Podcasts about Ekho

Strategy| PHDC ranked top pick as Abu Dhabi project is estimated to add around EGP15/share to FV estimateABUK, EKHO, MFPC, KIMA, LCSW, ECAP| Egypt's planned LNG imports signals higher gas prices and challenges industrial marginsHRHO| Should we purchase HRHO at EGP30 ahead of the ValU IPO?EFID| Steady but tepid start to a year lacking momentum

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. 

Enjoy this week's episode with Venezuelan Dj & producer ANDREATENS, a passionate and talented Venezuelan DJ who has captivated audiences around the world with her music. Her career begins in Venezuela and she currently resides in the city of Miami. Her journey in music began in 2014, where she quickly gained recognition for her energy on stage and her ability to create a unique atmosphere. Her musical style is Afro House and Tech House. We are getting ready for our Slave To The Rhythm Pool Party March 30 in Miami at The Epic Hotel where ANDREATENS will play B2B with Markem. She is bringing the heat with this great set. Enjoy this Afro House Journey with ANDREATENS getting the heat started for our Slave To The Rhythm Pool Party March 30 in Miami at The Epic Hotel! ANDREATENS - Divine (Original Mix) 
 Samson, Ekho, Tommy Kimpton - Kickin' (Original Mix)
 Sam Haze - Ammi (Original Mix) 
 Tebra, Bakean - Outra Vez (Dimo (BG) Remix) REDOLENT Daniel Rateuke - Wild Eyes Feat. SANDHAUS (Original Mix)
 Jerry K - Wash Away (Original Mix)
 Juno (De) - Last Dance (Original Mix)
 Eran Hersh, German Brigante - Você Nâo Pode (Original Mix) Bedouin - Better Than this Feat. IVETA (Original Mix)
 K.O.D, Miss Thandoe, Balata - I Have To Learn (Original Mix) Loubna, Vanetty - Fallin' (Original Mix)
 Hotlap, UVITA - El Dorado (Original Mix)
 Come Closer - French Touch (Original Mix) This show is syndicated & distributed exclusively by Syndicast. If you are a radio station interested in airing the show or would like to distribute your podcast / radio show please register here: https://syndicast.co.uk/distribution/registration

Egypt has reportedly set a pricing and payment mechanism for securing LNG supply agreements for the summer months.Chinese firm Di Seta has begun construction work on a USD40 million ready-made garments factory in the Qantara West Industrial Zone.Egypt's merchandise exports reached USD4.3 billion during January 2025, compared to USD3.3 billion in the same month of 2024, a growth of 30% YoY.The House of Representatives approved granting workers an annual bonus of no less than 3% of the insured salary within the new draft labor law instead of 7% of the basic salary.Minister of Finance said that tax revenue jumped 38% YoY in 1H FY2024/25 to EGP913.4 billion.MASR's (FV: EGP8.11, OW) net profit in 4Q24 decreased 48.8% y/y and 62.6% q/q to EGP397.6 million, taking FY24 net profit up 36.9% y/y to EGP2.9 billion. The Board of Directors proposed the distribution of cash dividends of EGP0.25/share, implying a payout ratio of 18.3% and dividend yield of 6.0%. The Board also approved purchasing 85.4 million treasury shares. EFID reported 4Q24 financial results. Net profit reached EGP407 million (+0.9% YoY, +1.4% QoQ). FY24 bottom line came in flat at EGP1,634 million. EFID is currently trading at FY25 P/E of 7.6x and EV/EBITDA of 5.4x.MFPC released FY24 financial indicators. Net profit soared by 153% YoY to EGP15.1 billion in FY24. The company attributed the increase to an EGP7.1 billion rise in FX translation differences from the year before in addition to a EGP1.4 billion increase in interest revenue. MFPC is currently trading at 2025f PE of 6.9x and EV/EBITDA of 6.1x.The FRA gave the nod for EKHO to proceed in its stock dividend distribution to shareholders at 5% of the issued and paid-up capital to reach USD295.81 million, with an increase of USD14.09 million distributed over 56.34 million shares at par value of USD0.25/share (1:20 ratio). 

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.

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.

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.

German companies are mulling several investments in Egypt, including:A EUR 1 billion direct reduced iron factory.A EUR 30 million flame-resistant material factory.A EUR 5 million first phase of a bicycle parts factory. Auto parts factory in Egypt.China Glass Holding subsidiary CNG Egypt New Energy Glass kicked off construction work on a USD300 million glass factory.The ro-ro shipping line connecting Damietta Port with Italy's Port kicked off operations on Thursday with its first shipment setting sail. Net foreign assets in the Egyptian banking system fell to USD9.2 billion by the end of October, down from USD10.31 billion in September.The Cabinet approved the creation of a desert land development chamber under the Federation of Egyptian Industries. MPs are set to discuss and vote on a draft cash-based subsidies bill today that aims to give cash-based subsidies to citizens under the poverty line without access to social insurance.The CBE sold EGP47.0 billion worth of the bills, surpassing its EGP35.0 billion target, at 30.86%, 0.27% higher than their last auction. Minister of Finance announced that Egypt is set to issue a sovereign sukuk denominated local currency. The issuance is scheduled for the first quarter of 2025.Prime Minister said that the government will not repeat previous mistaken policies of keeping the exchange rate static on the assumption that a fixed rate demonstrates stability. The Supreme Council for Investment is preparing to issue new decisions aimed at empowering the private sector in strategic projects that the government seeks to expand during the coming period. Egypt has reopened fish exports to the EU after a three-year freeze.We maintain our overweight recommendation of EKHO at a downgraded FV of USD1.19/share. Despite the outstanding risks represented in further currency depreciation and downward pressure on global prices or lag in local repricing, EKHO is exerting efforts to withstand such risks. EKHO is currently trading at a FY25f PE of 5.0x and EV/EBITDA of 3.7x.EFIC released 3Q24 consolidated financial results. Net income grew 569% YoY (+49% QoQ) to EGP535 million, bringing 9M24 net income to EGP1.3 billion (+157% YoY). EFIC is currently trading at a 2025f PE of 7.3x and EV/EBITDA of 4.7x.CANA has exited from investments in four entities worth EGP142 million.The total value of the bank's investment portfolio in September 2024 amounted to about EGP2.8 billion, compared to about EGP1.9 billion at the end of 2023.HRHO's commercial bank Bank NXT partnered with global payment solutions firm Mindgate Solutions to launch a new digital platform for corporate clients.CICH and Compass received FRA approval to launch the C3 Capital Fund targeting EGP3 billion. HRHO has finished its role in advising Maarif Education on its takeover of Ibn Khaldoun Education. MNOs are set to launch eSIM cards before the end of 2024. 

Cabinet spokesperson named banking, airports, pharma, plastics, glass, and petrochemicals as among the sectors where we will see stakes in state-owned entities offered up by the end of June. In addition, there are another 15 stake offerings in the pipeline after the current fiscal year. The Private Sector Partnership Unit in the Ministry of Finance intends to launch six projects through PPP, during 1Q25.The government decided to transfer a number of renewable energy projects that will produce green hydrogen from areas in the east and west of the Nile to three new sites near the Suez Canal Economic Zone, for cost-related reasons.The British company United Oil and Gas announced the completion of the legal procedures related to its exit from the 22% stake in Abu Sinan concession in Egypt.The Ministry of Communications aims to reach USD9 billion in outsourcing industry exports by the end of 2026, up from USD3.7 billion currently.The Tax Authority has canceled the imposition of VAT on services provided by commercial agents and legal representatives of foreign companies and branches of foreign companies operating in Egypt, such as marketing and promotion.MPs are back in the House again today to resume discussions over draft laws that pertain to refugees, the newly amended Criminal Procedures Law, and urban development plans.TMGH (FV: EGP75.00, OW) achieved strong 3Q24 results. Net profit in 3Q24 increased 118.9% y/y and 64.1% q/q to EGP2.5 billion, taking 9M24 net profit up 136.5% y/y to EGP6.3 billion. PHDC (FV: EGP8.78, OW) achieved stellar 3Q24 results. Net profit in 3Q24 reached EGP648.9 million, up 47.0% y/y and down 7.5% q/q, taking 9M24 net profit up 124.2% y/y to EGP2.4 billion.EMFD's net profit in 3Q24 increased 80.0% y/y and 41.0% q/q to EGP2.7 billion, bringing 9M24 net profit up 107.4% y/y to EGP10.3 billion.EMFD's Board approved the IFA report valuing EMFD at EGP10.71/share and Albro North Coast for Developments at EGP14.55/share, with an equity swap ratio of 1.359 shares in the increased capital of EMFD for each share in the capital of Albro North Coast for Developments. This will result in a total issuance of 917.6 million shares in the increased capital of EMFD in exchange for acquiring 675.0 million shares in the capital of Albro North Coast for Developments.We upgraded our FV for JUFO to EGP52.53/share, reiterating our Overweight recommendation. JUFO is currently trading at 2025f P/E of 8.9x and EV/EBITDA of 5.7x.ORWE reported 3Q24 financial results. Net profit of EGP701 million (+8.0% YoY, -23.4% QoQ). This brought 9M24 bottom line to EGP2,173 million (+57.2% YoY). ORWE is currently trading at 2025f P/E of 5.8x and EV/EBITDA of 5.3x.EKHO released 3Q24 consolidated financial results. Net profit dropped 5% YoY (+24% QoQ) to USD34 million. In 9M24, net profit declined 9% YoY to USD124 million EKHO is currently trading on 2025f PE of 7.2x and EV/EBITDA of 3.9x. CNFN's 3Q24 consolidated bottom line expanded to EGP235 million (+24% y/y, +79% q/q). 9M24 net profit recorded EGP410 million (-6%y/y). ValU raised EGP667.3 million in a securitized bond issuance.MNT Halan is considering listing on the EGX in 12-24 months.ARCC's Board proposed a cash dividend distribution of EGP1.585/share for FY23, pending general assembly approval. This implies a payout ratio of 86% and a dividend yield of 11%.RAYA recorded net profit of EGP1.3 billion in 9M24 (+160% YoY). RAYA has tapped Attijariwafa Bank as its financial advisor and Baker McKenzie as its legal counsel for the transaction that will see Africa-focused and London-based PE outfit Helios Investment Partners acquire 49% of subsidiary Raya Foods.Weekly Commodities Update

IMF's Managing Director Kristalina Georgieva kicked off talks with Egyptian officials, including Prime Minister Moustafa Madbouly and CBE governor Hassan Abdalla yesterday after landing in Egypt. The USD rose more than 0.4% against the EGP on Thursday to reach EGP48.94 to the greenback, marking its highest level since August.Budget deficit narrowed to 2.12% of the country's GDP in 1Q 2024-2025, recording EGP361.8 bn, compared to an EGP455.8 bn deficit during the same period last year. This was driven by an increase in revenues, mainly from the taxpayers. Government spending increased by 4.7% YoY, standing at EGP827.7 bn, while interest payments dipped 5.4% YoY, at around EGP452 bn.Fitch Ratings upgraded Egypt's credit rating from ‘B-' to ‘B' with a stable outlook for the first time since 2019, citing FX inflows from the USD35 bn Ras El Hekma agreement, our expanded USD8 bn IMF program, and the EU's EUR7.4 bn aid package, alongside greater confidence in the durability of our structural reforms.The IMF expects constraints on Egypt's growth to ease as regional tensions subside and structural reforms are implemented. The Fund noted that “an assumed easing of the conflict in Gaza and Israel next year and steady implementation of reforms are projected to help lift growth in Egypt to 4.1% in 2025 and above 5% over the medium term.”Net foreign asset surplus in the Egyptian banking system rose 6% to record USD10.31 bn in September, up from USD9.7 bn in August.The House will discuss and vote on amendments to the law regulating the tax dispute settlement on Tuesday, which will see the deadline for settlements pushed to 30 June 2025. Egypt is aiming for 120 GW of total electrical capacity by 2040, with 60% set to come from renewable sources.A consortium of China State Construction Engineering Corporation (CSCEC) subsidiary Umi Group and IGI Holding have signed an MoU with the New Urban Communities Authority to manage and operate the Central Business District in the New Administrative Capital.We update our FV on ISPH to EGP9.50/share, up from EGP4.12/share maintaining our overweight recommendation; factoring in the upward revision for prices, increased market share, updating our macro assumptions, and rolling over the model for an additional year.  ISPH is currently trading at 2025 multiples of P/E of 8.8x and EV/EBITDA of 1.8x.EFIC released 3Q24 unaudited standalone results. Net profit increased by 722% YoY (+6% QoQ) to EGP265.2 million, bringing 9M24 net profit to EGP586.7 million, a 150% YoY.SKPC sent a release announcing that the Council of Ministers has approved the establishment of a project to produce sodium cyanide as free zone project for Draschem Company, which is a partnership between the Austrian Holding Company for Petrochemicals and the Czech Company “Draslovka”. A lease agreement has been signed between them and SKPC for a plot of land to establish the project. Currently, SKPC is considering a 15% partnership in Draschem.EKHO sent a release in reference to the news published regarding the company's withdrawal from Al Mohandes Insurance Company, EKHO announced that this news is entirely false and there are no negotiations with any party regarding this matter. Egypt has welcomed the first oil tanker as part of an MoU inked with the Emirate of Fujairah earlier this year.The finance and tourism ministries have officially launched a new EGP50 bn subsidized loan program for the tourism sector. The initiative will offer financing at 12% interest, with a focus on key tourist destinations in Luxor, Aswan, Greater Cairo, the Red Sea, and South Sinai governorates.

Egypt and Turkey seek to boost trade from USD5 billion to USD15 billion over the next five years. The two countries signed 18 MoUs to strengthen cooperation on transport, energy, defense, education, tourism, health, culture, agriculture, and finance.The Central Bank of Egypt's (CBE) Monetary Policy Committee is meeting later today to review interest rates. We remind you that we expect the CBE to keep the current rates on hold, with a potential rate cut in 4Q24, or - more conservatively - in 1Q25.Automotive player Stellantis is restarting assembly of the Jeep Grand Cherokee L locally at the factories of the Arab Organization for Industrialization's Arab American Vehicles Company. Stellantis is reportedly in talks with the Industry Ministry over assembling Citroen's C4X model in Egypt.Egypt intends to make three payments worth USD633 million to the International Monetary Fund during September 2024.The Egyptian Drug Authority and Unified Procurement Authority announced the launch of the government's new unified purchasing initiative for inactive ingredients used in medicine production, as part of a bid to localize drug manufacturing. The initiative will begin with 30 substances that represent more than 60% of the import bill for inactive ingredients used in drug production.As part of the restructuring of ownership of some subsidiaries of EKHO, EKHO announced that all the shares owned by the International Financial Investments Company (a subsidiary of EKHO) in the share capital of NatGas have been transferred to another subsidiary, Nat Energy B.V. (a wholly-owned subsidiary of EKHO). In addition, all shares owned by Nat Energy, Nat Gas, and EKHN B.V. (subsidiaries of EKHO) in the share capital of Kahraba have been transferred to another subsidiary, Kahraba B.V. (a wholly-owned subsidiary of EKHO). These transfers do not affect the indirect ownership of EKHO in the capital of the aforementioned companies. TotalEnergies wants to supply gas from its fields in Cyprus to Egypt for liquefaction and re-export as LNG or to be fed directly into the grid, according to an Oil Ministry statement. The company is also evaluating investment offerings included in the government's new oil and gas exploration tender that is currently being prepared.HELI (FV: EGP18.84, OW) sold 90 units in New Heliopolis for EGP482.0 million. HELI plans to offer 200 units in New Heliopolis at the end of October 2024.NTRA is studying allowing MNOs to increase services' prices after fuel prices increased, according to local press.Basata Financial Holding, a JV between MTIE and BINV, and Jordan Kuwait Bank have completed the acquisition of a 27.1% stake in Madfaatcom, a Jordanian e-payments company, according to local press.Egypt's iron and steel exports declined 19% YoY to USD1.17 billion in the first seven months of 2024. The sector's exports declined more than 40% in July alone to record USD134 million on lower volumes and global prices.

