Podcasts about suez canal authority

Stephen Grootes speaks to Sharmi Surianarain, Chief Impact Officer for Harambee Youth Employment Accelerator about South Africa's rising unemployment crisis, with the official rate hitting 32.9% in Q1 2025 and the expanded rate reaching 43.1%, highlighting a challenging job market. In other interviews, Timothy Walker, Maritime Senior Researcher at the Institute for Security Studies in Pretoria about Egypt's Suez Canal Authority offering a 15% discount on transit fees for large container ships to boost trade and offset rising insurance costs following recent security improvements in the region. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Stephen Grootes speaks to Timothy Walker, Maritime Senior Researcher at the Institute for Security Studies in Pretoria about Egypt's Suez Canal Authority offering a 15% discount on transit fees for large container ships to boost trade and offset rising insurance costs following recent security improvements in the region. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

The World Bank sees the Egyptian economy growing at a 3.8% y/y clip during the fiscal year 2024-2025, raising its outlook 0.3 percentage points from its 3.5% forecast in October.The Finance Ministry is considering exempting imported auto parts used in manufacturing from the 3% state development fee, to instead collect the fees upon commercial sales and during license renewals, following a proposal from car manufacturers, a government source said.Egypt's unemployment rate dropped to 6.6% of the total workforce in 2024, down 0.4 percentage points from 2023, according to data from CAPMAS.The Finance Ministry has issued a guide clarifying the eligibility criteria, obligations, and penalties under the newly approved tax code as well as the dispute-resolution mechanism that it outlines. SMEs will be taxed on their turnover, eliminating arguments with tax inspectors over expenses. The rates are ranges from 0.4% for companies with annual revenues below EGP500k; and 1.5% for revenues between EGP10 million and less than EGP20 million.Trump is demanding that American military and commercial vessels pass the Suez Canal and Panama canal “free of charge”. The Transport Ministry is offering up 23 dry ports and logistic zones investment projects, it said in a statement. Twenty French companies have begun serious negotiations with the Egyptian government to establish various projects in the Egyptian market, as part of their strategy to expand beyond their country's borders.The Suez Canal Economic Zone (SCZone) is anticipating total investments of more than USD90 billion in the green hydrogen industry, according to the zone's Vice President. Chairman of the Suez Canal Authority, Osama Rabie, revealed that the Authority aims to restore approximately 70% of the number of ships that used the Canal by 2023.

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.

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

Kuwait's Ali Alghanim & Sons Group is looking into setting up an insulin factory in Egypt in partnership with foreign companies as part of its expansion in Egypt. The group is also exploring the development of a tourist resort overlooking the Red Sea.The government holding intensive discussions to resolve the issue of the long-awaited capital gains tax on EGX transactions, and even look for alternatives, a government source said. Egypt has reportedly signed agreements with Shell and Total Energies to purchase a total of 60 LNG shipments in 2025 for around USD3 bn, an unnamed government said.Planning and International Cooperation Minister Rania Al Mashat touted the Suez Canal Economic Zone (SCZone) as a potential hub for Ukrainian grain storage and re-export to Africa during a high-level meeting in Cairo with Ukrainian Agrarian Policy and Food Minister, according to a ministry statement. She also invited international partners to visit the area to explore its potential as a logistics and manufacturing hub.The Liberian crude oil tanker Chrysalis passed through the Suez Canal yesterday for the first time since being targeted in a Houthi attack last July, according to a statement from the Suez Canal Authority. The CBE sold USD1.06 billion in T-bills with a 364-day maturity period, at an average yield of 4.25%.The CEO of the International Islamic Trade Finance Corporation announced that a program was signed with the Egyptian government to provide financing facilities to support petroleum products and food security worth USD1.5 billion, adding that the financing will be allocated primarily to the EGPC and GASC.EFIC released 4Q24 unaudited standalone results posting a 169% YoY (+258% QoQ) to EGP950.5 million, bringing FY24 net profit to EGP1.5 billion, a 161% YoY.Raya Auto plans to establish a USD 50 mn EV assembly plant in Egypt next year, CEO of the Raya Holding automotive unit Mohamed El Naggar told Asharq Business. Head of the Egyptian Drug Authority stated their strategic plan for building inventories for six months to the most important medicine's active ingredients, as a part of solving the scarcity crisis in the Egyptian drug market. Head of suez canal authority Ossama Rabie declared the accomplishment of the canal duplication project and its readiness for operations. Rabie added that the authority issued the navigational charts for the canal.

The CBE's MPC is scheduled to meet today. We remind you that we expect the CBE to prefer to hold rates unchanged in today's meeting due to persistent inflationary pressures, among other factors.Senior private and public sector figures from Egypt and the UAE inked numerous investments:Cabinet greenlit two power purchase agreements for two separate solar projects for a consortium made up of the UAE's Masdar, Hassan Allam Utilities, and Infinity Power.Cabinet approved a draft decision to establish a USD10 million private freezone for ready-made garments in Sadat City. Sources in the Ministry of Electricity revealed that USD3.5 billion are expected as investments in the renewable energy plant project located in Zaafrana.Egypt's fourth IMF review is set to wrap by tomorrow, with only procedural stages left before the Fund's Executive Board formally greenlights the decision that will unlock USD1.3 billion in financing. Sources said that although the Suez Canal Authority's contributions to the state coffers plummeted 92% y-o-y to EGP1.0 billion in the first quarter of FY24-25, the shortfall was partially offset by a 108% surge in revenues from special funds.Turkish Investment group Erciyas Holding is looking to establish a USD60 million oil, natural gas, and water pipelines factory in Egypt.Turkish clothing manufacturer Eroglu Holding has broken ground on its USD51 million garments factory in the Qantara West Industrial Zone.The government is getting ready to launch the EGP115 billion second phase of the universal health insurance system in the next fiscal year.Egypt may need to seek alternatives to Russian wheat, as Russian farmers are turning their backs against the grain, saying they will sow less wheat in favor of higher-margin crops like peas, lentils, and sunflowers, Reuters reports. HRHO 3Q24 net profit after tax and minority interest recorded EGP697 million (-12% q/q, +76% y/y), bringing 9M24 attributable bottom line to EGP3,309 million (+97% y/y). The company is currently trading at 7.7x P/E25 and 0.9x P/B25.The coverage rate of the private offering of United Bank on the EGX reached 1.06 times yesterday, Wednesday, on the first day of opening the subscription door, which lasts for five days, while the public subscription starts on November 27 until December 3.ValU Consumer Finance Company's financing recorded EGP1 billion during the first half of November, which witnessed the White Friday offers, according to Walid Hassouna, the company's CEO. CANA and Mint Real Estate Assets, a joint venture between Al Ahly Sabbour and the National Bank of Egypt, have set up a new real estate development company called Anchors for Real Estate Development. CCAP's consolidated revenue grew 64% YoY to EGP38.2 billion in 2Q24 supported by solid performances across all subsidiaries. However, the Group's net loss expanded by 255% YoY to EGP1.4 billion during the quarter as a result of an increase in non-operating expenses, including revaluation of Allied Corp and TAQA Arabia shares, as well as legal costs associated with the restructuring and settlement of bank debt.ECAP released weak 3Q24 financial results, with net profit dropping to only EGP2.6 million (-96% YoY, -97% QoQ) on the back of a contraction in operating margins, a surge in net interest expense, along with a FX loss of EGP32.8 million. The stock is trading at FY25e P/E of 6.4x.The European Bank for Reconstruction and Development (EBRD) is set to provide some USD21.3 million in new funding to the Red Sea Wind Energy (RSWE) — a JV between ORAS, France's Engie, and Japan's Toyota Tsusho/Eurus Energy. 

President Abdel Fattah El Sisi yesterday inaugurated the country's newest and largest railway station, Giza's Bashteel Station.The CBE's MPC is scheduled to meet on Thursday, 17 October. We expect the CBE to prefer to hold rates unchanged in its upcoming meeting.The Suez Canal Authority has rolled out fresh incentives and facilities for yachts passing through the waterway in a bid to promote yacht and marine tourism along the Red Sea coast — effective 1 November.Russia is pushing for the nine-member bloc that includes Egypt to adopt changes to how local currency transactions are made between member nations to bypass the world's dominant financial systems. The IMF is slashing surcharges - additional fees imposed on countries that borrow beyond their quota or delay loan repayments — by 36% on average starting 1 November. The Grand Egyptian Museum is to launch partial trial operations on Wednesday ahead of grand opening, Prime Minister Moustafa Madbouly said in a televised statement. The General Authority for Investment and Freezones (GAFI) will set up five more freezones under the special freezones system in response to investor demand.State-owned Egyptian Company for Natural Gas Distribution — more commonly known as Town Gas — signed contracts with Romania's Cis Gaz to manage linking natural gas distribution grids in Romania.The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) signed an agreement with Romania's Economy, Entrepreneurship, and Tourism Ministry to enhance cooperation in SME development, focusing on sectors such as agriculture, textile, and technology.Egypt is expected to launch trial operations of the first phase of its USD1.8 billion Egypt-Saudi interconnection project in April 2025 instead of May. The Arab Organization for Industrialization (AOI) is close to producing batteries for electric vehicles, Al Borsa writes, citing the Chairman of AOI's Kader Factory Amr Abdel Aziz.Pharos Energy revealed that it received USD20 million of its arrears in Egypt during the 1H24.According to local media, GBCO's NBFS arm GB Capital is reportedly looking to secure its license to promote and cover subscriptions from the Financial Regulatory Authority as part of its efforts to become an investment bank.HRHO's leasing and factoring arm is considering issuing securitization bonds with a total value of up to EGP2.0 billion next year.Garawany Group subsidiary International Steel Industry is looking to invest EGP5.5 billion to upgrade and expand state-owned Delta Steel through a nine-year lease agreement, according to the Group's CEO. Suez Canal shipping volume witnessed a 70% YoY decline in 3Q24.

*Key news articles for today*The MPC will meet tomorrow to decide on key interested rates.  In general, we believe the inflation outlook underscores a disinflation view that supports easing to kick off by 2024-end, or – more conservatively – by 1Q2025. We believe the CBE might prefer to keep rates unchanged in its upcoming meeting tomorrow. The IMF has revised down its projection for Egypt's real GDP growth by 0.3% in FY2023/2024 and the current FY2024/2025 to 2.7% and 4.1% percent, respectivelyEgypt's trade deficit decreased by 2.5% YoY in April, recording about USD2.7 billion.State-owned Shalateen Mineral Resources Company wants to deliver 1.2 tons of gold — worth EGP 2.6 bn — to the CBE, that would mark a 60% y-o-y increase.Newmont — the world's largest gold miner — is mulling entry into the Egyptian market, a government official said. Pending parliamentary approval.Gov't to clear USD 3.2 bn worth of arrears to foreign oil and gas companies operating in the country during the current fiscal year over three installments, an unnamed government official said. The first installment — of around USD 1.2 bn — is scheduled for October. The Suez Canal Authority is looking to sell a stake in its Canal Company for Mooring and Lights (CCML) in an IPO on the EGX early 2025, SCA boss Osama Rabie said.The CBE accepted bids from 32 banks for EGP 1.1 tn in fixed-rate deposits at a rate of 27.75% during its weekly fixed-rate auction.Medical supplies are being released from ports after the central bank made the required FX available for importers. The supplies have been held at the ports since May.Egypt, Jordan are in discussions over doubling the capacity of their electricity line to 1.1 GW and then doubling it again to 2 GW at a later stage, Jordanian Energy Minister said.The Oil Ministry is working on a digital platform for mining investments as part of its efforts to create a more attractive investment platform for the mining sector, Oil Minister said.ACTF private placement increased to 6.6 times by the end of yesterday. The public and private offering of ACTF started on Tuesday, July 9, 2024. The public offering is scheduled to end on July 23, and the private offering on the 18th.FABMisr is planning to launch its consumer finance arm with a capital of EGP75 mn once it receives the approval from the Financial Regulatory Authority. The bank's new arm will likely begin operation in 4Q24.State-owned pharma manufacturer HoldiPharma is reportedly looking to appoint an investment bank to promote and manage the offering of its subsidiary Misr Pharma to a strategic investor.

