Podcasts about usd1

美國史上第一部穩定幣法案，最近在參議院正式通過。一通過，Circle 股價直接從 $31 飆到 $242，暴漲超過八倍。這不只象徵美國從打壓轉向擁抱加密貨幣，更讓一個人合法暴賺——川普。因為這條法案明文寫著：禁止官員持有或經營穩定幣，但總統、副總統除外。沒錯，川普家族最近推出的穩定幣 USD1，才剛透過阿布達比主權基金，完成 20 億美金的大交易。而真正賺最多利息的，可能還不是 Circle，而是背後坐收分潤的 Coinbase。這集我們就來聊聊：

Binance to launch altcoin‑only spot liquidity program targeted at smaller market makers Chinese firm Webus files with US SEC for possible $300 million XRP treasury plan World Liberty Financial airdrops USD1 tokens to WLFI token holders MARA hits monthly mining milestone South Korea elects pro-crypto Lee as new president; crypto ETFs and KRW stablecoins on horizon Learn more about your ad choices. Visit megaphone.fm/adchoices

Host Jennifer Sanasie breaks down the latest news in the crypto industry as World Liberty Financial airdropped $47 worth of its USD1 stablecoin to each participant in its token sale.World Liberty Financial, backed by the Trump family, airdropped $47 worth of its USD1 stablecoin to each participant in its WLFI token sale. Plus, top Pump.fun tokens slid amid reports on the platform's plan to raise $1 billion for a token sale. CoinDesk's Jennifer Sanasie hosts “CoinDesk Daily.”-Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.Visit ledn.io to learn more. -This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and edited by Victor Chen.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

At Consensus 2025, Eric Trump, Chainlink co-founder Sergey Nazarov and the World Liberty Financial team joined forces with Charles Hoskinson for a discussion on bitcoin mining, the fastest-growing stablecoin (USD1) and the fight for financial freedom against outdated banking systems.-This content should not be construed or relied upon as investment advice. It is for entertainment and general information purposes.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Matt and Nic are back with another week of news and deals. In this episode: We have a new Pope The etymology of ampersand The GENIUS act collapses spectacularly Coinbase consummates its acquisition of Deribit Did World Liberty Financial's USD1 torpedo the GENIUS act? Did “pro crypto” democrats snake on the industry Scott Bessent thinks stablecoins could reach $2T The OCC says banks can provide crypto custody and execution Stripe is launching stablecoin financial accounts The SEC explores a sandbox for tokenized securities Tariff the L2s

Prime Minister Mostafa Madbouly stated that the fifth review of the IMF loan program will start within few days, according to local press.              Egypt is committed to paying USD725 million to the IMF during the current month of May, and USD962 million in June, after paying USD1.56 billion during 4M2025.The Madbouly government expects to raise USD4-5 bn from selling stakes in 11 state-owned companies during the fiscal year 2025-2026, as a part of its privatization program.The government is putting together new incentive criteria and additional benefits for automakers participating in the Automotive Industry Development Program in a bid to boost local component rates to 65% from 45%. The revised incentive framework introduces a new methodology for calculating local component requirements and value-added metrics. The framework will be presented to Prime Minister Moustafa Madbouly before being submitted to President Abdel Fattah El Sisi for final approval.The cabinet approved the official rollout of the Universal Health Ins. System in Aswan starting 1 July 2025. As part of the plan, non-emergency medical services will be suspended for uninsured individuals beginning 1 January 2026.Egyptian Prime Minister Mostafa Madbouly said that Egypt is negotiating with Saudi Arabia on joint projects with the Egyptian private sector across different sectors.Egypt and Greece signed a strategic partnership yesterday during President Abdel Fattah El Sisi's visit to the country, according to an Ittihadiya statement. The two sides also inked agreements to boost cooperation in a number of fields.The Madbouly government increased Exxon Mobil's production share from the Masry and Cairo offshore concessions to 40%, up from 15%. The government also extended the concessions' cost recovery period to seven years from five to encourage the company to increase its investments in Egypt's energy sector.Thirty Egyptian companies are considering establishing new factories in Morocco in the coming period, to boost joint investments between the two countries.The Federal Reserve held interest rates steady on Wednesday but said the risks of higher inflation and unemployment had risen, further clouding the economic outlook as the U.S. central bank grapples with the impact of Trump administration tariff policies.TMGH achieved impressive YTD sales of over EGP160.0 billion, up 127.0% y/y, driven by the launch of the second phase of SouthMed which generated sales of EGP70.0 billion in one day.AMOC released 3Q24/25 unaudited financial indicators. Net profit surged to EGP463 million (+18% YoY, +158% QoQ) in 3Q24/25. Over 9M24/25, net profit inclined 5% YoY to EGP1.1 billion. AMOC is currently trading at a FY24/25e PE of 10.7x.EGBE released key financial indicators with 1Q25 standalone bottom line recorded EGP781 million (+26% q/q, +45% y/y, and +14% higher than Al Ahly Pharos Estimates of EGP686 million). EGBE is currently trading at P/E25 of 2.6x and P/B25 of 0.6x. AGM approved the distribution of cash dividends of 0.59/share, which implies a payout ratio of 12% and DY of 3.7%.

