD-denominated t-bills yesterday at an average yield of 4.25%, surpassing its USD950.0 mn target, according to data on its website. The issuance will go toward refinancing an outstanding debt worth USD950 mn.TMGH is negotiating with the Iraqi government to develop an administrative project in Baghdad, with the project expected to cost over USD10.0 billion and cover a land area of 35.0 million sqm. The final agreement is expected to be reached by the beginning of 2026.OCDI reported annually solid 1Q25 revenue of EGP2.8 billion, up 50.0% y/y and down 20.5% q/q, and net profit of EGP950.7 million, up 143.7% y/y and down 40.3% q/q.CCAP expects ASEC Mining's (ASCOM) disclosed impairment, amounting to EGP320.5 million, will have a negative impact on CCAP's consolidated net profit on 31 December 2024 of c. EGP190.6 million. Noting that the impairment has been booked until the legal proceedings, which may result in the return of the pledged shares or their value, are completed. EFID plans to invest EGP1.0 billion in 2025 to expand its production capacity.Weekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 66.9 | -1.6% | Diesel-HSFO Spread, USD/ton | 216.7 | 2.1% | Egypt Urea, USD/ton | 392.5 | -0.6% | Polyethylene, USD/ton | 940.0 | 0.0% | Polypropylene, USD/ton | 990.0 | -0.5% | LME Aluminum Cash Price, USD/ton | 2,396.3 | 2.9% | LME Copper Cash Price, USD/ton | 9,376.4 | 2.4% | Egyptian Retail Cement, EGP/ton | 3,527.0 | 0.1% | Steam Coal FOB Newcastle Australia, USD/ton | 93.8 | -1.4% | SMP, USD/MT | 2,795.0 | -2.8%

*Key news articles for today* The House has passed the new Labor Act. The new act needs to be published in the Official Gazette and we'll need to see the executive regulations to it. The country's specialized labor courts (a key feature of the law) are expected to start operating on 1 October 2025 when the new judicial year kicks off. Finance Minister Ahmed Kouchouk delivered his budget statement to the House. Highlights of the budget include:1. Egypt's real GDP growth is expected to accelerate to 4.5% in the coming fiscal year, up from an estimated 4.0% in FY 2024-25.2. The gov't sees the primary surplus reaching 4.0% of GDP.3. A 23.0% y-o-y jump in public revenues to EGP 3.1 tn and a 19.2% y-o-y rise in expenses to EGP 4.6 tn.4.  The government is aiming to raise some EGP2.6 tn in tax revenues in the upcoming fiscal year.5. The government targets decreasing the public debt to GDP to 81% by end of June 2026 and decreasing the external debt of budget sector by up to USD2 billion annually. Egypt hopes to attract some USD4 bn in new Kuwaiti investments this year — part of a wider USD6.5 bn target through the end of 2026.Eni plans to drill two new gas wells in Egypt's Zohr field next year, with an estimated investment of USD360 million.The African Export-Import Bank (Afreximbank) intends to provide USD2 billion in financing to Egypt during the current year, divided between direct and indirect financing. The direct financing will be directed to Egyptian banks and strategic commodities, while the indirect financing will focus on supporting projects implemented by Egyptian companies in other African markets.ORAS announces the start of commercial operations of 500 MW at the newly expanded 650 MW Build-Own-Operate (BOO) wind farm in Ras Ghareb, Egypt six months ahead of schedule. ORAS owns 25% of the project. ORHD (FV: EGP34.74, OW) Board approved the distribution of EGP0.384/share cash dividends, implying a dividend yield of 1.7%.HELI (FV: EGP18.84, OW) received three offers to co-develop its 52k sqm land plot in Mansoura.Italian chemicals manufacturer Mapei has inaugurated the first phase of its second Egypt factory — a EUR25 million plant in Tenth of Ramadan — to produce chemical and insulation materials. China's Binhua Group — or Befar — broke ground on their USD500 million chlor-alkali production facility in the China-Egypt TEDA trade zone, according to a statement from the Suez Canal Economic Zone (SCZone). The big-ticket project is split between a USD300 million first phase — to be completed within 18 months — and a second USD200 million second phase. 

El Sisi wrapped his Qatar trip with a big investment agreement, which saw the Gulf state further cement warming relations by agreeing to work towards a USD7.5 bn package of direct Qatari investments in Egypt in the near future, according to a joint statement from the two nations.The Industry Ministry launched the first phase of a new EGP 30 bn financing initiative offering reduced 15% interest rates to seven priority industrial sectors, according to a ministry statement. Majid Al Futtaim Holdings' (MAF) Majid Al Futtaim Properties is investing EGP15 bn in a new mixed-use project dubbed Junction, which will be located next to Mall of Egypt in West Cairo.Incoming Saudi projects will get the golden license treatment, Prime Minister Moustafa Madbouly told Saudi investors yesterday, according to a cabinet statement.The House will take its final vote to approve the final balance sheet for the FY 2023-24 state budget and to discuss how well the country tried to balance the books during the last fiscal year. Chairman of the Federation of Egyptian Banks and Chairman of the National Bank of Egypt, said that the Egyptian market has absorbed the shock caused by the recent escalatory statements by US President Donald Trump, stressing that between 80 and 90% of the hot money that left the bank at the beginning of the crisis. returned within a short time.The final accounts for the past FY 2023-2024 showed the highest increase in Egypt's primary budget surplus in five fiscal years, rising to EGP859.5 billion (about USD16.7 billion), recording 6.1% of GDP. Besides, the overall deficit recorded a drop to 3.6% of GDP supported by Ras Al Hekma deal funds.MTIE net profit came in at EGP1.06 billion in 2024, compared to EGP687 million in 2023, an increase of 54.7% YoY. MTIE is trading at 2025f P/E of 6.9x.RACC net profit came in at EGP339.9 million in 2024, compared to EGP159.7 million in 2023, an increase of 112.8% YoY. EKHO to distribute cash dividend of USD0.035/share on 29 April 2025 for shareholders of record on 23 April 2025. According to local media, TMGH launched a new phase in its Banan project in Saudi Arabia.Chamber of pharmaceutical industries intend to submit a request to ministry of Industry to secure funds of EGP1 billion for the sector's companies in light of the EGP30 billion initiative. 

 Trump dropped new tariff rates on imports from most U.S. trade partners to 10% for 90 days to allow trade negotiations with those countries, while raising the tariffs imposed on imports from China to 125% “effective immediately”.The EGP dipped against the USD during trading yesterday, setting a new post-float low as the greenback changed hands for EGP 51.72-51.75.The Sovereign Fund of Egypt (SFE) will begin restructuring five military-owned companies ahead of their planned listing. The firms are filling station operator Wataneya, bottled water company Safi, food manufacturer Silo Foods, fuel retailer Chill Out, and the National Roads Company. The offerings will take place between this year and 2026.Egypt is planning on issuing USD2 bn in sukuk in 2025 through multiple offerings.Some 29 French companies discussed plans to invest in the local manufacturing and transport sectors during a meeting with Industry and Transport Minister.Egypt is preparing to receive a Moroccan government delegation in the coming weeks to continue talks on resolving a trade imbalance between the two countries.Prime Minister Mostafa Madbouly revealed that Egypt has begun taking preemptive measures to address the global trade war, including hedging the purchase of some strategic commodities, most notably wheat. The government has decided not to renew oil price hedging contracts, which expired at the end of last March and covered 35% of the contracts, in light of the sharp decline in oil prices below USD60 per barrel. Egypt's trade deficit declined by 0.58% YoY in January, recording USD3.42 billion, compared to USD3.44 billion in January 2024.Prime Minister Madbouly set the date for offering state-owned assets in downtown Cairo next June.Two new projects with investments estimated at approximately USD58 million within the scope of the Chinese-owned "TEDA-Egypt" industrial zone in the Suez Canal Economic Zone were founded yesterday, in the home appliances and food industries' sectors.QNBE (FV: EGP70.00, OW) recorded healthy results where 1Q25 net profit post-minority interest recorded EGP7,186 million (+14% q/q, +2% y/y). The stock is currently trading at 2025 multiples of P/B of 0.6x and P/E of 2.4x.Banque du Caire proposed capital increase received the approval of the EGX's listing committee. The bank will increase its issued and paid-in capital by EGP1.5 bn to EGP20.5 bn through issuing 750 mn new shares with a nominal value of EGP2 per share.PHDC (FV: EGP8.97, OW) Board approved a EGP1.3 billion loan for its subsidiary to finance the construction of 200 hotel rooms in Hacienda White on the North Coast. In addition, the EGM approved a EGP40.0 million capital decrease through retiring treasury shares.EKHO will pay out cash dividend of USD0.035 per share on its 2024 earnings after its general assembly approved the move. The assembly also approved the distribution of USD14.1 mn in bonus shares.PHAR stated in an EGX release that the record date for its 2024 dividend of EGP3.0/share is 17th of April, 2025. It added that the dividend will be distributed on two installments, the first one is EGP1.5/share with a distribution date of 24th of April, 2025 and the second one is EGP1.5/share with a distribution date of 15th of September, 2025. 

*Key news articles for today*The EGP rallied against the greenback yesterday, snapping a four-day slide as one USD changed hands for around 51.33 at both public and private banks, as a handful of foreign portfolio investors cautiously bought back into Egyptian debt. Tariff relief could be on its way, with the US considering easing its recently imposed 10% tariff on exports from Egypt's Qualifying Industrial Zones (QIZs) as well as on some goods subject to most-favored nation (MFN) tariffs.Trump's new tariffs on dozens of countries have come into effect, including 104% duties on Chinese goods, deepening his global trade war.The Finance Ministry now sees Brent crude prices averaging USD77 per barrel from July 2025 through June 2026, down from its previous forecast of USD82 a barrel in the FY 2024-25 budget, a government source said. The government is looking to hedge against future uncertainties by renewing its annual hedging contracts with investment banks.The current decline in prices and renewed tariff-induced inflation concerns could also prompt the government to consider temporarily postponing fuel price hikes, especially as the average selling price inches closer to the break-even point of USD57 a barrel without government subsidies.Egypt, France — through the French Development Agency (AFD) and the EU inked nine agreements for soft loans and grants worth a combined EUR262.3 mn for infrastructure projects. The two sides also inked a number of agreements in other sectors.Italian energy giant Eni has plans to invest around EUR24 bn over the next four years in Egypt, Libya, and Algeria to boost production, each country will get EUR8 bn in investment.The Ministry of Transport is seeking soft loans from the French Development Agency (AFD) worth USD500 million over the next five years to cover the cost of implementing six future railway and metro projects that require imported components.ETEL announced distributing 2024's dividend per share of EGP1.50 on 24th April 2025. Record date is 17th April 2025.EFIH's general assembly approved distributing 5 bonus shares for every 10 shares originally held (1 share for every 2 shares). This brings the company's issued capital to EGP1.733 billion, distributed over 3.467 billion shares.GBCO's general assembly approved cash dividends distribution of EGP0.35/share for FY24, to be paid on two tranches, one on April 30, 2025, and the second on July 17, 2025. The record date will be on April 27, 2025. This implies a payout ratio of 13.0% and a dividend yield of 1.7%.ORWE's general assembly approved cash dividends distribution of EGP1.60/share for FY24, implying a payout ratio of 48.5% and a dividend yield of 7.0%.DOMT has given initial approval to a plan to split the company into two separate entities. The firm has appointed Matouk Bassiouny & Hennawy as the legal advisor for the demerger process.

Egypt will continue to rely on a flexible exchange rate regime as a first line of defense against global shocks, central bank Deputy Governor Ramy Aboul Naga said. Aboul Naga signaled that the central bank will cut interest rates when it's convinced inflation won't pick up again.The EGP continued to weaken against the USD in trading yesterday, slipping to fresh lows and ending the day at a selling price of around EGP 51.44-51.47 at public and private banks, marking the second consecutive day of an exodus of foreign investors from the local debt market.Egypt and France inked a strategic partnership agreement that will focus on areas including railway industry localization, technical and vocational training, AI, cybersecurity, and green hydrogen, President Abdel Fattah El Sisi said in a joint press conference with French President Emmanuel Macron.Thailand's Hi-Tech Apparel began construction on its USD 20 mn sportswear factory in the Qantara West Industrial Zone. The factory will have an annual production capacity of 6 million garments, which will be exported to markets including those in the Americas and Europe. It is expected to kick off production early next year.Energy giant Chevron will start surveying operations for the east Mediterranean seabed the upcoming summer, in preparation for the gas pipeline connecting the two countries, according to a statement from the Cypriot government.Net foreign reserves rose to USD 47.8 bn at the end of March 2025, marking a USD 363 mn increase from February, according to data from the Central Bank of Egypt (CBE).Egypt's population growth dropped to historic low in 1Q 2025, coming in at 1.3%, down from 1.4% during the same period last year and 1.6% for the quarter in 2023, according to a statement from the Health Ministry.Egypt signed nine financing agreements with the French Development Agency (AFD), totaling EUR262.3 million, as loans and grants, according to the Middle East News Agency.Hossam Heiba, Chair of the General Authority for Investment and Free Zones, said that ambitious targets have been set for the coming years, including attracting USD60 billion in foreign direct investment, raising the value of exports to USD145 billion, and working to achieve a private sector contribution of up to 65% of total investments by 2030.Foreign investors' net sales of treasuries in the secondary market amounted to approximately EGP26.34 billion, equivalent to c.USD511 million, since the beginning of this week, according to data from the Egyptian Stock Exchange.Egypt has reached an agreement with Germany to lease the gasification vessel "Energius Power" to receive liquefied natural gas (LNG) shipments for a period of five years, at USD80 million annually. The vessel's capacity is 500 million cubic feet of gas per day, and it is expected to arrive at the Sokhna port by next June.Al Arabiya revealed new details about Egypt's negotiations with foreign oil companies regarding the proposed increase in the purchase price of natural gas. A government official explained that the purchase price will rise from approximately USD2.7 per million British thermal units to more than USD4, and more than USD8 in deep offshore concession areas.EFID's general assembly approved distributing cash dividends of EGP1.14/share for FY24, to be distributed on two equal installments. This implies a payout ratio of 49% and dividend yield of 4.2%PHAR stated in an EGX release that the subscription coverage of the IPO second stage is 1.28x. The Company added that the allocation for subscribing shareholders in the second phase will be approximately 75.30%. HRHO is currently preparing 7 Gulf IPOs, 2 IPOs in Egypt and around 10 M&A transactions.