Egypt is looking to secure a USD 1 bn — or its equivalent in another currency — soft loan from the Brics' New Development Bank (NDB) by the end of 2024 or the beginning of 2025. The government is also in talks with the NDB over the issuance of local currency-denominated bonds.The government will reportedly launch its new export subsidies program starting in July. The EGX will today launch Egypt's maiden shariah-compliant index after getting the approval from the Financial Regulatory Authority's main shariah supervisory committee. The index will be launched in collaboration with Standard & Poor's.The CBE yesterday accepted bids for EGP929.8 bn in fixed-rate deposits with 14-day maturities at a rate of 27.75%.The Suez Canal Authority decided to raise the fees for using the electronic service to pass through the canal, starting next September to USD300 and to USD500 starting in 2025 up from USD50 currently.The World Bank expects the Egyptian economy to grow by 4.2% in FY2024-25, rising to 4.6% in FY2025-26.CCAP's USD28 million debt buyback program attracted EGP1.7 billion (USD35.9 million) in subscription orders from shareholders in its second and final phase, which took place on 9 June, the company said in an EGX disclosure.The Egyptian Mineral Resources Authority (EMRA), East Gas Company and IMEX International have signed a shareholders agreement to establish a company for upgrading phosphate ores — one of the key components used to make chemical fertilizers. The company will earmark USD250 million to build a facility with an annual processing capacity of 1 million tons.OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024, despite lower-than-expected use in the first quarter, saying travel and tourism would support consumption in the second half of the year. OCDI and Marriott International signed an agreement to open two Tribute Portfolio hotels in Egypt: the Tribute Portfolio Hotel at Forty West in West Cairo, opening in 2027, and the Tribute Portfolio Hotel at June on the North Coast, opening in 2029.GBCO subsidiary, Itamco, and the Military Production Ministry's Helwan Company for Machinery and Equipment will assemble and manufacture the Indian Bajaj's eco-friendly, fuel efficient and economically competitive Qute model.State-owned investment bank CICH's asset management arm, CI Capital Asset Management, wants to launch “the country's first” fund investing in shariah-compliant stocks when the EGX launches its maiden sharia-compliant index.Private equity firm BINV and the Sovereign Fund of Egypt (SFE) are reportedly planning to attract local institutions to buy into a planned capital increase up to EGP1 bn for B Investments' healthcare arm B Healthcare Investments, the capital increase could take place within months.

Minister of Planning said that priority in the FY2024/25 budget's development plan has been given to establishing and expanding water and food security projects. The Council agreed on the draft budget for FY 2024-25, as well as the budgets of public economic bodies, in preparation for sending them to the House of Representatives. The budget targets primary surplus of 3.5% and a EGP1.35 trillion deficit, with a downward trajectory for the overall deficit to reach 6% on the medium term. The government targets increasing the share of private sector in total implemented investments in FY2024/25 to 50% up from 36% in the current fiscal year and up from 25.5% in FY2022-23.The New Urban Communities Authority (NUCA) plans to issue up to EGP260 billion worth of sharia-compliant bonds in 2024. Global index provider FTSE Russell is keeping Egypt on its watchlist for a possible demotion in its equity indexes as it continues to monitor the market following an improvement in foreign investors' ability to repatriate returns from the country.The Cabinet approved a draft decision that would authorize the Suez Canal Authority to participate in establishing Al Alamein Ports and Yacht Management, a joint-stock company that will be tasked with setting up and operating a yacht marina on the North Coast.The Cabinet also approved amendments to the investment law's executive regulations that would allow investors to set up private service projects in freezones through partnerships or investment contracts with state entities (following the cabinet's approval).Prime Minister Dr. Mostafa Madbouly revealed that Egypt will receive the second batch of financial dues for the Ras El Hekma project, within the next few weeks.According to a company statement, JUFO has cut the prices of its dairy products by 18% and its juice products by 15%. The move came after the government agreed with manufacturers, suppliers, and retailers to cut commodity prices by 15-20% this week. EFIH's BoD approved distributing a bonus share dividend of 1 share for every 4 shares originally held. This increases the company's capital to EGP1.15 billion, up from EGP924 million.MTIE reported 4Q23 results. Net attributable profit came in at EGP213 million (+68% YoY, -19% QoQ), this brings 2023 net attributable profit to EGP687 million (+101% YoY). MTIE is trading at 2024 P/E of 7.3x and EV/EBITDA of 6.0x.HRHO plans to increase its staff in Saudi Arabia by 30% to 47 people.Banque Misr intends to transfer real estate assets worth more than EGP4 billion to a subsidiary specialized in real estate asset management.The FRA instructed mortgage financing to maintain records that include a database of promoters that assist the real estate companies in marketing, highlighting their identity and the nature of transactions they offer. Oil and gas drilling company Ades Holding will work to boost oil production at two brownfields in Egypt after landing a ten-year service agreement. 

*Key news articles for today*The government is reportedly nearing an agreement with the IMF that would take the package to USD7-8 bn over three years, with USD700 mn disbursed up front after two in-process reviews are wrapped up.The IMF has downgraded its fiscal year 2023-2024 growth forecast for Egypt to 3.0% from October's projection of 3.6%.12-month EGP Non-Deliverable Forward (NDFs) surged to EGP63 per USD on 30 January.Egypt's tourism revenues increased by 8% YoY during 2023 to about USD13.2 billion, according to a government sources.The ministry of Petroleum plans exporting three LNG shipments amounting to 220k tons by the end of February.President El Sisi signed Law No.2/2024 regarding incentives for projects producing green hydrogen through electrolysis of desalinated water using renewable energy. The incentives include VAT exemption as well as cash incentive not less than 33% and not more than 55% of the income tax.The Suez Canal Authority considers providing incentives and discounts in the coming period for the vessels crossing the passage from Mediterranean.EGAL reported solid results for 2Q23/24:Net profit after tax for the quarter surged to EGP1.8 billion (+69% YoY, +11% QoQ) mainly on maintaining healthy pricing and margins, bringing 1H23/24 earnings to EGP3.4 billion (+101% YoY).Top line came in at EGP7.4 billion in 2Q23/24 (+51% YoY, +23% QoQ), bringing 1H23/24 revenues to EGP13.4 billion (+60% YoY). The annual increase in revenues was mainly backed by weaker EGP despite a 6% YoY drop in aluminum cash price. QoQ, revenue growth was mainly price driven.EGAL is currently trading at FY23/24e P/E of 8.4x.KIMA's BoD approved increasing the company's authorized capital by EGP4 billion to reach EG128 billion. It also approved raising the issued and paid-in capital from EGP5.9 billion to EGP9.9 billion with an increase of EGP4 billion distributed over 800 million shares. The capital increase will be financed through rights issue where old shareholders with a credit balance on 31 January 2024 are invited to subscription. Capital increase proceeds will be used to finance the nitric acid and ammonium nitrate project.Transport Ministry and the Japanese International Cooperation Agency (JICA) will start working on the feasibility studies for the second and third phases of Metro Line 4 in April, with plans to wrap them up by the end of 2024.ADCI released 2Q23/24 financial indicators. Bottom-line increased by 31% YoY and 40% QoQ to record EGP38.3 million in 2Q23/24. Revenue came in at EGP222.7 million in 2Q23/24 (+30.2% YoY, +16.4% QoQ). ADCI is currently trading at 23/24f P/E of 5.6x .MHOT's 1H23/24 net profit recorded EGP430.2 million, growing by 24% YoY. Revenues recorded EGP577.9 million in 1H23/24 compared to EGP498.8 million in 1H22/23.

GBCO (FV: EGP12.86, OW) made it to our top-picks list, mainly backed by GB Capital, as it forms 71% of our final valuation, while GB Auto holds only 29%. GBCO is currently trading at a FY24 P/E of 3.2x and an EV/EBITDA of 3.2x.Economic growth slowed to 2.65% YoY in 1QFY2023-24, according to new data by the Planning Ministry. That is down from 4.4% YoY in 1Q2022-23 and 2.9% YoY in the final quarter.The General Authority for Investment and Free Zones has agreed with the CBE that foreign companies will not waive transfers in foreign currencies in banks that are intended to increase the company's capital only.The Suez Canal Authority has started to collect an increase in fees for transiting ships by rates ranging between 5% and 15% for specific types of ships, as per their decision issued last October.The Ministry of Finance expects public debt to decline by FY2023/24 end to 92.2% of GDP, and continue to decline to 91.9% of GDP next fiscal year, and 88% in FY2025-26.Kuwait's Ali Alghanim & Sons Automotive, Saudi's Mohamed Yousuf Naghi Group, and Egypt's Organi Group have launched a joint venture dubbed Auto Mobility that will invest USD100 million into localizing the production of cars from Chinese automobile giant Geely. No fewer than five Qatari vessels carrying liquefied natural gas (LNG) making their way to the Bab El Mandeb strait have been stopped in their tracks since Friday. Around 209 oil tankers or 4% of the world's oil fleet have started rerouting away from the Red Sea over the weekend.The Egyptian Stock Exchange aims to launch a new electronic disclosure system by 2025 aiming at developing the technological structure of the market by modernizing the electronic trading system.The Egyptian National Railway Authority intends to borrow EGP18 billion from a consortium of local banks to finance two railway projects, which it plans to launch during the second half of this year.The House of Representatives approved the seventh structural adjustment facility agreement between Egypt and the Arab Monetary Fund, worth USD614.3 million.A government official estimated Egypt's total imports of Israeli natural gas at about 900 million cubic feet per day in January 2024. The government plans to double the capacity of Cairo International Airport. The new terminal will accommodate an additional 30 million passengers per year.SAUD and EGBE have disabled credit card withdrawals abroad. EGBE has also cut monthly credit card limits on foreign exchange transactions executed abroad to the equivalent of EGP3k. HRHO's ValU signed a partnership agreement with the Damietta Chamber of Commerce to enhance the furniture industry in Damietta by providing an integrated package of buy now and pay later solutions. Local mobile operators are planning to launch eSIMs in 1Q24, with pre-launch trials currently underway. ETEL and Zain Omantel International (ZOI) are joining forces to build a digital corridor. This corridor will connect the Mediterranean Sea to the Arabian Sea and Arabian Gulf, creating an unprecedented data highway. Telecom Egypt will develop new infrastructure across Egypt from the Red Sea to the Mediterranean and onwards to Europe. CBE is studying linking InstaPay to four BRICS countries including India, Russia, Brazil, and South Africa.ARCC (FV: EGP13.01, OW) is to undertake a filter upgrade conversion project with a total estimated cost of EUR8 million. The winner of the tender to install the signaling and control systems for the Cairo-Alexandria freight railway bypass will be announced next July. RMDA achieved 31% YoY increase in revenues (including injectable antibiotics) in November 2023. Egypt's exports of medicines and pharmaceutical products increased by 11.7% YoY in 10M23 to reach USD276.68 million.