UAE's Masdar, Infinity Power, and Hassan Allam Utilities will set up USD900 million worth of solar power plants in Upper Egypt with a combined capacity of 1 GW after the government greenlit the move, according to media. Tunisian-owned oil and gas company HBS International plans to invest USD65 million in gas development and production in the southwest El Alamein area of the Western Desert this year.Tax revenues increased during the first two months of the current fiscal year by 25.6% y/y to EGP216 billion.Clothing exports increased 19.2% y/y to USD1.6 billion in the first seven months of 2024.An additional 8.5 million beneficiaries of Takaful and Karama and informal workers in the construction sector will be added under the national health insurance umbrella.According to the Head of the General Authority for Freezones, the private sector has the chance to invest in the healthcare, tourism, and education sectors through public-private partnerships.EAST released 4Q23/24 financial results, reporting bottom line of EGP4,001 million (+69.4% YoY, +76.2% QoQ). FY23/24 net profit recorded EGP9,181 million (+20% YoY). The company is currently trading at FY24/25 P/E of 5.9x and EV/EBITDA 5.9x.According to local media, EAST secured letters of credit from several banks amounting to nearly USD400 million to import raw materials.We slightly downgraded our FV for ABUK from EGP81.21/share to EGP76.79/share, maintaining our Overweight recommendation for the stock. Our updated FV is based mainly on: Lower revenue growth as we still see instability in the natural gas supply in Egypt, However, the coming quarters are going to better reflect the full effect of the EGP floatation especially with the enhancement in levels of sales volumes.ABUK is proposing a cash dividend distribution of EGP5.0/share, implying a dividend yield of 8.2%.ABUK is currently trading at FY24/25e P/E of 5.1x and EV/EBITDA of 4.7x.As part of the restructuring of ownership of some subsidiaries of EKHO, the shares held by the Internation Financial Investments Company (a wholly owned subsidiary of EKHO) in the share capital of Sprea Misr for Production of Chemicals and Plastics has been transferred to another subsidiary, SPREA CHEMICALS B.V. ( a wholly owned subsidiary of EKHO). SKPC's general assembly approved increasing the company's issued and paid-in capital from EGP1.5 billion to EGP1.8 billion with an increase worth EGP302.4 million distributed over 756 million shares through the distribution of free shares at a ratio of 1:5. CLHO issued neutral 2Q24 results. Attributable net income recorded EGP143 million, down 22% QoQ but up 48% YoY. 1H24 attributable net income amounted to EGP325 million (+70% YoY). CLHO is currently trading at FY24 P/E of 15.1x and EV/EBITDA of 7.7x.The consortium of ORAS (FV: EGP344.18, OW), Hitachi, and French firm Colas Rail will start working on developing Metro Line 1 in October for a 64-month period. The development will come with a EUR800 million price tag, of which ORAS's share is 35%.According to local media, contrary to previous reports, BINV is looking to either fully exit or increase its stake in its subsidiary Gourmet.Weekly Commodities Update

AD Ports' Noatum has acquired a majority stake in maritime, logistics, and cargo services provider Safina Shipping Services. Egypt's unemployment rate fell to 6.5% of the total workforce in the second quarter of this year, falling 0.2 percentage points from the previous quarter.Renewables firm Infinity Power, Emirati state-run renewables giant Masdar, and the Egyptian Electricity Transmission Company (EETC) have made plans to build a 200 MW wind farm in Ras Ghareb. The project will cost some USD216.7 million.The government is gearing up to launch a new international tender for natural gas exploration in at least ten areas in the Mediterranean and waters in the Delta. The Saudi Public Investment Fund is considering buying a state in the Egyptian Electricity Transmission and Distribution Company, a subsidiary of the Electricity Holding Company. The government last week announced the National Low-Carbon Hydrogen Strategy, which aims to transform Egypt into a global hub that targets 5-8% of the global green hydrogen market by 2040.Egypt's 5-year CDS rate cooled down to 6.57% at the end of trading on Friday, compared to 7.34% on August 7.The Sovereign Fund of Egypt (SFE) CEO Ayman Soliman has resigned from his post, according to media reports.The Ministry of Petroleum is studying fair pricing of gas for factories.SWDY (FV: EGP45.69, EW) posted a solid set of results for 2Q24 with attributable earnings surging to EGP4.5 billion (+68%, +12% QoQ). In 1H24, net attributable income soared to EGP8.4 billion (+52% YoY) SWDY is trading at FY24e P/E of 10.2x and EV/EBITDA of 4.9x. LCSW (FV: EGP30.08, OW) reported steady 2Q24 consolidated results. Net attributable income came in at EGP150.4 million (-10% YoY, -69% QoQ). 1H24 net attributable income surged 144% YoY to EGP627.9 million. LCSW is currently trading at FY24e PE of 2.5x and EV/EBITDA of 2.1x.MCQE reported expectedly fragile 2Q24 consolidated financial results. Attributable bottom-line came in red, recording a loss of EGP1.1 million in 2Q24, reversing previous quarter profit of EGP31.5 million, yet reducing 2Q23 loss of EGP21.9 million. This brought 1H24 net attributable income to EGP30.4 million (-30% YoY). MCQE is trading at FY24e P/E of 17.4x and EV/EBITDA of 6.8x.SCEM reported a net attributable income of EGP651.3 million in 1H24 reversing comparative period net loss after minority of EGP79.7 million. The Egyptian government is considering reducing gas prices for ceramic factories to support the industry and stimulate its export.The government is studying increasing the tariff for purchasing electricity generated from waste by 68% to reach EGP235 piasters per kilowatt hour, instead of EGP140 piasters, from projects launched by the private sector.EKHO released 2Q24 financial results, posting a 32% YoY decline (-56% QoQ) in net profit to record USD28 million, down from USD40 million in 2Q23 and USD63 million in 1Q24.MFPC is paying out a dividend of EGP3.75/share.EFIH reported 2Q24 results. Net attributable profit recorded EGP300 million (-31.2% YoY, -35.1% QoQ), bringing 1H24 net attributable profit to EGP763 million (+6.2% YoY), implying a NPM 33.4% (-8.0pps YoY). EFIH is currently trading at 2024f P/E of 31.7x and EV/EBITDA of 19.3x.CICH (FV: EGP8.00, OW) released 2Q24 financial results. Net income after minority interest and taxes rose 146% y/y in the first half of 2024 to EGP1.3 billion. CICH is currently trading at P/E24 of 3.1x and P/B24 of 0.7x.

The Oil Ministry received 10 out of 21 contracted liquified natural gas (LNG) shipments as of last week, a government official said. The official also told the news outlet that the Ministry is set to receive another 3-4 LNG shipments within the coming two weeks.Saudi Arabia Drilling & Exploration Company could soon ink an agreement with an undisclosed Egyptian private sector player holding two gold exploration concessions in the Eastern Desert.The New and Renewable Energy Authority (NREA) has allocated land plots spanning 31k km for investors looking to set up renewable energy projects. The Central Bank of Egypt (CBE) has instructed local banks to allow non-residing foreigners to open accounts.Turkey's Jade Textile has contracted an unnamed Gulf-based consultant to establish a solar power station for its factory in Tenth of Ramadan, with investments of around USD1.5 million.Giza Spinning & Weaving reportedly plans to list 25-40% of its shares on the EGX before the end of the year.President El Sisi issued a directive forbidding the closure of any industrial facility without the greenlight from Transport and Industry Minister.ORHD (FV: EGP26.26, OW)'s net profit in 2Q24 rose 217.8% y/y to EGP1.9 billion, compared to 1Q24 net loss of EGP1.2 billion that had been caused by an FX loss due to the EGP devaluation in March 2024. This brought 1H24 net profit to EGP667.9 million, down 23.5% y/y. We maintain our Overweight recommendation of ORHD based on our FV of EGP26.26/share in light of solid sales performance and sturdy recurring income generated by hotel and commercial operations.ADIB recorded an outstanding 2Q24 consolidated bottom line post minority of EGP2,458 million (+16% q/q, +112% y/y), bringing 1H24 bottom line post minority to EGP4,574 million (+111% y/y). The bank is currently trading at 1.1x P/B24 and 3.5x P/E24.Housing and Development Properties (HDP), the real estate development arm of HDBK, yesterday launched Club Hills Residence, a EGP10 billion residential development in Sixth of October City. JUFO (FV: EGP30.80, OW) released outstanding 2Q24 financial results.Net profit jumped 362% YoY and 109.4% QoQ to reach EGP1,002 million. This brings 1H24 bottom line to EGP1,480 million (+166% YoY). JUFO is currently trading at 2024f P/E of 10.5x and EV/EBITDA of 5.3x.EKHO targets investing USD67 million in its North Sinai concession to keep natural gas daily production rates at 55 million cubic feet until the end of 2026. SWDY (FV: EGP44.88, EW) denied, in a release sent to EGX, any plans to delist the company's shares.RACC reported 1H24 results. Net profit came in at EGP245 million (+199.9% YoY), driven by revenues growth and margin expansion.TALM intends to inaugurate next month Beni Suef University Hospital, with investments of EGP800 million.         FRA granted Social Impact Capital (SIC) a 60-day extension on its mandatory tender offer (MTO) for up to 100% of CIRA.Weekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 79.7 | 3.70% | Diesel-HSFO Spread, USD/ton | 276 | -1.70% | Egypt Urea, USD/ton | 365 | 0.00% | Polyethylene, USD/ton | 1,050 | -0.90% | Polypropylene, USD/ton | 975 | -1.00% | Iron Ore 65%, USD/ton | 122 | -4.00% | Steel/Iron Ore Spreads, USD/ton | 389 | 0.00% | LME Copper Cash Price, USD/ton | 8,747 | -2.10% | LME Aluminum Cash Price, USD/ton | 2,250 | 2.20% | Egyptia Retail Cement, EGP/ton | 2,307 | 5.60% | Steam Coal FOB Newcastle Australia, USD/ton | 146 | 1.30% | SMP, USD/MT | 2,539 | -1.10% | Last price may vary week over week in some indices due to time difference

The Head of EBRD in Egypt said that the bank has pumped USD500 million into Egypt YTD, and expects the bank's financing to reach USD1.2 billion by year-end.The Cabinet has turned down a proposal from the Supply Ministry to raise the price of subsidized sugar to EGP18 from EGP12.6 per kilo.The government will not be importing sugar for a while and the private sector is expected to import some 250k tons of sugar over the next three months.Suez Canal revenue continued to decline in May, falling some 64.3% YoY to record USD337.8 million.Egyptian banks' holdings of sovereign debt are about 554% of their capital.The Finance Ministry will release its 2024-2030 tax policy document for public consultation in the coming weeks.Egypt is preparing to assess the final numbers of immigrants, refugees, and foreigners, as well as their geographical distribution in the country, and their economic impact, during the coming year.The Head of the Pharmaceuticals Division at the Federation of Chambers of Commerce expects an increase in the prices of pharmaceutical products by the end of July with the new production being manufactured, indicating that the average increases are between 20% and 25%.We updated our FV for SWDY to EGP44.88/share, up from the previous EGP34.96/share. SWDY is trading at FY24e P/E of 7.9x and EV/EBITDA of 4.0x. ESRS's (FV: EGP97.02, OW) general assembly approved the decrease of the company's capital by writing off 910,481 treasury shares with a face value of EGP4.6 million.Egypt's aluminum exports surged 15% YoY to USD259 million in 4M 2024. We raised our FV of EFIH to EGP35.35/share, up from EGP23.50/share. EFIH is currently trading at 2024f P/E of 22.9x and EV/EBITDA of 15.1x.EKHO sent a release announcing the resumption of the gas supply and operations at the factories of its subsidiary, AlexFert, after the natural gas network pressure stabilized.EGCH announced that the subscription for the second phase of the remaining shares, amounting to 3,381,420 shares, was covered 23x with an allocation ratio of 0.04 for each share.CIRA is considering borrowing around EGP600 million from the National Bank from Egypt to partially finance the establishment of the first phase of Saxony University.MASR (FV: EGP5.24, OW) is partnering with CIRA's subsidiaries, Al Ahly CIRA and Eduhive, to establish Lemania Swiss International School in Taj City, and is collaborating with Blue Ribbon to establish Klub Kayan in Taj City.Investment management firm Act Financial will begin trading on the EGX by the last week of July, following the closure of the subscription period on 23 July. Act Financial is to offer around 32% of the company by offering around 360 million shares at an IPO price of EGP2.9/share.Weekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 79.6 | -2.5% | Diesel-HSFO Spread, USD/ton | 269 | 0.4% | Egypt Urea, USD/ton | 343 | 5.4% | Polyethylene, USD/ton | 1,030 | 0.0% | Polypropylene, USD/ton | 995 | 1.0% | Iron Ore 65%, USD/ton | 128 | -3.0% | Steel/Iron Ore Spreads, USD/ton | 385 | 2.0% | LME Copper Cash Price, USD/ton | 9,638 | -2.8% | LME Aluminum Cash Price, USD/ton | 2,521 | -3.3% | Egyptia Retail Cement, EGP/ton | 2,040 | 0.0% | Steam Coal FOB Newcastle Australia, USD/ton | 132 | -7.7% | SMP, USD/MT | 2,722 | 3.5% | Last price may vary week over week in some indices due to time difference

Remittances from Egyptians abroad surged 43.8% YoY in April to USD2.2 billion. On a monthly basis, remittances increased for the second consecutive month, rising 2.6%. A number of government officials are reportedly in London today to gauge foreign appetite for fresh debt issuances, including the possibility of a eurobond issuance. The Ministry of Petroleum will launch an international tender to import about 15 shipments of liquefied gas until next October to meet the country's fuel needs.The Supply Ministry is now looking to import some 5 million tons of wheat this year, down from its initial target of 6 million tons, as it works to up its purchases of local wheat. The Finance Ministry will begin disbursing the first batch of export subsidies under the seventh phase of the program today. Some 360 exporters will start receiving some EGP10 billion in export subsidies during this phase. The second and third batches are scheduled for 27 June and 8 August. The General Administration of Cost and Pricing at the Egyptian Electricity Utility Regulatory Authority will finish within days the proposals and scenarios for determining electricity prices that are to be implemented as of next July. The Head of the Sugar and Integrated Industries Company said that the fair price of sugar on the ration card is EGP24 per kilo, after the rise in production costs.Pressure fluctuations in the natural gas pipeline network have forced several companies in the fertilizer and petrochemical sector to suspend production until the gas flow stabilizes. MFPC, ABUK, and  EKHO's AlexFert said they are putting production on hold for an initial 24 hours, while SKPC and EGCH said they are suspending production until the pressure levels stabilize. On the other hand, EFIC announced that it will not be affected by the cut as it does not use natural gas as a main raw material. However, the Oil and Electricity Ministries said they would gradually increase gas supplies to fertilizer companies starting today.MBSC posted its unaudited financial results for 1Q24 with net profit dropping to EGP41.5 million (-32% YoY, -67% QoQ) primarily on tight margins due to the company's high dependency on imported coal as its main source of energy to operate its facility. MBSC is trading at FY24e PE of 7.7x and EV/EBITDA of 5.6x. Rosetta for Energy Solutions, a subsidiary of TAQA Arabia signed a MoU with Elsewedy Industrial Development, a subsidiary of SWDY to supply natural gas to Elsewedy Industrial City (EIC) in Tanzania via a first-of-its-kind innovative LNG Virtual Pipeline. Egypt's total iron and steel exports dropped 21% YoY to USD600 million in the first 4-months of 2024.EAST has addressed some property and liability insurance companies operating in the Egyptian market to present its technical and financial offers to insure the company's assets, including the company's buildings, facilities, and liabilities, with total amounts amounting to EGP65 billion.A number of Egyptian banks doubled the limits of the use of credit cards in Saudi riyals, whether for purchases or cash withdrawal, in tandem with the approach of the Hajj season.SFE is conducting a restructuring process for Misr Life Insurance Company at the moment, by separating real estate activity, in preparation for selling a share of it to one of the strategic investors during the coming period. 