The EGX30 dropped 3.3% at yesterday's close as global equity markets react to Trump's recent decisions. Other MENA capital markets fell too on the new tariffs and oil price plunge.The EGP fell just over 1% against the greenback in trading yesterday. The dip saw the EGP pass the 51-mark against the USD and slip to its lowest level since last year's March float. The drop came amid global uncertainty after Trump's tariffs came into effect over the weekend, provoking uncertainty which might have led investors to exit some high-risk markets and pull out of both local and foreign debt. IMF Executive Director and former Finance Minister Mohamed Maait told reporters yesterday that the global economic picture remains murky.Egypt targets attracting new French investments worth EUR1 billion in eight main sectors, including renewable energy, CIT, medical equipment, and food industries.The Ministry of Finance has announced plans to implement 12 projects as PPP, in the water, sanitation, and electricity sectors, with investments exceeding EGP60 billion. The Finance Ministry is looking into offering additional incentives and financial support to the first 50k SMEs that join the simplified tax system as first-time taxpayers, Finance Minister said.The Finance Ministry will begin issuing retail bonds through Egypt Post at what it describes as attractive interest rates. The Egyptian Drug Authority (EDA) is developing a new automatic pricing mechanism for pharma products that will adjust prices up or down based on fluctuations in input costs, most notably the EGP-USD exchange rate and raw material prices.The Ministry of Finance revised its budget estimates for the current fiscal year 2024-25, reducing total expenditures to EGP3.838 trillion, compared to EGP3.87 trillion in the budget estimates. It also raised the interest bill to EGP1.914 trillion from EGP1.834 trillion, lowered its public investment forecast from EGP495.8 billion to EGP385.5 billion, and maintained the subsidy bill at EGP635.94 billion.HELI (FV: EGP18.84, OW) reported 4Q24 net profit of EGP814.0 million, down 89.6% y/y and up 134.4% q/q, bringing FY24 net profit down 67.2% y/y to EGP2.6 billion. The Board proposed the distribution of cash dividends of EGP1.33/share, implying a payout ratio of 69.6% and dividend yield of 11.6%, and the distribution of 2:1 stock dividend.GBCO announced that it has been assigned by Hyundai Motors to be the official distributor of its luxury brand Genesis in Egypt.DOMT announced that it is still in the process of studying and negotiating with Arla Food to potentially exclude its bakery segment from the transaction.HRHO's Bank NXT reported a 54% y/y increase in FY24 net income to EGP1.8 billion. EGX announced the controls for the subscription rights for the ATLC capital increase, stating that the opening price of the right on the first trading day would be EGP1.27 per right.EGCH released FY25/26 budget with a net profit of EGP1.4 billion and total revenue of EGP9.5 billion, including EGP7.3 billion of export revenue. The company also released the investment budget with a total value of EGP7.1 billion.Weekly Commodities Update

The government will announce the revamped export subsidy program within weeks, Prime Minister Moustafa Madbouly said during his weekly presser yesterday The three-year program is expected to come into effect with the new fiscal year on 1 July.Egypt's interest payments on debt rose by 18.4% to EGP 939 bn in 1H FY 2024-25, according to the Finance Ministry's Monthly Finance Report. Interest payments also made up 5.5% of GDP during the period, according to the ministry's General Economic and Financial Outlook.GDP growth almost doubling y-o-y in 2Q FY 2024-25, coming in at 4.3% for the three-month period, up from 2.3% during the same period last year, according to a statement from the Planning and International Cooperation Ministry. The figures mark an uptick from the slowdown seen in 2Q FY 2023-2024, which saw growth decline sharply from the 3.9% recorded a year earlier on the back of global economic headwinds and domestic challenges. The Planning Ministry is projecting GDP growth of 4.0% for FY 2024-25, supported by private sector reforms and gradual economic recoveryCabinet approves the draft budget for the fiscal year 2025-2026. The state is targeting:a primary surplus of EGP 795 bn — or 4% of GDP.reducing the public debt to 82.9% next fiscal yeartrimming the debt-to-GDP ratio to below 92%.a 19% y-o-y jump in revenues to EGP 3.1 tn and a 18% y-o-y rise in expenses to EGP 4.6 tn.Alstom's invests EUR 80 mn in a manufacturing complex in Borg Al Arab, which will include a plant to produce electrical systems and railway components and another to produce units for the metro, monorail, high-speed train, and LRT.The Egyptian Tax Authority (ETA) is working on sector-specific tax guidelines across a number of sectors in Egypt's economy as part of an effort to eliminate tax disputes in the future.Chinese office supplies and stationary manufacturer Deli Group is planning to establish a USD 200 mn industrial complex in the Tenth of Ramadan City, according to an Industry Ministry statement.HDBK Annual General Meeting (AGM) has approved the distribution of cash dividends amounting to EGP5.00 per share. The distribution date is set for April 15, and the record date is April 10.SAUD to distribute cash dividends of EGP0.850 per share on April 16, 2025, with record date of April 13, 2025. The FRA approves BTFH's request to the issuance of an invitation to existing shareholders to subscribe to the remaining 424.22 million shares. MCQE's general assembly approved a cash dividend distribution of EGP1.00/share for FY24, to be paid over two tranches. The first tranche will be disbursed in June, followed by the second tranche in November.

The Madbouly government has formed new committees to address the effects of Trump's tariffs — direct and indirect. The committees are tasked with conducting a comprehensive review of Egypt's customs to adapt to recent global developments and, particularly, the tariffs imposed by some countries in response to US tariffs, a senior government official said. US President Donald Trump said auto tariffs will land “in the next few days,” with additional duties on pharma, lumber, and semiconductors set to follow “down the road”.  Trump said many of these levies will take effect on 2 April. Trump also confirmed a new 25% “secondary tariff” on any country purchasing oil or gas from Venezuela.Egypt aims to initially cut the customs clearance time for goods from eight days to just two — a measure that is expected to take between nine months to a year to be fully implemented. After that, the government aims to cut clearance time to just a few hours. The Finance Ministry aims to collect some EGP 74 bn in customs duties during the current fiscal year, a figure that may grow further with the resolution of disputes and the simplification of procedures, source said.The International Finance Corporation (IFC) will provide advisory services aimed at expanding private sector participation in Egypt's airports under an agreement inked with the Madbouly government yesterday, according to a cabinet statement.The government has requested a re-discussion and deliberation of some articles of the new draft labor law to ensure its compatibility with international standards and achieve greater balance in labor relations. This comes after the House of Representatives initially approved all articles of the law in its plenary session last Sunday.Khalda Petroleum Company plans to invest USD1.15 billion in drilling, exploration, and development activities during the next fiscal year, 2025-2026.An Egyptian-Turkish alliance, comprising the Egyptian Company for Trade and Agencies and the Turkish company "Kelpsen", intends to invest an initial USD10 million to establish a factory for water meters and valves.ARCC reported sturdy 4Q24 financial results with attributable bottom line recording a record EGP492.3 million in 4Q24 (+150% YoY, +55% QoQ), bringing FY24 attributable bottom line to EGP1,160.1 million (+66% YoY). ARCC's Board of Directors proposed no cash dividend distribution for FY24. ARCC is trading at FY25e P/E of 9.2x.ELEC reported a significant drop in attributable net income to EGP25.2 million (-91% YoY, -92% QoQ), bringing FY24 attributable net income to EGP1.3 billion (+6% YoY). COMI AGM decided to pay cash dividends of EGP2.50/share, which implies a payout ratio of 14% of 2024 net profit post minority, and to increase the issued and paid-in capital from EGP30.43 billion to EGP30.708 billion, as part of the ESOP.EXPA AGM approves to distribute 3.7:10 bonus shares.CIRA's BoD approved entering into an interest-free loan agreement convertible into shares in Social Impact Capital Educational Company, with a total amount of SAR15 million, to finance a capital increase in Social Impact Capital Educational Company, bringing CIRA's ownership stake at 61.56% of the company. 

Our ongoing IPv6 Basics series continues with an episode on v6 routing essentials. We start with a comparison of various routing protocols: RIP, OSPF, IS-IS, EGP, and BGP. We look at pros and cons of each, and discuss challenges such as dual stack IPv4 and IPv6 network implementation, memory and resource use with IPv6, and... Read more »

Our ongoing IPv6 Basics series continues with an episode on v6 routing essentials. We start with a comparison of various routing protocols: RIP, OSPF, IS-IS, EGP, and BGP. We look at pros and cons of each, and discuss challenges such as dual stack IPv4 and IPv6 network implementation, memory and resource use with IPv6, and... Read more »

Monthly urban headline CPI inflation recorded 1.4% in February 2025 compared with 11.4% in February 2024 and 1.5% in January 2025. On an annual basis, urban headline CPI inflation recorded 12.8% in February 2025 compared with 24.0% in January 2025.Monthly core CPI inflation, computed by the CBE, recorded 1.6% in February 2025 compared with 13.2% in February 2024 and 1.7% in January 2025. On an annual basis, core CPI inflation recorded 10.0% in February 2025 compared with 22.6% in January 2025.The IMF Executive Board has completed the fourth review of Egypt's USD8 bn loan program, allowing for the disbursement of USD1.2 bn, Finance Minister Ahmed Kouchouk said.The government will triple allocations for economic support in next fiscal year's budget, including the funds going towards the export subsidy program and the Automotive Industry Development Program, the finance minister said.The second phase of the tax reforms will be rolled out next year, The Minister of Finance said. The first phase of the reforms was introduced in October and includes a simplified tax system for SMEs, a central clearing system, and measures to integrate the informal economy.The government is hoping to attract USD12 bn in FDI during the FY 2024-25, the General Authority for Investment and Freezones (GAFI) head Hossam Heiba said.S&P 500 futures traded around the flatline early Tuesday after concerns that a recession would hit the U.S. economy sparked a broad sell-off on Monday. ORHD reported stellar 4Q24 results, with net profit increasing 24.0% y/y and 9.0% q/q to EGP1.3 billion, bringing FY24 net profit up 9.9% y/y to EGP3.1 billion despite the 1Q24 net loss that had resulted from the FX loss driven by the March 2024 EGP devaluation. Given ORHD's stellar sales performance and strong operations across all revenue segments, we maintain our Overweight recommendation of ORHD based on our FV of EGP34.74/share and reiterate ORHD as one of our top picks.RMDA issued positive 4Q24 results with net profit after taxes amounted to EGP158 million, exceeding our expected figure of EGP132 million, and up 31% QoQ and 181% YoY. 2024 bottom line came in at EGP402 million that is up by 59% YoY. RMDA is currently trading at FY25 multiples of P/E 10.7x.EFID BoD approved distributing cash dividends of EGP1.14/share for FY24, to be distributed on two equal installments. This implies a payout ratio of 49% and dividend yield of 4.1%.Emirates NBD is currently conducting its due diligence of the state-owned lender as the Dubai-listed lender looks to acquire an undisclosed stake in the state-owned bank. The government assigned HRHO to lead the IPO of Silo Foods for food industries. CCAP has requested 15k feddans for an agricultural and agro-industrial expansion project, focusing on herbs and aromatic plants, according to the Industry Ministry. The company will inspect available land in Sahl Baraka and Abu Zaabal. CCAP also requested the allocation of mining consessions and quarry leases to secure the supply of essential raw materials, especially talc and kaolin. Al Organi Group's ODI to acquire a 26.25% stake in ATQA in a EGP1.9 billion transaction (EGP6/share). The acquisition, subject to regulatory approvals and due diligence, values Ataqa at EGP7.2 billion, 6% lower than current market cap.Six Egyptian construction companies are evaluating the potential execution of new infrastructure projects in Libya, with an estimated contract value of EGP100 billion. 

Egypt's Purchasing Managers' Index (PMI) recorded 50.1 in February declining from a 50-month high of 50.7 in January. The first phase of the Sovereign Fund of Egypt's (SFE) plan to take over all public enterprises will target some 370 profitable firms, over half of the total 709 companies owned by the stateCairo and Baghdad discuss transferring Iraqi oil to be refined in Egyptian refineries.The Ministry of Petroleum and Mineral Resources has launched 13 new areas for exploration and search for oil and gas, including seven offshore gas fields in the Mediterranean Sea and six exploration areas in the Gulf of Suez and the Western Desert.Egypt is pushing ahead with plans to expand the role of renewables in its energy mix, targeting 42% by 2030. The country aims to add 4 GW of new renewable capacity this summer to help avoid power outages.The Egyptian government held talks with the European Union to discuss the second phase of the mechanism of “Macroeconomic Support and Budget Support” with funding of EUR4 billion.The Egyptian government has signed a soft financing agreement with the European Commission worth EUR90 million in the field of food security. The project is set to be financed by other partners, with a grant worth EUR100 million from the European Union and soft financing from the World Bank worth EUR110 million.The European Bank for Reconstruction and Development (EBRD) and the Central Bank of Egypt (CBE) have launched the National SME Champions Programme in partnership with local financial institutions, including the Export Development Bank of Egypt (EXPA), to accelerate the growth of high-potential SMEs. An unnamed Turkish leather company has requested the Industry Ministry allocate an 80k sqm land plot to establish a EGP 2 bn (c. USD 39.5 mn) leather factory in Robbiki Leather City.Chinese company Gold Star will set up a USD4.5 mn facility in the Qantara West Industrial Zone to produce ready-made garments following an agreement it inked with the Suez Canal Economic Zone.Scope International Engineering Company, affiliated with the Saudi Al-Suwailem Group, has contracted with Al-Nasr Housing and Development Company, affiliated with the Holding Company for Construction and Development, to develop the Maqtam Corniche project with total sales estimated at about EGP200 billion and total investments of EGP130 billion.The National Railway Authority targets USD10 million in revenues from sleeping car sector by end of 2025, a 25% growth.FAIT 4Q24 consolidated net profit recorded an impressive EGP3,344 million (+62% q/q , +414% y/y), bringing FY24 net profit to EGP12,441 million (+181% y/y) . BoD proposed cash dividend distribution of EGP3.05/share, implying a payout ratio of 15%, and DY of 8%. Also, BoD proposed the distribution of 1:20 bonus share. The stock is currently trading at P/B25 of 0.6x and P/E25 of 3.5x, with ROAE of 16%.Banque Misr issues a “Yomaty” savings certificate, which is a three-year savings certificate with a variable annual return rate of 27% paid daily and priced according to the corridor deposit rate - 0.25.JUFO subsidiary Tiba for Trade and Distribution signed a EGP400 million financing agreement with CIB to support its expansion and operational efficiency. 