*Key news articles for today*Suez Canal Authority amends and extends passage fees reductions for chemicals, petroleum products and LNG vessels until 30 June 2024.The Federal Reserve on Wednesday held its key interest rate steady for the third straight time and set the table for multiple cuts to come in 2024 and beyond.We issued this morning our Egypt Consumer Sector 2024 Update, in which we discus sector outlook, intercompany analysis, upside triggers, downside risks, and individual company analysis for EFID (FV: EGP40.30/share, OW), JUFO (FV: EGP27.09, OW), DOMT (FV: EGP13.42, OW), OLFI (FV: EGP15.00, OW), POUL (FV: EGP12.68/share, OW), SUGR (FV: EGP98/share, OW), ORWE (FV: EGP23.42, OW), GBCO (FV: EGP12.86, OW), and DSCW (FV: EGP1.11, OW). Our top picks for the sector are EFID & ORWE. For further details please refer to our report published this morning. We upgraded our fair value for ESRS to EGP97.02/share and maintained our Overweight recommendation. ESRS is currently trading at FY24e P/E of 1.6x and EV/EBITDA of 2.0x.BINV to acquire up to 90% of OFH (swap ratio of 1 BINV share: 56.76 OFH shares).BINV approved to extend a convertible shareholder loan to its subsidiary, Gourmet Egypt with a total value of EGP100 mn. Moreover, the board approved to sign a loan agreement with the National Bank of Kuwait for a total amount of EGP100 mn.ALCN expects to handle 860 thousand containers in FY23/24, compared to 831 thousand containers in FY22/23, with revenues of EGP5.3 billion and net profit of EGP4.7 billion in FY23/24, implying NPM of 88.7%, according to local press.The government is planning to launch a pilot phase for a proposed mandatory carbon market in 1Q2024.  A consortium led by the Saudi Public Investment Fund (PIF)-backed ADES Holding was awarded a 10-year contract to operate and ramp up oil production at maturing fields operated by Suez Oil Company and Offshore Shukeir Oil Company.

CAPMAS is expected to release inflation figures for November on Sunday, 10 December. We expect annual urban inflation to cool further to c.34% YoY benefiting from the accommodative base effect.Egypt's PMI rose to 48.4 in November from 47.9 in October indicating a modest decline in the health of the non-oil private sector. Besides, business confidence fell to lowest level in series history.The Suez Canal Authority achieved revenues of USD9.492 billion during 11M2023, an increase of 31% YoY compared to revenues for the same period in 2022, which amounted to USD7.201 billion.The Sovereign Fund of Egypt (SFE) has appointed Belgium-headquartered engineering and consultancy firm Tractebel to act as a consultant for the sale of stakes in the state-owned 580-MW Gabal El Zeit and 545-MW Zafarana wind farms.The gap between diesel production and consumption widened by about 46% during 9M2023, to reach 3.4 million tons, compared to 2.3 million tons during the same period in 2022.UAE-based energy company K&K Group has signed an MoU on the sidelines of COP28 with Italian energy and engineering consultancy firm CESI for the development of a subsea electricity link connecting Egypt to Italy, the companies said. The proposed 3 GW link would ship power generated by renewable energy in Egypt to across the Med, accounting for 5% of Italy's peak electricity demand.Benchmark Power International is negotiating with the African Export-Import Bank and its Chinese counterpart to arrange financing of about USD600 million in several tranches to establish a green ammonia production project in Suez, Egypt.We updated our FV for EGCH to EGP8.25/share, with an Underweight recommendation. Our value does not include the company's future project in Aswan. EGCH is currently trading at a FY23/24e P/E of 11.3x.ABUK sent a release announcing that the company's share in North Abu Qir for Agricultural Nutrients Company is 45% and that the studies are underway to transform it into a green project through a contract to supply green hydrogen to produce green ammonia and ammonium nitrate. ETEL (FV: EGP45.00, OW) released its guidance for 2024: Mid-double-digit revenue growth, compared to our estimates of 26.5% in 2024f. ETEL is currently trading at 2024f P/E of 5.0x.Engazaat joined forces with EFIH's subsidiary eAswaaq and NBE to sign an agreement to offer small farmers financing for solar energy and smart irrigation systems. GB Corp's subsidiary Drive has completed its fourth securitized bond offering with an amount of EGP 1.4 billion. Proceeds from the transaction will be used to deleverage Drive's balance sheet to improve its liquidity position, create new borrowing limits with lender banks and support the company's future growth plans.BTFH has signed a letter of intent to acquire real estate developer SODIC's licensed securitization subsidiary.In other news, the company's leasing and factoring arm has inked a EGP200 mn factoring agreement with local medical equipment and services provider, EGMED. This marks the first factoring agreement for the company. British multinational lender Standard Chartered Egypt will begin operations early 2024, according to Finance Minister Mohamed Maait.Arab Sovereign Funds are negotiating with ACDIMA to acquire 20% of the Arab API company, which is scheduled to be established in the coming days. Arab API shareholder structure will be as follows:ACDIMA 50%,PHAR 20%, Pharco Pharmaceuticals 10%, and the remaining 20% will be for Arab entities.The government is currently studying implying a sugar export ban for free zone companies. Free zone companies used to import sugar at global prices, yet after the disruption caused by covid they started using local sugar. This move comes as an attempt to bring sugar prices down and make it available in the local market. 

The Finance Ministry is looking to raise USD500 million in a bond issuance in India in 2024, Minister said. The bond would be denominated in INR. The tax revenue on the Suez Canal Authority's income during 1Q23/24 increased by 151.6% to EGP21.4 billion.The CBE is currently negotiating with the UAE to roll over a USD3 billion deposit, due current December.The African Finance Corporation aims to pump investments worth more than USD1 billion into mega projects in the Egyptian market during the coming period.From COP28: Six major oil players, including BP, Eni, and Total Energies, each pledged USD25 million for a new fund that will help oil companies across developing countries bring down their methane emissions. We published our 3Q23 Cement Wrap Up and Valuation Updates report today, where:•We upgraded our FV for ARCC to EGP13.01/share up from EGP9.94/share and maintain our Overweight recommendation for the stock.•We upgraded our FV for MCQE to EGP22.36/share up from EGP15.18/share and maintain our Equalweight recommendation for the stock.•We upgraded our FV for MBSC to EGP44.17/share up from EGP25.73/share and maintain our Equalweight recommendation for the stock.SWDY (FV: EGP34.96, OW) signed a MoU with Indonesian state electricity distributor PT PLN (Persero) to help the Indonesian government link its new renewable energy generators with the national electricity grid.SWDY's subsidiary, Elsewedy Industrial Development, and Futurefert inked the land allocation agreement to set up a USD50 million fertilizer complex in Elsewedy's Sokhna 360 industrial zone.Also, Elsewedy Industrial Development awarded the Chinese fiberglass manufacturer Jushi a 60k-sqm plot in its Industrial Sokhna project located in the TEDA zone to expand its factory in China's TEDA trade zone with investments of USD8 million.We upgraded our FV for MFPC to EGP387/share. Our FV takes into account the following:•Updated macro assumptions (FX rates, interest rates, and inflation).•Global Urea prices outlook.•Those yielded a FV/share of EGP261.50/share.•We also included some of the company's future plans like the revamp and melamine project.MFPC is currently trading at 2024f P/E of 15.2x and EV/EBITDA of 10.4x.A consortium, which includes Helwan Fertilizers, ABUK, and Al Ahly Capital Holding, now have their eyes on a green ammonia project. The proposed project would require USD1.2 billion of investment, 70% of which would be financed by bank loans and the remainder from the companies' cash reserves.The Sovereign Fund of Egypt will announce new partnerships on the green ammonia front during COP28, be it through already existing green plants or greening existing ammonia plants, CEO Ayman Soliman said.PHDC (FV: EGP5.59, OW) signed an agreement with Marriott International to develop a new hotel, the Ritz-Carlton Palm Hills, in PHDC's Palmet project in West Cairo. The hotel's investment cost is estimated at EGP4.0 billion.MHOT declared 1:1 stock dividends. Record date is 20 Dec 2023. Distribution date is 21 Dec 2023.BTFH has applied to the FRA for initial approval to set up an SME-focused lender. The firm would be set up with a EGP250 million in capital. The International Finance Corporation (IFC) has agreed to lend USD50 million in sharia-compliant financing to SAUD to finance MSMEs. ValU will provide financing plans allowing people to purchase vaccines from GlaxoSmithKline (GSK) under an agreement signed by the two firms.The Supply Ministry has poured 50k tons of sugar into the local market to be sold at EGP27/kg in an effort to stabilize the marketAccording to local media, GB Capital's subsidiaries will be issuing securtitization bonds of EGP8.5 billion by the end of 2023.

The CBE could receive another USD5 bn in deposits from the UAE and Saudi Arabia to top up its foreign reserves. The funds will likely be converted into investments over several years. Egypt aspires to attract USD25 billion in FDI within 5 years, with a goal of attracting foreign investments of about USD12 billion during the current FY2023/24. Xinxing Cathay International Group wants to scale back investment in steel plant in the SCZone, investing USD 1.08 bn in two factories.  The government wants to extend customs exemptions designed to encourage Egyptians to bring gold into the country by an additional six months when the current scheme expires on 11 November. The coming period will witness debt swap agreements with several lenders to Egypt, with the aim of reducing the government's external debt burden, in the footsteps of the debt swap agreement that was signed with China, sources said. The Suez Canal Authority signed a joint cooperation memorandum with Qatari dairy producer Baladna that will see USD1.5 bn invested into establishing a dairy farm. Baladna will also cultivate 280k acres in the New Valley Governorate. Baladna is the second highest shareholder in JUFO with a 15% stake. Al Safy group denied taking any official step towards acquiring military-owned bottled water company Safi or offering any bids. EAST's CEO expects the gap between supply and demand in the cigarettes market, which is nearly 10%, to vanish within 3 weeks, supported by the company's increase in production, reaching more than 1 billion cigarettes weekly. He also mentioned that the 50% prices increase witnessed recently is not due to the supply shortage but are rather due to merchants' greed. According to local media, the consortium including TMGH's (FV: EGP22.55, OW) 82% owned hospitality arm, ICON, that is acquiring a stake in the hotels company that has the seven historic hotels, also includes Emirati company, ADNEC Group, which is owned by ADQ. Media reported that the acquisition is expected to take place within days. According to media, ICON did a capital increase to EGP10.0 billion financed through its credit balances.According to JLL, hotel occupancy rate in Cairo in August 2023 reached 68%, up from 61% in August 2022. PHAR disclosed that they didn't receive any official offer from Mediterrania Capital to invest in PHAR through capital increase. PHAR guides for 2023 revenues to exceed EGP4.8 billion, in-line with our estimates of EGP4.9 billion, in conjunction with a plan to reduce production cost. The company plans to export 20-25% of its biosimilar factory's production when it starts inaugurating in 1H24. The EDA signed a number of cooperation protocols between the Saudi Pharma City Company and a group of Egyptian companies. The cooperation protocols aim to support trade exchange and joint integration between the two countries and enhance the access of Egyptian drugs to the Saudi market. EGPC plans to increase crude oil imports by 40% starting FY24/25 to reduce refined petroleum products imports. GB Auto, the auto arm of GBCO is expecting to launch the first locally assembled Changan car by the fourth quarter of 2024.