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

A group of pro-crypto Senate Democrats said Saturday they would oppose GOP-led stablecoin legislation that some of them previously supported if it goes to the floor in its current form, a stunning twist that could jeopardize the bill's path forward.~This Episode is Sponsored By Coinbase~ Buy $50 & Get $50 for getting started on Coinbase➜ https://bit.ly/CBARRON00:00 Intro00:17 Sponsor: Coinbase00:40 Good week for stablecoins01:47 Dems reverse course03:00 Elizabeth Warren03:28 Sen. Warren calls Trump deal a “shady crypto deal”05:35 Parabolic07:00 Warren Buffet07:45 Top stables08:54 Trump: Crypto is important; if we don't, China will10:45 BTC reserve deadline11:09 Pectra in 2 days11:35 Memorial Day11:50 Tom Lee: News highs in 202513:45 Trump Tariffs14:14 Outro#Bitcoin #Crypto #Stablecoin~Major Crypto Catalyst Coming Sooner?

Tourist arrivals rose 25% y/y in 1Q25 to 3.9 million. Tourism minister expects the 5% y/y increase in 2024 to be followed by an 8% y/y increase in 2025.The House of Representatives will start discussing amendments to the Old Rent Law today.The IMF said in its latest Regional Economic Outlook that “economic activity is expected to pick up but remain modest” this year in Egypt.According to IMF data, public debt fell to 89% of GDP by the end of FY23/24, compared to 95.7% at the end of the previous year.Fitch Solutions expects Egypt's economic indicators to gradually improve during the period from the current fiscal year until 2027/2028.Net sales of government bonds and treasury bills by foreign investors amounted to approximately USD1.7 billion during the month of April 2025.President El Sisi has given the final approval for the revamped Labor Law.International oil companies Chevron, Shell, and Eni have submitted offers for exploration blocks in the Mediterranean.Eni plans to inject USD1 billion in new investments in the Zohr field.Japanese medical device manufacturer JMS, its local agent Interpharm, and the Egyptian Company for Medical Investments will establish a EGP1.4 billion factory for blood collection bags and tubes in Ain Sokhna's industrial zone.Chinese firm XinGaoyi Medical Equipment (XGY) and the Arab African Company for Medical Industries (AACMI) signed a partnership agreement to establish a factory to locally manufacture medical equipment.Chinese solar tech company TrinaSolar is looking to increase its solar panel sales in Egypt by 20% y/y in 2025 to reach USD600 million.CIEB 1Q25 consolidated bottom line recorded EGP1,869 million (-4% q/q, -18% y/y). CIEB is currently trading at P/E25 of 3.1x and P/B25 of 0.9x.SWDY will distribute cash dividends of EGP1.00/share on 15 May 2025 for shareholders on record on 12 May 2025 (DY 1%).The Ministry of Finance intends to unify the value-added tax rate on contracting activities at 14% instead of the 5% currently applied to supply and installation works combined. CIRA released its 2Q24/25 financial results, reporting a net profit of EGP226 million (+20.3% YoY, +26.8% QoQ). CIRA is currently trading at FY24/25f P/E of 29.6x and EV/EBITDA of 7.6x.GBCO plans to introduce three new models of the Chinese automotive brand, Changan, in the Egyptian market during 2H25.RMDA's general assembly approved cash dividends of EGP0.11/share to be distributed over two equal installments in June and November. The assembly also approved 0.3:1 bonus shares.ALCN released financial indicators showing 9M24/25 net profit of EGP5.4 billion, up 31.1% y/y.CCAP has contracted with independent financial advisor Graviton Financial Advisory for Securities to conduct a study of the fair value of the company's shares. Upon completion, the extraordinary general assembly will be invited to consider increasing the company's capital.