*Key news articles for today* The Finance Ministry is set to reduce penalties for late tax payments by up to 90% as part of its larger tax relief package, in a move that aims to resolve thousands of disputes resulting from delayed tax return submissions or filing returns without paying the due tax. The countdown to the Grand Egyptian Museum's official opening is on 3 July launch after President Abdel Fattah El Sisi approved the date.The government sent a high-level delegation to Rabat earlier this week to push for the removal of recent restrictions that have left Egyptian exports piling in Morocco's ports for two weeks.Egypt and the UAE kicked off talks for a Comprehensive Economic Partnership Agreement, to strengthen trade, investment, industry, energy, and infrastructure collaboration.The government is negotiating with the countries of origin to import wheat under the equal deals system, in an attempt to secure its grain stock and relieve pressure on the dollar at present.The government paid about EGP6 billion in compensation for the Ras El-Hikma area, as part of the compensation and removal plan for the area.The House of Representatives approved in principle the draft labor law submitted by the government, during a session while discussing the report of the Manpower Committee on the draft.The government is studying amending the real estate tax law, and the Real Estate Tax Authority has submitted a proposal to raise the tax exemption limit for residential units, which currently stands at about EGP2 million, in light of rising real estate prices and increasing inflation rates. A source said that the limit might be raised to EGP3 - 4 million.Eroglu Garment, a subsidiary of Turkish clothing manufacturer Eroglu Holding, is investing some USD120 mn in a new integrated garment factory in the Qantara West Industrial Zone.UAE's Dana Gas has set a plan to invest around USD100 million in Egypt, including drilling 11 wells over the next two years, according to the company's head of investor relations.ISPH issued positive 4Q24 results where bottom line amounted to EGP208 million that is up by 12.5% QoQ and 4.3x YoY. On an full year basis, 2024 bottom line came in at EGP615 million that is up by 1.9x YoY. ISPH in trading at 2025 multiples of P/E of 8.9x.EGCH released 2Q24/25 unaudited financial indicators posting a significantly enhanced bottom line of EGP772 million, compared to EGP163 million in comparative quarter and only EGP38 million in previous quarter, which included EGP173 million in real estate revaluation gains. EGCH is currently trading at a 2024/2025e PE of 29.1x.United Bank (UBEE) 2024 net income after tax jumped 63% y/y, to record EGP 2.8 bn.CNFN has formed a strategic partnership with Auto Mobility, the official Geely agent, to offer full insurance solutions tailored for Geely vehicle owners. Egypt's financial inclusion rate, the percentage of citizens above the age of 15 who hold bank accounts, mobile wallets, or prepaid cards, jumped to 74.8% by the end of 2024 up from 71% at the end of 2023.OCDI Board approved merging seven of the company's subsidiaries, with authorized capital of the company post-merger amounting to EGP25.0 billion and paid-in capital amounting to EGP5.2 billion distributed on 1.3 billion shares. 

The Finance Ministry is gearing up to complete its first sovereign sukuk issuance of the year within the next month, with the issuance set to be around EGP2-3 billion.The Cabinet approved the launch of a EGP30 billion financing initiative to support and finance priority industrial sectors. UAE's AMEA Power signed an agreement with the Egyptian Electricity Transmission Company to develop two battery energy storage systems (BESS) with a combined capacity of 1.5 GWh.Prime Minister met with Kuwait's Prime Minister Sheikh Ahmed Al Sabah during his official visit to the Gulf nation, where the two leaders discussed boosting relations between the two countries across various sectors. The Central Bank of Egypt sold EGP89.8 billion in t-bills between Thursday and yesterday at average yields between 25.5-29.2%, according to CBE data.Forty-seven ships changed course this month to pass through the Suez Canal instead of sailing around the Cape of Good Hope, Suez Canal Authority head Osama Rabie said.Egypt intends to buy electricity produced from wind energy projects which will be implemented by Saudi Arabia's ACWA Power, south of Hurghada, at a price of 2.4 cents KWH, which will be partially paid in EGP and the bigger bulk in USD, according to a government official.Government's revenues from Suez Canal declined in 2024 to EGP146.4 billion, as compared to a target of EGP168.45 billion in the state budget. The EGX and the Financial Regulatory Authority (FRA) are mulling a regulatory update to either scrap or revise the duration of the lock-up period on the ownership of substantial shareholders post-IPO. EKHO released 4Q24 consolidated financial results. Net profit dropped 8% YoY (+14% QoQ) to USD39 million. The BoD proposed a cash dividend distribution of USD0.035/share for FY24. The Board also proposed the distribution of one bonus share for each 20 original shares. EKHO is currently trading at 2025f PE of 5.2x.EKHO to invest around USD150-200 million in the coming 18 months. The Egyptian Refining Company (ERC) intends to conduct a major overhaul of the Mostorod refinery with investments exceeding USD100 million. ABUK tapped board member and former transport minister Hany Dahy to head a new steering committee tasked with overseeing the company's business operations. FWRY acquired a 56% stake in Virtual CFO, a financial services and accounting firm catering to SMEs and startups.MCQE reported solid financial results for 4Q24. Attributable bottom line came in at an impressive EGP176 million (+708% QoQ, +117% YoY), bringing FY24 attributable bottom line to EGP238 million (+151% YoY). The BoD proposed a cash dividend distribution of EGP1.00/share for FY24. MCQE is trading at a FY25 P/E of 18.2x.EXPA 4Q24 bottom line post minority interest recorded EGP1,265 million (-19% q/q, +15% y/y), bringing FY24 net profit to EGP5,203 million (+54% y/y and 7% higher than Al Ahly Pharos estimate of EGP4,879 million). BoD proposed the distribution of 0.4 bonus share to every original share. EXPA is currently trading at 3.3x P/E 2025 and 0.7x P/B 2025.QNBE's general assembly approved paying out a cash dividend of EGP1.50/share out of 2024 earnings.OLFI's general assembly approved cash dividend distribution of EGP2.00/ share for FY24, implying payout ratio of 80% and dividend yield of 10.7%.According to local media, JUFO signed a financing agreement worth more than EGP1.0 billion with Emirates NBD Egypt.

Cypriot President Nikos Christodoulides reconfirmed that he will sign “the first agreements for the commercialization of natural gas from deposits in the Republic of Cyprus” tomorrow. Egypt's unemployment rate fell to 6.4% in 4Q 2024, down 0.3 percentage points from the previous quarter, according to data from state statistics agency Capmas.Efforts to speed up customs clearance got the cabinet thumbs up, with a plan from the finance and investment ministries to improve the process of exporting and importing goods being passed in its bid to cut customs clearance times down from eight days to just two.A power purchase agreement between Saudi Arabia's ACWA Power and the Egyptian Electricity Transmission Company was approved to allow energy supplies from wind energy projects totaling 2 GW to be fed into the national grid.A plan to simplify private healthcare regulation detailed in a draft law was passed, which is designed to make it easier to license new private healthcare facilities, disentangle administration from ownership, and greenlight foreign players wanting to open up shop in the country.Stamp tax amendments set to replace the planned capital gains tax will be issued within days, Deputy Finance Minister for Tax Policies Sherif El Kilani said. The government intends to reformulate the criteria for granting the golden license, in addition to discussing the determinants and controls for establishing public free zones, in order to govern the procedures related to all industrial activities and projects, Minister Kamel EL-wazir said.ABUK released 2Q24/25 full financial statements with net profit surging to EGP3.2 billion in 2Q24/25 (+59% YoY, +146% QoQ), with a NPM of 47.7% in 2Q24/25 (+1pps YoY, +12pps QoQ), further supported by revenue growth as well as EGP897.4 million of forex gains recorded in the quarter. This brings 1H24/25 bottom line to EGP4.4 billion (+12% YoY) with a NPM of 43.4% (-3pps YoY). ABUK is currently trading at FY24/25f PE of 4.8x.CANA 4Q24 bottom line recorded a strong EGP2,559 million (+95% q/q, +173% y/y), bringing FY24 net profit to EGP5,681 million (+148% y/y, 49% higher than Al Ahly Pharos Estimates). We reiterate our Overweight recommendation of CANA on an updated FV of EGP35.00/share up from EGP 23.08/share. CANA is currently trading at 2.1x P/E 2025 and 0.4x P/B 2025. BoD proposed distribution of 0.54 bonus share for every outstanding share. BTFH aims to launch an app specializing in data analytics in 2025.EMFD inked a strategic partnership agreement with Midar Investment to set up the EGP100 bn New Mivida residential project in New Cairo. 

Annual urban inflation recorded 24.0% in January 2025 compared with 24.1% in December 2024. Annual core inflation, computed by the CBE, recorded 22.6% in January 2025 compared with 23.2% in December 2024. Spanish hospitality group Barceló is in negotiations to acquire and participate in several projects in Egypt, CEO Raúl González said in a meeting with Investment Minister Hassan El Khatib during his time in Spain, according to a statement. Egypt's foreign debt inched up 1.5% q-o-q to USD 155.2 bn during the first quarter of the current fiscal year, up from the USD 152.9 bn recorded at the end of FY 2023-24, according to data from the Central Bank of Egypt. Kristalina Georgieva, Managing Director of the IMF, revealed that the Executive Board is expected to approve the disbursement of additional financing to Egypt worth USD 1.3 billion, within the Resilience and Sustainability Program, to enhance the Egyptian economy's ability to confront shocks.The Constitutional and Legislative Affairs Committee of the House of Representatives approved yesterday an agreement for a soft loan worth CNY 1.5 billion, to implement the third phase of the railway project - Tenth of RamadanMitsubishi Corporation is looking into opportunities to produce its models in Egypt in the coming period. The Russian company Lukoil has agreed with the Ministry of Petroleum and the South Valley Holding Company to obtain the rights to exploit the “South Valley El-Sahl” petroleum concession west of the Gulf of Suez.HRHO announces appointing Khaled Al-Suwailem as their new Chairman for its Saudi subsidiary. BTFH's subsidiary, Beltone Leasing and Factoring signed a EGP4 bn syndicated leasing term sheet with Al Qalaa Al Hamraa to fund the construction of Al Ahly Club's stadium and sports city in Sheikh Zayed. DCHC stated in an EGX release that it wants to raise its authorized capital to EGP 1.5 billion, up from EGP 400 million, and increase its issued and paid-up capital to EGP 1.1 billion, up from EGP 200 million.Suez Canal Authority head Osama Rabie expects traffic in the suez canal to gradually normalize by late March and fully recover by mid-year, provided that the ceasefire in Gaza holds and the second phase of the truce goes through. NIPH submitted a request to the EGX for increasing its issued and paid-up capital from EGP101 million to EGP 300 million, with an increase of EGP198.75 million, to be distributed on 19.87 million shares with a par value of EGP10/share. 

Egypt's PMI recorded 50.7 in January, up from 48.1 in December, signaling a renewed improvement in the health of the Egyptian non-oil economy at the beginning of the year, on growth in output and sales as well as falling cost pressures to eight-month low.The government will lease a Turkish floating storage regasification unit starting June and for the duration of the summer, an unnamed government official said. It will cost some USD45 million to lease the unit from June and until November. The unit will liquify some 500 million cubic feet of gas a day for electricity generation in efforts to meet heightened domestic demand during the summer months.Turkey's Kipas Textiles plans to invest EGP1 billion to set up its second fabric factory in Egypt, expected to go live before the end of the year, a company representative said.A consortium of Egyptian, Turkish, and Chinese investors led by homegrown leather manufacturer Fabrica is looking into setting up a EGP200 million industrial complex for leather products. The three partners will hold equal stakes of 33.3% each in the complex, which will focus on export. Construction, facilities preparation, and production lines installation are scheduled to begin next year The House will “within days” introduce a draft law scrapping the capital gains tax on EGX transactions and reinstating a stamp tax, as part of measures aimed at boosting investment, deputy chairman of the Budget Committee Yasser Omar said.Cairo House Egypt inked an agreement with Tourism Investment and Marriott International to turn the Mogamma building into a 500-key Autograph Collection Hotel.The International Finance Corporation's full airport privatization plan should be out in the next six months.The Madbouly government is looking to introduce the unified financing initiative for startups, coordinating efforts between public and private entities to support over 5k startups.The Ministry of Finance collected more than USD1 billion from Egyptians working abroad as part of the initiative to facilitate the import of expatriates' cars, up to January-end, an official said.The CBE has adjusted its mortgage finance initiative for low and middle income groups, its changing income brackets, interest rates, and minimum downpayments. The low-income category, with a monthly net income not exceeding EGP10-12k for individuals and EGP13-15k for households, will be able to get their hands on subsidized mortgage financing at a declining 7.5-8% interest rate. The middle-income category, with a monthly income not exceeding EGP 20k for individuals and EGP 25k for households, can secure financing at a declining 12% interest rate. The minimum down payment for accessing the financing has been set at 20% for both groups.The Ministry of Finance is considering exempting the banking sector from the tax on international loan returns. The government previously introduced an amendment to Article 56 of the Income Tax Law, canceling the tax exemption that was granted to interest paid to non-residents on long-term international loans exceeding three years, and it is expected to have a significant impact on the ability of Egyptian banks to secure USD financing from foreign markets.The local consortium setting up the 300k sqm dry bulk terminal in Dekheila Port is expected to deliver it in 4Q25 with investments to reach USD450 million. The consortium includes Mediterraneo Egypt, Latt Trading and Shipping, a SWDY company, and the Transport Ministry's Holding Company for Maritime and Land Transport.The European Bank for Reconstruction and Development (EBRD) has sold the last 8.8% it held of ISPH.CNFN subsidiary, Contact Creditech, announced the launch of its Maestro program,available through the Contact Now application, enabling customers to customize repayment plans. 