MSCI published its May 2024 Index review. TMGH replaced HRHO in Egypt's Standard Index. HRHO is added to Egypt's Small Cap Index, while CLHO, CIRA, HELI, TMGH, and MFPC were deleted from Egypt's small cap index.The CBE absorbed liquidity worth EGP1.050 trillion from 32 banks within the framework of open market bids. All bid requests submitted by banks were accepted at an interest rate of 27.75%.The government is seeking to hedge against the risks of rising global oil prices for about 25% of the quantities it will import during the next fiscal year 2024/2025.The General Authority for Investment and Free Zones is preparing to launch 4 new free zones within 6 months, to attract more investments.NBE has raised its FX usage limits for credit cards for customers abroad and in Egypt. The International Finance Corporation (IFC) has earmarked USD50 mn to invest in SPE PEF III — an SPE Capital-run private equity fund that focuses on mid-cap companies in Africa — to support entrepreneurs and create more jobs.The IFC has agreed to a local currency swap with Banque Misr to boost the IFC's lending capacity to local companies with limited access to foreign currency.Egypt's Industrial Modernization Center has inked an agreement with the German development agency GIZ to support local SMEs in the food and agricultural sectors over an 18-month period.The Senate and the Financial Regulatory Authority (FRA) have given the go ahead for an amendment to the Capital Market Act that would open the door for the establishment of private equity funds. According to the proposal, private equity funds would take the form of limited liability companies and simple partnerships.The Head of the Egyptian National Electricity Transmission Company confirmed that 40% of the first phase of the interconnection project between Saudi Arabia and Egypt has been completed, and this phase is scheduled to be completed in mid-2025 to generate 1,500 megawatts. More than 10 Turkish companies are looking to invest in the ready-made clothing and textile sector in the Egyptian market during the coming period. It is expected that the actual investment steps will kick off during the current year.ORHD (FV: EGP26.26, OW) achieved strong 1Q24 sales of EGP8.8 billion, up 218.3% y/y and 37.9% q/q. Net profit in 1Q24 got severely hit by FX loss, leading to a net loss of EGP1.2 billion, compared to net profit of EGP291.5 million in 1Q23 and net profit of EGP1.0 billion in 4Q23. EMFD (FV: EGP6.74, OW) reported operationally weak 1Q24 results, with revenue declining 15.4% y/y and 65.1% q/q to EGP1.6 billion driven by revenue in Marassi, which constituted 68.9% of total revenue. MASR (FV: EGP5.24, OW) declared EGP0.20/share cash dividends (Dividend Yield of 6.1%). Record date is 27 May 2024. Distribution date of first EGP0.10/share installment is 30 May 2024. Distribution date of second EGP0.10/share installment is 31 October 2024.EKHO released 1Q24 financial results posting a 14% YoY (-9% QoQ) decline in revenues to USD193 million due to lower urea prices as well as the floatation of the EGP.MOIL released consolidated unaudited 2023 financial indicators posting an 82% YoY growth in revenues to USD186.5 million. Net profit recorded USD47.7 million compared to a net loss of USD106.3 million in 2022.ATLC (EGP6.60, OW) 1Q24 net income recorded EGP39 million (+8% y/y, +49% q/q). SAUD (FV:EGP25.00, OW) 1Q24 net profit recorded EGP555 million (+25% y/y, -10% q/q). The stock is currently trading at P/B24 of 0.7x and P/E24 of 3.3x.RMDA reported 1Q24 results. Attributable net profit came in at EGP57 million (-14.3 YoY, +8.3% QoQ). SUGR reported 1Q24 results showing: Net profit came in at EGP217 million (-33% YoY, +16%QoQ). 

The CBE released balance of payments (BoP) data for 1HFY2023/24, which is not yet reflecting the effect of the EGP devaluation nor any massive FDI deals or fundings agreed upon during 1Q2024. Annual urban inflation receded to 33.3% YoY in March, down from of 35.7% in February.  Monthly urban inflation dropped to 1% MoM from the record high of 11.4% recorded in February. The EU on Friday said it would provide Egypt with EUR1 billion (USD1.07 billion) in short-term financial aid to help stabilize the country's economy.Three exchange companies affiliated with the three largest government banks attracted FX amounting to EGP12.97 billion since the liberalization of the exchange rate early March.The World Bank is studying lending Egypt USD700 million to support a resilient, green, and competitive economy.The EBRD approved the provision of a long-term senior loan of up to USD140 million (c. EUR 129 million) to finance the acquisition of the Gabal El Zeit windfarm.The government allocated EGP858 billion to the education sector in the next fiscal year's draft budget, up 45% y-o-y. Healthcare will see a nearly 25% increase in the draft budget, with EGP496 billion allocated to the sector. Social protection is set for a 20% increase, with EGP636 billion earmarked in the coming fiscal year's draft budget.EGAS is looking to import no less than one LNG shipment a month until July or August in efforts to prevent a repeat of last year's rolling blackouts. The Minister of Finance said that the overall budget deficit during 9MFY2023/24 declined to 5.42%, compared to 6.2% during the same period of the last fiscal year. A primary surplus of 3% of GDP was recorded at a value of EGP416 billion.EAST has raised the prices of cigarettes by an average of 12%, which was put into action starting Sunday, 14 April 2024. JUFO released 4Q23 full financials. Attributable net profit recorded EGP142 million in 4Q23 (-13.6%, YoY, -56.1% QoQ). FY23 net profit recorded EGP1,021 million (+60.1% YoY). JUFO is currently trading at a FY24f P/E of 9.4x and an EV/EBITDA of 5.0x.QNBA recorded a strong set of results with 1Q24 net profit post-minority interest recording EGP7,042 million (+90% q/q, +49% y/y). The stock is currently trading at 2024 multiples of P/B of 0.8x and P/E of 3.5x.Africa's largest lender, Standard Bank Group, will set up a new representative office in Egypt by the end of the year.According to local media sources, financial leasing companies are facing difficulties in accessing debt markets after the recent controls issued by the CBE to regulate banks' financing to the sector. EKHO will distribute cash dividends of USD0.06/share on 30 April 2024 to shareholders on record on 24 April 2024, implying a dividend yield of 6.7%.Oil prices, which hit a six-month high on Friday, might rise on Monday after Iran's attack on Israel over the weekend. Brent crude reached USD92.18/bbl on Friday, the highest since October. For the week, Brent declined 0.8% to settle at USD90.45/bbl. According to local media, PHAR aims to export to about 11 new countries by 2027.According to local media, EBRD will provide MNT-Halan microfinance subsidiary Tasaheel Finance with EGP700 million to on-lend to women-run SMEs in Egypt.

The USD35 billion Emirati investment in Egypt is an important step, but it is not linked to the Fund's discussions with Egypt. These two topics are completely separate, the IMF's Middle East and Central Asia head said.Egypt needs to ramp up private sector activity, rationalize spending, and maintain restrictive monetary policy to help boost economic growth, the Organization for Economic Co-operation and Development (OECD) said.The OECD sees economic growth falling to 3.2% in the current fiscal year — from 3.8% in the last fiscal year — as inflation continues to drive down consumption. Growth is set to pick up to hit 4.4% in FY2024-25. There could be a decline in the prices of essential commodities before Ramadan, as the release of goods that had been stuck at customs brings down prices, Federation of Chambers of Commerce Secretary-General said.The House of Representatives gave the final approval yesterday to amendments that will raise the issuance fee of passports to EGP1k from EGP250. The House approved a EUR500 million grant from the European Investment Bank to support the Environment Ministry's Sustainable Green Industry project, and an EUR80 million grant from Germany to fund the Environment Ministry's solid waste management program, help create 25 technological schools and centers, and support the Central Bank of Egypt's financial risk management program.The Commodity Exchange has stopped offering and trading the three most prominent strategic commodities: wheat, corn, and sugar about two months ago. The Minister of Supply attributed the reason for the halt to speculation and exaggerated prices for the wheat commodity, which will be offered again when prices stabilize.EKHO released 4Q23 consolidated financial results. Net profit increased 25% YoY (+18% QoQ) to USD42.62 million in 4Q23. FY23 net profit declined 30% YoY to USD179.18 million. EKHO is currently trading at a 2024e PE of 5.1x and EV/EBITDA of 2.6x. According to local press press, the National Bank of Egypt and Banque Misr target selling part or all of their stake of 26% in AMOC.EXPA (FV: EGP42.00, OW) 4Q23 consolidated bottom line recorded a strong EGP1.1 billion post minority interest (+227% y/y, +7% q/q), bringing FY23 bottom line post minority to EGP3.375 billion (+156% y/y). We raise our FV from EGP32.00/share to EGP42.00/share and maintain our Overweight recommendation on strong financial performance exceeding our expectations. EXPA is currently trading at 1.1x P/B24 and 5.5x P/E24, on RoAE of 22%.ELSEWEDY ELECTRIC for Electrical Products (EEEP), a subsidiary of SWDY (FV: EGP34.96, OW), targets an increase in oil transformers' exports to USD150 million in 2024 up from USD120 million recorded in 2023.According to local press, Saudi Egyptian Industrial Investment (SEII) plans to invest USD5 million in a new pharma production line, which should kick off operations early next year.Weekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 81.6 | -2.2% | Diesel-HSFO Spread, USD/ton | 405 | -5.5% | Egypt Urea, USD/ton | 406 | -1.0% | Polyethylene, USD/ton | 1,060 | 0.0% | Polypropylene, USD/ton | 960 | 0.5% | Steel/Iron Ore Spreads, USD/ton | 387 | 1.0% | LME Aluminum Cash Price, USD/ton | 2,138 | -2.8% | Egyptian Retail Cement, EGP/ton | 2,099 | -1.5% | Steam Coal FOB Newcastle Australia, USD/ton | 119 | 0.1% | SMP, USD/MT | 2,788 | 1.1% | Last price may vary week over week in some indices due to time difference

UDC Real Estate Development has received a land plot in New Cairo's Al Andalus to build a EGP60 bn mixed-use development. The project will span some 665k sqm and will feature residential, administrative, entertainment, commercial, and hospitality units.Budget expenditures in 1HFY2023-24 rose to EGP1.461 trillion, compared to EGP940.8 billion in the corresponding period of FY2022/23, mainly due to a significant increase in interest payments, which reached EGP792.99 billion, compared to EGP392.84 billion in the comparison period. Finance Ministry has approved a proposal to amend the tax brackets for SMEs to take inflation into account.The New Urban Communities Authority (NUCA) has awarded the local arm of the UK-based NHMC Group a plot of land in East Cairo's Shorouk City to set up a USD300 mn medical and educational complex alongside a residential and commercial project. The Ministry of Finance intends to launch the seventh phase of the “immediate cash payment” initiative to support exporters before the end of 1Q2024.The tonnage passing through the Suez Canal declined by about 28% YoY after the Houthi attacks on the ships heading to Israel.A government official revealed that the Ministry of Public Business Sector intends to complete the preparation of two of its affiliated companies, to be listed on the Egyptian Stock Exchange or offered to strategic investors, before the end of next June.GB Corp (FV: EGP12.86, OW) announced yesterday that their subsidiary “International Group of Automotive Trading” is exploring the establishment of a trading and distributing passenger car company in Jordan, following the company's strategy in expanding its geographical presence.According to local media Abu Ghaly Motors is looking to add 3 new brands to their vehicles' portfolio.Local EV startup Shift EV is exploring opening a new factory in several stages that would eventually be able to convert 50k petrol-powered cars to EVs a year to keep up with increase in demand. A consortium of Petrojet and Elsewedy Electric and another between EKHO's Natgas and Petrogas have made it to the Saudi Energy Ministry's list of companies qualified to bid for dry gas and liquified petroleum gas (LPG) distribution licenses.IPR Energy Group has earmarked USD110 million for investments during the current year.The Oil Ministry has signed a memorandum of understanding with Al Nasr Petroleum Company (NPC) to assess the possibility of establishing a green hydrogen production unit in Suez.ATLC (FV: EGP 7.50, OW) 4Q23 net income recorded EGP26 million (+48% y/y, -69% q/q). 2023 net income recorded EGP171 million (+29% y/y). ATLC is currently trading at P/B24 of 1.3x and P/E24 of 5.7x, on an ROE of 29%. The National Bank of Egypt's net income rose by just under 120% y-o-y to EGP50 bn in 9M2023.United Bank is eyeing 20-30% stakes in two unnamed tech companies and aims to acquire the stakes within the coming few months.Banque Misr aims to exit investments in 7 companies with proceeds of approximately EGP1.5 billion during the current year 2024.         ALCN declared cash dividends of EGP2.40/share, partially paid in USD at exchange rate of EGP30.85, and the remaining will be paid in EGP. This implies dividend yield of 3.8% and payout ratio of 81.5%. Record date is March 4, 2024 and distribution date is March 7, 2024.According to local media, ORHD (FV: EGP20.38, OW) signed a EGP200.0 million agreement with SolarizEgypt for the second phase of El Gouna's solar power plant. 

Minister of Planning announced that Egypt aims to reach a growth rate of 4.2% in FY2024-25, up from 3% for the current year.Egypt Post's investment arm could invest as much as EGP6 billion throughout the year split between private equity investments and investments in EGX-listed companies.Importers are reportedly expecting banks' provision of foreign currency to complete the procedures for opening letters of credit, accelerating the pace of importing new shipments during the coming period. Sources said that the banks they deal with notified them of depositing the value in EGP and opening a letter of credit for it, with promises to provide USD, but did not specify the rate or time.The Sovereign Fund of Egypt is looking into launching three sub-funds for education, agriculture, and healthcare in a bid to bring in more investments into the local market.The Ministry of Electricity expects to attract foreign investments in the field of renewable energy amounting to more than USD2.5 billion during 2024 and 2025, specifically in solar and wind energy projects.The House's Legislative and Constitutional Affairs Committee will convene today to discuss amendments to the 2018's Consumer Protection Law, as the government looks to toughen penalties for withholding strategic food commodities from the market.The Institute of International Finance (IFF) forecasts Egypt's economic growth to slow to 2.8% in the event that the war on Gaza is contained and Red Sea shipping resumes in a couple of months. The Governor of the CBE said that about USD100 million will be provided to import oils and dairy, according to the requests of the Ministry of Supply.The Minister of Finance revealed that the Cabinet approved a draft law aimed at merging the budgets of 59 economic authorities with the state's general budget.Shalatin Mineral Resources Company increased its gold deliveries to the CBE by 14% in 2023 to about 720 kilograms of gold, worth EGP1.3 billion.Public Enterprises Ministry will ink a contract with an Indian company within days to build a solar power plant to supply EGAL with energy in a bid to ramp up the company's exports to markets seeking products made with a lower carbon footprint. A new USD3 billion aluminum factory is in the pipeline in partnership with Emirates Global Aluminum to be located somewhere in northern Egypt with an estimated production capacity of 600k tons.MOPCO release 4Q23 audited standalone results. Net profit increased 356% YoY to EGP824.3 million in 4Q23. Net profit grew 55.8% YoY in 2023 to EGP5.97 billion. KIMA is selling four unused land plots in Aswan with a total area of 52,564 sqm. The sale will be through a public auction on 3 March 2024 using closed envelopes. EKHO has taken an interest in and is open to investing in stakes in companies being offered up by the state asset sale program.According to the Minister of Petroleum, Middle East Oil Refinery's (MIDOR) refinery expansions are planned to start full operations next March with investments worth USD2.7 billion.  Chevron's Tamar gas field in Israel, which also supplies gas to Egypt and Jordan, will increase daily production to 1.6 billion cubic feet per day, from a current 1 billion cubic feet per day.QNBA's BoD decided to amend the proposed cash dividend distribution to EGP1.00/share from EGP1.50/share, implying a payout ratio of 13% and DY of 2.6%.ALCN announced cash dividends of EGP2.40/share, partially paid in USD, and the remaining will be paid in EGP. The EGP coupon amounts to EGP1.94/share.EGTS's court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is postponed to 27 April 2024.ZMID reported FY23 net profit of EGP324.2 million, up 24.2% y/y.  Weekly Commodities Update