幻冬舎の暗号資産（仮想通貨）/ブロックチェーンなどweb3領域の専門メディア「あたらしい経済 www.neweconomy.jp/ 」がおくる、Podcast番組です。 ーーーーー 【番組スポンサー】 この番組は、モジュール型のイーサリアムL2チェーンを提供する次世代金融インフラ「Mantle」の提供でお届けします。 【Mantle】 Mantleは、モジュール型のイーサリアムL2チェーンを提供する次世代金融インフラ。Mantle Networkには、DeFi・ゲーム・NFTなど多数のDAppsが展開中。28億ドルを超えるDAOのトレジャリーが、Mantle NetworkやmETH Protocolをはじめ、多数のパートナーを支援しています。信頼、透明性、そして革新を携えたMantleと共に、次世代の経済に参加しませんか？ Web3/DeFiの未来を、Mantleと共に。 ーーーーー 【Mantle 関連リンク】 Website: https://www.mantle.xyz/ja Discord : https://discord.com/invite/0xmantle Twitter:https://x.com/0xmantlejp Medium :https://medium.com/0xmantle-jp TG: https://t.me/mantlenetwork/69759 Email: marketing@mantle.xyz ーーーーー 【紹介したニュース】 ・ストラテジー、暗号資産評価損で5四半期連続赤字。Q1は約6,000億円の純損失 ・トランプ一族企業のステーブルコイン、アブダビ政府系MGXがバイナンス出資に利用 ・米サークル「USDC」、「World Chain」にネイティブ対応へ ・Fireblocks、スイにネイティブ統合へ ・クラーケン、米先物プラットフォーム「NinjaTrader」の買収完了 ・米クラーケン、不審な応募者を北朝鮮ハッカーと特定、採用前に見抜く ・クウェート政府、暗号資産マイニング事業者を一斉摘発、電力危機の主因として ・21Shares、「スイ（SUI）現物ETF」を米SECに申請 ・TONとEthenaが提携、「USDe」がTelegram内で利用可能に ・ブラックロック、143億ドル規模の米国債ファンドでDLT株式を発行へ ・米SEC、PayPalのステーブルコイン「PYUSD」調査を終了 ・Kaia、グローバル主要ブロックチェーンVCからの戦略的投資完了 ・BitgetとAvalancheが提携、インドのWeb3エコシステム強化で ・イーサリアム開発者、ガスリミットを100倍に引き上げる「EIP9698」提案 【あたらしい経済関連リンク】 ニュースの詳細や、アーカイブやその他の記事はこちらから https://www.neweconomy.jp/