Kuwait's Bukhamseen Group is looking into establishing a USD125 million hotel in Egypt as part of its plan to expand its presence in the Egyptian market.The Kuwaiti Jazeera Airways is interested in expanding its presence in the local market, boosting investments in airport development and mulling a mass transit project.Aref Investment Group is looking to expand its investments in Egypt in the fields of education, healthcare, manufacturing, and logistics.Al Mulla Group is in talks with the Japanese Mitsubishi to localize the manufacture of its vehicles in Egypt. The group is also mulling expanding its investments in the education and financial services sectors.Prime Minister met with the Emirati minister of industry and investment to review progress on joint projects, including the industrial projects being set up in Ras El Hekma. The discussion also covered the latest on joint energy, data centers, and renewable energy projects, and airport management.Two Chinese phone companies intend to expand in the local market by manufacturing their products in Egypt during the second half of this year, according to local press.Electronics and mobile accessories manufacturer Ugreen, in collaboration with Blooms Group, has officially launched in Egypt with a USD5 million investment. The company will offer a range of power banks and audio devices, with more devices to be introduced later this year.Food industry exports hit their highest level in 2024 at USD6.1 billion, up 21% YoY.Canada has responded to Trump with a first round of 25% tariffs on imports worth some USD107 billion, including USD20 billion worth of goods that will be impacted starting Tuesday. The EU also responded to Trump's statements that it would be “absolutely” facing tariffs “pretty soon,” saying that the bloc “would respond firmly to any trading partner that unfairly or arbitrarily imposes tariffs on EU goods.”BTFH reported a net income of EGP1.7 billion in 2024, marking a 4.6x y-o-y increase. Consolidated revenues rising 4x year-on-year to EGP7.2 billion. Also, EGA approved an increase in the company's paid in capital from EGP10.9 bn to EGP21.8 bn through rights issue.MCQE denied in an official statement what was reported about negotiations being held up with a Kuwaiti entity to buy a stake in the company for USD1 per share.SVCE has not received any Emirati offers for its stake in Building Materials Industry Company (BMIC). The announcement follows a report from local media claiming that an unnamed Emirati company had submitted an offer to acquire a controlling stake in BMIC in exchange for settling its EGP4 billion outstanding debt.The Oil Ministry increased natural gas supplies allocated for the industrial sector by 10% in 1H25. Export-orientated industries are prioritized for receiving gas supplies.Local pharma sales climbed 42% YoY in 2024 to EGP292 billion. The increase came on the back of price rises that began picking up in the second half of the year. Prices are likely to remain stable for the time being in 2025 as long as the EGP/USD exchange rate is stable.RMDA achieved strong sales in December 2024, pushing total 2024 sales up by 46% YoY.Weekly Commodities UpdateLast Price | WoW Change, %Brent, USD/bbl | 76.8 | -2.2% Diesel-HSFO Spread, USD/ton | 263.3 | -2.7% Egypt Urea, USD/ton | 433.5 | 0.6% Polyethylene, USD/ton | 940.0 | 0.0% Polypropylene, USD/ton | 957.5 | Iron Ore 65%, USD/ton | 123.3 | 0.0%Steel/Iron Ore Spreads, USD/ton | 377.5 | 3.0%LME Aluminum Cash Price, USD/ton | 2,592.2 | -1.6%Egyptian Retail Cement, EGP/ton | 3,012.0 | 2.0% Steam Coal FOB Newcastle Australia, USD/ton | 115.5 | -0.7% SMP, USD/MT | 2,729.0 | 0.0%

Kuwait's Bukhamseen Group is planning to acquire one of Egypt's largest tourism and hospitality investment companies in a USD4.9 billion transaction, Al Mal reports without disclosing the identity of the sought after company.The government is in talks to temporarily use Cyprus' floating storage and regasification unit Etyfa Prometheus, according to industry publication Mees. Suez Canal Authority head Osama Rabie went on a campaign to persuade shipping lines to return to the Canal, telling representatives of 23 leading companies in the field that “the current conditions in the Red Sea region are witnessing many positive indicators towards the start of stability returning to the region,” according to an authority statement.The European Central Bank lowered interest rates by 25 bps to 2.75% at the end of last week as it pivots from fighting inflation to tackling sluggish growth, it said in a statement.RMBV (RMBV Private Equity), based in the Netherlands, plans to invest USD100 million in the Egyptian market in 2025. The Suez Canal Economic Zone achieved a 32% YoY growth in its revenues during 1H FY2024/25, recording about EGP5.6 billion, compared to EGP4.3 billion during the same period of the previous fiscal year, and an increase of 8% over the budget expectations.The CBE plans to issue USD1 billion worth of one-year dollar T-bills during the current week, in line with the maturity of USD1.06 billion worth of T-bills, at yield of 5.1%.The Senate will discuss today proposed legislative amendments to the Capital Market Law, aiming to enhance the investment climate and attract foreign investments. CIRA reported solid 1Q24/25 financial results, where net income came in at EGP178 million in 1Q24/25 with NPM of 18%, compared to net income of EGP107 million in 1Q23/24 with NPM of 12% and net loss of EGP374 million in 4Q23/24. CIRA is currently trading at FY24/25f P/E of 50.2x and EV/EBITDA of 8.5x.HELI received the 766 feddan land plot in Capital Gardens in East Cairo. The value of the land plot amounts to EGP12.1 billion, with HELI having paid the down payment and secured an installment schedule for the remaining amount over eight years.EGTS's court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is postponed to 4 February 2025.El Attal Holding intends to go public in 2025, with the developer planning to list around 28% of its shares on the EGX in 3Q25.An unnamed Emirati company has submitted an offer to acquire a controlling stake in indebted Building Materials Industry Company (BMIC) in exchange for settling its EGP4 billion in outstanding debts, according to local media. State-owned Assiut Oil Refining Company (ASORC) has broken ground on its EGP550 million, 10 MW solar power project, according to an Oil Ministry statement. The FRA approved the capital increase decision of ATLC, increasing authorized capital from EGP1 billion to EGP4 billion and increasing issued and paid-up capital from EGP558.67 million to EGP1 billion; the increase is distributed over 176.53 million shares with a nominal value of EGP 2.5 per share. ETRS and Saudi Arabia launched a new shipping company — Egytrans Arabia —that will serve as a central hub for delivering logistics services and strengthening industry partnerships. The UAE's Burjeel Holdings will establish a bone marrow transplant unit in Egypt under an MoU signed with the Health Ministry. The project will be led by Burjeel Medical City and supported by Burjeel Cancer Institute.Hilton opened the 255-room Hilton Cairo Nile Maadi overlooking the Nile.

Who's in and who's out of the EGX30? In:Orascom Development, Rameda, EgyptAlum, Ibn Sina Pharma, Qalaa Holdings, and Eipico Out:Ezz Steel, B Investments, Faisal Islamic Bank of Egypt, Cleopatra Hospitals, Elsewedy Electric, andHeliopolis Housing The Prime Minister said that the government is working the social protection package including increase in salaries and pensions, which is expected to be approved in 2025.Recently approved SME tax system could save taxpayers, and set the government back, some EGP 800 bn in foregone tax revenues. Remittances from Egyptians working abroad continued their consecutive surges backed by the economic reform measures, taken in March 2024, with a 65.4% increase in November 2024 to reach approximately USD 2.6 billion.The EGX is considering launching a T-bills index to meet rising investor interest, according to an EGX statement.The Cabinet discussed a draft of the Prime Minister's decision regarding establishing an authority for the financial and business zones, to regulate those areas to be established in Egypt.The US Federal Reserve unanimously kept interest rates steady in the 4.25%-4.50% range, it said in a statement yesterday, as they assess the impact of Trump's economic policies on inflation and growth.Turkish company Klepsam is planning to build the country's largest sanitary ware factory, Egyptian-Turkish Business Council member Matta Bishay said. The project will see investments of USD 7-10 mn in its first phase to manufacture water meters, which are currently heavily imported.Ethydco is planning to borrow USD40 million from Al Mashreq Bank to repay natural gas dues to GASCO. Eni has resumed drilling operations at the Zohr gas field after the Saipem drillship arrived in Egyptian waters on Tuesday.UAE's Dragon Oil struck oil at the East Crystal-1 exploratory well in the Gulf of Suez, the Oil Ministry said in a statement. Initial tests show output exceeding 2k barrels per day.The Egyptian arm of India's Everest Kanto Cylinder working on establishing the country, and also continent's, first factory producing compressed natural gas (CNG) cylinders, according to a statement. EGPC plans to connect three new crude oil development wells in the Red Sea governorate to the national grid within four months, which will add 1,250-1,350 bbl/day. A Governmental committee studies the reduction of sea shipping freights by 50% through 1Q25, due to the geopolitical scene in the region that pulled down the containers' volumes in south red sea area. HRHO-backed K-12 operator Spark Education Platform (SEP) inked definitive agreements to acquire a majority stake in Riyadh's Qimam El Hayat International School.

The House approved a new simplified tax system for SMEs that proposed that businesses with an annual turnover of up to EGP15 million will pay a simple flat tax that covers income tax, value-added tax, duty tax, and others. The Economic Committee approved a framework agreement with the African Development Bank to phase out LIBOR as a reference interest rate.French shipping line CMA CGM will continue to avoid the Suez Canal and use the Cape of Good Hope passage despite the ceasefire in Gaza. The shipping giant sees the Gaza ceasefire as “a positive but fragile sign for the global shipping and logistics industry.”The Finance Ministry is providing EGP20 billion to EgyptAir Holding Company to help expand the state-owned airline's fleet and reduce its debts.Foreign investments in treasury bills worth about USD24 billion are maturing next March, according to media reports. These investments entered the market at the same time last year following the unification of the EGP rate, which raised foreign investments in Egyptian debt instruments to about USD33 billion by the end of March 2024.The Egyptian Stock Exchange is expected to receive new investments from private insurance funds - under the amendments made by the FRA. According to estimates by an official at the Authority, these investments will not be less than EGP6 - 7.5 billion and may reach between EGP18 - 22.5 billion at their maximum if they invest the ceiling of the 15% limit allowed in the rules.AMOC release 2Q24/25 financial indicators. Net profit dropped 27% YoY (-61% QoQ) to EGP180 million. During 1H24/25, net profit declined 3% YoY to EGP642 million. AMOC is currently trading at a FY24/25e PE of 4.6x and EV/EBITDA of 2.3x.The consortium of an engineering and construction company of SWDY was awarded a 500-650 MW combined cycle power plant project of a subsidiary of the Hungarian Electricity Co. (MVM). BP and the Metallurgical Industries Holding inked a five-year agreement to restart production in the Egyptian Anode Blocks Company after a two-year production hiatus. Sustainable Capital Africa has sold its entire 9.67% stake in CIRA for a total of EGP873.3 million. The transaction was executed at an average price of EGP15.5/share.Weekly Commodities Update

The General Authority for Investment and Freezones is looking into setting up a freezone in Minya that would house textile projects from a Chinese investment alliance that is eyeing USD1.5 billion in initial investments.The Finance Ministry will launch an electronic tax system for clearing investors' receivables and debts next month.Net foreign assets of the CBE were almost flat at EGP592.469 billion (c. USD11.7 billion) by the end of December 2024.The FRA issued a decree determining the minimum capital for insurance companies. The Authority obligates insurance companies to raise the minimum issued and paid-up capital in two stages over two years to reach EGP400 million in the first stage within one year, and in the second stage to EGP600 million by the end of the second year.NTRA is set to launch WiFi calling services in Egypt today. The new service will enable mobile phone users to make high-quality voice calls over internet connections, rather than via mobile networks.ESRS general assembly approved the issuance of corporate guarantees in favor of subsidiaries, sister companies, and related companies at a maximum of USD500 million or EGP equivalent. According to local media, HELI plans to develop a project on 25 feddans in New Heliopolis, with expected investment of EGP1.8-2.0 billion. The project is expected to generate sales of EGP4.0 billion.Social Impact Capital (SIC) will soon have increased its stake from 51.2% to 88.7% in CIRA. The additional 37.5% stake will officially transfer to SIC upon the completion of the Mandatory Tender Offer.Organi Group targets establishing a USD100 million chlorine pellets factory that will mark the Middle East's first facility producing the swimming pool cleaner when it starts operations in 2025. The General Petroleum Company plans to drill 41 new oil and gas wells and repair or recomplete 39 others as part of its FY25/26 investment budget.MICH posted EGP314 million in 1H24/25 net profit, a 12% YoY growth, supported by a 14% YoY growth in revenue to EGP528 million in 1H24/25.Alamal Alsharif Plastics is expected to make its EGX debut through a direct listing in 2Q25. The listing will reportedly see the government-owned National Investment Bank divest its entire 29.5% stake in the company.Weekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 80.8 | 1.30% | Diesel-HSFO Spread, USD/ton | 302 | 8.60% | Egypt Urea, USD/ton | 431 | 1.70% | Polyethylene, USD/ton | 940 | 0.00% | Polypropylene, USD/ton | 953 | 0.00% | Iron Ore 65%, USD/ton | 122 | 1.10% | Steel/Iron Ore Spreads, USD/ton | 370 | -1.00% | LME Copper Cash Price, USD/ton | 9,082 | 1.00% | LME Aluminum Cash Price, USD/ton | 2,674 | 4.50% | Egyptia Retail Cement, EGP/ton | 2,847 | 0.00% | Steam Coal FOB Newcastle Australia, USD/ton | 117 | 3.30% | SMP, USD/MT | 2,682 | 0.00% | Last price may vary week over week in some indices due to time difference