Egypt issued the first sustainable Panda bonds in the Middle East and North Africa at CNY3.5 billion (USD500 million) with a yield of 3.5% over three years. Suez Canal revenues jumped by 34.7% to hit USD9.4 billion up from USD7 billion, and are projected to reach USD10.3 billion by the end of 2023, according to Chairman of the Suez Canal Authority.The House of Representatives gave final approval to some bills: (1) allowing non-Egyptian investors to become registered importers for a ten-year period that could be renewed once. The law will also allow them to hold stakes of up to 49% in trading companies that import into Egypt. (2) Extension of car import scheme for three months, and (3) handing an Abu Dhabi Ports-led consortium with Golden Anchor Ships Operator and Silver Anchor Facilities Management the right through its Safaga Stations Operating Company to develop, build, manage, and operate the Safaga Port for thirty years. Besides, the MPs also approved a loan agreement provided by the International Bank for Reconstruction and Development worth USD500 million, for the purpose of expanding the Takaful and Karama cash transfer program.The government plans to use the proceeds from the sale of 30% stake of Eastern Company, worth USD650 million, to launch a new fertilizer project, in addition to restructuring some existing government fertilizer factories.Minister of Petroleum, Head of the EGX, and Head of the Commodities Exchange agreed to add nitrogenous and phosphate fertilizers, propylene, and petroleum products to the commodities exchange market. SKPC signed a partnership agreement with Nigeria's Rungas Group to establish LPG cylinder manufacturing plant by using polyethylene applications with a capacity of one million cylinder per year. The production will be exported, with the probability of local sale expansion after acquiring the necessary approvals. Egypt's natural gas production declined by 10% YoY to reach 40.5 billion cubic meters during the first eight months of 2023, compared to 45 billion cubic meters in the same period of 2022.According to local media, an Egyptian entity acquired a stake of almost 20% in Arab Company for Tourism and Hotels Investments (ICON) for EGP1.7 billion. According to local media, the almost 20% stake was previously held by Misr Insurance and Misr Life Insurance. We remind you that TMGH (FV: EGP22.55, OW) owns in ICON around an 82% stake which would be valued at around EGP7.9 billion (EGP3.83/share) based on this media-reported transaction.The European Bank for Reconstruction and Development (EBRD) is considering lending USD325 mn to four local banks for on-lending to local SMEs and green projects. The four banks include CIB, NBE, Banque du Cair, and EXPA. The CBE approved the appointment of Amr El-Ganaini as Deputy CEO and Managing Director of COMI.According to local media, cars' spare parts are expected to witness an increase in prices within the next two months by 10-15%, due to the supply shortage in the market and FX pressures. 

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%

According to IMF Deputy Managing Director Antoinette Sayeh, the Fund expects to see the government achieve concrete results that will work to restore confidence in its economic reform package over the course of the next several weeks. Private equity firm Actis and Malaysian power company Edra have renewed their interest in acquiring one of the three Siemens-built power plants for USD2 billion.The Suez Canal Economic Zone's (SCZone) Board of Directors approved selling a 20% stake in Port Said Container and Cargo Handling (PSCCHC) in an IPO. The Suez Canal Economic Zone's (SCZone) Board of Directors signed off Thursday on selling a 20% stake in Port Said Container and Cargo Handling (PSCCHC) in an IPO. PSCCHC achieved net income of EGP509 million and equity of EGP1.8 billion in FY21/22, and we assume a big jump occurred this FY due to local currency weakness. CSAG owns 20% of PSCCHC.Saudi Egyptian Industrial Investment (SEII) might within weeks finalize an agreement with the state-owned Metallurgical Industries Holding Company (MIH) to acquire 70% of its subsidiary El Nasr Glass and Crystal Company. Three-month non-deliverable forwards for the EGP against the USD climbed 1% to 33.20 on Thursday. The spread between Egypt's USD bonds and US treasuries has narrowed about 350 points since the middle of May to 1,136 points. Annual urban inflation rose to 32.7% y-o-y in May from 30.6% the month before. Monthly inflation also rose to 2.7% in May — up from 1.7% in April.  All Sudanese citizens seeking to enter Egypt must now apply for a visa, according to a Foreign Ministry statement.  The government is working to expand the participation of the private sector in electricity production and attract international companies to invest about USD12 billion over three years. The Real Estate Development Chamber of the Federation of Egyptian Industries called for canceling the safeguard measures imposed on steel imports. Reminder: The fees applied now are 25% on on imported steel from Turkey, China and Ukraine. It should expire end of June. There was news end of May that ministry of trade is planning to extend the safegurad measures.The SCZone's Board approved the establishment of a new steelworks in the East Ismailia industrial area at USD610 million to produce 1.8 million tons of steel per year for export to foreign markets. The SCZone's Board granted preliminary approval to a Chinese consortium to establish a USD300 million ironworks in Sokhna, to produce 600k tons of sheet metal a year. According to local media, ADQ is interested in buying a 20-25% stake in Egyptian Chemical Industries – Kima, to finance its new project of urea and ammonium nitrate expansion, at USD297 million.The government is studying offering a stake of Ethydco in an IPO after finalizing the acquisition by SKPC.Misr Chemical Industries - MICH got the approval of the Chemical Industries Holding Company to proceed with its new project of chlorine granules with investment cost of EGP1.3 billion.EGAS signed an agreement with a Jordanian company to feed industrial zones in Jordan with their needs of natural gas through the Arab Gas Pipeline.Anchorage Investments signed an MoU with the Suez Canal Economic Zone (SCZone) for its proposed USD2.5 billion petrochemical complex, the Suez Canal Authority said.Eva Pharma plans to localize the production of some of the APIs amid foreign currency sourcing challenges.SPMD's phase 2 rights issue subscription will take place on the 13th and 14th of June after the subscription was 98.6% covered in phase 1.

Ministry of Finance proposed a new set of taxes and fees on luxury products and services, with the intention to raise tax revenues for the next fiscal year. Tax changes that would reduce income tax for lower earners and raise tax for those on higher incomes received approval from the House Planning and Budget Committee on Thursday. Those would raise the personal income tax exemption threshold to EGP 36k from EGP 24k while introducing a new 27.5% higher rate of tax for people earning more than EGP 1 mn a year. House of Representatives will discuss amending some provisions of Law No. 182 of 2020 by canceling the tax exemption imposed on the returns of treasury bills and bonds or capital gains resulting from dealing in these financial instruments.The Finance Ministry expects to go ahead with its maiden USD 500 mn CNY-denominated bond issuance in 4Q 2023.The Suez Canal Economic Zone (SCZone) has signed agreements with a number of Chinese companies that could see more than USD 700 mn invested in projects within the Chinese-developed TEDA industrial zone in Ain Sokhna. The African Development Bank (AfDB) is lending EUR 110 mn for the third phase of the Gabal El Asfar water treatment plant, International Cooperation Minister said.The General Authority for Investment and Free Zones (GAFI) handed over two golden licenses to Beko Egypt for Home Appliances and Bosch Egypt for Home Appliances, bringing the total number of companies that obtained the golden license to 15 companies. MTIE is a key beneficiary through its retail outlets. Head of the Suez Canal Authority expected the increase in drought in the Panama Canal would have a significant positive impact on the activity of the Suez Canal, in the near future.GASC has negotiated more flexible payment plans with wheat suppliers, amid the FX crunch. Delayed payments will eventually catch up with the GASC, so this cannot extend for long.Cyprus wants to accelerate building a pipeline to Israel's natural gas fields under a plan that could see it become a key energy supplier, competing with Egypt over exporting LNG to Europe.The government will offer two global oil & gas exploration bids during 2H2023.According to local press, EFG is advising on finalizing the sale of Telecom Egypt's stake in Vodafone Egypt within the coming three months.AUTO (FV: EGP7.56, OW) released 1Q23 consolidated net profit recorded EGP108 mn, compared to EGP229 mn in 1Q22. The Auto segment recorded net losses of EGP80.5 mn. FX losses absorbed the biggest chunk of profitability by recording EGP264 mn. The financing business bottom line recorded EGP189 mn. Excluding the capital gain of 4Q22, net profit was down 12.1% QoQ. AUTO is currently trading at a FY23 P/E of 5.2x and an EV/EBITDA of 1.9x. A number of imported raw materials used in the pharma industry will be temporarily exempted from VAT under a decision issued by the Customs Authority on Thursday.A consortium of banks is currently negotiating with Ethydco to increase the US dollar-denominated loan interest. Meanwhile, the company is still in the process of negotiating with banks to reschedule its debts for four years.ORAS-Hassan Allam Consortium has started working on the third ring road in Libya, at an investment cost of USD1 billion. We upgraded ECAP FV to EGP18.75/share, with Overweight recommendation, factoring in FX rates, higher ASP, Expected recovery in volumes starting 2025, Better than previously expected margins, and higher net debt. ECAP is currently trading at 2023f P/E of 5.1x and EV/EBITDA of 2.8x.SCEM reported a consolidated net loss after minority of EGP58.5 million in 1Q23 shrinking from comparative quarter losses of EGP67.2 million. HRHO has officially rebranded to EFG Holding.  