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

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

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Net foreign assets in Egypt's banking sector rose for a second month running, reaching USD10.2 billion in February, up 17.2% from January's USD8.7 billion surplus. A narrower deficit at commercial banks helped lift the sector's external position, with its net foreign asset deficit shrinking to USD1.9 billion in February from USD3.3 billion a month earlier.Egypt has received a USD1.2 billion disbursement from the IMF as the fourth tranche of its Extended Fund Facility (EFF) program, the Egyptian Cabinet announced.The Egyptian government paid USD800 million in arrears to foreign oil companies by the end of March, bringing the total amount of overdue payments to oil companies to USD6.3 billion since June.High-level Egyptian trade delegation will travel to Canada in mid-April as part of efforts to boost Canadian investment and trade with Egypt, Egyptian-Canadian Business Council head said.Eight OPEC+ countries agreed to raise oil production more than three times originally planned, according to a statement from the group, which includes oil producing giants Saudi Arabia and Russia.BINV's consolidated bottom line post minority recorded EGP1.5 billion (+2.87x y/y) in FY24.BINV's Board approved of a cash dividend distribution of EGP1.25/share amounting to EGP272.95 million, implying a payout ratio of 28.7% and a dividend yield of 5.4% to be ratified by the AGM.Bedaya Mortgage Finance, a subsidiary of HRHO, has closed a EGP1.6 billion securitized bond issuance.United Bank's AGM approved the distribution of cash dividends of EGP825 million to shareholders, which is EGP0.75/share, implying a dividend yield of 5.3%, to be distributed within three months. According to AMIC, auto sales rose 4.3% MoM in February to 10.6k units, up slightly from 10.1k units in January. The figure marks a modest rebound from last month's 22.0% drop. ABUK appointed Hany Dahy as the company's Chairman and Managing Director. 

In this episode we look at the Trump family and their dealings in crypto.  From World Liberty Financial to USD1 the Donald is all in on crypto. More at dogmadebate.com

Today's Headlines: "Group Chatgate" just got even messier—The Atlantic dropped more screenshots proving top U.S. officials were sharing classified military plans in a massive Signal chat, despite their sworn Senate testimony denying it. Now, a top GOP senator is demanding an urgent investigation. Meanwhile, a German news outlet revealed that Tulsi Gabbard, Pete Hegseth, and Mike Waltz's personal emails, phone numbers, and even passwords were easily found online—linked to everything from LinkedIn to their workout apps. Over at the Supreme Court, justices voted 7-2 to uphold Biden-era ghost gun regulations, a major win for law enforcement as crime scenes flooded with untraceable firearms in recent years. In the finance world, Trump's family-backed World Liberty Financial just launched its own stablecoin, USD1, pegged to the U.S. dollar. Fidelity is also jumping into the stablecoin game, currently testing its own version to act as cash in crypto markets. And finally, here's a headline nobody expected. Napster, the once-infamous music piracy platform just sold for $207 million and is being transformed into a streaming and social music platform.  Resources/Articles mentioned in this episode: The Atlantic: Here Are the Attack Plans That Trump's Advisers Shared on Signal  CBS News: GOP Sen. Roger Wicker wants expedited watchdog investigation into Signal chat leak  Medite: REPORT: Passwords of Top U.S. Security Officials Found Online – Hegseth, Gabbard, Waltz Among Those Affected  AP News: Supreme Court upholds Biden rule requiring serial numbers and background checks for ghost guns  CNBC: Trump-backed crypto bank joins stablecoin wars with new dollar-pegged token  FT: Fidelity plans to launch stablecoin in digital assets push  AP News: Napster sold to tech commerce company for $207 million Morning Announcements is produced by Sami Sage alongside Bridget Schwartz and edited by Grace Hernandez-Johnson Learn more about your ad choices. Visit megaphone.fm/adchoices

Bitcoin is down half a percent at $87,901 Eth is down half a percent at $2,066 XRP, is down half a percent at $2.45 World Liberty Financial launching USD1 stablecoin Learn more about your ad choices. Visit megaphone.fm/adchoices