The Finance Ministry is preparing to release the new public debt policy document by the end of March, which will outline its plans for public and foreign debt, including the issuance of green bonds, sukuk, and international bonds.The government is currently working on two parallel budgets, with the upcoming FY 2025-2026 budget being simultaneously developed alongside a comprehensive three-year budget that will establish longer-term spending caps that can only be exceeded under very limited circumstances.European glass fiber producers have filed a complaint to the European Commission alleging that Chinese glass fiber manufacturers based in Egypt have been benefiting from unfair subsidies and have managed to bypass anti-dumping duties directed at Chinese companies.The government is working on cutting customs clearance times down from eight days to just two, Investment Minister Hassan Al Khatib said.The government is working to replace the numerous non-tax financial burdens and fees imposed by state entities with an additional income tax, Investment Minister Hassan Al Khatib said, according to a ministry statement. The government will engage in negotiations with the European Union in April over the second tranche from its EUR 5 bn package of concessional loans.The government is now planning to up renewables' contribution to the energy mix to 65% by 2040, according to comments by Electricity Minister Mahmoud Esmat. The average yield on two-year fixed coupon t-bonds fell 2.03 percentage points to 23.46% during the Central Bank of Egypt's latest issuance that raised EGP 21.6 bn in the heavily oversubscribed issuance, according to data from the central bank. Three-year bonds fell 0.68% percentage points to an average yield of 22.58%.Tax revenues grew by 40% during the first 6 months of the current fiscal year, compared to the same period of the previous fiscal year, sources saidA source in the Ministry of Petroleum revealed that Egypt seeks to resume exporting natural gas by the end of 2027.China's largest tire maker is planning to expand its Egypt operations, with China National Tire and Rubber Company looking to expand into passenger vehicle tire manufacturing in Egypt through its wholly-owned subsidiary Prometeon Tyre Egypt, according to a cabinet statement.QNBE 4Q24 consolidated net profit recorded EGP6.34 billion (+0% q/q, +71 y/y) bringing FY24 net profit to EGP26.40 billion (+63% y/y, and 6% higher than Al Ahly Pharos Estimates). The FRA approved HDBK's request to increase its authorized capital from EGP10 billion to EGP30 billion and paid-up capital from EGP5.31 billion to EGP10.6 billion, an increase of EGP5.31 billion distributed over 531.3 million shares by distributing a free share for each original share.OFH's board has greenlit selling its entire 99.0% stake in Klivvr Electronics to the Sawiris family-owned Klivvr Holding. For EGP11 per share, valuing the total transaction at some EGP657.7 mn.BDO Keys for Financial Consultancy, the Independent Financial Advisor (IFA), has concluded its fair value report associated with the delisting of ESRS (FV: EGP120.21, EW) shares.Kingdom Holdings inked an agreement with SWDY's subsidiary Elsewedy Industrial Development to develop a USD60 million textiles factory in its Industria Sadat zone in Sadat City. A local-international consortium of France's Engie, ORAS (FV: EGP425.00, OW), Japan's Toyota Tsusho, and Eurus Energy is looking to build a 1 GW wind project in Egypt, with the companies aiming to finalize the project's contracts next year in order to build it by 2028.TMGH announced that Hisham Talaat Moustafa, CEO and Managing Director of the company, purchased 500,000 shares of the company's capital during last Sunday's session.

A new unified subsidy card system that will also be able to be done through your mobile system is on its way, cabinet spokesperson Mohamed El Homsani said. The unified card will not just provide access to food subsidies, but also cover health ins. coverage, and other services, according to El Homsani.Trial operations of the EGP 15 bn integrated tourist city in South Sinai's St. Catherine will kick off in April or May, an unnamed source said.Foreign investors' net purchases of Egyptian debt came in at EGP875 bn during 2024, split between EGP625 bn in short-term debt purchases and the remaining EGP 250 mn for long-term debt purchases, according to the EGX's 2024 report.Egypt's wheat imports jumped to a 10-year high in 2024, reaching 14.2 million tons compared to 10.8 million tons in 2023, an increase of 31%, mainly due to the USD abundance in 2024 compared to the year before, in addition to the decline in average global wheat prices to USD240 per ton, compared to USD350 per ton in 2023.The Investment Authority intends to prepare a new draft law for companies as an alternative to Law No. 159 of 1981, to be suitable for the wide use and reliance on electronic documents, according to Hossam Heiba, CEO of the Authority.UAE-based Nas Investment Holding intends to submit a mandatory tender offer for an additional 57.5% stake, represented in 5.5 million shares, in EGX-listed fertilizers player EgyFert (SMFR), the Financial Regulatory Authority (FRA) said. BP has completed the drilling of two gas production wells at the Raven natural gas field in its North Alexandria concession, with gas production expected to begin in February, according to an Oil Ministry statement. EGAS agreed with Eni to study establishing a fixed regasification unit in Damietta costing USD190 million. ENPPI and Petrojet alliance has been awarded a contract worth USD1.24 billion by Adnoc Gas for Ruwais LNG project. The FRA has issued a decision approving Arla Foods' request to extend the deadline for submitting a potential mandatory tender offer for DOMT's shares by an additional 60 working days, starting from the original deadline of January 9.EFID will utilize its distribution network to distribute kiosk favorite Raw chips through a third-party distribution agreement with the kettle chip brand owner Prisma Food. According to local media, CIRA is branching out into the care economy with the launch of CIRA Care, a new arm focused on care economy services. The new venture will be set up with a capital of EGP60 mn and provide early childhood care, healthcare services, disability support, and elderly care services.

Egypt's annual urban inflation rate fell to 24.1% YoY in December, as expected, from 25.5% in November, its lowest in two years. On a monthly basis, urban prices rose by 0.2% compared with 0.5% in November. Core inflation recorded 23.2% in December 2024, compared with 23.7% in November 2024, while monthly core inflation recorded 0.9% in December 2024, compared with 0.4% in November 2024.The government's new social protection package will contain raises in the minimum wage, tax thresholds, social protection coverage, and pensions, two government sources said. The government is planning on raising the minimum wage for civil servants and workers at state-owned enterprises, and the Finance Ministry is looking into raising the personal income tax exemption threshold to EGP 65k — up from EGP 60k previously — while keeping other income brackets unchanged, sources said.EGX is looking forward to listening new 11 companies in 2025. An unnamed company real estate giant from the private sector will be joining the EGX this month, EGX boss Ahmed El Sheikh said.Egypt has secured enough energy supplies to ensure that the nation's power plants can run at full capacity when the summer season approaches and demand jumps, Electricity Minister Mahmoud Esmat told Asharq Business.Madrid-based business process outsourcing (BPO) firm Konecta will kick off operations in Egypt, set up a regional HQ in the country, and invest USD100 mn in the country over the coming three years under an MoU inked with the Information Technology Industry Development Agency (ITIDA), according to a cabinet statement.ORAS announced the start of commercial operations of 306 MW at the newly expanded 650 MW Build-Own-Operate (BOO) wind farm in Ras Ghareb, Egypt, four months ahead of schedule and exceeding the contractual target by 56 MW. The remaining capacity is on track to be gradually connected to the national grid by Q32025, making the project the largest operational wind farm in the Middle East and Africa. Naguib Sawiris has transferred his entire 5.8% stake in ORAS to his brother Nassef Sawiris, as part of asset re-allocation among the family, and bringing the latter's stake and entities held for his benefit in the firm up to 42.4%. The Sawiris family's total ownership in ORAS remained unchanged at 54.9%. Social Impact Capital (SIC) amended its mandatory tender offer to acquire CIRA following the release of the company's fair value study done by BDO Keys Financial Consulting which determined CIRA's fair value at EGP17.95/share. In response, SIC raised its offer price to EGP15.50 per share, up from the previous EGP15.00. China's Asia Potash International Investment announced plans to set up a phosphate fertilizer industrial complex in Upper Egypt, which is set to have a final investment ticket of USD7-10 billion, company representatives said during a meeting with General Authority for Investment and Freezones boss Hossam Heiba. Kuwait Energy is allocating USD43.8 million to complete exploration works during FY25/26.FRA announced PHAR's capital increase' (from EGP1.487 billion to EGP1.687 billion, an increase of EGP200 million) record date on 21st January 2025. Subscription period is set to start on 26 January 2025 to 24 February 2025. A Qatari-Egyptian consortium is studying the establishment of a steel factory in Qena governorate with initial investments of up to USD100 million. 

The CBE's MPC is scheduled to meet on Thursday, 26 December. We expect the CBE to prefer to hold rates unchanged in its upcoming meeting.  Even though the annual inflation reading dipped below 26% in November, some price hikes such as the recent telecom hikes are still passing through inflation readings. Besides, the recent gradual increase in USD rate – breaching the EGP50 border – accompanied by unfavorable geopolitics add another reason for the CBE to show some patience before easing, which looks more probable in 1Q2025.Foreign and Arab investors are looking to shift EGP bns from short-term t-bills into Egypt's three-year t-bonds, capitalizing on a sharp rise in yields.The Mostakbal Misr Agency for Sustainable Development, the new agency in charge of importing commodities, is currently holding talks with major Russian wheat exporters. A move that could help reduce the transaction costs of paying for grains.The European Investment Bank issued EGP1 billion bonds in 3 tranches. The National Printing Company (NAPR) will make its EGX debut in 2H 2025.Egyptians living abroad can now purchase up to two premium housing units using FX through a new government initiative.The Industry Ministry is currently studying plans to establish a ready-built industrial complex of 450 factories in South Port Said Industrial Zone's extension.Egypt plans to sign separate agreements with Bahrain and the UAE in 1Q 2025 to reduce customs clearance times to a few hours.We upgraded our FV for ALCN to EGP32.50/share, with an Overweight recommendation to factor in the latest market developments. The updated FV reflects:Weak local currency which positively impacts the company's USD-denominated revenues.New contracts signed by the company that will enable ALCN will be able to increase the volumes of containers handled from 800 to 1,000 TEUs per month.Stable gross profitability on the back of USD-denominated revenues and EGP-denominated COGS. We expect ALCN's revenue to grow by a 5yr CAGR of 21% throughout our forecast period to reach EGP19.5 billion in FY28/29.We expect net profit to grow by a 5yr CAGR of 20% throughout our forecast period to reach EGP14.6 billion in FY28/29.We expect ALCN to continue being a dividend play with a payout ratio maintained at 85% throughout our forecast horizon.ALCN is currently trading at FY24/25f P/E of 9.3x and EV/EBITDA of 8.3x.CCAP announced that, as of December 20, 2024, its subsidiary, ERC has successfully finalized its Senior and Subordinated debt Restructuring. Following the completion of this restructuring the net senior debt now stands at USD363 million, down from an initial amount of USD2.35 billion, which is expected to be fully repaid by December 2025. The subordinated debt currently stands at USD751 million, with an expected repayment completion by 2030. This progress in debt reduction positions ERC to begin distributing dividends to shareholders, with the first anticipated dividend payout expected in 2026.COMI has announced that there would be a 2% fee when topping up the e-wallet with money from CIB cards.  The Health Ministry launched the National One Health Plan (2024-27) and a health climate adaptation framework (2024-30), targeting shared health risks from zoonotic diseases, food and water safety, and climate-related challenges.Weekly Commodities Update

The EU approved the disbursement of an EUR 1 bn macro-financial assistance package. The package marks the first phase of a EUR 5 bn set of concessional loans running through 2027, which comes as part of a wider EUR 7.4 bn package from the EU announced in March.The China Communications Construction Company (CCCC) is interested in working with the Madbouly government on its airport development plans, namely the development of Cairo International Airport.The average yield on six-month t-bills jumped to a fresh high of 31.21% during the central bank's latest EGP t-bills auction on Thursday.Transactions of foreigner investors in the local debt market turned into net purchases amounting to about EGP21.3 billion, equivalent to USD418.3 million, during the past week.IMF spokeswoman Julie Kozak stated that discussions of the fourth review of Egypt's economic reform program are still going on virtually, with the aim of reaching an agreement on policies and reforms that can support the completion of the review.State-owned pharma manufacturer HoldiPharma is gearing up to list stakes ranging between 25-30% in subsidiaries Chemical Industries Development (CID) and Misr Pharma on the EGX. Government sources estimated that raising mobile bill prices would achieve an increase in tax revenues ranging between EGP5-6 billion.A delegation of Bavarian business leaders will visit Egypt in January to explore green hydrogen investments, German ambassador to Egypt Jürgen Schulz told Al Arabiya. Another delegation of investors from Saxony is scheduled to visit in April with an eye on the energy and infrastructure sectors.The Bank of England and the Bank of Japan kept their interest rates unchanged on Thursday, with a cautious stance for 2025. GBCO's new manufacturing plant in Sadat city is expected to begin operations in 1H25.Cheiron Energy is looking to expand its energy portfolio in Egypt, targeting new concessions and ramping up exploration to boost production, CEO Alan Linn said.Saudi Arabia's Alqahtani Holding is in talks with the Oil Ministry to explore joint investments in petroleum, gas, and petrochemical projects. The General Petroleum Company (GPC) has resumed production of its GPY field, following years of inactivity. The field is expected to produce some 1.5 million barrels of oil in the coming three years.