*Key news articles for today* Egypt aims to raise some USD6.5 bn through the privatization of state-owned companies and assets by the end of the year, Finance Minister said. A large chunk of the USD6.5 should be raised by June through stake sales of Wataniya, Gabal El Zeit wind farm, Port Said and Damietta Container & Cargo Handling companies, United Bank, and a Siemens-built power plant in Beni Suef.The government decided to establish a higher council for each industrial sector, according to the CEO of the General Investment Authority. He added that the Authority is looking forward to attracting USD12 billion in FDI by the end of the current fiscal year.Minister of Trade and Industry Ahmed Samir discussed the plan to establish a Turkish industrial zone in Egypt, with the President of the Chamber of Commerce and Industry in the Turkish city of Bursa. The zone will be similar to the existing industrial zone in the city of Bursa, which specializes in the fields of textiles, cars, aluminum, machinery, equipment and advanced technologies.ORHD (FV: EGP20.38, OW) achieved impressive 4Q23 sales of EGP6.4 billion, up 66.1% y/y and 13.9% q/q, bringing FY23 sales up 74.9% y/y to a company record of EGP19.4 billion. We maintain our Overweight recommendation of ORHD based on our FV of EGP20.38/share.Amer Group is selling all of its shares in Casual Dining for Tourism Development, the firm that runs and operates Chili's restaurants in Egypt.CIEB's BoD proposed cash dividend distribution of EGP2.47/share, implying a payout ratio of 60% (+15pps higher than our estimates of 45%) and Dividend Yield of 9.2%, pending AGM approval.HRHO's leasing and factoring arm, Corp-Solutions, will provide financing services for investors who want to establish projects in Elsewedy Industrial Development's Sokhna 360 industrial city.Non-banking financial services firm GlobalCorp has issued a EGP1.35 bn securitized bond issuance, which is part of an EGP10 bn securitization program.ALCN released 2Q23/24 full financials showing:  Net profit of EGP1.2 billion in 2Q23/24 (+7.4% YoY, +23.9% QoQ).On semi-annual basis, net profit increased by 21.9% YoY to record EGP2.2 billion in 1H23/24.ALCN is currently trading at FY23/24 P/E of 18.8x.SWDY (FV: EGP34.96, OW) announced that its sister company, El Sewedy Cables Qatar, has been awarded a letter of award to the Qatar General Electricity and Water Corporation “Kahramaa”. This contract aims to supply electrical cables with a value exceeding USD327 million for a period of three years.KIMA sent a release to EGX announcing that the company is still in negotiations with banks over loans to finance the ammonium nitrate project. Banque Misr has acquired a 2.2% stake in the EKHO in an EGP963 million transaction.Egypt's Sovereign Fund is looking to cooperate with the India's Hinduja Group in building a factory to manufacture cars in Egypt with a capacity of 6 thousand units per annum.FRA granted Fawry Microfinance the license for SMEs Financing.

The CBE decided to raise overnight deposit rate, overnight lending rate, and main operation rate by 200bps to 21.25%, 22.25%, and 21.75%, respectively, citing sustained inflationary pressures and geopolitical uncertainty. An IMF mission team visited Cairo during January 17-February 1, to conduct discussions toward the completion of the first and second reviews of Egypt's reform program supported by the IMF's Extended Fund Facility (EFF). There is no consensus on how big the loan will be, with local and international outlets putting the figure between USD6-10 bn.Ministry of Finance wants to change the way businesses calculate their foreign exchange costs to determine their tax base.Suez Canal receipts fell 47% YoY to USD428 mn in January.The Foreign Ministry said that the European Union approved additional financial allocations to neighboring countries, including Egypt.Officials are putting the final touches on the Grand Egyptian Museum with the aim of having the museum ready by the end of this month and officially open its door to visitors shortly after that.The Director of the African Development Bank's office in Egypt revealed that the bank's investments in Egypt during 2023 amounted to USD665 million.The Director of the Middle East, North Africa, Eastern Europe, and Central Asia region at the OPEC Fund for Development, said that the fund has allocated more than USD1.3 billion to Egypt in more than 85 different economic projects.Sherif El Zayat stepped down as CEO of EKHO on 1 February 2024. The new managing director is Jon Rokk.ABUK released 2Q23/24 financial indicators. Net profit declined by 53% YoY (-1% QoQ) to EGP2.00 billion in 2Q23/24. During 1H23/24, net profit declined by 43% YoY to EGP4.01 billion.. ABUK is currently trading at FY23/24e PE of 8.6x and EV/EBITDA of 6.8x.Egypt's net foreign asset deficit hit a new record high in December as it inched up to over USD27.2 bn. Savers have so far put away EGP565 bn into the high-yield certificates of deposit (CDs) introduced last month by the National Bank of Egypt (NBE) and Banque Misr.HRHO will reportedly shutter its frontier operations, close its Singapore office, and fully exit Pakistan.CNFN is considering entering the UAE market during the current year through obtaining a license to finance small and medium enterprises.

Vår folkelige antakelser om narsissisten er at vedkommende er langt over gjennomsnittlig selvopptatt, selvgod og overfladisk, men bak fasaden føler narsissisten seg liten og usikker på hvem han er.I psykoanalysen beskrev Sigmund Freud to typer narsissisme. Den første kalte han «primær narsissisme» og forstod den som en naturlig tilstand hos nyfødte barn. «Sekundær narsissisme» referer til en utvikling hvor personen kom uforrettet ut av spedbarnstadiet og dermed vokser opp med udekkede behov for bekreftelse av sitt eget «Selv». Dersom man ønsker å lese hva Freud har å si om personlighet, vil jeg mene at det er hans Forelesninger til innføring i psykoanalyse som er lettest tilgjengelig og gir den beste oversikten. I denne boken sammenfatter psykoanalysens grunnlegger sine studier av sjelelivet.Vår tenker altså ofte på narsissisten som forholdsvis selvopptatte og overfladiske. Det er kanskje en ganske riktig observasjon fra et andre eller tredjepersonperspektiv, men fra narsissistens eget perspektiv finner man en overveiende usikkerhet på eget «Selv». Personen forsøker å kompensere for denne uklare oppfatningen av seg selv ved å tilstrebe bekreftelser fra omgivelsene. Han eller hun rammes av en slags følelse av kaotisk tilintetgjørelse dersom omgivelsene ikke til stadighet attesterer deres eksistens.Jeg vil kort gi deg en innføring i narsissisme-begrepets opphav. Det kommer fra gresk mytologi, og kanskje mange av dere kjenner historien, men her er det uansett: Narkissos var i henhold til gresk mytologi en jeger i Boiotia som var kjent for sin fysiske skjønnhet. Han var også stolt og foraktet de som elsket ham. En av de som forelsket seg i ham var nymfen Ekho. Gudinnen Nemesis, den som straffet hybris (som altså er betegnelsen på det at et menneske i overmot eller hovmod går ut over de grensene som gudene har satt for menneskelige handlinger) merket seg Narkissos' oppførsel. Da Narkissos så sitt eget speilbilde i et tjern, straffet Nemesis ham med å bli forelsket i sin egen refleksjon. Ute av stand til å forlate skjønnheten i sitt eget speilbilde, mistet han vilje til å leve. Han ble fortapt stirrende på sin egen refleksjon inntil han døde. Den romerske dikteren Ovid har utvidet myten med flere detaljer. Narkissos er opphavet til begrepet narsissisme, en psykisk tilstand for en som er sykelig selvopptatt, selvforelskende, og fiksert på seg selv og sin fysiske tilstand. Dette er en gammel myte fra oldtidens Helles, men man trenger ikke å gå flere tusen år tilbake i tid for å observere dette fenomenet. Kanskje er vår moderne verden full av historier som poengterer narsissismen sørgelige tilstedeværelse i menneskelivet mer ettertrykkelig og sannferdig enn greske vandrehistorier. Få tilgang til ALT ekstramateriale som medlem på SinnSyns Mentale Helsestudio via SinnSyn-appen her: https://www.webpsykologen.no/et-mentalt-helsestudio-i-lomma/ eller som Patreon-Medlem her: https://www.patreon.com/sinnsyn. For reklamefri pod og bonus-episoder kan du bli SinnSyn Pluss abonnent her https://plus.acast.com/s/sinnsyn. Hosted on Acast. See acast.com/privacy for more information.

EGAL's capital increase and revamp project trigger potential FV upgrade to EGP96.00/shareInitial agreement on Emirates Global Aluminum (EGA) subscription to EGAL's capital increaseScenario: Upside potential triggered by the transaction. There are many missing inputs and details to quantify the costs and benefits of the revamp project into our model. We are currently valuing EGAL at a FV of EGP77.75/share with an Overweight recommendation. However, we ran several assumptions to reach an estimate for the potential effect of the Revamp Project on the company's value. After running these assumptions into our model, the new project could add another EGP18.25/share to our FV to reach EGP96.00/share.Value of Egyptian Nitrogen Fertilizer Producers Implied by Fertiglobe Deal; EKHO stands outADNOC decided to acquire OCI's 50% stake in Fertiglobe for USD3.62 billion, which values Fertiglobe at a total of USD7.24 billion in equity value. This implies an EV/ton of USD1,340 calculated using the annualized production sales volume in 2023, which is around 5.65 mn tpa. EKHO highest upside; MFPC still overvalued. We used the 2024f exchange rate of EGP45 to calculate the implied fair values of EGX-listed nitrogen fertilizers players. However, knowing that Fertiglobe has operations in UAE, Egypt and Algeria, we applied a 30% discount to take into consideration Egypt's current macro challenges. In conclusion, EKHO is the only pick amongst all four stocks, based on the Fertiglobe transaction. Four of the world's largest shipping firms have said that they are pausing transit through the Red Sea due to repeated attacks on shipping by Houthi groups in Yemen. MSME finance and consumer finance companies can now create and manage investment funds in partnership with commercial and investment banks and ins. firms.A USD500 mn loan from the World Bank's IBRD got the sign off from President El Sisi. The funding will be used to expand Takaful and Karama cash-based welfare programs.Federal Reserve officials have been quick to urge caution to bullish markets that have priced in interest rate cuts as early as March. The Fed's Atlanta President slated rate cuts for “sometime in the third quarter” of 2024 if inflation falls as expected. We issued this morning our Egypt Banking Sector 2024 Update, in which we discuss:·        Sector outlook, ·        Interbank analysis,·        Individual bank analysis for: COMI (FV: EGP100/share, OW), CIEB (FV: EGP33.00, OW), ADIB (FV: EGP70.00, OW), SAUD (FV: EGP17.00, OW), EXPA (FV: EGP32.00/share, OW), FAIT (FV: EGP33.00/share, EW), EGBE (FV: USD0.45, OW), HDBK (FV: EGP65.00, OW), QNBA (FV: EGP55.00, OW), CANA (FV: EGP17.30, OW). Our top picks for the sector are COMI & ADIB. COMI has imposed further limits on the use of credit cards for FX spending, where credit card holders will only be allowed to spend EGP 7.75k worth of FX transactions a month while in Egypt, regardless of the number of credit cards they hold. The restriction went into effect on Friday.Sarwa Insurance Company BOD, CNFN's insurance arm, approved an increase in the company's paid-in capital to EGP136 million (an increase of 36%). The increase, amounting to EGP36 million, was entirely financed from retained earnings. RAYA plans to list a stake of 30-35% of its subsidiary “Raya Information Technology” on EGX in 1H2024, according to local press.In execution of the court ruling in December 2021, EGTS (FV: EGP1.68, EW) paid USD5.7 million (EGP0.17/share) to Trans Mediterranean for Tourism Investments in relation to a canceled land sale contract.

Core inflation slowed to 38.1% y-o-y in October from 39.7% in September. On a monthly basis, core inflation slowed to 1.8% from 3.0% in September.Minister of Tourism said that the official opening of the Grand Egyptian Museum will be probably between February and May of 2024.Egypt is considering implementing trade exchange operations with Russia, Turkey, and some African countries through a “barter” system.The Central Bank of Egypt will hold an auction to refinance USD1.6 billion of USD-denominated one-year t-bills due to mature on 14 November.CBE has reached preliminary agreements with the central banks of the UAE and Jordan — and is in advanced talks with the central bank in Saudi Arabia — to allow InstaPay users to transfer money from banks in these countries to Egyptian bank accounts.The Finance Ministry has secured a USD500 million syndicated loan from Deutsche Bank and Arab Banking Corporation to support education and healthcare spending.The Ministry of Petroleum increased the total quantities of fuel (gas and mazot) pumped to power stations nationwide by about 12%.Kuwait rolled over a USD4 billion deposit with the CBE in two tranches.We upgraded our FV for SKPC to EGP34.00/share and an Overweight recommendation and we expect SKPC to pay out EGP1.99/share in 2024, implying a dividend yield of 6.9%. SKPC is currently trading at a 2024f PE of 6.4x and EV/EBITDA of 5.0x.EKHO (FV: USD1.86, OW) posted USD137 million in 9M23 net profit, declining 34% YoY compared to USD207 million in 9M22. Net profit recorded USD37 million during 3Q23, a decline of 43% YoY (-10% QoQ). EKHO is currently trading at 2023e PE of 5.2x and EV/EBITDA of 4.3x. EKHO decided to increase its capex during 2023 to USD200 million, from USD170 million previously. ORHD's (FV: EGP20.38, OW) net profit in 3Q23 increased 55.6% y/y and 59.6% q/q to EGP928.9 million, bringing 9M23 net profit up 30.3% y/y to EGP1.8 billion. The Administrative Capital for Urban Development Company (ACUD) has received offers from several firms to act as financial advisor ahead of an IPO on the EGX before mid-2024. CIEB (FV: EGP21.00, OW) released 3Q23 financial results where the consolidated bottom-line stood at EGP1,299 million (+1% q/q, +122% y/y), bringing 9M23 bottom line to EGP3,812 million (+138% y/y). CIEB is currently trading at P/E24 of 6.5x and P/B24 of 1.7x with an ROAE of 27%. FAIT released positive 3Q23 consolidated financial indicators, where bottom-line recorded EGP800 million (+50% y/y, +4% q/q). 9M23 bottom-line recorded EGP3,788 million (+46% y/y). FAIT is currently trading at P/E24 of 3.9x and P/B24 of 0.7x.HRHO is negotiating with several banks to receive credit limits ranging between EGP800 million and EGP1 billion from several banks to support operations.SUGR released 3Q23 results showing a net profit of EGP316 million (+65% YoY, -59% QoQ). 9M23 net profit recorded EGP1,404 million (+91% YoY). SUGR is currently trading at a FY24 of 8.6x and an EV/EBITDA of 5.3x. Cigarette prices climbed in the parallel market by EGP5/pack for local brands and EGP10/pack for foreign brands. The African Export-Import Bank (Afreximbank) is lending credit facilities worth USD300 million to SWDY (FV: EGP34.96, OW) to help finance projects in Africa, according to local media. LCSW's board agreed to distribute 3.2 million treasury shares, which were purchased in April 2023, to the company's shareholders as free shares, implying 0.04 share for each original share held.CPCI is to distribute cash dividends of EGP5.0/share, implying DY of 10.1% and payout ratio of 77%.Weekly Commodities Update