Celo completes its migration to an OP Stack L2. Custodia Bank issues a USD-pegged stablecoin. World Liberty Financial announces its USD1 stablecoin. And Shape L2 pledges 1% of its tokens to Protocol Guild. Read more: https://ethdaily.io/672

*Key news articles for today*The International Finance Corporation (IFC) unveiled the list of 11 Egyptian airports slated for development through public-private partnerships (PPP).China's Wu'an Xin Feng signed the contract for its USD1.7 bn integrated metal industries complex in the Ain Sokhna industrial zone with the government yesterday. The Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera) has temporarily halted the acceptance of requests to connect solar power plants to the grid until a regulatory framework for net metering and solar self-consumption is finalized.The House of Representatives approved a grant from the Japanese government worth JPY500 million (USD3.3 million) to the Ministry of Agriculture.Local fertilizer player Agro TH plans to establish its second factory in Sadat City in partnership with an Omani investor with an estimated investment of EGP5 bn.Local home appliances manufacturer Royal Home plans to list 20% of its shares on the EGX within the next 18 months.Instapay transfer fees come into effect on Tuesday, 1 April. Transfers will be subject to a 0.1% fee, ranging from EGP0.50 and EGP20 per transaction.ORAS 4Q24 consolidated net income attributable to shareholders decreased 29.2% YoY to USD31.0 million and adjusted net income attributable to shareholders increased 0.4% YoY to USD117.3 million in FY24. ORAS is currently trading at FY25e PE of 4.9x.JUFO reported 4Q24 attributable net profit of EGP298 million (+108.4% YoY, -69.0% QoQ). FY24 attributable net profit recorded EGP2,735 million (+167.9% YoY), missing our estimates of EGP2,969 million. JUFO is currently trading at FY25f P/E of 8.7x.TMGH and Alameda Healthcare signed a partnership agreement to build a 200-bed hospital in TMGH's Madinaty, with investments of EGP5.0 billion.HELI expects its revenue to reach EGP300.0 billion in ten years.EGCH obtained an EGP10 billion credit facility, from a consortium of 6 banks, to finance the company's nitric acid and ammonium nitrate project. The facility is distributed USD93 million in foreign currency and EGP5 billion in local currency.CIEB Annual General Meeting (AGM) has approved the distribution of cash dividends amounting to EGP3.2 per share, reflecting a payout ratio of 50%. The distribution date is set for April 17, and the record date is April 14.COMI has announced cash dividends of EGP2.50 per share. The distribution date is set for April 10, with a record date of April 7. BTFH announced that the coverage rate for the first phase of the company's capital increase subscription reached 92.11% amounting to 4.95 billion shares. ValU plans to issue securitized bonds worth EGP1 billion during the second quarter of this year.ETEL's assembly approved distributing cash dividends of EGP1.50/share, implying a DPO of 25.4% and a DY of 4.1%.Hilton will set up Africa's first Signia Hotel and Signia Residence in West Cairo's Skywalk. The 200-key hotel will include build on 5k sqm space.The Holding Company for Tourism and Hotels is working on adding 3k keys to its portfolio within the coming three years. 

Pirelli, resa dei conti con il socio cinese Sinochem; Banco Bpm, stallo Unicredit-Credit Agricole; Prysmian scommette sugli Usa con una maxi-acquisizione; GameStop punta su Bitcoin, Trump pronto a lanciare USD1; -7 giorni al 2 aprile, mercati scommettono su dazi più light. Puntata a cura di Elisa Piazza - Class CNBC Learn more about your ad choices. Visit megaphone.fm/adchoices