Chinese steelmaker Wu'an Xin Feng has a plan to set up a USD1.7 bn integrated industrial complex in the Suez Canal Economic Zone (SCZone). Egypt's oil subsidy bill for the current fiscal year is expected to surpass EGP200 bn, significantly higher than the EGP154 bn initially allocated, a source said.Prime Minister Moustafa Madbouly met with Saudi Industry and Mineral Resources Minister Bandar Alkhorayef yesterday, where they agreed to include the sectors of petrochemical, pharma, and automotive in the broader agreements signed between the two countries back in October, according to statements from both nations. Industry Minister Kamel El Wazir confirmed in the meeting that the animal feed industry has become eligible to participate in the subsidized loan program that offers businesses loans at a 15% interest rate, nearly half the central bank's post-float 28.25% lending rate.The ministerial group for industrial development greenlit the proposal to not renew industrial licenses for any factory situated in residential areas or unplanned industrial areas.The House approved a USD 2 bn loan from Emirates NBD, Standard Chartered, and a number of other banks. The Ministry of Finance agreed to provide marketing support worth EGP3.5 billion, for about 1.5 to 1.6 million quintals of blossom cotton produced this season, noting that the support came due to the cessation of auctions of the government cotton marketing system.The Industry Ministry is mulling a five-year, USD250 mn plan to develop state-owned EGAL (FV: EGP155.00, OW), according to a statement following a meeting of the ministerial group for industrial development. The Financial Regulatory Authority has given its approval for ESRS to begin procedures for delisting its shares from the EGX, with the board-approved decision to now be put forward to a general assembly.The Financial Regulatory Authority approved the Social Impact Capital Limited (SIC) mandatory tender offer to acquire 48.78% of CIRA at a share price of EGP15. HDBK BoD approved Increasing the authorized capital from EGP10 billion to EGP30 billion and to distribute one free share for each original share from the general reserve amounting to EGP 6.507 billion as of Sep-end 2024, emphasizing that this balance does not include any of the profits achieved during the fiscal year ending on Dec 2024) so that the issued and paid-in capital after the increase becomes EGP 10.626 billion instead of EGP5.313 billion. CICH announces the successful exit of its strategic stake in Taaleem Management Services, after a five-year holding period.The exit delivered exceptional returns, generating four and a half times the equity invested and achieving an IRR of approximately 50%.CNFN partners up with Engazaat to ensure small farmers and support them in establishing sustainable farming practices in the Al Moghra region of the Western Desert. BTFH's subsidiary, Beltone Leasing and Factoring announces its membership in FCI, the leading representative body for factoring and financing open account trade receivables.BP and the Abu Dhabi National Oil Company's (Adnoc) investment arm, XRG, finalized the establishment of Arcius Energy, a joint venture aimed at expanding natural gas operations in Egypt, according to a joint press release. The Oil Ministry is aiming to increase gas production by 400-500 million cubic feet per day by March 2025. Industry experts expect an increase of 280% in the total value of throughput of PoS between 2021 and 2024, reaching EGP640 billion by the end of this year.

Transport and Industry Minister Kamel El Wazir laid out the 23 industries that the government is looking to localize, adding that the state is offering incentives and facilities to attract investments into these selected sectors. The Qantara West Industrial Zone will welcome two new projects with combined investments of USD38 mn following agreements with the Suez Canal Economic Zone (SCZone).Egypt and Germany inked grant and debt swap agreements totaling some EUR77.3 mn to fund development projects in a number of sectors.Some 14 firms have offloaded their stake in Misr Aswan Fishing to the Sovereign Fund of Egypt (SFE) ahead of its sale to a strategic investor.The Labor Ministry has doubled the bonuses disbursed to registered irregular workers to EGP 1k, starting with the bonus to be paid out for Coptic Christmas next month, according to a statement. These bonuses are paid out six times a year on religious holidays as well as Labor Day. This increase in bonuses will cost the state some EGP1.5 bn annually.MPs approved a EUR1 bn macro-financial assistance package from the EU, which marks the first phase of a EUR5 bn set of concessional loans running through 2027 as part of a wider EUR7.4 bn package from the EU announced in March.Egyptian cotton exports have decreased since the beginning of the season in early October by more than 72% to only 5,000 tons until mid-December.ADIB Egypt secures USD66.9 million subordinated loan from its main shareholder, Abu Dhabi Islamic Bank - UAE, to support the bank's growth and expansion plan.CANA intends to adopt an ambitious strategy in the coming years, targeting expansion in direct investment activity, investment banking services, and non-banking financial servicesThe Egyptian Federation for Financing MSMEs announces that over 4.5 million clients in small and medium enterprises were given financing that amounted to EGP95.5 billion by the end of 3Q24.DOMT is currently studying the possibility of establishing a factory in an Arab country. HELI decided to contract directly with Al Qalaa Asset Management to exploit the Granada Complex at a rate of 30% of the total revenues in the first year with a guaranteed minimum of EGP 1.8 million annually.ETRS aims to pump USD500,000 into digital transformation within 5 years from 2026 to 2030. PHAR EGM approved increasing the authorized capital from EGP1.5 billion to EGP6 billion and increasing the issued capital from EGP1.48 billion to EGP1.68 billion, an increase of EGP 200 million distributed over 20 million shares through rights issue by inviting old shareholders to subscribe to the new shares.CCAP's Glassrock for Insulation signs a sponsorship and MoU agreement with Ashrae Cairo Chapter Charter to provide innovative solutions and enhance advanced insolation technologies to support energy usage efficiency and sustainable heating and cooling. Weekly Commodities Update

UAE's AMEA Power will set up a USD600 million, 5 GW wind power project in the Gulf of Suez in cooperation with the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority (NREA).There is a plan to launch renewable projects with a combined capacity of 10 GW and combined investments of USD10 billion from 2023-2028 under the government's Nexus for Food, Water, and Energy initiative (NWFE).The EGP fell to EGP50.90 against the greenback at some banks on Thursday, down from 50.58 the day before.MPs are expected to discuss and vote on draft cash-based subsidies bill to establish a Takaful and Karama fund to provide cash-based payments, agreements including a USD500 million financing program between GASC and the Abu Dhabi Exports Office to facilitate the provision of wheat and essential commodities, a financial cooperation agreement with Germany, and a protocol agreement with Russia for the Al Dabaa Nuclear Power Plant.ABUK inked two agreements aimed at helping it make operations more sustainable. The first agreement will see MPS Infrastructure supply Abu Qir with green hydrogen to help it reduce its natural gas use. The second agreement will see ABB Group install an advanced automation control system at the Abu Qir ammonia plant, which will soon start partially relying on green hydrogen. Moreover, ABUK targets increasing Abu Qir 3 plant's capacity by 10% to 1,925 tons per day with an investment cost of USD100 million to be injected during 2025.French Alstom plans to submit its technical and fiscal offers to set up Cairo Metro Line 6 next May to the National Authority for Tunnels (NAT). The consortium carrying out the project will work with local players like Petrojet, Arab Contractors, and ORAS to carry out the project.PHDC (FV: EGP8.78, OW) acquired an additional 3.0% stake in TALM, taking its total stake to 32.6%.A group of local pharma players wants to set up a USD150-200 million pharma raw materials factory next year. The consortium includes Arab Company for Drug Industries and Medical Appliances (ACDIMA) and PHAR. MCQE signed an agreement with Solarize Egypt that will see the two develop a 40 MW solar power project. Sarwa Insurance Company, a subsidiary of CNFN, took over the tender for insurance of 1,269 ATMs of the Egyptian Agricultural Bank, with total coverage of up to EGP2.3 billion.

Derivates will begin trading on the EGX in 2Q 2025, Financial Regulatory Authority Deputy Chairman Islam Azzam said. Azzam highlighted futures contracts for indices as being among the incoming additions.The FRA is also considering offering financial leasing loans for industrial lands from the Industrial Development Authority (IDA) for the first time, Financial Regulatory Authority Deputy Chairman Islam added.The government committee tasked with reforming state economic authorities has completed studies on 40 of the 59 authorities, according to a cabinet statement.Egypt has reportedly chartered a third floating storage regasification unit to process LNG imports to dock at Ain Sokhna by June 2025, according to an unnamed government official.Egypt's imports from Israeli gas increased by c.8% during the first week of this December, reaching 970 million cubic feet per day, compared to an average of 900 million cubic feet per day in the last two weeks of November.The Finance Ministry is mulling letting industrial projects pay customs taxes in installments in a bid to increase liquidity in the sector and support its growth, unnamed government sources said.The government is set to finalize its charter outlining strategies and recommendations for supporting startups in 2025 as part of the government's new Entrepreneurship Ministerial Committee, Planning and International Development Minister Rania Al Mashat said.Delta Insurance, 63.39% owned by EKHO received two bids for acquiring not less than 75% and up to 100% of the company's shares at an indicative price of EGP50/share. This indicative price translates into USD0.06/share of EKHO's outstanding shares, using an exchange rate of EGP50/share. We remind you that in our latest update published on 28 November 2024, we valued EKHO's stake in Delta Insurance at USD0.06/share of EKHO. Our FV for EKHO using SoTP valuation method was USD1.19/share.EGCH released 1Q24/25 unaudited financial indicators posting net profits worth EGP28 million during 1Q24/25, an 89% YoY decline (-98% QoQ) as compared to a net profit of EGP350 million in 1Q23/24 and EGP2.4 billion in 4Q23/24 which included EGP2 billion in real estate revaluation gains. EGCH is currently trading at a 2024/2025e PE of 26.6x and EV/EBITDA of 9.2x.United Bank's shares will debut on the EGX today under the ticker UBEE.CA, at a price of EGP 13.85 per share. The stock will trade with expanded price limits of ±40% on its first day, with no temporary suspensions, and a 30-day stabilization period beginning today until 8 January 2025, during which shares from the public offering can be sold back at the IPO price.ATLC is officially licensed for mortgage financing from the FRA. BTFH signs a joint venture agreement with an Italian company, CRIF to support the launch of a new entity that will offer a set of credit ratings services primarily in the Egyptian market, potentially expanding to MENA region. ESRS confirmed, in a release to LSE, that the company is not tendering for the GDRs in the planned buyback and, if a holder of GDRs wishes to tender the underlying shares, the holder must first surrender the GDRs and receive delivery of the underlying shares.Abu Dhabi-based Electra Investment Holding has acquired some 8.3 million additional shares of SWDY, some 0.39% of the company, for EGP88.15/share, bringing Electra's stake in SWDY to 20.37%. Naguib Sawiris plans to list his real estate development company, Ora Developers, on a stock exchange within three years.RACC will buy back up to 7.1% of its shares between 9 December and 9 January. The company has already purchased some 5.9 mn treasury shares, equals to 2.9% of the total shares, between March and April of this year.

Egypt is in talks with the International Monetary Fund to extend timelines for key reforms under its economic reform program, a senior government official said. The official expects Egypt to be placed on the IMF Executive Board's agenda before the Christmas holidays for the amendments to be given the final greenlight.The average yield on three-month EGP-denominated t-bills rose to 31.419% in Sunday's auction by the Central Bank of Egypt, up 0.219 percentage points since the same bills last went to auction. Net foreign reserves remained flat at USD47.0 billion at the end of November 2024.Chinese luggage manufacturer Hangzhou Henneway Travel Goods kicked off construction on its USD50 million factory in the Suez Canal Economic Zone's (SCZone) Qantara West Industrial Zone.CBE data revealed that Egypt paid USD1.3 billion in repo agreements (repurchase international bonds) worth USD1.3 billion last month.The trade deficit recorded USD31.275 billion during the first 10 months of 2024, an increase of 1% compared to a deficit of USD31.025 billion in the same period last year.United Bank's shares will debut on the EGX tomorrow under the ticker UBEE, following the close of its heavily oversubscribed retail and private offerings that put the company's share price at EGP13.85.ESRS Board of Directors agreed to begin procedures for delisting its shares from the EGX, pending the general assembly's approval. Saudi cable manufacturer Al Mousa Cables is set to establish its first EUR50 million cable production factory in Egypt, according to local media. We updated our FV for EAST to EGP48.11/share, maintaining our Overweight recommendation. EAST is currently trading at FY24/25 P/E of 6.3x and EV/EBITDA of 5.5x.CLHO reported positive 3Q24 results with 3Q24 attributable net profit amounted to EGP207 million, up 45% QoQ and 73% YoY, yielding a NPM of 14.2%. On a YTD basis, 9M24 attributable net profit came in at EGP532 million (+71% YoY) yielding a NPM of 13.9% (+1.61pps YoY). CLHO is currently trading at FY25 multiples of P/E 14.2x and EV/EBITDA of 7.0x.According to AMIC, auto sales increased by 7.3% YoY and 1.1% MoM in October to record 9.6kvehicles up from 9.0k vehicles during October 2023 and 9.5k vehicles in September 2024. Weekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 71.1 | -2.5% | Diesel-HSFO Spread, USD/ton | 229.3 | -3.8% | Egypt Urea, USD/ton | 364.0 | 2.8% | Polyethylene, USD/ton | 950.0 | 0.0% | Polypropylene, USD/ton | 960.0 | 0.0% | Iron Ore 65%, USD/ton | 123.6 | -0.2% | Steel/Iron Ore Spreads, USD/ton | 377.1 | -1.0% | LME Aluminum Cash Price, USD/ton | 2,569.8 | -0.3% | LME Copper Cash Price, USD/ton | 9,011.9 | 1.4% | Egyptian Retail Cement, EGP/ton | 2,847.0 | 0.0% | Steam Coal FOB Newcastle Australia, USD/ton | 133.3 | -5.8% | SMP, USD/MT | 2,848.0 | -1.2%