The CBE's MPC is scheduled to meet on Thursday, 2nd November, to decide on interest rates. We expect the CBE to prefer to keep rates unchanged, until further notice, linking interest rate movement to any probable currency movement.The Cabinet said that the country's gas imports have fallen to zero from a previous 800 million cubic feet of gas per day, naming it as one of the main reasons for the worsening blackouts.GAFI handed out four golden licenses yesterday to Samsung (which will invest USD55 million in its new mobile phone assembly facility), Fayoum Storage and Warehouses Company, and EgyptSat Auto.Schneider Electric plans to inject EUR30 million into its Badr City factory until 2025.Government sources said that customs proceeds increased by about 57% YoY during 1Q FY23/24, recording about EGP15.3 billion.The parliament yesterday passed a government-drafted amendment to the VAT Act imposing an EGP0.50 VAT on all tobacco products. They also raised the price ceiling for all cigarettes packs, giving room for EAST to increase their selling prices, which is expected to happen soon. The amendment also gives room for selling prices to be raised by up to 12% annually for the next 5 years.OCDI's (FV: EGP37.56, OW) 9M23 sales increased by 67.8% y/y to EGP19.8 billion. Revenues recorded EGP5.0 billion in 9M23, up 6.8% y/y despite deliveries decreasing 11.9% y/y to 743 units. Net profit in 9M23 increased by 26.3% y/y to EGP547.6 million. We raised our FV from EGP23.30/share to EGP37.56/share. EKHO announced increasing its stake in AlexFert to 75.13% from 69.48% previously, through increasing its stake in Bawabet Al Kuwait Holding Company to 94.34% from 84.89% previously, for USD47.5 million.EFIC (FV: EGP55.59, EW) issued standalone results for 9M23. Net profit came in at EGP234 million, compared to EGP293 million in 9M22, down 20% YoY. Top line registered EGP1.520 billion compared to EGP1.238 billion in 9M22, up by 23% YoY. EFIC is trading at FY24 multiples (based on consolidated estimates) of P/E of 5.7x and EV/EBITDA of 4.8x. Ministry of Trade and Industry approved a 10% increase in cement quota for local producers during November to fulfill increasing demand, according to local media.The Kuwaiti sovereign wealth fund intends to acquire a share of ISPH through its investment arm in Egypt, Ekuity Holding, according to local media.Travco has seen cancellations for reservations through the end of the year reach 50% due to the war in Gaza.Accor plans to open seven new hotels in Egypt by 2027, adding 1.4k rooms to its portfolio.               The Middle East Logistics and Consulting Group, the agent of the German company Eurogate, is scheduled to inject USD500 million in investments into the Tahya Misr 1 container terminal project in Damietta Port after taking over its operation, according to local press.Weekly Commodities Update  |   | Last Price | WoW Change, % | Brent, USD/bbl | 90.5 | -1.8% | Diesel-HSFO Spread, USD/ton | 417 | -8.1% | Egypt Urea, USD/ton | 385 | -4.1% | Polyethylene, USD/ton | 1,040 | -1.0% | Polypropylene, USD/ton | 955 | -1.3% | Steel/Iron Ore Spreads, USD/ton | 337 | -1.0% | LME Aluminum Cash Price, USD/ton | 2,206 | 2.3% | Egyptian Retail Cement, EGP/ton | 2,210 | 10.2% | Steam Coal FOB Newcastle Australia, USD/ton | 135 | -2.0% | SMP, USD/MT | 2,659 | 3.9% | Last price may vary week over week in some indices due to time difference

The CBE's MPC is scheduled to meet on Thursday, 2nd November, to decide on interest rates. We expect the CBE to prefer to keep rates unchanged, until further notice, linking interest rate movement to any probable currency movement.The Cabinet said that the country's gas imports have fallen to zero from a previous 800 million cubic feet of gas per day, naming it as one of the main reasons for the worsening blackouts.GAFI handed out four golden licenses yesterday to Samsung (which will invest USD55 million in its new mobile phone assembly facility), Fayoum Storage and Warehouses Company, and EgyptSat Auto.Schneider Electric plans to inject EUR30 million into its Badr City factory until 2025.Government sources said that customs proceeds increased by about 57% YoY during 1Q FY23/24, recording about EGP15.3 billion.The parliament yesterday passed a government-drafted amendment to the VAT Act imposing an EGP0.50 VAT on all tobacco products. They also raised the price ceiling for all cigarettes packs, giving room for EAST to increase their selling prices, which is expected to happen soon. The amendment also gives room for selling prices to be raised by up to 12% annually for the next 5 years.OCDI's (FV: EGP37.56, OW) 9M23 sales increased by 67.8% y/y to EGP19.8 billion. Revenues recorded EGP5.0 billion in 9M23, up 6.8% y/y despite deliveries decreasing 11.9% y/y to 743 units. Net profit in 9M23 increased by 26.3% y/y to EGP547.6 million. We raised our FV from EGP23.30/share to EGP37.56/share.EKHO announced increasing its stake in AlexFert to 75.13% from 69.48% previously, through increasing its stake in Bawabet Al Kuwait Holding Company to 94.34% from 84.89% previously, for USD47.5 million.EFIC (FV: EGP55.59, EW) issued standalone results for 9M23. Net profit came in at EGP234 million, compared to EGP293 million in 9M22, down 20% YoY. Top line registered EGP1.520 billion compared to EGP1.238 billion in 9M22, up by 23% YoY. EFIC is trading at FY24 multiples (based on consolidated estimates) of P/E of 5.7x and EV/EBITDA of 4.8x. Ministry of Trade and Industry approved a 10% increase in cement quota for local producers during November to fulfill increasing demand, according to local media.The Kuwaiti sovereign wealth fund intends to acquire a share of ISPH through its investment arm in Egypt, Ekuity Holding, according to local media.Travco has seen cancellations for reservations through the end of the year reach 50% due to the war in Gaza.Accor plans to open seven new hotels in Egypt by 2027, adding 1.4k rooms to its portfolio.               The Middle East Logistics and Consulting Group, the agent of the German company Eurogate, is scheduled to inject USD500 million in investments into the Tahya Misr 1 container terminal project in Damietta Port after taking over its operation, according to local press.Weekly Commodities Update  |   | Last Price | WoW Change, % | Brent, USD/bbl | 90.5 | -1.8% | Diesel-HSFO Spread, USD/ton | 417 | -8.1% | Egypt Urea, USD/ton | 385 | -4.1% | Polyethylene, USD/ton | 1,040 | -1.0% | Polypropylene, USD/ton | 955 | -1.3% | Steel/Iron Ore Spreads, USD/ton | 337 | -1.0% | LME Aluminum Cash Price, USD/ton | 2,206 | 2.3% | Egyptian Retail Cement, EGP/ton | 2,210 | 10.2% | Steam Coal FOB Newcastle Australia, USD/ton | 135 | -2.0% | SMP, USD/MT | 2,659 | 3.9% | Last price may vary week over week in some indices due to time difference

NFL position shrank by USD808 million in July, recording USD-26.3 billion up from USD-27.1 billion in June.Foreign nationals applying for a residence permit after arriving in Egypt will soon be required to transfer the required fees from hard currency into EGP through a local bank or exchange office.Capital Intelligence Ratings lowered Egypt's Long-Term Foreign Currency Rating (LT FCR) and Long-Term Local Currency Rating (LT LCR) to 'B' from 'B+'. The Outlook on Egypt's LT FCR and LT LCR has been revised to Stable from Negative.Thales Group and ORAS (FV: EGP181.70, OW) have signed a contract with Egyptian National Railways (ENR) to upgrade the signaling and communication systems of the 125-km Cairo-Beni Suef railway line. EAST decided to raise its daily output once more by 15% after the previous 25% to satisfy the market's needs.Silverstone Capital sold 11.45% (154.8 million shares) of its stake in TAQA in a deal worth EGP1.2 billion, at EGP7.84/share. The company's current ownership in TAQA declined to 17.68% from 29.13% before the deal. Nile Energy Limited bought 101.4 million shares, or 7.5% with EGP795 million, while Sanford Investment Limited bought 53.4 million shares or 3.95% with EGP419 million.The BoD of Delta Insurance approved increasing the company's paid-in capital from EGP400 million to EGP500 million as well as increasing its authorized capital from EGP800 million to EGP1 billion. It is worthy to note that EKHO owns 63.22% of Delta Insurance.The US is backing Chevron's plans to develop Cyprus' massive Aphrodite natural gas field — which include building a pipeline linking the field to Egypt — after Cyprus turned down the plans last week. Austria-based wood panels maker Kronospan plans to invest USD50 million to set up a multi-purpose wood panels factory in either Sadat City or 10 Ramadan.The Egyptian Competition Authority (ECA) has filed charges against 14 aluminum companies, accusing them of collaborating to inflate and fix the price of the metal, according to local media.IDHC released 2Q23 financial results. Net profit recorded EGP43 million in 2Q23 (-65.6% YoY, -74.4% QoQ), implying a contracting NPM of 4% (-12.0pps YoY, -14.9pps QoQ). This decline is attributed to strong base effect of Covid-19 margins annually and high FX gains sequentially. Revenues came in at EGP957 million in 2Q23 (+4.6% YoY, +23.6% QoQ); the sequential increase is driven by a rise of 14% in test volumes and a 20% increase in average revenue per test. On semi-annual basis, net profit recorded EGP211 million in 1H23 (-52% YoY) and revenues recorded EGP1.9 billion (-4.0% YoY). CSAG released its preliminary financial results for FY22/23 recording a 95% YoY surge in bottom-line to EGP350.6 million. Revenues came in at EGP81.4 million in FY22/23 (+10 YoY).ATLC closed a EGP1.74 billion securitized bond issuance. The company will use the proceeds to bolster its financial position and support future growth plans.HELI (FV: EGP12.44, OW) raised its contract with Matrix Company to manage and operate the developed part of Merryland Park for three years from EGP17.5 million to EGP24.2 million. 

A number of US Democratic lawmakers have joined a group of senators in calling on the Biden administration to withhold a quarter of Egypt's annual USD 1.3 bn of military aid on human rights grounds.ADQ-owned food company Agthia is no longer looking to acquire military-owned bottled drinks firm Safi,Egyptian men living abroad will be able to begin the process of settling any outstanding military service obligations today and until one month.Egyptian expats who have registered in the expat car import initiative will have to complete their payments within a month for import approvals.A number of draft laws that aimed at encouraging foreign ownership of real estate will soon be sent to the cabinet.The government is studying importing wheat from Romania under a barter system, in an attempt to secure its stock of grain and lift the pressure on the dollar.The Economic Committee of the House of Representatives completed a study of amendments to the Capital Market Law with FRA to encourage higher investments in the capital market.ETEL (FV: EGP34.00, OW) reported 2Q23 net profit came in at EGP2.88 billion in 2Q23 (+19.4% YoY, -24.3% QoQ), shaped by: healthy revenue growth, margin contraction, higher investment income from Vodafone of EGP1.07 billion (+47.2% YoY, +19.7% QoQ), and higher annual finance cost in 2Q23. During 1H23, net profit came in at EGP6.7 billion (+77.1% YoY). Telecom Egypt is currently trading at 2023e P/E of 4.2x and EV/Adjusted EBITDA of 2.7x.EKHO (FV: USD1.86, OW) posted USD100 million in 1H23 net profit, declining 30% YoY compared to USD143.4 million in 1H22. Net profit recorded USD40 million in 2Q23, a decline of 45% YoY (-33% QoQ) compared to USD72.4 million in 2Q22 and USD60 million in 1Q22. Urea prices declined by 56% YoY in 1H23, and by 63% YoY (-20% QoQ) to average USD345/ton during 2Q23. EKHO is currently trading at 2023e PE of 6.0x and EV/EBITDA of 3.4x. We are still waiting for the release of full financials for more details.India's ReNew Power could break ground on its USD8 billion green hydrogen plant in the Suez Canal Economic Zone early next year. The Indian company and El Sewedy Electric signed a framework agreement with the government in November for the plant.The first leg of the 1,100-km high-speed rail line will begin operating at the end of 2024 (ORAS, SWDY).The National Authority for Tunnels extended the deadline for opening the envelopes of the Raml Tram in Alexandria to next month instead of this August. (ORAS)TMGH (FV: EGP22.55, OW) achieved stellar 2Q23 results, with 2Q23 sales rising 248.7% y/y and 69.5% q/q to EGP20.7 billion, bringing 1H23 sales up 191.0% y/y to EGP32.9 billion. Net profit in 2Q23 grew 48.7% y/y and 8.7% q/q to EGP812.7 million, bringing 1H23 net profit up 40.3% y/y to EGP1.6 billion. We maintain our Overweight recommendation of TMGH based on our FV of EGP22.55/share.OCDI (FV: EGP23.30, OW) completed the down payment to acquire the 180 feddan land plot it had announced in May 2023, located directly south of its North Coast project, Caesar, and received the contract for the land plot signed by the New Urban Communities Authority.ADIB (FV: EGP35.00, OW) 2Q23 consolidated bottom line recorded EGP 1,161 million, pre-minority interest and appropriations, (+15% q/q, +103% y/y). 1H23 bottom line reached EGP2,168 million (+112% y/y). The bank is currently trading at annualized 1H23 multiples of 0.9x P/B23 and 2.8x P/E23.HRHO is currently working on several mergers and acquisitions in Gulf countries including Saudi Arabia, United Arab Emirates, Kuwait, and Amman. The Central Bank of Egypt (CBE) has declined a request by the Federation of Egyptian Banks to bring back exemptions that would exclude their largest clients from credit concentration limits until December 2024. ISPH 2Q23 bottom line recorded EGP59.4 million in 2Q23 (+105.4% YoY,-18.1% QoQ). T

We expect CBE to maintain interest rates at its meeting today in light of the preceding interest rate raises taken in December and March (+500 bps) to attempt to control the then expected rise in inflation. In addition, raising interest rates will be closely tied to the movement in the official exchange rate, which is not expected to happen before 4Q23.  Oil cartel OPEC+ is expected to leave output at current levels when it meets tomorrow, according to Reuters. Egyptian Trade Minister Ahmed Samir and his Turkish counterpart Ömer Bolat agreed yesterday to increase bilateral trade by 50% to USD15 billion over the next five years during talks in Ankara. The Ministry of Electricity formed a committee to study offers submitted by Indian, Chinese, German, and American companies to supply batteries to store electricity produced from renewable energy. Egyptian purchases of bullion and gold coins jumped during 2Q23 by 214% YoY to 10.4 tons. During 1H23, Egyptian purchases of bullion and gold coins amounted to 18.6 tons, compared to 19.2 tons in Jan-Dec 2022. The cabinet yesterday approved an additional allocation of EGP2 billion to the sixth phase of the export subsidy program, increasing the total amount earmarked for this phase to EGP12 billion. GASC bought 300k metric tons of wheat from Russia and another 60k metric tons from Romania in an international tender yesterday. According to local media, TMGH achieved sales of EGP51.0 billion in 1H23. This figure likely includes not only TMGH sales, but also sales made for non-TMGH entities for which TMGH receives commissions. According to local media, PHDC achieved sales of EGP10.2 billion in 2Q23 (+98.6% y/y, +50.9% q/q), bringing 1H23 sales to EGP17.0 billion, up 59.1% y/y. Local fertilizers producers announced in EGX releases the impact of the natural gas feedstock 20% reduction decision on their production. EFIC stated that it is not affected by any means because it is producing phosphate fertilizers, which depends on the phosphate rock as its main input and natural gas is used in very small quantities as a fuel source. Kima noted that the ammonia produced was reduced by 20%; however, the company managed to overcome this drop thanks to the availability of ammonia in its inventories. EKHO announced that its subsidiary Alex Fert witnessed a very slight impact from the decision that will not have an effect on its performance. Shell is set to begin drilling new gas exploration wells at its concession areas in the Mediterranean in September.  According to local traders, free market fertilizers prices hiked after the new natural gas feedstock reduction decision. Average prices for fertilizers increased by EGP3,500/ton till now. CIEB 2Q23 consolidated bottom line recorded EGP1,289 million (+5% q/q, +146% y/y. Annual and sequential growth were supported by: 1) improved margins, 2) robust gains from FX transactions, and 3) lower effective tax rate. CIEB is currently trading at 4.5x P/E23 and 1.3x P/B23. CNFN has rolled out financing services for weddings and social events. It is offering up to EGP1 million in finance with no down payment, with repayment plans of up to three years. MBSC recorded earnings of EGP43 million in 2Q23 compared to a net loss of EGP3 million in 2Q22 and 29% lower than 1Q23, brining 1H23 earnings to EGP105 million (+135% YoY). The annual surge in earnings was driven by healthy growth in revenues and operating margins despite a forex loss of EGP59 million recorded during the quarter. MBSC is currently trading at FY23e P/E of 4.9x, EV/EBITDA of 4.0x and EV/ton of EGP579. The Ministry of Transport is about