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

Indian chemicals producer TCI Sanmar has plans to invest an additional USD300 million into its Egypt operations.Feedgas deliveries to the Damietta and Idku liquefaction plants have been recently increasing, with unnamed sources telling Bloomberg that Egypt could export its first LNG shipment from Idku within a year.A delegation from the Investment Ministry will meet with EU representatives to discuss the EU's recently announced temporary 15.6% dumping duties on Egyptian steel exports.The Ministry of Finance has completed preparations for a amendments of the Value Added Tax Law, in preparation for submission to the Cabinet. Egypt has contracted with BP to import two shipments of liquefied natural gas during current March.Supermarket giant Lulu Group International is looking to expand in Egypt. The Ministry of Investment and Foreign Trade has approved import shipments by some car dealers, after a three-year hiatus. Local renewables player IRSC signed a 30-year Power Purchase Agreement with ARCC to supply it with clean, reliable electricity generated from renewable sources. SWDY increased its stake in subsidiaries Pyramids for Industrial Development (PID) and Pyramids Zona Franca (PZF) with total value of EGP1.15 billion.CANA AGM approved the distribution of 0.54:1 bonus shares.ATLC received FRA approval to increase the company's paid-in capital by EGP441.3 million through rights issue.GBCO's venture capital arm, GB Ventures, plans to invest up to USD1 million in three to five startups this year as part of its expansion plan across the Middle East and Africa. 

*Key news articles for today*Egypt's fourth loan-review showed that more needs to be done on the structural reform agenda. “Progress with the implementation of the structural reform agenda was mixed, with notable delays on critical reforms related to divestment and leveling the playing field,” the IMF said in a statement after its Executive Board completed the fourth review.The IMF also approved the Request for an Arrangement Under the Resilience and Sustainability Facility. The USD1.3 bn in funds are set to be directed towards climate-related projects in Egypt, namely ones that pertain to the expansion of renewable energy, emission reduction, water, and combating desertification.The government is working on a package of incentives for listing on the stock exchange in an effort to stimulate government offerings and encourage private listings on the EGX. Incentives include reduced taxation on first-time listings.The move to reinstate a 0.15% stamp tax on all EGX transactions as a simpler alternative to the capital gains tax is currently in its final stages before cabinet approval, after which it will be referred to the House. The tax would apply to both resident and non-resident investors.The government is exploring the possibility of leasing a German LNG regasification vessel, with a delegation of Egyptian experts expected to visit Germany by the end of this month to finalize the terms of the potential agreement, the Oil Ministry said.The Houthis are once again targeting Israeli-linked vessels crossing the Red Sea, according to the group's spokesman.The General Authority for Investment and Free Zones intends to launch new public free zones specializing in the spinning and textile industries, engineering and chemical industries. This is part of the government's strategy to boost productivity and attract more investment, in a move aimed at raising Egyptian exports to USD145 billion by 2030.OCDI's fully-owned subsidiary, Tabrouk for Development, signed a EGP2.5 billion bridge loan facility to partially finance development costs in the June project on the North Coast.HRHO completes its advisory services on the IPO of Alpha Data on the Abu Dhabi Securities Exchange with a value of USD163 million. 

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

The IMF is set to sign off on Egypt's fourth review of its USD8 billion loan program when the Fund's Executive Board meets tomorrow, giving the final greenlight for a USD1.2 billion tranche. A further USD1.3 billion could also be on the table, with the Fund set to discuss approving the funds under the Resilience and Sustainability Facility. France, Germany, Italy, and the UK voiced their support for Egypt's USD53 billion, five-year plan to reconstruct Gaza, their foreign ministries said in a joint statement.The government will release the conditions booklet for its Ministries Square privatization offerings to private sector suitors in the next two months.French concessions and construction company Vinci has expressed its interest in managing and operating Egyptian airports as part of the government's airport privatization push.The Egyptian-Moroccan Business Council has launched an interactive digital platform to connect investors from the two countries and boost cross-border trade. Shell and its partners withdrew from their two Egyptian Red Sea exploration blocks, which they were awarded in 2019.Three Romanian firms want a piece of the 13 oil and gas exploration blocks across the Mediterranean and Gulf of Suez the Oil Ministry is offering to investors.Agiba, a JV between energy giant Eni subsidiary IEOC and the Egyptian General Petroleum Corporation (EGPC), has successfully expedited the development of the Iris field in the Western DesertBP finished drilling at the El Fayoum-5 gas well in its North Alexandria Offshore Concession.Government sources revealed preparations for the electricity interconnection project between Egypt and Greece before 2H25 end, targeting to obtain a grant and soft financing worth EUR1 billion.PHDC (FV: EGP8.97, OW) achieved stellar FY24 results. Net profit in 4Q24 rose 69.6% y/y and 39.1% q/q to EGP902.3 million, taking FY24 net profit up 105.8% y/y to EGP3.3 billion. SWDY will build a USD500 million subsea cable factory in the newly-announced zone in Dameitta Port. ESRS repurchased, in the second phase, EGP1.0 billion worth of shares from shareholders opposed to the group's voluntary EGX delisting. HRHO's non-bank financial services arm EFG Finance is offloading its 51% stake in PayTabs Egypt for an undisclosed sum.According to AMIC, auto sales in January fell 22% MoM to 10.1k units, down from December's high of 13k units and increased by 61.4% YoY.