Wataneya and Safi are named as among the up-to-four military companies to be offered up on the EGX, unnamed sources said. The National Service Products Organization-owned filling station operator and bottled water company are reportedly currently being reevaluated ahead of a listing scheduled for 1Q25. The EGP fell to its lowest level on Thursday since March's exchange rate liberalization, passing the EGP50.00 mark against the greenback.Egypt is to lease a second LNG floating regasification unit starting 2H25, following an agreement to lease a unit between US-based New Fortress Energy and Egyptian Natural Gas Holding Company (EGAS).The CBE sold only 6.2% of its target for year-long USD-denominated bills and 18.0% of its six-month bills as investors demanded higher interest rates during the bank's most recent auction on Thursday. US energy giant Exxon Mobil will start drilling a new offshore gas exploration well in the North Marakia concession in the western Mediterranean on 15 December, according to a statement from the Oil Ministry.The CBE gave the green light to a number of banks to start accepting Egypt-bound remittances from abroad through the Central Bank's payment platform Instapay, the bank said in a statement.The World Bank said that it had reached an agreement with the Egyptian government to extend the program to support the comprehensive health insurance system until September 2026, instead of October 2024. President Abdel Fattah El Sisi and Danish King Frederick X launched the Egypt-Denmark Business Council, which will serve as a “gateway for Danish economic and commercial bodies to explore investment opportunities in Egypt,” namely in the infrastructure, ICT, renewable energy, and transformative industries sectors.Egypt Post acquired EGP8.9 billion in shares owned by the National Investment Bank in seven EGX-listed companies, Asharq Business reports citing an informed government source. The shares were purchased from EAST, ABUK, ALCN, MFPC, EKHO, AMOC, and SKPC.The Finance Ministry will launch public consultations on its tax policy document in the first quarter of the next fiscal year, according to a statement by the Ministry. The General Authority for Supply Commodities (GASC) has been reportedly replaced by the Mostakbal Misr Agency for Sustainable Development of the Egyptian Armed Forces. Mostakbal Misr will “assume all jurisdictions previously held by GASC,” according to a letter from the Supply Ministry to Russia's Minister of Agriculture seen by Reuters.ETEL, alongside other mobile network operators, announced increasing the price of home internet packages and mobile packages by around 31-32%.ABUK has decided to replace part of the natural gas used in its ammonia production facility with 50 tons a day of green hydrogen, according to an EGX disclosure. The 12-month project is also expected to up production 100 tons to 1.2k tons a day. SUGR cash dividends of EGP5.00/share will be paid out in two equal installments, with the first to be paid on 26 December 2024 and the second on 22 January 2025. The record date is on 23 December 2024.DOMT has submitted documents to reduce the company's authorized capital to EGP282.6 million down from EGP500 million.BTFH is planning an issuance of securitization bonds with a value of EGP3 billion in 2025.

Op dag twee van de Cloud Expo 2024 spraken Ron en Richard met Marc Verhoeven en Jeroen de Kam van de Cloud Expo, Jarno van Zandvoort van Insight, Bam Gobets van Nebul, Raymond van Kasteel van Infinigate, Stefan Lambregts en Ronald Kingma van Access42, Sander Klaassen en Bryan Beekhof van Orange Cyberdefense, Eric Bruins van Equinix, Celine Weenk en Rosa Vet van TD Synnex, Marcel Willemsen van Lenovo, Jordy Bleekman en Ila Kelikova van Ingram Micro, Marga Reuver van EGP, Timon Bergsma en Phylip Morgan van PAX8, Remco Kuypers en Chris van den Berg van Arrow Nederland, Philip van Gendt van Avepoint en Marlon Deekman van Tiptel. Wat is de werkelijke impact van de cloud op jouw organisatie? De cloud is meer dan een technische oplossing; het is een strategische keuze die organisaties kan maken of breken. Maar wat zijn de echte voordelen en risico's? Dat hoorde je op de Cloud Expo 2024 in Houten. Van flexibiliteit en schaalbaarheid tot uitdagingen rond beveiliging; hoe kun je de cloud optimaal inzetten voor jouw bedrijfsstrategie en organisatiegroei? Met sessies in de Cloud Theaters namen marktleiders zoals Microsoft, Nvidia en Cisco je mee in hun nieuwste innovaties. Wat betekenen hun technologieën concreet voor digitale transformatie, AI-integratie en het veilig opzetten van netwerken?

Op dag twee van de Cloud Expo 2024 spraken Ron en Richard met Marc Verhoeven en Jeroen de Kam van de Cloud Expo, Jarno van Zandvoort van Insight, Bam Gobets van Nebul, Raymond van Kasteel van Infinigate, Stefan Lambregts en Ronald Kingma van Access42, Sander Klaassen en Bryan Beekhof van Orange Cyberdefense, Eric Bruins van Equinix, Celine Weenk en Rosa Vet van TD Synnex, Marcel Willemsen van Lenovo, Jordy Bleekman en Ila Kelikova van Ingram Micro, Marga Reuver van EGP, Timon Bergsma en Phylip Morgan van PAX8, Remco Kuypers en Chris van den Berg van Arrow Nederland, Philip van Gendt van Avepoint en Marlon Deekman van Tiptel. Wat is de werkelijke impact van de cloud op jouw organisatie? De cloud is meer dan een technische oplossing; het is een strategische keuze die organisaties kan maken of breken. Maar wat zijn de echte voordelen en risico's? Dat hoorde je op de Cloud Expo 2024 in Houten. Van flexibiliteit en schaalbaarheid tot uitdagingen rond beveiliging; hoe kun je de cloud optimaal inzetten voor jouw bedrijfsstrategie en organisatiegroei? Met sessies in de Cloud Theaters namen marktleiders zoals Microsoft, Nvidia en Cisco je mee in hun nieuwste innovaties. Wat betekenen hun technologieën concreet voor digitale transformatie, AI-integratie en het veilig opzetten van netwerken?

Op dag twee van de Cloud Expo 2024 spraken Ron en Richard met Marc Verhoeven en Jeroen de Kam van de Cloud Expo, Jarno van Zandvoort van Insight, Bam Gobets van Nebul, Raymond van Kasteel van Infinigate, Stefan Lambregts en Ronald Kingma van Access42, Sander Klaassen en Bryan Beekhof van Orange Cyberdefense, Eric Bruins van Equinix, Celine Weenk en Rosa Vet van TD Synnex, Marcel Willemsen van Lenovo, Jordy Bleekman en Ila Kelikova van Ingram Micro, Marga Reuver van EGP, Timon Bergsma en Phylip Morgan van PAX8, Remco Kuypers en Chris van den Berg van Arrow Nederland, Philip van Gendt van Avepoint en Marlon Deekman van Tiptel. Wat is de werkelijke impact van de cloud op jouw organisatie? De cloud is meer dan een technische oplossing; het is een strategische keuze die organisaties kan maken of breken. Maar wat zijn de echte voordelen en risico's? Dat hoorde je op de Cloud Expo 2024 in Houten. Van flexibiliteit en schaalbaarheid tot uitdagingen rond beveiliging; hoe kun je de cloud optimaal inzetten voor jouw bedrijfsstrategie en organisatiegroei? Met sessies in de Cloud Theaters namen marktleiders zoals Microsoft, Nvidia en Cisco je mee in hun nieuwste innovaties. Wat betekenen hun technologieën concreet voor digitale transformatie, AI-integratie en het veilig opzetten van netwerken?

Op dag twee van de Cloud Expo 2024 spraken Ron en Richard met Marc Verhoeven en Jeroen de Kam van de Cloud Expo, Jarno van Zandvoort van Insight, Bam Gobets van Nebul, Raymond van Kasteel van Infinigate, Stefan Lambregts en Ronald Kingma van Access42, Sander Klaassen en Bryan Beekhof van Orange Cyberdefense, Eric Bruins van Equinix, Celine Weenk en Rosa Vet van TD Synnex, Marcel Willemsen van Lenovo, Jordy Bleekman en Ila Kelikova van Ingram Micro, Marga Reuver van EGP, Timon Bergsma en Phylip Morgan van PAX8, Remco Kuypers en Chris van den Berg van Arrow Nederland, Philip van Gendt van Avepoint en Marlon Deekman van Tiptel. Wat is de werkelijke impact van de cloud op jouw organisatie? De cloud is meer dan een technische oplossing; het is een strategische keuze die organisaties kan maken of breken. Maar wat zijn de echte voordelen en risico's? Dat hoorde je op de Cloud Expo 2024 in Houten. Van flexibiliteit en schaalbaarheid tot uitdagingen rond beveiliging; hoe kun je de cloud optimaal inzetten voor jouw bedrijfsstrategie en organisatiegroei? Met sessies in de Cloud Theaters namen marktleiders zoals Microsoft, Nvidia en Cisco je mee in hun nieuwste innovaties. Wat betekenen hun technologieën concreet voor digitale transformatie, AI-integratie en het veilig opzetten van netwerken?

Op dag twee van de Cloud Expo 2024 spraken Ron en Richard met Marc Verhoeven en Jeroen de Kam van de Cloud Expo, Jarno van Zandvoort van Insight, Bam Gobets van Nebul, Raymond van Kasteel van Infinigate, Stefan Lambregts en Ronald Kingma van Access42, Sander Klaassen en Bryan Beekhof van Orange Cyberdefense, Eric Bruins van Equinix, Celine Weenk en Rosa Vet van TD Synnex, Marcel Willemsen van Lenovo, Jordy Bleekman en Ila Kelikova van Ingram Micro, Marga Reuver van EGP, Timon Bergsma en Phylip Morgan van PAX8, Remco Kuypers en Chris van den Berg van Arrow Nederland, Philip van Gendt van Avepoint en Marlon Deekman van Tiptel. Wat is de werkelijke impact van de cloud op jouw organisatie? De cloud is meer dan een technische oplossing; het is een strategische keuze die organisaties kan maken of breken. Maar wat zijn de echte voordelen en risico's? Dat hoorde je op de Cloud Expo 2024 in Houten. Van flexibiliteit en schaalbaarheid tot uitdagingen rond beveiliging; hoe kun je de cloud optimaal inzetten voor jouw bedrijfsstrategie en organisatiegroei? Met sessies in de Cloud Theaters namen marktleiders zoals Microsoft, Nvidia en Cisco je mee in hun nieuwste innovaties. Wat betekenen hun technologieën concreet voor digitale transformatie, AI-integratie en het veilig opzetten van netwerken?

The recently formed Entrepreneurship Ministerial Committee has announced ambitious plans to increase investments in Egypt's startups tenfold to USD5 bn in the coming period, through easing market entry among other measures.Industry Ministry revealed new information about the government's plans to localize automotive feeder industries with a USD 360 mn joint tire-manufacturing project between the Arab Organization for Industrialization (AOI) and an unnamed Chinese company, set to be an entire tire manufacturing city in a freezone in Ain Sokhna.Government arrears owed to Egypt's pharma companies have climbed to EGP 50 bn, Federation of Egyptian Chambers of Commerce's pharma division said.Egypt is exploring the possibility of exporting electricity to Syria through its interconnection link with Jordan, Electricity Minister Mahmoud Esmat said.MPs yesterday gave the greenlight to a EUR 1 bn macro-financial assistance package from the EU, which marks the first phase of a EUR5 bn set of concessional loans running through 2027 as part of a wider EUR7.4 bn package from the EU announced in March.Egypt's PMI edged up for the second month in November, moving closer to the 50.0 mark that separates growth from contraction, recording 49.2 from 49.0 in October, the index was indicative of a marginal decline in business conditions.The Ministry of Industry, in cooperation with the CBE, intends to launch a fund to support the productive sectors, especially the industrial sector.The Prime Minister said that the government is working to expedite the payment of the remaining dues to the British company “BP”.CNG Egypt New Energy Glass Company, a subsidiary of China Glass Holding Group, intends to pump investments worth USD300 million into the TEDA region - Egypt, in the industrial zone of Ain Sokhna.The CBE sold USD 980.5 mn worth of one-year, USD-denominated t-bills yesterday, with an average yield of 4.50%, down 0.65 percentage points from the last time the same length bills were auctioned off in JuneToday is the last day for retail investors to grab a piece of United Bank, with the retail offering set to wrap today, before trading kicks off on the EGX. The offering is already 23x oversubscribed as of yesterday, as retail investors jump one of only two IPOs to kick off this year, Amwal Al Ghad reports. The government has approved a four-year plan starting next year to expand the production capacity of state-owned EGAL's Nagaa Hammadi complex, with an eye toward fulfilling local demand and reducing imports of aluminum. Ministry of Industry is studying reducing the value of steel billets new license to EGP3 million in order to facilitate acquiring the license.