The USD has dropped almost 13% against a basket of currencies on the back of easing US inflation, which is increasing investor appetite for higher-yielding risk assets around the globe. (Reuters)The cost of insuring Egypt's sovereign debt (CDS rates) declined, since the government announced the progress in the privatization program, to record 12.9% for the 5-year contracts, compared to 14.8%.Foreign investments in treasury bills rose to EGP392.5 billion at the end of April 2023, adding USD 417 million. El Sisi and Abiy Ahmed agreed to try and find an agreement within four months to finally end the GERD dispute and reach a settlement that allows Ethiopia to generate electricity without jeopardizing Egypt's water security.French rail manufacturer Alstom plans to invest some EUR 300 mn in Egypt over the next three years to establish two factories to produce electrical systems and metro/monorail rolling stock.The Asian Infrastructure Investment Bank (AIIB) will provide EUR 250 mn in financing for the redevelopment of the Abu Qir railway in Alexandria.CCAP (FV: EGP2.80, EW) released 1Q23 results, posting an 84% YoY decline in net profit to record EGP73 million in 1Q23 compared to EGP469 million in 1Q22 restated net profit. ERC contributed 77% of the total revenues, while TAQA contributed 10%. CCAP recorded an FX gain of EGP351 million in 1Q23 compared to a restated FX loss of EGP38 million during 1Q22. CCAP is trading at a 2023 EV/EBITDA of 2.6x.EKHO's (FV: USD1.86, OW)  Sprea Misr inaugurated expansions with total investments worth EGP1.4 billion (USD46 million). The expansions include a sulfuric acid production plant which will produce 165k tons a year, 80% of which go to AlexFert. Sprea Misr. It also added six production lines including a formica sheets production line.Pitch: If TAQA Soars, Buy NatEnergy. At EGP8.90/share, the implied multiples for TAQA are as follows: P/E 2023e of 18.1x and EV/EBITDA 2023e of 9.9x. If we apply those same multiples to NatEnergy, with the possibility that EKHO might decide to list NatEnergy, then NatEnergy's value will hit USD 0.57/EKHO share, which is higher than our DCF valuation of USD 0.36/EKHO share. Accordingly, the FV for EKHO will jump to USD 2.07/EGP 63.96 per share, up from our current FV of USD 1.86/EGP 57.47 per share. The company distributes USD dividends which are expected to at least reach 6 cents in 2023. EKHO's share is currently trading at 2023e PE of 6.3x and EV/EBITDA of 3.6x.OCDI (FV: EGP23.30, OW) AGM approved the sale of EDNC Building No. 1 (gross floor area of 6,876 sqm) in Eastown for EGP1.1 billion to BTFH.PHDC (FV: EGP3.91, OW) is considering an EGP5.0 billion securitization over three years.MNHD (FV: EGP3.16, EW) has concluded its acquisition of The real estate developer EgyCan for EGP195.0 million. RTVC is studying entering a co-development agreement on a 29.4 feddan land plot on the North Coast. Expected sales are EGP1.5 billion, and expected cost is EGP1.0 billion.The New Urban Communities Authority is planning to issue a new EGP15.0 billion securitization end of 2023 or beginning of 2024. Cement factories have filed a request with the Egyptian Competition Authority (ECA) to extend the quota system that entails cement production cuts, since it is set to expire on 23 July.A group of private equity firms, including Tana Africa, Lorax Capital Partners, and US-based Ultra Capital are bidding to acquire a 25% stake in state-owned e-payments player Al Ahly Momkn. Radisson Hotel Group will open a new 294-room hotel in Marsa Alam in 2025.EgyptAir carried out its first flight to Manchester yesterday as part of five weekly flights between Cairo and Manchester.  

Pitch| ETEL's Relative Valuation and Vodafone Stake Sale Show Massive Upside Potential. ETEL is significantly undervalued compared to emerging peers. The relative value ranges from EGP48.05-81.93 per share. DCF FV is EGP 34. A significant improvement in financial performance on reaping infrastructure spending fruits along with Improved cash flows, higher margins, and lower CAPEX. Key Triggers: Upward Repricing Potential, Orange Roaming Agreement, and Tower Monetization. Market price fails to reflect Vodafone Egypt's Implied Valuation, Adjusted for FX Rate, which implies ETEL total value of EGP40.08 to EGP42.60 per share. Sale of VFE stake proceeds for ETEL to range from EGP7.22-15.79 per share (DY of 29.5-64.5%), which might be used for deleveraging and dividends.The impact of commodities prices changes during 2Q23 on listed stocks as follows:-Positive impact on ESRS, IRAX, ARCC, MSQE, MBSC, ORWE, and SUGR-Neutral impact on EGAL, SWDY, SKPC, EKHO, CCAP, and POUL-Negative impact on AMOC, ABUK, MFPC, EGCH, MICH, JUFO, DOMT, OLFI, EFID, and AUTOThe Madbouly government is on Tuesday expected to hold a press conference at which it will announce the completion of a number of asset sales as part of the state privatization program.The House of Representatives yesterday gave preliminary approval to amendments for the 2017 Investment Law that lawmakers hope will help attract more foreign direct investment.Fitch Solutions expects tourism revenues in Egypt to rise from USD14.4 billion by the end of 2023 to USD17.4 billion in 2027.A Chinese business delegation from Jilin province met with Suez Canal Economic Zone (SCZone) representatives to explore investment prospects, the SCZone said yesterday.The International Investment Guarantee Agency (MIGA) of the World Bank is considering issuing a USD100 million guarantee to cover trade financing for the benefit of the National Bank of Egypt and Banque Misr. CLHO reported solid 1Q23 with net attributable profit of EGP95 million in 1Q23 (-1.4% YoY, +20.0% QoQ), in line with our estimate of EGP106 million. Strong base effect due to covid-related revenues. CLHO is currently trading at 2023f P/E of 13.9x and EV/EBITDA of 7.2x. Abdelgawad's family shares in ISPH were blocked. This is old news, where shares have been already blocked as of 4Q22. This has no impact on ISPH's operations and financial performance.The Trade and Industry Ministry has approved extending anti-dumping duties on reinforced steel imports from China, Turkey, and Ukraine for another four years, starting June 1st 2023.EGX canceled last session's trades on TAQA's shares, keeping only the block trade and will give the company a second debut today. Pakinam Kafafi, TAQA's CEO, announced a plan to invest EGP 1.7 billion during 2023 and signed a definitive agreement with a Saudi partner to establish a new company in the kingdom.The IFC is extending a 10-year Tier 2 facility worth USD 150 mn to COMI, to support the bank's sustainable growth plans.CNFN's consumer finance arm Contact Creditech and digital payments app Telda have teamed up to offer lending-as-a-service (LaaS) solutions.Kahromika, AIH's subsidiary wins the bid for the new electricity connection lines, linking New Delta and October City with a total cost of EGP510 mn.Businessman Jamal Al-Jarhi acquired less than 5% of the capital of Beltone Holding Company, by purchasing a share of the subscription rights in the company's shares. MPs gave final approval to two bills allowing for the USD565 million redevelopment of the East Port Said port.

The International Finance Corporation (IFC) will come on board as an advisor to the Egyptian government on the state's privatization program.SCZone Chairman is in New Delhi to kick off a promotional roadshow looking to attract Indian investments to the economic and industrial areas in Ain Sokhna and Port Said.The Suez Canal Authority intends to establish a new holding company, which includes 7 affiliated entities, with the aim of accelerating the process of offering stakes in those entities on the EGX.Sovereign Fund of Egypt (SFE) has received a preliminary valuation of ESRS subsidiary IRAX that puts the company's worth at some EGP1,060/share. We remind you that our FV for ESRS is EGP54.6/ share and EGP1,357.5/share for IRAX. Thus, we see the deal, if executed, to be value accretive for ESRS. ESRS should make a mandatory tender offer for IRAX's remaining outstanding shares, which raises the question of how the deal will be funded. Abu Dhabi Ports (ADP) and its subsidiary Transcargo International (TCI) are planning to launch a tender for the construction of nine silos for storing cement and dry bulk cargo at a cost of some EGP1 billion. The companies under our coverage in the Food and Beverages sector all witnessed an outstanding quarter when it comes to enhanced profitability and margins: Rising top-line levels backed by prices rather than volumes. Lagging cost rises due to stocking-up of low-priced inventory. Rise in GPMS backed by the price increases and lagging costs. Higher EBITDA margins backed by cost cutting initiatives. Higher net interest expense levels due to higher working capital financing needs and higher effective interest rates. FX losses rising. EFID is our top pick (FV: EGP22.80, OW). EFID decided to raise their FY23 capex plan to EGP800 mn from a previous EGP400 mn, and raise the newly acquired Fancy Foods paid in capital by EGP400 mn.We updated our valuation for EKHO to USD1.86/share (EGP57.00/share) with an overweight recommendation. The company distributes USD-denominated dividends, even for the EGP-traded stock, which are expected to reach 7 cents in 2023, with a dividend yield of 6.9%. EKHO's share is currently trading at 2023e PE of 6.4x and EV/EBITDA of 3.6x.Trading of TAQA shares was postponed until after eid Al Adha holiday. MICH's EGM approved increasing the company's authorized capital form EGP400 million to EGP1 billion. The Real Estate Development Chamber intends to hold a meeting with the Central Bank during the next few days to review mechanisms for real estate financing.ZMID AGM approved the distribution of EGP0.15/share cash dividends (DY of 2.5%) to be distributed over two installments: EGP0.05/share and EGP0.10/share.Weekly Commodities | Last Price           WoW Change, %Brent, USD/bbl  76.6      2.4%Diesel-HSFO Spread, USD/ton     310.0    13.9%Egypt Urea, USD/ton      300.0    -6.3%Polyethylene, USD/ton  990.0    -3.9%Polypropylene, USD/ton              910.0    -1.6%Steel/Iron Ore Spreads, USD/ton             414.4    -1.0%Aluminum, USD/ton       2,230.7 0.1%Copper, USD/ton            8,555.0 2.5%Egyptian Retail Cement, EGP/ton             1,735.0 -1.1%Steam Coal, USD/ton      128.5    -5.3%

El Sisi has suggested there will be no further devaluation of the EGP if the effect of the exchange rate is taking a toll on the lives of Egyptians. He added that we need to boost exports and lower imports. Turning to international debt markets to support reserves and help meet USD needs is no longer an option, El Sisi said. US Federal Reserve decided to leave interest rates unchanged for the first time in 15 months. Egypt has submitted its application to join the BRICS group because of pursuing to shift trade to alternative currencies. The Civil Aviation Authority decided to stop the “SOTO” ticket system, which are tickets whose route begins and ends outside Egypt and does not include any points inside Egypt.  The Central Bank of Egypt decided to extend the amendment to the treatment of irregular loans for small and medium enterprises, until the end of June 2024. The Capital Markets Authority in Kuwait approved EKHO's request to trade on treasury shares on the Kuwait Stock Exchange for six months, at a maximum of 10% of the company's capital. There will be minimal effect on the stock in Egypt.The Ministry of Petroleum plans to offer two oil and gas exploration bids in at least 16 areas in south Egypt and Red Sea before the end of 2023.The Qatari sovereign wealth fund is in negotiations with the Sovereign Fund of Egypt (SFE) to acquire up to 30% of the 7-hotel holding company at USD 750 million. EGTS's (FV: EGP1.68, EW) court date for its appeal against the court's ruling in December 2021 requiring EGTS to pay USD5.7 million (EGP0.17/share) to Trans Mediterranean for Tourism Investments in relation with a canceled land sale contract is scheduled for 31 August 2023.EFID finalized the acquisition of frozen bakery manufacturer Fancy Foods with a transaction value of EGP380 mn (EGP0.53/EFID share), as a part of their expansion plan.A consortium of several real estate finance companies intends to address the FRA to solve the problem of obliging it to deal only with brokers registered with the authority when completing the purchase of units for customers using the real estate financing system. Which led to lower financing volumes this year due to the decrease in their number.

NI Capital is preparing to sell stakes in seven state-owned companies as part of the government's privatization program, two of which are expected to be complete by the end of the fiscal year, or June 2023.  The Ministry of Finance started accepting the paperwork for reimbursing exporters for the sixth phase of the export rebates program (EGP10 billion in total). Cash reimbursements will be made in July or August.   The Minister of International Cooperation signed letters with the Italian Ambassador to Cairo to extend the agreement for the third phase of the development debt swap program until December 2024. Egypt signed a memorandum of understanding with the Norwegian company “Scatec” to start feasibility studies for the electricity interconnection project for the purpose of exporting 3GW of renewable energy to Europe via Italy.  Apache wants to obtain new concessions in the Western Desert to drill more wells. The Egyptian Stock Exchange applied for FRA's initial approval to establish a derivatives settlement company.EKHO released 1Q23 net profit of USD60 million, -16% YoY. Consolidated revenues declined -23% YoY to USD225 million, pressured by Urea prices, and the lag in the rise of prices within NatEnergy, despite the rise in Sprea revenues. EKHO is currently trading at 2023f PE of 6.0x and EV/EBITDA of 3.3x.MOIL released FY2022 top line registered USD102 million, - 12% YoY, and a net loss of USD104 million compared to USD77 million losses in 2021. ORWE (FV: EGP18.50, OW) released 1Q23 attributable net profit for the quarter of EGP411 mn (+73.8% YoY). The rise came backed mainly by the China divestment recording EGP277 mn. Margins are supported by the mix of rising ASP and declining commodities prices. After revisiting our FX rates assumptions and commodities expectations, we upgrade our FV to EGP18.50/share. ORWE is currently trading at a P/E of 6.0x and an EV/EBITDA of 5.3x.Some commercial sectors launched calls to boycott securing foreign currency from the parallel market, led by car dealers, in order to control the overshooting witnessed in the rate. The proposal is to reduce importing for 1-3 months.  There are market expectations of a rise in poultry prices in light of the continued decline in daily production and the industry losing more than 80% of production capacity. We raised our ORHD FV to EGP20.38/share mainly on the back of incorporating the current EGP/USD FX rate of 30.88 in our valuation of residual land in El Gouna which is based on a price of USD23/sqm, as well as the latest higher net debt position. OCDI (FV: EGP23.30, OW) made the down payment to acquire a 180 feddan land plot directly south of its North Coast project, Caesar, and is planning to invest over EGP10.0 billion in the development of the project over the next four years.MNHD (FV: EGP3.16, EW) declared cash dividends of EGP0.15/share (DY of 4.6%). AMER is planning to issue sukuk worth EGP1.5-2.0 billion within the next two months.SAUD 1Q23 net profit recorded EGP474 million (+29% y/y) on the back of 1) strong top-line growth, and 2) strong non-funded income growth. SAUD is currently trading at P/B23 of 0.8x and P/E23 of 3.8x, with ROAE of 21%. We upgraded FV to EGP15.00. HRHO called an extraordinary general meeting on May 24 to discuss proposals to change its name from EFG Hermes Holding to EFG Holding and raise its issued and paid-in capital by 25% to EGP 7.3 bn, through 1 bonus shares for every 4 shares held.FRA raised the one-ticket funding limit for microfinance companies by 10% to EGP220,000. InterContinental Hotels Group is opening in Arkan Palm in West Cairo the 140-room Voco West Cairo 205 Suites in June 2026 and the 250-room InterContinental West Cairo 205 in January 2028.   

Pitch| Regardless of the way out of the maze, the market is playing FX-rate musical chairs. ORHD, EGAL, and ESRS current market prices are not reflecting yet the current exchange rates, and thus they have a significant upside from the current prices. AMOC, ORAS, SWDY and MFPC are showing some upside from the current market prices, but not as high as first group. If we were to choose between DSCW and EKHO, we will go for the latter, due to transparency and strategy. ABUK, SKPC, EGCH, EFIC and ALCN are overplayed at those prices. We still see that banks are offering a great opportunity, with high focus on ADIB, CANA and CIEB.[Check table for details]Analysts expect the Federal Reserve to raise interest rates by 25 bps when it meets on Tuesday and Wednesday this week.  Prime Minister: The government is aiming to raise up USD 2 bn from asset sales by June, and will hire an international advisor to ensure efficiency on the privatization process.Prime Minister reassured international markets about the sustainability of Egypt's debt amid, after the sell-off of Egypt's USD bonds accelerated last week.Egypt's one-year credit-default swaps rose 1k bps to 2.3k bps in April.Prime Minister: The state is preparing over 10 military-owned companies for offering. Prime Minister: EGP flotation will be subject to controls set by the state.  Egypt's economy will grow at a 4.0% clip in the current fiscal year, as per the poll conducted by Reuters. Egypt has reached agreements with China and India to trade in rupees and yuan when importing wheat.Supply Minister: The government will start gradually raising the prices of commodities sold to ration card holders.Supply Minister: Egypt has 2.6 months' worth of wheat in strategic reserves. The Supply Ministry is working on a proposal that would allow Egyptians living abroad to import gold to Egypt (worth USD10,000) without paying customs.More than 16k people from Sudan have crossed the border into Egypt since the conflict began.  The government is set to launch the sixth phase of its export subsidy program, through which it plans to pay out some EGP 10 bn worth of overdue subsidies to exporters by 5-6 July.ETEL will start gradually applying the prepaid fixed line bill payments (similar to the mobile). SKPC will distribute a cash dividend worth EGP0.90/share over two tranches. DY 4%.