The CBE increased overnight deposit and lending rates and the rate of the main operation by 200 bps to 18.25%, 19.25%, and 18.75%, respectively.Egypt's external debt increased 5.5% to USD162.9 billion in December 2022, compared to September 2022 and 11.9% YoY compared to December 2021. Financial and capital account recorded a deficit of USD1.6 billion in December 2022.For the first time since 3Q13/14, Egypt's current account recorded a surplus of USD1.4 billion during 2Q22/23.The President signed the bill of wage and pension hikes package. The EGP165 billion package includes EGP10 billion to raise public-sector wages and pension payouts and EGP85 billion to cover debt service for the final quarter of the current fiscal year.The President ratified a bill allowing informal industrial projects to obtain temporary licenses of up to three years.The President signed off on a multilateral agreement for Egypt to become a member of the BRICS' USD100 billion multilateral lender New Development Bank.The Suez Canal Authority has raised fees for oil ships transiting the canal. Tankers carrying crude oil and petroleum products now have to pay a 25% surcharge while their empty counterparts are paying an extra 15%.India will offer its currency as an alternative for trade to countries that are facing a shortage of dollars.JUFO 4Q22 net profit recorded EGP164 million compared to EGP37 million in 4Q21 and EGP155 million in 3Q22, bringing FY22 net profit to EGP638 million (+21.2% YoY).EAST announced that due to the current economic situation and its impact on the company's core business operation and the import of raw materials, it will find new ways to secure raw materials to avoid affecting production.AMIC released their February 2023 report. PC sales recorded 4,263 units (-78% YoY, +24% MoM). AUTO market share climbed MoM by 2.9pps and YoY by 4.1pps to reach 25.1% and 1,069 total units sold.National Paints Holding is now offering to purchase at least 75% of PACH for EGP37.75/share, up from its previous offer of EGP36.00/share and compared to Eagle Chemical's offer of EGP37.00/share.MNHD plans to invest EGP3.0 billion in FY23, directed mostly toward construction in its projects.ELSH AGM approved the distribution of EGP0.15/share cash dividends to be distributed over two equal installments.Leading real estate developers are denying claims that they are linking homebuyers' payments to the EGP/USD exchange rate or canceling sales contracts in light of EGP devaluation.The Islamic Development Bank will provide EUR318 million in financing for the 660-km first phase of the Sokhna-Alexandria high-speed rail line.There are no delays or problems in payments for companies working in Dabaa Nuclear Power Station, according to the Head of Nuclear Power Plants Authority.A Gulf sovereign fund and a Chinese company are considering buying a minority stake in SWDY.CICH's Reefy Microfinance intends to issue securitization bonds worth EGP2-3 billion.The banking sector's negative net foreign position during February widened by about USD1.3 billion to USD23 billion, while the difference between foreign assets and liabilities with the central bank widened by about USD522.8 million to exceed USD9.2 billion.BINV net profit during 2022 jumped 1163% y/y to EGP1.33 billion.MTIE BoD proposed distributing 0.25 bonus share for each original share.

CBE is expected to raise rates by 200-300 bps at its MPC meeting this Thursday.IMF: Preparations for the first Egypt review have started and dates for the first review mission will be announced when they have been agreed upon with the Egyptian authorities.Kuwait has extended the tenor of a USD2 billion deposit with the CBE for one year to September 2023.IFC can help the Egyptian government implement its privatization program, or give advice in terms of defining what the right structure is, how to pitch to private-sector investors, and in the bidding and selection process.Chinese company Xinxing Ductile Iron Pipes plans to build a USD2 billion iron and steel plant in the Suez Canal Economic Zone.Ethiopian authorities said that 90% of the construction work on the Grand Ethiopian Renaissance Dam (GERD) is now complete.The National Council for Wages will meet this month to discuss raising the private-sector minimum wage, maybe to EGP3.5k a month.ORHD and OCDI ended talks regarding OCDI's offer to acquire ORHD's subsidiary, Orascom for Real Estate, owner of the O West project. According to local media, Aldar Properties, OCDI's majority shareholder, is exploring new investment opportunities in Egypt through OCDI.National Paints Holding raised its offer to acquire PACH to EGP36.00/share.EFID will buy back 7.23 million shares at EGP14.50/share.ADP signed an MoU with the Suez Canal Economic Zone to develop and operate a multi-purpose container terminal in East Port Said Port. The company aims to have the first phase of the project up and running in 2Q24.Suez Canal Authority intends to list 20% of the shares of its subsidiary, Canal Mooring and Ship Lights, as part of the government's privatization program. 

As Egypt prepares to trade with Russia in local currencies, it is now looking at making similar arrangements with China and India.The Emigration Ministry will set up a new company aimed at encouraging Egyptians living abroad to invest in the local economy and bring more hard currency into the country.The Minister of Finance said that Egypt aims to achieve FDIs of USD10 billion in FY 22/23. Abu Dhabi Ports will develop and operate a container terminal at Safaga Port under a USD200 million, 30-year concession agreement signed with the government on Saturday. Elab will be the first company to go to market via the Sovereign Fund of Egypt's pre-IPO fund.The Sovereign Fund of Egypt started promoting the sale of the Salhia Investment and Development Company, which owns 21,000 agricultural acres, to strategic investors.The government is going to offer a minority stake of ElNasr Housing and Maadi for Development on the Egyptian Stock Exchange.FRA: Egypt is working to launch a fund to invest in precious metals in the coming weeks.The General Authority for Investment and Free Zones aims to grant the golden license to a thousand investors during the next two years.Egypt could rethink its decision to exit from the UN grain treaty after receiving several letters from the Grain Trade Convention calling on the government to remain a member.ORHD achieved strong 4Q22 sales of EGP3.8 billion, up 28.6% y/y and 47.4% q/q, bringing FY22 sales to EGP11.1 billion, up 20.7% y/y. Net profit in 4Q22 reached EGP289.1 million, up 228.9% y/y and down 51.6% q/q, bringing FY22 net profit to EGP1.7 billion, up 38.3% y/y.Abu Dhabi Ports signed two 15-year agreements with the Suez Canal Authority to develop cement terminals in Al Arish Port and West Port Said Port, which will collectively require USD33 million of investment. The two terminals will feature silos with a combined storage capacity of 90k tons, and are expected to be operational by 4Q 2023. DSCW Board agreed to purchase 90 million treasury shares starting Tuesday, 21 March 2023, for 5 days at a price of EGP0.35/share. Mercedes-Benz opened a new EGP35 million logistics zone in the SCZone to serve as a warehouse and a distribution platform for cars and spare parts.e-Tax, an associate company of EFIH, signed a contract with the Egyptian Tax Authority to launch the first government system aimed at unifying the criteria for calculating taxes relating to wages and salaries. Nasser Social Bank is now offering three-year certificates of deposit at 22% and 18-month CDs at 20%.

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

Egypt's external debt dropped by 0.5% q-o-q to just under USD 155.0 bn in 1Q FY 2022-2023 (from July-September 2022).. The figure is up some 12.8% y-o-y from 1Q FY 2021-2022. The government is considering launching a new export subsidy program at the start of the upcoming fiscal year. The state is also looking into adding new sectors to the subsidy program.The Suez Canal Authority will raise fees for oil ships transiting the waterway from the beginning of April. Tankers carrying crude oil and petroleum products will pay a 25% surcharge as of 1 April, from 5% currently. While their empty counterparts will pay 15%. The surcharges are “temporary” and revised or scrapped based on global shipping conditions.SCZone Chairman is in Tokyo to drum up investment in the zone from Japanese investors. Water treatment, desalination plants, and green fuel production were the focus of some of the talks. SCZone officials met with representatives from Malaysian palm oil giant Sime Darby in Cairo to discuss efforts to localize the palm oil industry.The World Bank could finalize its development finance program with Egypt next month. which will likely extend for five years, on 21 March. PHAR released initial 2022 topline figures, with revenues approaching EGP4.0 billion, in line with our estimates of EGP3.95 billion.Gulf investors showed interest in acquiring a stake in SKPC after the latter finalizes its acquisition on Ethydco.TAQA Arabia expects the company's IPO to take place during 2023. He added that TAQA's investments are expected to reach USD32 billion during the period from 2023 till 2027.Egypt signed five agreements with national and international companies to search for oil and gas and produce them in four regions in the Western Desert and North Sinai offshore in the Mediterranean.Energean plans to invest USD350 million in its 100% owned Abu Qir concession this year. Oil Minister announced targeting producing 600k bbl/day of crude oil and 6.5 billion cubic feet of natural gas per day during 2023. He expects Narges reserves to reach 2-2.5 trillion cubic feet. He added that Egypt's LNG did not yet reach its maximum production capacity (21 billion cubic feet per day) and that establishing a third liquefaction station is still under study. The government's expat car-for-FX scheme will likely remain open until mid-May after the House Planning and Budget Committee yesterday gave preliminary approval to amendments granting it a two-month extension.Seif Thabet was reinstated as JUFO's CEO, vice-chairman, and board member representing Pharon Investment Limited, which owns a 52% stake in JUFO. While Mr Niels Thomsen (previous CEO) was appointed as managing director.Riyad Bank and Al Rajhi Bank are looking to either fully acquire or buy a stake into state-owned United Bank. The banks would be looking to come on board as strategic investors, according to El Fiqi, who didn't disclose how much of United Bank is up for sale. EFG Hermes' second-largest shareholder, Ripplewood, has sold two thirds of its stake in a series of block transactions yesterday. The firm sold almost 92 mn shares at an average price of EGP 19.32 per share. Ripplewood's holdings decreased from 11.7% to 3.9%. Abu Dhabi-based investment firm Chimera purchased a 2.62% stake in EFG Hermes. JS Holding Ltd purchased a 5.25% stake.SWDY signed an MoU with Emirati firm Gulf Data Hub to invest USD2.1 billion to build three data center complexes in Egypt which together would form the African continent'sMinister of Communication and Information Technology is concluding a detailed plan to start implementing the 5G technology.ORHD (FV: EGP15.32, OW) signed a master agreement with the Egyptian authorities that includes many decisions you will find them in details in our "Pre Trading Thoughts" report.

The IMF will be watching for a shift by Egypt to a flexible exchange rate after a requirement to finance imports through letters of credit is phased out at the end of this month.The Suez Canal Authority expects revenues to rise 15% to hit a record USD8 billion in FY2022-2023.The SCA will continue granting dry bulk ships moving between West Africa and East Asian ports a 75% rebate on transit fees until 30 June 2023. The Emirati National Marine Dredging Company (NMDC) has won a contract worth AED1 billion (USD272 million) for dredging works in the Suez Canal.The EBRD and the UN's Food and Agriculture Organization have announced a USD5.5 million package of technical assistance aimed at improving food security in Egypt, Jordan, Lebanon, Morocco, Tunisia and Gaza. In attempt to lower gas prices, the European Union energy ministers agreed a gas price cap. SPMD (FV: 0.55, EW) released 9M22 financial results, recording a net loss of EGP83.4 million in 9M22, compared to a net profit of EGP164.4 million in 9M21. COMI and HSBC have lowered monthly limits on withdrawals and purchases made using their debit and credit cards abroad. The limits were introduced first in October in a move to conserve the banks' FX assets. Banque Misr, Banque du Caire, Misr Insurance Holding, and Allianz have launched a real estate investment fund which will invest in commercial property. The fund has a target capital of EGP500 mn.GB Capital and Chimera finalised the previously disclosed transaction of selling 45% of GB Lease with total proceeds of EGP855 mn. Organization of Arab petroleum exporting countries (OAPEC) expects that egyptian exports of LNG shall range between 7 to 8 million tons this year (2022), based on expectations of higher global demand in the last quarter of the year. Ashry Steel plans to build two new projects over an area of 420k sqm in Sadat and 6th of October cities. Marakby Steel plans to increase its exports to 70% of total production next year up from the current 40%. Weekly Commodities Update:| Chems & Petchems | | Last Price | WoW Change, % | Brent, USD/bbl | 79.6 | 5.2% | Diesel-HSFO Spread, USD/ton | 561.3 | 18.1% | Egypt Urea, USD/ton | 551.5 | -2.0% | Polyethylene, USD/ton | 1,030.0 | 0.0% | Polypropylene, USD/ton | 940.0 | 0.5% | Steel/Iron Ore Spreads, USD/ton | 448.1 | -3.0% | LME Aluminum Cash Price, USD/ton | 2,337.1 | -1.6% | Egyptian Retail Cement, EGP/ton | 1,713.0 | 0.0% | Steam Coal FOB Newcastle Australia, USD/ton | 403.0 | 0.7% | SMP, USD/MT | 3,102.0 | 1.5%