*Key news articles for today*The government is planning to issue its first EGP-denominated sovereign sukuk in the domestic market in the next fiscal year.The government is planning to localize 50% of all vaccine production by 2030. There will then be efforts to increase this to 75% by 2035 and full self-sufficiency by 2040.The government has allocated a total of EGP10 billion to settle a significant portion of debts owed to pharma and medical supplies companies, to be paid over the next three weeks.Egypt is looking to raise the industrial sector's contribution to the country's total GDP to 20-30% from its current 14%. Also the government is planning to up the local component ratio in the industrial sector to 70-80%, up from no more than 40-50% at the moment.The CBE sold EGP443 million worth of 3-year, fixed-rate, EGP-denominated treasury bonds in Monday's auction at a weighted average yield of 24.1%.The Supreme Committee for Partnership Affairs decided to put forward 12 projects in water treatment, sewage, and electricity networks, to be implemented in partnership with the private sector.The Ministry of Petroleum continues to secure Egypt's needs for natural gas during the summer months by continuing to import LNG via gasification ships to secure the equivalent of 1 bcf per day throughout the summer period.We raised our FV of ORAS to EGP425.00/share (USD8.50/share), up from the previous EGP344.18/share (USD7.38/share), implying an upside potential of 43% while maintaining our Overweight recommendation. Our updated valuation model factors in the preliminary estimate of impact of the development of the mega project, Ras El-Hekma, rolling over the model and updating our macro assumptions, and assuming a 50% of the estimated maximum claim of USD311 million that could be imposed on ORAS in Sidra's arbitration case. ORAS is currently trading at FY25e PE of 5.1x. ESRS stated that the transformer of meltshop No. 2 of Ezz Flat Steel Company (EFS), Suez, a subsidiary, suffered a major malfunction. The repair period is expected to extend for approximately 9 months. This should have a negative impact on ESRS where its production levels will return back to pre-2023 levels to around 5.4 million tons of finished products, down from the current 7.0 million tons. Negotiations should be taking place with the insurance company regarding the amount of compensation. We expect FY25 revenue and bottom line to drop by 10-12% below our estimates for the year as a result of the meltshop suspension.SVCE reported 9M24 losses amounting to EGP237.5 million, compared to 9M23 net loss of EGP63.1 million, despite an 86% YoY spike in revenue to EGP1.1 billion.United Bank retail placement is set to begin later today and run until 3 December. EFIH and Africa-focused digital solutions company Cassava Technologies signed an agreement that will see the two firms identify areas for collaboration and joint expansion in Egypt and Africa.MFPC targets finalizing two green hydrogen projects and expanding the company's capacity of urea in 2027 with total investments worth USD400 million. Flydubai will start offering daily direct flights between Dubai International Airport and Alamein International Airport starting next summer. The route will operate between 21 June and 7 September.Hotels in Luxor raised prices by 33-50% y/y in November 2024. Occupancy rate in Luxor in November 2024 increased to 80% from 65% in November 2023.Al Mansour Automotive is partnering with China's state-owned SAIC and another unnamed partner to establish a factory for assembling both traditional and electric cars for SAIC-owned brand MG in Egypt. The factory is expected to begin production within the next two years.

Imported mobile phones could be subject to customs and tax fees totaling 37.5%, as part of incoming government regulations to support the country's mobile phone manufacturing localization efforts.Prime Minister is gearing up to announce “positive news” regarding the airport privatization plan developed with the International Finance Corporation (IFC).Infinity Power, UAE's Masdar, and Hassan Allam Utilities will soon launch a tender for a contractor to carry out their combined 1.2 GW solar projects planned for the Dahkla Oasis and Benban plant in Upper Egypt.The Ministry of Petroleum intends to launch an international bid for gold exploration in areas in the Eastern Desert.The CBE balances at the International Monetary Fund rose to EGP31.172 billion at the end of October, compared to EGP18.243 billion at the end of September 2024.The Egyptian government expects the World Bank to respond in 1Q25 to its request for new financing worth USD250 million in order to implement the state ownership policy.Jade Textile Company, a subsidiary of the Turkish Yeshim Group in Egypt, is implementing investment expansions in its factories in Cairo, Ismailia, and Alexandria, with a total investment of USD180 million.ORAS reported a steady set of results for 3Q24. Net income attributable to shareholders came in at USD21.6 million (+34% YoY, +12% QoQ) in 3Q24. This brought 9M24 bottom line to USD87.0 million, down 24% YoY. ORAS is currently trading at FY25e PE of 5.3x and EV/EBITDA of 1.2x.United Bank private placement on the EGX will wrap up later today. The offering is reportedly already 3x oversubscribed with still one day left of the placement to go. Retail subscription is starting on Wednesday until 3 December.The IFC inked an agreement with COMI that will see it grant the bank some USD150 million in soft financing aimed at supporting COMI's efforts to promote micro and small and medium-sized enterprises.BTFH's platform NEBIT aims to penetrate non-traditional fertilizer activities and agricultural supplements. Catalyst Partners Middle East (CPME) made its EGX debut yesterday. The SPAC listed 1 million shares with a nominal value of EGP10/share. JUFO BoD has initially approved the merge of Elmasreya for Dairy Products Company, Eldawleya Modern Food Industries Company, Egyptian Food Industries Company - EGYFOOD, and Al Marwa Food Industries Company into JUFO based on the book value of these companies according to FY23 financials.Egypt's chemicals and fertilizers exports increased by 5% YoY to USD6.5 billion in 9M24. Weekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 75.2 | 5.80% | Diesel-HSFO Spread, USD/ton | 260 | 9.20% | Egypt Urea, USD/ton | 354 | 0.00% | Polyethylene, USD/ton | 975 | -0.50% | Polypropylene, USD/ton | 960 | -0.50% | Iron Ore 65%, USD/ton | 121 | 2.70% | Steel/Iron Ore Spreads, USD/ton | 389 | -4.00% | LME Copper Cash Price, USD/ton | 8,848 | -0.40% | LME Aluminum Cash Price, USD/ton | 2,597 | -1.20% | Egyptia Retail Cement, EGP/ton | 2,849 | 0.00% | Steam Coal FOB Newcastle Australia, USD/ton | 141 | -0.40% | SMP, USD/MT | 2,882 | 1.10% | Last price may vary week over week in some indices due to time difference

 Hassan Allam Holding inked a memorandum of understanding with Abu Dhabi wealth fund ADQ portfolio company and Ras El Hekma project master developer Modon Holding, in an agreement to cooperate on projects in the “infrastructure, energy, and water and wastewater treatment, and special building” sectors, the companies said in a joint statement. The CBE payment platform Instapay will start accepting Egypt-bound remittances from Gulf nations before within two months, the bank's deputy assistant governor for payment systems and services said. For the time being, transfers will be received in EGP, but opening this up to AED and SAR is being studied. The Oil Ministry is in talks with suppliers to postpone LNG shipments from 4Q 2024 to 1Q 2025, a government source said. The shipments are part of the 20 cargoes of LNG that the government bought for USD 907 mn to cover domestic needs between October and December.The Readymade Garments Export Council is negotiating with foreign companies from China, Turkey, and Vietnam to establish factories in Egypt, some of which are based on the localization of imported industries. We raise our FV of SWDY to EGP75.00/share, up from the previous EGP45.69/share, yet we maintain our Equalweight recommendation given the recent price rally in the stock price. SWDY is trading at FY25e P/E of 10.2x and EV/EBITDA of 5.0x. DOMT reported 3Q24 results, showing a net profit of EGP166.9 million (+63.5% YoY, 90.2% QoQ), with NPM of 6.6% (+1.5pps, +2.3pps QoQ). DOMT is currently trading at 2025f P/E of 13.3x and EV/EBITDA of 7.7xNTRA has given its preliminary approval to MNOs to increase prices of telecom services (phone calls and internet services) in Egypt.Following HELI's Board approval in August to start procedures to acquire a 770 feddan land plot in Capital Gardens, HELI disclosed that the land plot area is 766 feddans worth EGP12.6 billion, 10% of which has been paid and the rest of which will be paid over six years.Al Ahly Sabbour is looking to list around 20-25% of its shares on the EGX.The indicative price range for the United Bank IPO, set between EGP 12.70 and EGP 15.60 per share, suggests significant upside potential within the sector, valuing the bank between EGP 13.97 billion and EGP 17.16 billion. This pricing translates to a projected 2025 P/B of 0.8x to 1.0x and a P/E of 4.7x to 5.8x. In contrast, the sector averages for 2025 stand at 0.8x P/B and 2.9x P/E, highlighting a notable discrepancy. HRHO announced that its private equity arm has launched a USD 300 million Saudi Education Fund (“SEF”) with the target of building an institutional world-class K-12 operator in the Kingdom of Saudi Arabia. BTFH is continuing to reap the benefits of its growth strategy during 9M24, with consolidated operating revenues increasing at 404% y/y to record EGP4.8 billion, while net profit exceeded EGP1.13 billion, up from 86 million pounds during the same period of the previous year. CNFN launches a new project in Zayed City with investments amounting to EGP1.5 billion.State-owned El Nasr Automotive and the privately held Al Safy Group have set up a joint venture, dubbed SN Automotive, to assemble global car brands locally to sell in Egypt and export to other North African nations. Egypt's car imports witnessed a significant decline of more than 28% in August 2024, amounting to USD156.09 million, compared to approximately USD217.09 million during the same month last year.

Horizon Online, coop in Aloy's turf; Enshrounded, huge update coming, we talk about it; The CPU Overclock World Record is set again; CoolerMaster Shark takes a bite out of your PC; Sony New Monitors, 4K & 480Hz; Deadlock, you cheat, you become a frog; Starfield gets a big overhaul mod to upgrade the base game, and more EGP craziness!

في الحلقة ديه أحمد عمرو بيعلم يوسف سودان مهارة البيع! أحمد عمرو بيشرح إزاي تبيع، تبيع لمين، وإزاي تقدر تسوق وتعمل براند لنفسك عشان تحقق فلوس أكتر من ما كنت متخيل! أحمد بقاله 12 سنة في مجال البيع وباع أصول وعقارات بأكتر من 5 مليار جنيه! من خبرته، أحمد بيتكلم عن سوق العقارات، وهل المفروض تبقى وكيل عقارات او سمسار، وإزاي تقدر تنجح في المجال ده! كان شرف لينا نستضيفك يا احمد وإحنا متحمسين للي هنعمله مع بعض في المستقبل!----أحمد عمرو رياضي محترف سابقًا وحاليًا هو مدير المبيعات في شركة The Address مصر. ----In episode #111 of #CasualTalksWithSoudan Ahmed Amr teaches Yousef Soudan the skill of selling! Ahmed Amr explains how to sell, who to sell to, and how can you market and brand yourself to make more money than you thought possible! Ahmed has been selling for the past 12 years and has sold more than 5 billion EGP worth of assets! With his experience, Ahmed talks about the real estate market, should you become a real estate agent, and how can you succeed in this field! Ahmed is an incredible sales man, thinker and leader! It was an honor to host him and we're looking forward to what we'll create together----Ahmed Amr is a former professional athlete and is currently the sales director in The Address Egypt----البودكاست ده مصري ‏بدأ في ٢٠٢٠ بتقديم يوسف سودان و هدفه نشر الوعي، النجاح، المعلومات، التجارب الشخصية، القصص، الافكار، والحب لأي حد بيسمع أو بيتفرج عليه. البودكاست سجل اكتر من ١٠٠ حلقة مع رجال اعمال، مغنيين، ممثلين، صناع محتوى، مدربين، أبطال عالم، وشخصيات مؤثرة مختلفة. هدف البودكاست الأول والأخير هو الاستفادة ونشر الحب - ان شاء الله----#CasualTalksWithSoudan is an Egyptian podcast, established in 2020, by Yousef Soudan! Casual Talks With Soudan explores today's most interesting people and is completely unfiltered and raw, bringing back honest and real conversations about love, culture, relationships, business, success, life, and so much more!----Find the podcast on all social media platforms: @CasualTalksWithSoudan ----Website: www.casualtalkswithsoudan.com

It's Wednesday 19th August 2024 and in this EGP, we react to the seismic news coming out of Bloomfield Road this morning, being that Neil Critchley has been “relived of his duties” along with Assistant Head Coach Mike Garrity. With Richard Keogh being put in interim charge ahead this Saturdays game against CambridgeTalking pointsWas it the right decision?Was Saturday a sackable offence? Can Sadler justify ‘backing' a manager in the summer then sacking?Will the new manager have enough time in the window to get us through to January?Will the new manager be picked by the ManagerTron2000 algorithm like last time?Who do we want next?CA26Dobbie (or combo of both)BBBWellensScott LindseyWho do the fans want?Pick our team for CambridgeLISTEN TO THE PODCASTDon't want to watch the full video show? You can also listen to the audio (enhanced quality) version of the podcast wherever you get your podcasts from or by clicking this link https://podfollow.com/seasiders-podcastPATREONIf you would like to help support our show, say thanks for the pods and help us pay for software, hosting, equipment, etc., please consider joining our Patreon supporter program. https://www.patreon.com/seasiderspod And in return for your generous patronage, you'll get a Seasiders Podcast premium pass. This gives you all the podcasts ad-free, exclusive patron-only content and access to our private patron WhatsApp group containing us and all other patrons.You can follow and listen to the pod on these platforms:https://www.youtube.com/@seasiderspodhttps://twitter.com/seasiderspodhttps://www.seasiderspodcast.co.ukhttps://www.facebook.com/seasiderspod Hosted on Acast. See acast.com/privacy for more information.

[originally published on Patreon March 16, 2024] By 1970, the literal former head of a death squad was running Guatemala - Colonel Carlos Manuel Arana Osorio. He took the death squad model to the next level, and disappearances skyrocketed. In 1972, the survivors of FAR formed the EGP (Ejército Guerrillero de los Pobres, or the Guerrilla Army of the Poor) and shifted from foquismo to a protracted people's war model of insurgency. I discuss the Catholic church's complicated legacy in Guatemala on both sides of the political spectrum. I discuss Liberation Theology, the Melville Affair, and CUC (Comite de Unidad Campesina, or the Committee for Peasant Unity) which interacted with the EGP. I explain the major earthquake of February 1976 which triggered the influx of foreign missionaries which would have wild repercussions. I go over the 1980 Spanish Embassy Massacre. In 1982, URNG was formed - Unidad Revolucionaria Nacional Guatemalteca, or Guatemalan National Revolutionary Unity. There was a serious possibility that Guatemala would have a revolution similar to the one that occurred in Nicaragua in 1979. This context is important to understand what is to come. Songs: Interview with Marco Antonio Yon Sosa Vos Sos el Dios de los Pobres / Canto Entrado by Carlos Mejia Godoy Canción al EGP by unknown