BRICS might challenge the USD's dominance in global trade. China and Brazil said last week they will carry out bilateral trade in their domestic currencies. Egypt and India, meanwhile, are considering executing their trade in INR, Bloomberg reports. China settled a bill for LNG imports from the UAE in CNY for the first time. The country is also in talks with Saudi Arabia for a similar arrangement.  El Sisi landed in Jeddah this morning to discuss with the Saudi Crown Prince enhancing bilateral relations. Egyptian intelligence chief Abbas Kamel was also in attendance. NBE and BM offered a fixed, three-year CD at a 19% rate and a three-year declining-rate certificate that starts at 22% before falling to 18% in the second year and 16% in the third year. Interest is paid monthly on both. Kuwait is interested in acquiring an additional stake in the Arab African International Bank, where it already owns a 49.5% stake. The British Export Support Agency will provide GBP2 billion to support exporting projects in Egypt, which can be employed in any sector, except for the fossil fuel sector. Aldar Properties is interested in co-developing HELI's (FV: EGP12.44, OW) Heliopark land plot. ESRS reported steady results for 4Q22 with consolidated revenues soaring to EGP23.3 billion (+24% YoY, +5% QoQ), pulling FY22 top-line to EGP84.0 billion up from EGP67.8 billion in FY21 (+24% YoY). Attributable net income stood at EGP570 million. Excluding the one-off forex loss in 4Q22, ESRS would have recorded EGP2.6 billion of earnings, more than double YoY. FY22 earnings came in at EGP4.3 billion, 21% YoY. ORAS announces that the Red Sea Wind Energy Consortium achieved financial close, a significant milestone for the new 500 MW Gulf of Suez Wind Farm near Ras Ghareb, in which ORAS will own a 25% stake and will execute the construction of the civil and electrical works. SWDY (FV: EGP19.97, OW) stated in an EGX release not receiving any official offers from a Gulf sovereign fund or a Chinese company to buy a minority stake in the company. MCQE's general assembly approved a cash dividend distribution of EGP0.75/share instead of the proposed EGP0.50/share for FY22, implying a dividend yield of 3.7%. EKHO's general assembly approved a cash dividend distribution of 11 cents per share, implying a dividend yield of 9%, that will be distributed in USD, even to the holders of the EGP-denominated shares.  AIH released FY22 results, with net attributable income at EGP77.6 mn (-25% y/y). The decline came in despite a growth in the top line of 7% y/y, mainly due to higher expenses, higher FX losses, and lower capital gains. AIH BoD approved distributing cash dividends of EGP20.2 mn, DY of 4.5%, and 0.05 bonus shares/AIH original share.  ATLC is going to distribute cash dividends of EGP0.424/share, DY of 10%. The record date is April 11th and the distribution date is April 18th. CANA's BoD approved increasing the paid-in capital from EGP3.6 bn to EGP4.6 bn, through bonus shares (0.27 bonus shares/CANA share). The Suez Canal Economic Authority is preparing to deliver in May 2023 the Suez Canal Containers Company, at a total investment cost of USD500 million, increasing the capacity to 7 million containers. *Weekly Commodities​* |  Last Price           WoW Change, % Crude Palm Oil, USD/MT             886.0    7.6% Brent, USD/bbl  79.8      6.4% LME Aluminum Cash Price, USD/ton        2,376.8 3.5% Steam Coal FOB Newcastle Australia, USD/ton    177.3              1.1% LME Copper Cash Price, USD/ton             9,003.5 1.0% 

The House yesterday voted through legislative amendments allowing the government to borrow an extra EGP 165 bn for the final quarter of the current fiscal year. Around EGP 70 bn will be used to increase funding to social protection programs while EGP 85 bn of the new borrowing will be spent on servicing government debt in the April-June quarter.Foreign investments in Treasury bills reached USD10.4 bn in January 2023, up from USD8.04 in December 2022. We upgrade our FV for OLFI to reach EGP11.60/share from a previous EGP8.72/share while changing our recommendation to Equalweight, on market price rally. The FV upgrade is mainly backed by:Resilience in volumes, amidst turbulent market dynamics, despite the scheduled price increases in FY22Improving market share as the whole market shrank by the phasing out of small playersRevenues are expected to grow with a 5yr CAGR of 12%, recording EGP5,701 mn during 2023 to end our forecast horizon with EGP8,040 mn in 2027.Gross profitability is expected to grow at a CAGR of 12.1% during the same period with GPM hitting 23.1% in 2023 and 24.4% by 2027We expect NPM to record 12.6% during 2023 up to 13.6% backed by rising prices and revenues.OLFI is currently trading at a 2023 P/E of 5.6x and an EV/EBITDA of 3.9x. EKHO increased its total stake (direct and indirect) in AlexFert from 61.57% to 69.42%. This was done through increasing EKHO's stake in Bawabet Al Kuwait Holding Company (BKH) by 13.12%, USD66.4 million, to reach 84.79%. CCAP's Dina Farms is negotiating with the government to buy two land plots and targets injecting EGP380 million to expand its production capacity during 2023. Goldman Sachs lowered its crude price forecast for this year and 2024. It is now expecting Brent to average USD94/bbl in the next 12 months and USD97/bbl in the second half of 2024, down from USD100/bbl previously. Hisham Ezz Al Arab has been reappointed as COMI's non-executive chairman for a new three-year term, along with the rest of the board which will remain in place until March 2026. In response to yesterday's news regarding Emirates Global Aluminum's (EGA) interest in financing EGAL's (FV: EGP39.53, EW) plant rehabilitation, EGAL commented in a release that all options are currently being studied to improve the efficiency and quality of production. The development plan also includes adding a new production line with a capacity of 100k tons per annum in addition to establishing aluminum foil plant.   FRA approved SPMD's rights issue to increase capital by EGP110.9 million distributed on 554.6 million shares at par value of EGP0.20 per share, bringing total capital to EGP332.7 million 

I med bettskenorna kamrater, för nu blir det generationstrauma för hela slanten! I dagens avsnitt samtalas det med Ulrica Davidsson, styrelseledamot i EKHO och administratör för De Fria Fåren, om det s.k uppryckandet. Ett ämne som har gett generationer svår ångest i otaliga årtionden och numera viftas bort som "en tolkningsfråga". Som ett brev på posten kom filmen "Som en tjuv om natten" år 1972 och gjorde en vidrig situation ännu värre. Det och lite annat avhandlar vi i detta rykande färska avsnitt!Ulrica har inte råkat ut för någonting och Annika är i fullskaligt krig med Västtrafik.Varmt välkomna till vansinnet! Hosted on Acast. See acast.com/privacy for more information.

Egyptian pound has weakened on Tuesday where its 12-month non-deliverable forward (NDF) fell to a fresh all-time low to EGP38 per dollar, Bloomberg Al Sharq reported. According to Al-Mal newspaper, the government received foreign offers to acquire a 20-30% stake in Beni Suef Electricity. However, the government is yet to decide whether it will be offered to strategic investors or in IPO on EGX.  The Africa Finance Corporation (AFC) has identified an immediate project pipeline of investments worth more than USD1 billion in Egyptian infrastructure projects. The projects are in the renewable energy, natural gas, heavy industries, tech, telecoms, banking, and finance sectors. According to Al-Borsa newspaper, Egypt and Qatar are planning to launch a joint investment fund with an initial size worth USD1 billion. Suez Canal Authority targets increasing the canal's revenues from USD8 billion in 2022 to USD9 billion in 2023, a 12.5% YoY growth. The canal's revenues reached USD1.5 billion during January and February 2023, compared to USD1.1 billion during the same months of 2022. EMFD (FV: EGP5.01, OW) Net profit in 4Q22 reached EGP1.7 billion, up 27.5% y/y and down 8.5% q/q, taking FY22 net profit to EGP6.6 billion, up 59.3% y/y. RMDA reported 2022 financial results showing: Net profit came in at EGP253 million in 2022, a significant increase of 40.4% YoY, slightly lower than our estimate of EGP266 million. On a quarterly basis, 4Q22 net income stood at EGP54 million (-26.3% YoY, -25.2% QoQ). RMDA is currently trading at 2023f P/E of 6.8x and EV/EBITDA of 5.0x. Elevate Healthcare fund is looking to fully acquire clinical radiology and lab service provider Nile Scan & Labs for EGP500 million. The company is expected to close the deal in April.  FWRY reported 4Q22 financial results showing: Attributable net profit of EGP116 million (+317% YoY, +61.6% QoQ). During FY22, attributable net profit came in at EGP240.1 million (+35.5% YoY). FWRY is currently trading at 2023f P/E of 65.0x and EV/EBITDA of 18.6x. The CBE has highlighted the guidelines for the new financing initiative released by the MoF at an interest rate of 11% targeting companies operating in the industrial, agricultural, and renewable energy sector. The total value of the initiative is EGP150 bn, where EGP140 bn is directed towards financing companies' working capital and EGP10 bn to be directed to finance equipment and tool's purchases. The value of the initiative decreases by 20% annually, and its maximum timeframe is 5 years. Funding provided for a single individual is capped at EGP 75 mn and a total of EGP 112.5 mn per individual and all related parties. Moreover, the CBE warned using the facilities granted in repaying any other debts, adding that the banks‘ returns participating in the initiative will be 1% above the CBE rate while the MoF will bear the difference. FRA stated in a release that it received National Paints Holding's offer to acquire 100% to 75% of Pachin's shares (24 million) with a price of EGP34/share, up from its initial bid of EGP29.00/share that was submitted in November 2022.  EKHO will hold its general assembly on 30 March 2023 to approve FY22 financial results as well as a dividend distribution of 11 cents per share, implying a dividend yield of 9%. Representatives of Abu Dhabi Ports discussed operating berths in ports and setting up logistics zones in the Suez Canal Economic Zone during talks with the zone head, according to SCZone statement. The River Transport Authority - affiliated with the Ministry of Transport - is in the final stages to activate the cooperation agreement concluded with the Abu Dhabi Ports Group and the Egyptian Group for Multi

Bloomberg reported that GCC countries await stability in Egypt's FX rate and an in-depth economic reform program before the injection of billions worth of investments into Egypt.Prime Minister is heading to Qatar today in a bid to push forward talks for fresh Qatari investment.Egypt is set to take its inaugural panda bond issuance to the market in early FY23/24, noting that early plans put the issuance at USD500 million in CNY-denominated bonds.The government spent EGP66 billion on fuel subsidies in 1H FY22/23, 4x YoY, due to the devaluation and higher oil prices.EBRD launched the second phase of its program to help digitize operations at the Suez Canal Economic Zone.GASC purchased 240k tons of Russian wheat in last week's international World Bank-backed tender.EKHO 4Q22 net profit reached USD34 million (-6% YoY, -47% QoQ), bringing FY22 net profit to USD241 million (+41% YoY). Board proposed a dividend distribution of USD0.11/share.EKHO targets spending USD170 million in CAPEX during FY23.SKPC's Board proposed a dividend distribution of EGP0.50/share. The Board also approved allocating EGP620 million to investment reserve.ARCC 4Q22 net profit reached EGP97 million (+69% YoY, -32% QoQ), bringing FY22 net profit to EGP359 million, more than 10-folds higher than FY21.ORAS and Arab Contractors signed a contract with French construction company NGE and its subsidiary TSO to construct half of the first phase of Egypt's high-speed rail line.BINV FY22 net profit reached EGP861 million (+600% y/y). The Board approved distributing dividends of EGP4.0/BINV share. Moreover, the BOD suggested another OGM soon to approve a cash dividend distribution of EGP1.0/BINV share along with a stock dividend distribution of 0.25 share/BINV share.COMI signed a USD50 million credit risk guarantee agreement with the Dutch Entrepreneurship Development Bank “FMO” to guarantee loans granted by the bank to SMEs.Several investment banks and sovereign funds have expressed interest in acquiring a controlling stake in Banque du Caire.The price of chicken has fallen by around EGP10 in the past three days due to increased imports.Chinese auto firm Dongfeng's E70 500 Pro electric vehicles are now being sold in the Egyptian market, with Misr Helwan Automotive being its distributor.

Stocks that did not fully reflect inflation and exchange rate weakness: CIEB, EFIH, JUFO, TMGH, ORHD, PHDC, HELI, EKHO, ORAS.The cabinet approved plans for Egypt to join the New Development Bank, a multilateral lender set up by Brazil, Russia, India, China, and South Africa (the BRICS).The House of Representatives has given a preliminary nod to the government's proposed Retail Stores Bill. A Local Development Ministry decree published in the Official Gazette named 83 different commercial activities that will require the sign-off of security directorates to go legit.AUTO finalized the sale of 7.5% stake in MNT Investments with total proceeds of USD60 mn, and an earnout component that could potentially lead to total proceeds of USD71.3 mn, should it come into effect. The transaction values MNT Investment at a total of USD800-951 mn, and AUTO's remaining stake of 49.5% at USD396-471 mn.ESRS raised the price of rebars by EGP1,000/ton to EGP21,450/ton (including VAT) as of December 12, 2022, 5% higher than the EGP20,450/ton in the beginning of December. Subsidiaries of Gulf wealth funds have submitted bids as part of consortiums with other local and foreign investors to build the 21 desalination plants the government is tendering to the private sector. Four plants will be awarded by mid-January or early February. Among the bidders are Saudi PIF, Abu Dhabi's ADQ, the Qatari Investment Authority (QIA), Hassan Allam Holding, Al Nowais, Schneider Electric, and a consortium made up of Metito Holdings, Scatec, and ORAS.Egypt-based Engineering Consultants Group was awarded a contract to design a multi-purpose hall for Neom in Saudi.EGTS's court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is postponed to 4 February 2023.PACH stated that it did not receive any news regarding National Paints increasing the acquisition offer to EGP32/share instead of EGP29/share.The volume of instantaneous transactions that took place between banks during the first 11 months of this year exceeded EGP109 trillion, up 65% YoY.SAUD Capital for Financial Investments, a subsidiary of SAUD, launched Tanfeez, specialized in real estate investment and urban development.CANA issued a new certificate with a return of up to 17% annually.MHOT opened its Safir Dahab resort which encompasses 159 rooms.