The Egyptian government has finalised agreements with Emirati firm AMEA Power to build a solar park and a wind farm with a combined capacity of more than a gigawatt (GW) in a USD1.1 billion deal, the cabinet said. 29 global firms including IBM, Amazon, Microsoft and Majid Al Futtaim will up their investments in our outsourcing industry under agreements inked with the CIT Ministry's Information Technology Industry Development Agency (ITIDA).The cabinet yesterday approved the final draft of the Madbouly government's state ownership policy document, to be presented to President El-Sisi.Ministers approved the framework agreements signed with international energy companies to construct nine green hydrogen and ammonia facilities in the Suez Canal Economic Zone (SCZone).The CBE directed the banks to secure USD financing needed to release fodder raw materials from soybeans, as a top priority in the current period, after their prices have surged recently.The government has postponed the 15% increase over the usufruct fees collected from companies operating in the free zones, for a period of one year, starting from January 1, 2023.The head of the Suez Canal Authority said that navigation statistics during 2022 indicate an unprecedented boom in the annual revenues of the canal amounting to about USD7.8 billion, in light of the development of transit rates of ships and cargo.ESRS (FV:EGP12.75, OW) reported its consolidated financial results for 3Q22 with net attributable earnings standing at EGP1.1 billion (+20% YoY, +41% QoQ), bringing 9M22 earnings to EGP3.7 billion, 48% higher than last year. CIRA (FV: EGP20.00, OW) released FY21/22 financial results where attributable net profit for the year recorded EGP374 mn a YoY rise of 21%.Agthia has completed its acquisition of a 60% stake in Auf Group that was previously approved in July, leaving the three founders with a combined 30%, while TCV holds the remaining 10% stake. The transaction values Auf Group at some EGP4.9 bn.According to the CBE, liquidity has increased in the Egyptian banking sector to EGP7.18 trillion at the end of October 2022, compared to EGP5.82 trillion at the end of December 2021 (+24%). In addition to an increase in deposits from EGP680.46 billion to EGP855.8 billion (+26%).CNFN added financial leasing to the financing services it offers through the dental startup “Toothpick”, allowing dentists to finance their equipment purchases through Toothpick's online marketplace.e-Cards, a subsidiary of EFIH, plans to issue 5 million cards, targeting university students, according to local press.FWRY plans to expand its operations Kuwait next year, with legal procedures currently under way.EGX's Listing Committee approved CCAP's proposal to allocate 5% of the company shares to ESOP.

The Suez Canal is 120 miles long, with 12% of global trade passing through. It is over 200 metres wide and 23 metres deep. It connects the Red Sea and Mediterranean Sea, starting at Port Said and ending at Suez Port. It's by far the most direct shipping route between Asia and Europe. Prior to its existence, vessels had to travel around the south of Africa. 19,000 ships passed through the waterway in 2020, according to the Suez Canal Authority. Construction began back in 1859, when Egypt was under colonial rule of France and Great Britain. At the time, the whole process created tensions between the two empires. Why is the Suez Canal so important? When was the Suez Canal built? Who does the canal actually belong to? In under 3 minutes, we answer your questions! To listen to the latest episodes, click here: What is the Karpman drama triangle? Is cracking my knuckles bad for me? What is Ikigai? A Bababam Originals podcast written and produced by Joseph Chance. In partnership with upday UK. Learn more about your ad choices. Visit megaphone.fm/adchoices

CBE and the Ministry of Finance announced that Egypt and the IMF have reached an agreement on the economic and structural policies and reforms for Egypt's new IMF-backed economic reform program.Expats could send some EGP50 billion (c. USD2.5 billion) into Egypt under a cabinet program that will allow Egyptians living abroad to buy new cars in exchange for hard currency.The state has settled disputes with international companies to improve the investment environment and attract more foreign inflows.The Egyptian Electricity Transmission Company wants to pay in EGP-equivalent for imported components, which usually make up 30% to 46% of any given tender, in a bid to ration foreign currency usage.ORAS added USD 670 million of new awards to its backlog in 3Q2022, which brings total new awards in 9M2022 to USD 3.1 billion. The estimated consolidated backlog stood at USD 6.1 billion as of 30 September 2022.The government plans to inaugurate the eastern segment of the monorail from the New Administrative Capital to Nasr City before COP27. The USD4.5 bn project was executed by ORAS consortium.The state is hoping to see domestic distributors import between 300-500k cars in the four-month window during which the expat car import scheme will run.HDBK will increase its paid-in capital to EGP 5,313 million, through the distribution of 2.5 bonus shares for each share. The record date is 26 October 2022.HRHO and the Sovereign Fund of Egypt (SFE) agreed to acquire an undisclosed majority stake in the education platform Selah El Telmeez (SET).Poultry selling prices to end-consumers have increased significantly in the last few days due to the lack of feed in the market (EGP45 per kg). Raya Foods, a subsidiary of RAYA, plans to establish an industrial complex over phases during the coming years, with an initial investment cost of EGP500 million.KIMA intends to sell a 53k sqm land plot, whose value shall not exceed 10% of the company's latest equity value. This places land value at EGP0.45/KIMA share. MOIL announced that it has received an offer for 100% of its subsidiary Valentine Maritime from Ancla Marine Ship Company. The Board of Directors will be held this week to decide on the sale.The Suez Canal Authority has contracted with Korean SsangYong to build a 35-thousand-ton floating dock for the authority's Port Said shipyard.  

The EGX is in serious talks with five or six private sector companies to list on the bourse.Egyptian shares suffered their biggest single-day loss since early July yesterday amid growing investor concerns about global growth.Egypt wants to generate USD8.5-10 bn in natural gas revenues in FY 2022-23, up from USD6.5 bn last year.Prime Minister yesterday signed off on amendments to the executive regulations of the PPP Act aimed at making it easier for private sector firms to partner with the government on key projects.Maha Capital, the investment arm of Qatar Investment Authority, signed an MoU with the Transport Ministry to explore investment in Egypt's container terminals.The Ministry of Transport is currently in negotiations with financial institutions and international banks, in coordination with Siemens Mobility, to provide the necessary funding for the construction of the second and third lines of the high speed rail.The Suez Canal Authority will IPO the Canal Mooring & Lights Company on the EGX by the end of 2022. The Authority plans to offer 10-15% of the company to investors. According to the CBE, Egyptian banks recorded a net profit of EGP58.9 billion in 1H22.Chairman of the FRA issued a periodical on re-estimating the values of insured assets to ensure they reflect their market values to protect policyholders' rights, and to obligate companies to conduct periodical assessments to all insured assets. First Abu Dhabi Bank Egypt merging process with Bank Audi Egypt will be finalized soon during the third week of October 2022.Steel sales reached new highs in August to record 980K tons (+36% YoY, +104.9% MoM).MNHD signed a EGP1.5 billion construction MoU for the construction of 941 units in Shalya in Taj City.EMFD Board approved credit facility contracts and approved future expansions in the Soul project.MHOT AGM approved distributing EGP3.00/share cash dividends.

Core inflation climbed 16.7% from a year earlier, up from 15.6% in July.The European Central Bank raised interest rates by a historic 75 basis points — and its head hinted there could be more jumbo rate hikes to come. Suez Canal revenues hit an all-time high of USD 744.8 mn in August (+32% YoY. Tonnage increased 16% YoY to 127.8 mn tons.Suez Canal Authority intends to list subsidiaries on the Egyptian Stock Exchange at the end of this year or early next year.The Customs Authority relies daily on the exchange rates announced by the CBE to determine the customs' exchange rate.The government started preparing for the establishment of a joint stock company for Egyptians abroad to invest in various economic activities, offering shares in national projects.The proceeds from real estate taxes increased during the first two months of the current fiscal year by 11.3% YoY, to reach 831.1 million pounds.Tax Authority has opened registration for the second phase of the e-receipt system.The Sovereign Fund of Egypt intends to offer 20 desalination plants to the private sector after completing the evaluation process within two months.El-Sisi held meetings with Scatec Energy to discuss the establishment of a project to produce 3 GW of wind energy, and with Australian Energy FFI to discuss generating 9.2 GW of electricity from renewable energy.The Saudi Investment Fund (PIF) plans to invest in the egyptian petrochemicals sector as a part of its USD10 billion investments program (AMOC, SKPC and MICH).ESRS reported exceptional performance for 2Q22 with attributable net income standing at EGP1.8 billion. GPM of 30.3% for the quarter. ESRS is currently trading at FY22e P/E of 2.7x and EV/EBITDA of 3.2x. OCDI relaunched its 464 feddan New Zayed project after being re-masterplanned due to the rezoning of the New Zayed area at large. This should boost sales in an already strong year for OCDI sales in FY22.Expedition Investments bidding to acquire 34% of DOMT (FV: EGP6.00, OW) is now offering to purchase shares for EGP 5.50 apiece, up from EGP 5.00 before.HRHO is close to launching a fund with a capital of EGP1.5 billion that invests in startups, along with HSBC, and several regional and local banks. CIB has acquired a 15% stake in El Sewedy Engineering Industries (SEI) through a capital increase. BINV is going to have to decide by next Thursday whether it wants to preempt Adnoc Distribution's bid to acquire a 50% stake of TotalEnergies Egypt. CNFN will manage a Sukuk program worth EGP 2 billion for Misr Capital and CI Capital.

Egypt has approved pre-listing procedures for Watenya and Safi, as the first step toward stock market listings.Serbia will export grain, primarily wheat, to Egypt, as both countries agreed to boost political and economic cooperation.Egypt's exports to its 5 largest trading partners in the world increased recording about USD4.97 billion in 4M22, compared to USD2.34 billion in 4M21.An Egyptian-foreign consortium has been awarded the Cairo Transport Authority development project, which includes adding 100 electric buses to its fleet.Cabinet greenlit draft amendments to the law establishing the EGP 2 bn fund owned by the Suez Canal Authority.  Exporters await the final export rebate percentage for FY22/23, in order to determine costs and decide on pricing for export contracts for the new year.  Egypt's profits from the Sukari gold mine declined by 53% during 1H2022 to record USD21.5 million on relatively lower quantities.Rosatom has started building the 4.8GW Dabaa nuclear power plant.  ORAS is a key beneficiary, followed by SWDY and ETRS.BTFH shareholders have from today until 3 August to come to a decision on Chimera Investments' bid.Minister of Public Enterprises stated that the revamp of EGAL factories will cost USD300 million, out of which USD200 million will be financed through a sovereign wealth fund.PACH's BoD objected to Saybad's tender offer, stating that the price is much lower than the company's assets or fair value. OGM to vote on the offer. JLL: Hotel occupancy rate in Cairo grew to 60% in the first five months of 2022 from 32% in the same period of 2021.United Tobacco Company will begin manufacturing under its own brand name within one month.FWRY is partnering with a World Bank-backed initiative to support women-led SMEs. 