Det här är fjärde avsnittet då jag ger särskilt utrymme för hbtq perspektivet med allt vad det har inneburit för mig och dem jag bjudit in som gäster. Idag ska vi få höra fortsättningen på mitt och Robins samtal där vi talar om hur det varit att växa upp i frikyrkan, vad det gör med en att bryta mot normen och om en kärlek som är större än allt. Kriser och utmaningar i livet ställer saker på sin spets och hjälper oss att se livets yttersta konturer. Det hjälper oss att justera riktningen så att vi kan leva mer i linje med våra inre värderingar och den längtan vi har. Det är också en viktig funktion som tron har för oss människor. Jag tycker det blir så tydligt i samtalet med Robin att det är så tron har fungerat också i det här fallet. På många sätt har tron på en god kärleksfull Gud varit det som fått oss att överleva och ta oss igenom många av de svårigheter vi fått på grund av kyrkan. Hur knäppt är inte det? Välkommen till ett samtal som får mitt hjärta att sjunga lite extra! Robin är förbundsordförande för föreningen EKHO som är en ekumenisk förening för kristna hbtq-personer som funnits sedan 1976. Den finns runt om i hela Sverige och via hemsidan här kan du hitta hur du blir medlem, allierad och engagerad https://www.ekho.se . Du kan också följa Robin på hans instagram @torftig Det här är en podd för dig som vill omfamna livet och ställa de större frågorna. Det är en helanderesa, den vi alla behöver göra för att kunna leva det liv vi fått fullt ut.I den här podden kommer olika synsätt och perspektiv lyftas och bearbetas i samtal. En produktion av Josefin Lennartsson, författare, existentiell vägledare och teolog, bjuder in till samtal om det som får hjärtat att sjunga och livet att växa. Följ gärna podden egna kanaler IG: @helamig_podcast FB: /Hela mig - en existentiell podcast Vill du veta mer om existentiell vägledning klicka här! hoppochlivskonst.se/samtal/

Fitch Ratings has cut its outlook on Egyptian debt from “stable” to “negative” due to deterioration in the country's external liquidity position, keeping Egypt's B+ rating.Egypt unveiled initiative to help poor countries adapt to climate change, a plan that envisions channeling billions of USD into the world's poorest countries by 2030.The General Authority for Supply Commodities (GASC) canceled its last tender to import wheat due to the high prices by import companies, exceeding the estimated prices in international markets.The consumption of 65.8% of Egyptian households of food and non-food commodities was affected because of the war between Russia and Ukraine, according to CAPMAS study.Fertiglobe, Scatec, ORAS and The Sovereign Fund of Egypt start commissioning of the first phase of theit 100 MW green hydrogen plant in Ain Sokhna, Egypt. Deutsche Bahn and SWDY signed a contract with the Egyptian government to manage and operate the first line of the high-speed rail network between Ain Sokhna and Marsa Matrouh for 15 years with the option to extend for an additional 15 years. The agreement is worth more than EUR1 bn.The Egyptian government signed an agreement with a consortium of Hassan Allam Utilities, Masdar (Abu Dhabi Future Energy Company)  and Infinity, to develop a 10 GW onshore wind project in Egypt – one of the largest wind farms in the world. SCEM general assembly approved signing an administrative services contract with France's Vicat.MFPC issued standalone results for 3Q22. Revenues recorded EGP1,370 million, lower 21.83% QoQ but up 65.66% YoY in 3Q22. Net profit after taxes amounted to EGP796 million (-2.90% QoQ, +109.75% YoY).EKHO converted 330,000 shares' trading-currency into USD to be traded in Kuwait Stock Exchange. The total number of shares trading in USD reached 762 million shares, while the total number of shares trading in EGP reached 365 million shares.EBRD will lend USD5.5 million to TAQA Arabia's renewables subsidiary to build and operate a 7MW solar plant in Minya. Oil prices fell more than USD2 per barrel on Tuesday in choppy trading on growing worries about fuel demand as COVID-19 outbreaks worsened in top crude importer China, and jitters about the outcome of U.S. midterm elections. ARAB reported weak 3Q22 results, with sales declining 4.4% y/y and 14.3% q/q to EGP498.0 million. Revenue and net profit also declined yoy and qoq. However, With 9M22 sales of EGP1.4 billion, ARAB is on track to meet our EGP1.6 billion FY22 sales forecast projected in our EGP0.69/share valuation.AMER Group reported weak 3Q22 results, with revenue decreasing  y/y and q/q to EGP338.8 million, and net loss for the quarter recorded EGP5.5 million, compared to 3Q21 net profit of EGP11.1 million and 2Q22 net loss of EGP4.7 million.ZMID reported a 254.9% y/y increase in 9M22 revenue to EGP414.0 million and 2.5% y/y increase in 9M22 net profit to EGP216.3 million.ACAMD Board approved purchasing treasury shares.UAE investment company Chimera Investment has started the procedures of granting a one-year loan worth EGP1.34 billion to Beltone Financial Holding Company, which acquired 55.9% of its shares last August. The Ministry of Transport is studying the issuance of securitized bonds to cover part if the necessary funds for the economic zone to be established in Alexandria port on an area of 1 million square meters.ETRS has established a new company,  Egytrans for Automotive Solutions, with a capital of USD200 thousand that will manage the operation of a logistics warehouse in Ain Sukhna on an area of 10,000 square meters for the purpose of importing and storing used handicap cars. The company will complete the implementation of the logistics zone during 1Q2023. 

Växer man upp i kyrkan är det inte konstigt att vara rädd för vissa sidor eller känslor hos sig själv. För samtidigt som vi får lära oss att låta vårat ljus lysa klart och vara frimodiga i den kärlek vi får från Gud så finns det tydliga regler och ramar för hur det ska ta sig uttryck. Om man bryter mot någon av de ramarna så blir det kännbart. För en del så pass att det inte längre går att vara kvar. I det här avsnittet får du möta Robin Paulonen som också är uppvuxen i frikyrkan, vi samtalar om att hitta sig själv och Gud samtidigt som man blir andligt hemlös därför att det sammanhang man funnits i inte längre har plats för en. Ett samtal med så mycket kärlek men också en del smärta. Det är så mycket att samtala om att det blir två avsnitt den här gången! Robin är förbundsordförande för föreningen EKHO som är en ekumenisk förening för kristna hbtq-personer som funnits sedan 1976. Den finns runt om i hela Sverige och via hemsidan här kan du hitta hur du blir medlem, allierad och engagerad https://www.ekho.se . Du kan också följa Robin på hans instagram @torftig Det här är en podd för dig som vill omfamna livet och ställa de större frågorna. Det är en helanderesa, den vi alla behöver göra för att kunna leva det liv vi fått fullt ut.I den här podden kommer olika synsätt och perspektiv lyftas och bearbetas i samtal. En produktion av Josefin Lennartsson, författare, existentiell vägledare och teolog, bjuder in till samtal om det som får hjärtat att sjunga och livet att växa. Följ gärna podden egna kanaler IG: @helamig_podcast FB: /Hela mig - en existentiell podcast Vill du veta mer om existentiell vägledning klicka här! hoppochlivskonst.se/samtal/

Hello and welcome to The Stress Factor Drum and Bass Podcast. This epsiode 293 and we have the show's founder, DJ B-12, back with a mega 41track 70minute studio mix for September of 2022. This show is packed with all the best drum and bass out at the moment! This set has a little bit of everything from electro dnb to intelliegnt jungle to even a bit of hardcore pianos and vocals. This is a massive mix that you are sure to absolutely love! Rememeber to like, share and comment and follow me on Soundcloud. Please share this show on your social media and with your friends! Please subscribe wherever you get your podcasts! Tracks by artists, remixes and on these labels Dossa and Locuzzed, Viper Recordings, Grafix, Hospital Records, David Guetta, Ella Henderson, Becky Hill, Parlophone UK, 1991, Unknown Artist, Fokuz Recordings, Dustkey, Liquicity Records, Kubiks, S.O., Spearhead Records, Mylo, Claptone, Different, Krakota, Sleepless Music Ltd., Ravegenix, Future Breakz Records, Hiraeth, De:Tune, Program, Jack In Box, BC9, DNB UNITED RECORDS, Sl8r, Dubplate Dread, Unglued, GEST, Shogun Audio, DSP, Symmetry Recordings. Dawn Wall, Ekho, Redeyes, Lenzman, The North Quarter, Subrix, Celsius Recordings, Messiah, Celsius Recordings, Dunk, EPO22 Music Tales, Bare Necessity Records, Whiney, InMost Remix, Fourward, Elevate Records (UK), Shadow Drummer, Red Dragon Records, Zombie Cats, Eatbrain, Dogger, Mindstate, Liam Bailey, Calibre, 1985 Music, Friction, JP Cooper, Justin Hawkes, Pilot., Monrroe, Zara Kershaw, Beat and Peter, Previous Records, Wilkinson, SHELLS, BMG Rights Management (UK) Limited, North Base,Ewan Sim,Andrew Whitwell, Hardcore Energy, Dave Owen, Soul Trader Records, Seba, Digital, Function Records, Chords, Ram Records Tracklist 01. Dossa and Locuzzed - Stuff [Viper Recordings] 02. Grafix - Stutter (Circumference Re-Spin) [Hospital Records] 03. David Guetta, Ella Henderson - Crazy What Love Can Do (with Becky Hill) (Grafix Remix) [Parlophone UK] 04. 1991 - Thinking About You (Original Mix) [1991] 05. Unknown Artist - Save My Soul [Fokuz Recordings] 06. Dustkey - Keeping Yourself Warm (VIP) [Liquicity Records] 07. Kubiks - Celebrate feat. S.O. [Spearhead Records] 08. Mylo, Claptone - Drop The Pressure (1991 Remix Extended Version) [Different] 09. Krakota - Take Me There [Sleepless Music Ltd.] 10. Ravegenix - Make My Body Move [Future Breakz Records] 11. Hiraeth - Deep Blue [Liquicity Records] 12. DeTune - Lounge Affair [Program] 13. Jack In Box - Original Posse [Future Breakz Records] 14. BC9 - Jungle Mind [DNB UNITED RECORDS] 15. Sl8r - Hot Like Pepper [Dubplate Dread] 16. Unglued - Interplanetary Remixes - H to the A to the R to the D to the C to the O to the R to the E (V to the I to the P) [Hospital Records] 17. GEST - Reverence [Shogun Audio] 18. DSP - Weeks Go By [Symmetry Recordings] 19. Dawn Wall - Hyperstone [Ekho] 20. Redeyes, Lenzman - Playing It Off (Instrumental Mix) [The North Quarter] 21. Dawn Wall - Blinded [Ekho] 22. Subrix - Smile [Celsius Recordings] 23. Messiah - Losing Your Love [Celsius Recordings] 24. Dunk - Point Blank [EPO22 Music Tales] 25. Dunk - Stumpy [Bare Necessity Records] 26. Whiney - No Good (In:Most Remix) [Hospital Records] 27. Fourward - Your Look [Elevate Records (UK)] 28. Shadow Drummer - Holy Spirit [Red Dragon Records] 29. Zombie Cats - Never [Eatbrain] 30. Dogger, Mindstate, Liam Bailey - Broken Home (Calibre Remix) [1985 Music] 31. Friction, JP Cooper - Dancing (Dawn Wall Remix) [Elevate Records (UK)] 32. Justin Hawkes - Neverafter [Pilot.] 33. Monrroe - Out Of Time Ft. Zara Kershaw [Shogun Audio] 34. Ravegenix - Places Of The Night 35. Beat and Peter - X-Perimental III [Previous Records] 36. Wilkinson, SHELLS - Feel So High [BMG Rights Management (UK) Limited] 37. North Base - Paradigm feat Chords and Ewan Sim [Viper Recordings] 38. Andrew Whitwell - Almond Break [Hardcore Energy] 39. Dave Owen - Little Impulse [Soul Trader Records] 40. Seba and Digital - Love Story [Function Records] 41. Chords - Reverse Hyper [Ram Records] Please SHARE, LIKE, COMMENT, FOLLOW AND REPOST! Also subscribe on your favorite Podcast Platform. Download full 320k MP3 from Soundcloud.

Dans cet épisode, nous en terminerons avec les clichés, pour revenir, grâce à l'archéologie, sur chacun des points. Et nous verrons comment Napoléon III a été le grand fondateur de l'archéologie moderne. BIBLIOGRAPHIE ROUVIERE, Astérix ou La Parodie des Identités, Paris, Flammarion, 2008 BRUNAUX Jean-Louis, Nos ancêtres les Gaulois, Paris, Editions du Seuil, l'Univers historique, BRUNAUX Jean-Louis, A la recherche d'Alésia. Des légendes grecques au lieu de mémoire, Malakoff, Editions Dunod, Ekho, 2022 DEMOULE Jean-Paul, On a retrouvé l'Histoire de France. Comment l'archéologie raconte notre passé, Editions Robert Laffont, Archéologia, n° 497, mars 2012 Archéologia, n° 523, juillet-août 2014 Archéologia, n° 524, septembre 2014 Archéologia, n° 532, mai 2015 Archéologia, n° 554, mai 2017 Archéologia, n° 586, avril 2020

Hello and welcome to episode 290 of The Stress Factor Drum and Bass Podcast. After last month off, we have DJ B-12 back again for this episode with a studio mix for August of 2022. This is a really nice summertime mix with loads of variety. The set is 40 tracks and has a runtime of 72 minutes. This episode contains tracks and mixes from the following artists and on the following labels Kublai, C.I.A. Records, Flava D, S.P.Y, Hospital Records, Fred V, Vektah, Unknown Artist, Fokuz Recordings, DARKMTTR Records, Dawn Wall, Ekho, Dunk, Bare Necessity Records, SD, Dispatch Recordings, Crissy Criss, Dan Moss, TC, War On Silence, NOTION, Grafix, Musical Freedom, Inversity, Red Dragon Records, R1C0, Intrigue Music, Ravegenix, Future Breakz Records, clU, Incurzion Audio, Chase and Status, EMI, Organix, Lauren Rose, Grand Theft Audio Recordings UK, DuoScience, Soul Deep Exclusives, Amante, PLTX, Soul Deep Digital, Pinz and Pelz, Gallery Recordings, Cutworx, Data Music, Portrait, 170 PLUS Recordings, Friction, Elevate Records (UK), Maykors and Neekir, Justin Hawkes, Pilot, Alexvnder, Alpha Rhythm, Rotation Deep UK, Sudley, Sydney, Deep Within Recordings, Aaliyah Esprit, Dave Owen, United By Bass Recordings, Hillsdom, Program, The Upbeats, UKF, Wilkinson, Issey Cross, Logistics, and BMG Rights Management (UK) Ltd. Tracklist 01. Kublai - Don't Rush [C.I.A. Records] 02. Flava D featuring S.P.Y - Losing You [Hospital Records] 03. Fred V - Program and Control (Vektah Remix) [Hospital Records] 04. Unknown Artist - Warlord [Fokuz Recordings] 05. S.P.Y - Life Is Just A Game [DARKMTTR Records] 06. Dawn Wall - Fears [Ekho] 07. Dunk - Firefly [Bare Necessity Records] 08. SD - It is what it is [Dispatch Recordings] 09. Crissy Criss - Breathe feat. Dan Moss (TC Remix) [War On Silence] 10. NOTION - Hooked (Grafix Extended Remix) [Musical Freedom] 11. Inversity - Surreal [Red Dragon Records] 12. R1C0 - Decay (Take it All) [Intrigue Music] 13. Kublai - No Unity [C.I.A. Records] 14. Ravegenix - Take Me Home [Future Breakz Records] 15. clU - Equilibrium [Incurzion Audio] 16. Chase and Status - Consciousness [EMI] 17. Organix, Lauren Rose - Healer [Grand Theft Audio Recordings UK] 18. DuoScience - Honey Lips [Soul Deep Exclusives] 19. clU - Pictures Of Us [Incurzion Audio] 20. Amante - About You (PLTX Remix) [Soul Deep Digital] 21. Pinz and Pelz - Do You Remember This Feeling [Gallery Recordings] 22. Cutworx - In Out VIP [Data Music] 23. Portrait - Smile [170 PLUS Recordings] 24. clU - Necessity [Incurzion Audio] 25. Friction - Remember (Extended Mix) [Elevate Records (UK)] 26. Ravegenix - Tell Me Something ][Future Breakz Records] 27. Ravegenix - When We Were Young [Future Breakz Records] 28. Maykors and Neekir - Heaven Polly [Fokuz Recordings] 29. Justin Hawkes - Black Bloc [Pilot] 30. Alexvnder - Repose (Alpha Rhythm Remix) [Rotation Deep UK] 31. Sudley - Pure Pleasure feat. Sydney [Deep Within Recordings] 32. Kublai and Aaliyah Esprit - Pushin' (Instrumental) [C.I.A. Records] 33. Dave Owen - Snake Eyes [United By Bass Recordings] 34. Hillsdom - I Wonder [Program] 35. Portrait - Your Worth [170 PLUS Recordings] 36. S.P.Y - Shelter [DARKMTTR Records] 37. R1C0 - Tethered [Intrigue Music] 38. S.P.Y - Event Horizon [DARKMTTR Records] 39. The Upbeats - We Don't Lie [UKF] 40. Wilkinson, Issey Cross - Used To This (Logistics Remix) [BMG Rights Management (UK) Ltd]