Fed meeting will start today. Consensus expects the Fed to go ahead with a 75-bps rate hike. Joint working committees within the Egyptian Stock Exchange, NBE, BM, and BdC are exploring the listing of 38 affiliated companies.Prime Minister launched a digital platform to discuss the State Ownership Policy Document.Egypt's industrial production fell 6.3% MoM in April (Bloomberg).Suez Canal Authority will continue to grant rebates to LPG vessels operating between the American Gulf and India until year-end.State will freeze electricity prices for the next fiscal year.Russian tourists arriving in Egypt during the summer of 2022 are expected to rise by 30%.A strategy to increase tourism in Egypt includes improving the investment climate through a one-stop-shop for investors.e-Health (35% owned by EFIH), began the universal health insurance scheme in five governorates; Expected to generate operational synergies with e-finance Digital Operations, e-Cards, and e-Nable.  Beltone Financial has suspended the WM Consultancy-led consortium from doing due diligence after receiving a rival offer from Chimera Investments with no due diligence involved.ATLC is currently in negotiations to borrow EGP 500 million from a local bank.Leasing contracts grew 32.4% YoY in 1Q22. Property insurance payments rose 9.8% y-o-y to EGP 13.21 bn. Mortgage financing in 1Q 2022 rose 103.5% y-o-y to EGP 3.47 bn. Some 36 new companies obtained microfinancing licenses. Consumer financing hit around EGP 6.8 bn during the quarter.Banque du Caire's net profit exceeded EGP 800 million in 1Q22.Saudi company Alrajhi Group is entering into a partnership with Akam Developments to develop a North Coast project at an investment cost of up to EGP8.0 billion.SVCE reported a net loss of EGP31.2 million in 1Q22. Revenues from investments reached EGP51.5 million.El Nasr Automotive has signed an MoU with Chinese car manufacturer BAIC Group to produce EVs in Egypt.ELSH declared cash dividends of EGP0.15/share (DY of 2.5%). Record date is 26 June 2022. UNIT Board approved continuing purchasing treasury shares during the period 13 June 2022 - 12 September 2022.Commodity Updates                       Last Price            WoW Change, %Brent, USD/bbl  120.4     0.9%Diesel-HSFO Spread, USD/ton    710.6     2.8%Egypt Urea, USD/ton      720.0     0.0%Polyethylene, USD/ton  1,400.0  -3.4%Polypropylene, USD/ton               1,180.0     -0.9%Steel/Iron Ore Spreads, USD/ton              433.0     -5.0%Aluminum Cash Price, USD/ton  2,661.0  -3.3%Egyptian Retail Cement, EGP/ton              1,215.0                 3.0%Steam Coal FOB Newcastle Australia, USD/ton    392.4     -5.5%Crude Palm Oil, USD/MT               1,350.5    -9.4%SMP, USD/MT   4,116.0         3.0%

The EU will provide EUR100 million to support Egypt in response to the rise in food prices due to Russia's war on Ukraine.The Cabinet approved increases in 5 grants from the United States with a total value of USD74.6 million to reach a total of USD569.4 million, in the sectors of health, population, education, higher education, and agriculture.The General Authority for Investment and Free zones (GAFI), the Financial Regulatory Authority (FRA), and the Information Technology Industry Development Agency (ITIDA) have agreed to work together to make it easier for both local and international Venture Capital Institutions to invest in Egyptian startups.The World Bank intends to invest in 10 to 15 new funds in Egypt, provided that these funds will invest in 200 to 400 companies, providing USD50 million in funding.Ministers green-lit amendments to the Income Tax Act. Details are not disclosed yet by the government, saying only that the amendments are designed to attract investors into the stock market.Prime Minister Mostafa Madbouly instructed an urgent meeting to be held with major steel and cement producers to discuss the price hikes witnessed in the local market. The meeting will be attended by the head of the Consumer Protection Agency. HELI is to soon sign a contract to sell a 243 feddan (1.0 million sqm) land plot in New Heliopolis for EGP1,700/sqm, translating into a sales value of EGP1.7 billion. We value the potential transaction at EGP828.4 million, implying EGP0.62/share and EGP812/sqm. This potential transaction would take our FY22 (12-month period ending 30 June 2022) net profit forecast to EGP1.1 billion, P/E 2022 of 7.5x, and EV/EBITDA 2022 of 7.0x.The government and real estate developers met to discuss ideas, such as launching mortgage finance initiatives with the private sector and looking into postponing liability payments, in an effort to mitigate the impact of the Russian-Ukrainian conflict on the sector. Cabinet approved yesterday the establishment of a freezone for the state-owned Egyptian Group for Multi-Purpose Terminals (EGMPT) at Alexandria port. The USD 500 mn project will established by The Alexandria Port Authority (a 34% shareholder in the company), the Suez Canal Authority (33%), the Holding Company for Maritime and Land Transport (20%), and Alexandria Container and Cargo Handling Company (13%). DSCW released positive 4Q21 consolidated results showing attributable net profit recorded EGP14.5 mn, compared to EGP12.6 mn the previous quarter and EGP2.0 mn in 4Q20. FY21 bottom-line is boosted by healthy and solid growth in revenues as well as a rise in export rebates by 84.4% YoY. DSCW is currently trading at a FY22 P/E of 4.0x and an EV/EBITDA of 5.6x.RTVC reported FY21 net loss of EGP455.3 million, compared to FY20 net loss of EGP443.4 million.The required minimum hotel price levels will be implemented starting 1 November 2022.Doctors, physiotherapists, and dentists authorized by the Medical Syndicates Union are now eligible for the Central Bank of Egypt's (CBE) 5% interest rate loans for SMEs.Chinese electronic device maker Oppo has partnered with HRHO's consumer finance arm Valu to provide installment solutions to customers.Mopco approved in its OGM the distribution of a DPS EGP10.00 with a dividend yield of 9.6%. Record date is 06/04/2022 and distribution date is 10/04/2022.AUTO is to divide the EGP0.35/share dividends distribution into two tranches. The first will be EGP0.10/share distributed on the 21st of April 2022. The second EGP0.25/share is to be distributed on the 29th of September 2022.ELSH Board proposed the distribution of EGP0.05/share cash dividends (DY of 0.8%). 

PHDC achieved solid FY21 sales despite underwhelming 4Q21 sales. 4Q21 sales reached EGP4.4 billion, down 19.0% y/y and down 14.1% q/q, bringing FY21 sales to a company record high of EGP17.3 billion, up 35.4% y/y. We forecast FY22 sales of EGP18.2 billion in our EGP3.33/share valuation.HELI reported strong 4Q21 results, with net profit amounting to EGP91.3 million, compared to net loss of EGP43.3 million in 4Q20. Growth in revenue and profitability levels was supported by HELI's 31k sqm land plot sale for EGP108.2 million in New Heliopolis to ZMID in December 2021. We expect revenue to further grow in FY22 in light of the expected upcoming 270 feddan land sale in New Heliopolis.EGAL reported positive consolidated results for 2Q21/22 with attributable net income surging to EGP458 million reversing last year losses of EGP190 million, and +67% QoQ. EGAL is currently trading at FY21/22e P/E of 7.1x and EV/EBITDA of 5.4x.SKPC has signed a Memorandum of Understanding (MoU) with Nigeria's Rungas Group to provide technical support through all phases of the project, in return for being a minority stakeholder in the new complex. PACH released results foe 2QFY21/22. Bottom line came in at a net loss of EGP14.8 million.  PACH results were negatively impacted by higher raw material costs, which are directly correlated to oil prices, when the volume or prices barely grew.EAST reports stable 2Q21/22 bottom-line of EGP1,323 mn for the quarter, -17.2% QoQ, -3.8% YoY. Despite sales stability, the key reason for the drop in bottom line was the provisions made for early retirement fund. EAST is currently trading at FY21/22 P/E of 5.6x and an EV/EBITDA of 2.9x.Finance Minister noted that the government intends to provide financial incentives to encourage citizens to buy locally manufactured cars. The government intends to allocate EGP7.1 billion for the presidential initiative to replace obsolete vehicles with new natural gas operated ones. Spanish engineering firm EOSOL Group will acquire a 50% stake in an engineering and construction subsidiary of BINV's Giza Systems, at an undisclosed value.CNFN has entered into a strategic partnership with Wasla e-commerce application, which includes injecting investments in phases totaling USD9 million.Financial Regulatory Authority (FRA) could soon issue licenses for green and Islamic microfinance products.CBE Deputy Governor Rami Aboul Naga reflected confidence in Egypt's macroeconomic outlook. Growth is expected to reach 6.0-6.5% over next two fiscal years. Any pressure points we are witnessing, including inflation rise, CA deficit, or banks' NFL are not going to last, and are related to temporary global developments. The CBE is standing firm on its decision to require letters of credit for importers.  Minister of Planning expects economic growth rate to exceed 6% during 1HFY2021/22. Unemployment rate in 4Q2021 recorded 7.4% down from 7.5% in 3Q2021 and up from 7.2% in 4Q2020. The main reason behind the uptick on annual basis is the decrease in labor force. Chairman of Suez Canal Authority expects a 15% YoY increase in Suez Canal revenues in February, up from USD474 mn. The Suez Canal Authority (SCA) is considering selling 20% stakes in two or three of its companies on the EGX Israeli Energy and Water Minister Karine Elharrar pledged to increase Israel's natural gas exports to Egypt by up to 50% by the end of February. Egypt has signed a fresh USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund imports of petroleum and basic commodities. Dragon Oil has discovered a 100-mn-barrel oil field in the Gulf of Suez concessions it acquired from BP in 2020. Amanat is still looking at potential healthcare and education acquisitions in Egypt, Saudi Arabia, and the UAE. 

Purchasing Managers Index rose to 49 in December, up from 48.7 in November. The climb was due to lower rates of decline in output and new orders,an improvement in tourism activity, and a sharp rise in export orders that was the strongest since February.Seven international companies were awarded exploration and production licenses for eight oil and gas concessions in the Mediterranean, the Western desert, and the Gulf of Suez, with a minimum investment value of c.USD250 million. The chairman of the Suez Canal Authority said that the 6% increase in canal fees will boost annual revenue by USD400 million.The Ministry of Electricity is working on providing electricity for the new delta development project, at a cost of EGP14.5 billion. The target area for cultivation in the new delta is 2.2 million feddans, and the electrical supply needed is 2,185 megavolt-amperes. Tenders will be held to specialized companies to contract for the supply and installation of missions during the first half of this year.EDITA declared that no satisfactory agreement has been reached with the Egyptian Belgian Company, manufacturer of the brand “Ole”, regarding the acquisition of any of its assets or designated affiliates or subsidiaries The billets production license is the most attractive amid the steel licenses offered by the Industrial development authority in November 2021. it is noteworthy that the industrial authority will receive the license's buying offers by 15th of February 2022. While Ashraf Algarhy – head of the Egyptian Steel  (Al Maria Steel) stated that the company will buy a license for billets production with a total capacity of  1.1 million tons. SAUD (FV:EGP20.00, OW) plans to increase its issued and paid-in capital to EGP5 billion in 2022, from a capital of EGP1.546 billion as of September 2021, in addition to achieving profits of EGP1.410 billion by the end of 2022, compared to EGP1.12 billion as of September 2021. NBE has raised its stake in COMI (FV:75.0.,OW) to 9.13%, up from 8.27% as of September 2021 at an undisclosed price.CIEB's (FV:EGP40.00, OW) CFO officer and IR, Hany Nassef resigned from his position effective 31 December 2021.Care Healthcare sold 8.78% of its ownership in CLHO (FV: EGP6.40, OW), with a total transaction worth of EGP709.84 mn for 141.96 mn share, at EGP5.00/share, to drop its ownership from 37.78% to 29%.The FRA's prosecution on SPMD's conflicting disclosures of Prime Speed and Al-Safwa hospital has been postponed to 17 January 2022.RAYA announced the record and distribution dates of its DPS of EGP0.06/share (implying a payout ratio of 21% and a DY of 2.5%) on 13 January 2022 and 18 January 2022; respectively.Hotel prices are expected to grow by 15-20% in FY22, compared to 30-35% growth in FY21.Weekly Commodity UpdateBrent futures are trading at USD78.7/bblThe Egypt urea index was unchanged WoW at USD945/tonPolyethylene (HDPE) prices were down 2% WoW to USD1,250/tonDiesel-HSFO spreads were up 14% w/w and are at USD179/tonCaustic soda prices cooling down continue as it drops by 8% w/w so reach USD590/ton Polypropylene prices came flat w/w, standing at USD1,200/MT: Steel/Iron Ore spreads are at the USD397 mark, down 3% WoW Aluminum prices were stable WoW to record USD2,808/tonne Thermal coal prices increased by 1% WoW recording USD186/tonne

The Suez Canal netted Egypt a record $5.84 bn in the last tax year despite the coronavirus pandemic's effect on world trade as well as a six-day blockage of the busy waterway by a giant cargo ship.Osama Rabie, head of the Suez Canal Authority says despite various challenges, revenues from the canal rose sharply in the fiscal year ending June 30.He says authorities netted the highest revenues in the history of the canal, hitting $5.84 billion more than two per cent up from the previous year.Rabie says the SCA's marketing and flexible pricing policies helped maintain a good rate of traffic through the canal and earned the trust of our partners.

We may have forgotten about the supply-chain debacle inflicted by the infamous ship that became trapped in the Suez Canal this past spring, but those manufacturers with goods aboard haven't.Companies with products aboard the Ever Given in March are still awaiting their goods. And while the cargo ship may not be immobilized, those companies continue to sit in limbo — with their products and money hanging in the balance.An Egyptian court impounded the Ever Given following the filing of a $916 million compensation claim by the Suez Canal Authority against the ship's owner. As a result, the ship is stuck once again, but this time, it's trapped in the Great Bitter Lake amid the legal battle.Unfortunately, the waiting might not be the worst of it. According to a report by CNN Business, companies such as IKEA, Lenovo, Snuggy and many more may also have to pay to settle the financial obligations of the ship due to an ancient maritime law principle called “General Average.”

A court in Egypt has denied a request made by the owner of the ship that blocked the Suez Canal in March to have it released.The Ever Given ship owner wanted his vessel to be released pending the determination of another case in which the Suez Canal Authority is seeking compensation for the six days blockage.The authority wants the ship to be detained until a deposit of the compensation is paid.The authority says the compensation covers the costs of freeing the ship, damage caused and diversion of ships away from the canal.

The head of the Suez Canal Authority says that it plans to expand and deepen the stretch of the canal where the container ship Ever Given became stuck for six days in March.Osama Rabie made the remarks at an event attended by Egyptian President Abdul Fattah al-Sisi, where a variety of infrastructure products were inaugurated.The blockage of the Suez Canal caused a huge disruption to global trading networks.The Ever Given is still being held as the Suez Canal Authority seeks hundreds of millions of dollars in compensation from its owner.

Salvage teams on March 29 finally freed the colossal container ship stuck for nearly a week in Egypt's Suez Canal, ending a crisis that had clogged one of the world's most vital waterways and halted billions of dollars a day in maritime commerce. A flotilla of tugboats, helped by the tides, wrenched the bulbous bow of the Ever Given from the canal's sandy bank, where it had been firmly lodged since March 23. The tugs blared their horns in jubilation as they guided the Ever Given through the water after days of futility. “We pulled it off!” said Peter Berdowski, CEO of Boskalis, the salvage firm hired to extract the Ever Given. “I am excited to announce that our team of experts, working in close collaboration with the Suez Canal Authority, successfully refloated the Ever Given … thereby making free passage through the Suez Canal possible again.” At least 113 of over 420 vessels that had waited for Ever Given to be freed were expected to cross the canal by the morning of March 30, Lt. Gen. Osama Rabie, head of the Suez Canal Authority, said. At least 367 vessels, carrying everything from crude oil to cattle, had backed up to wait to traverse the canal. Dozens of others have taken the long, alternate route around the Cape of Good Hope at Africa's southern tip — a 5,000-kilometer detour that costs ships hundreds of thousands of dollars in fuel and other costs. (AP) This article was provided by The Japan Times Alpha.

Suez Canal Authority chairman Osama Rabie has said that the crew were permitted to disembark and return home to India. The authorities granted permission based on the recommendation of the ship owner which reportedly informed that the two seafarers had some personal emergencies back home. There are 25 Indian crew aboard the ship which is now at The Great Bitter Lake in Egypt.

There are 25 Indian crew including the Master on board.

Issue over compensation demanded by Suez Canal Authority

Container ships sizes have increased dramatically without any change in number of crew. The ports may have spent billions of dollars to optimise existing infrastructure to enable these very large vessels to enter. The ships may not get any larger but the changes may already have stretched the crew to their limits of adaptability. While the size kept increasing, there has not been any significant change in the number of crew. Almost a similar number of crew have to manage lashings on a vessel that carries 10000 container or 20000 containers. Something will have to be compromised somewhere and this could show up in another 10 or 15 years when the ships get older. The just-in-time nature of the container shipping industry has ships optimising to arrive at Suez just before the 2300 LT deadline. That is a time when there is a large number of vessels arriving causing traffic concerns. And then they have the Suez Canal Authority boarding. And then they have to pick up the lineboats. And by the time they think they can catch up sleep, it is time to weigh anchor and embark the pilot. --- Send in a voice message: https://anchor.fm/abhijith-balakrishnan/message

*) Myanmar shuts down wireless internet Myanmar's junta has shut down wireless internet across the country in its attempt to quell anti-coup protests. This comes as the UN Security Council strongly condemned the junta for using lethal force against anti-coup protesters. Rights groups say over 530 protesters have been killed since the February coup that has seen mass resistance. *) Chauvin defence relying on Floyd’s drug abuse The trial of Derek Chauvin, a former police officer charged with murdering George Floyd, continues in Minneapolis. On day four, jurors heard from Floyd's girlfriend who spoke about their opioid addiction, two paramedics who arrived on the scene and from one of Chauvin's supervisors. The narrative of the defence relies on linking Floyd's drug abuse to his death. The Black man's death was ruled a homicide at the hands of police months ago. *) Egypt demands over $1B in damages from Suez blockage Egypt wants over $1 billion in damages for helping move the MV Ever Given vessel from the Suez Canal. The country's Suez Canal Authority based the amount on revenue losses, the cost of equipment, and payment for the 800 rescuers who helped. It's not clear who will foot the bill as the Japanese owners are suing the Taiwanese operators of the Panama-flagged ship in London. The six-day blockage threw global supply chains into disarray. *) WHO slams EU's slow vaccination campaign The World Health Organization has criticised the slow pace of Covid-19 vaccine rollouts in Europe as it braces for a fourth wave. Vaccination drives in many European countries have experienced delays, and infections are on the rise. The WHO says vaccines are the best way out of the pandemic, and that countries may have to reintroduce lockdowns to compensate for the delay in jabs. And finally … *) Ash Barty storms into Miami Open final World number one Ashleigh Barty has booked a spot in the Miami Open final with a 6-3, 6-3 victory over Elina Svitolina. The Australian, who won the tournament in 2019, is trying to make her first successful defence of a WTA title. She'll either face Bianca Andreescu or Maria Sakkari for the title on Saturday.

Today on The Leaders' Brief - China sanctioned organizations and individuals in the United Kingdom last Friday in retaliation to Western sanctions imposed on Beijing for alleged human rights abuses on Uighur Muslims in the country's cotton-producing Xinjiang region. The development comes at a time the United Kingdom called on Beijing to allow international access to Xinjiang to verify the truth about human rights abuses in the province, and western companies are facing large-scale repurcussions in China. Several companies who have expressed concern over cotton being sourced from the Xinjiang region, including Nike and H&M, risk facing large scale backlash in the country. British media reported last week that London based luxury fashion house Burberry had become the first victim. A huge container ship blocking the Suez Canal is costing global trade millions of dollars every hour. The Ever Given, a 400 metre-long container ship, blocked the important passage while travelling towards the Mediterranean from the North Sea on March 23rd. The Suez Canal Authority said that the principal cause that placed the ship aground was a lack of visibility due to high winds and a sand storm. The Suez Canal Authority has suspended all navigation through the channel that sees almost 30 per cent of the global container traffic pass through it every year. It is being estimated that at least another week would be required to free the container ship, threatening a global price rise in essential commodities and oil.  India, which appears to be hit by a fresh COVID wave, is expected to soon expand its vaccination programme for the country's younger population. The Indian health ministry said that all above the age of 45 are eligible for vaccination from April 1, and now the government is working to meet a demand by many states for the inclusion of all adults. The country's new targets will decrease the country's AstraZeneca exports, putting more pressure on several countries, particularly those in Europe. About egomonk: Website | Facebook | Twitter | LinkedInegomonk is a global intelligence platform delivering asymmetric outcomes by bringing organizations closer to the communities they want to serve and the leaders they wish to influence. If you wish to collaborate with us then email us at contact@egomonk.com.

The Ever Given container ship has been dislodged and is now floating, after blocking the Suez Canal for almost a week, authorities said Monday. Tug boats had spent several hours on Monday working to free the bow of the massive vessel after dislodging the stern earlier in the day. Marine traffic websites showed images of the ship away from the banks of the Suez Canal for the first time in seven days following an around-the-clock international effort to reopen the global shipping lane.To learn more about how CNN protects listener privacy, visit cnn.com/privacy

Transits through the Suez Canal, the beating heart of the Egyptian economy, have stayed remarkably resilient to the fallout of the Covid-19 pandemic if judging by total transits of the three commercial shipping sectors which are up 8% year-on-year. This is despite bleak economic growth prospects world-wide following the pandemic, and highlights that shipping remains the backbone of the global economy. It is often said that a picture says more than 1,000 words, but 6,166 ship transits in the Suez Canal can certainly also tell an interesting tale. Data from Leth Agencies and the Suez Canal Authority highlight that in the first five months of 2020, oil tanker and dry bulker transits in the Canal are all up considerably, while the harsh conditions in the container shipping market have limited container ship transits. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app