Remittances from Egyptians abroad jumped 51.3% y-o-y in 2024, reaching USD29.6 bn.Home appliance maker Electrolux has decided to stay in the Egyptian market, scrapping plans to sell its local operations after a final review.Chinese appliance manufacturer Haier plans to inject USD500 mn over the next five years to expand its industrial complex in Tenth of Ramadan to increase its production capacity 5x.Cheiron Energy plans to increase its oil and gas output by 33% by the end of 2025, bringing output to 160k barrels of oil and gas equivalent per day.TMGH (FV: EGP75.00, OW) achieved strong 4Q24 results. Net profit in 4Q24 increased 595.0% y/y and 77.8% q/q to EGP4.4 billion, taking FY24 net profit up 223.6% y/y to EGP10.7 billion. The Board of Directors proposed the distribution of cash dividends of EGP0.25/share, implying a payout ratio of 4.8% and dividend yield of 0.5%.ORAS (FV: EGP425, OW) announces that it will build the new “Campus 2026” expansion of The American University in Cairo (AUC), Egypt. CCAP inaugurated a new herb drying facility for its subsidiary Dina Farms, completing the EGP400 million first phase of the project. CCAP also inaugurated a new EGP27 million production line for glass wool pipe insulation at Glass Rock Insulation, a subsidiary of CCAP's ASCOM. Both facilities are expected to add USD40 million to export revenues. The company's export revenues reached USD47.7 million in 9M24.The monthly supply rates of fertilizers to the Agricultural Credit Association have decreased to 130k tons, compared to 150k tons in the last months of 2024, due to a decline in gas supply to the production companies dealing with the association.ETRS approved the capital increase of its subsidiary Egytrans automotive solutions to USD1.5 million from USD200 thousand.

The MPC is scheduled to meet today to decide on policy rates. We believe the CBE might prefer to cut rates by 100-150 bps in its meeting today.Moody's kept Egypt's outlook positive and affirmed its Caa1 rating. UK-based Shard Capital and Saudi Arabia-based Alqahtani Holding inked a framework agreement for a USD7 billion petrochemical production complex in New Alamein with the Oil Ministry-backed Egyptian Petrochemicals Holding Company and the Investment Ministry. The reconstruction of Gaza can be completed in three years, Prime Minister Moustafa Madbouly said during his weekly presser yesterday. Egypt paid another USD1 billion arrears to foreign oil companies yesterday, according to an official..The Ministry of Petroleum plans to increase Egypt's oil production by 8% during the next fiscal year 2025-2026 to reach 485k barrels per day.The Egyptian General Petroleum Corporation (EGPC) inked updated agreements with US-based IPR Energy and Tunisian oil and gas firm HBS International worth a combined USD13.5 million.The Egyptian government allowed the Cheiron Energy company, owned by businessman Salah Diab, to export about 550k barrels of crude oil last January, in exchange for part of its overdue dues to the EGPC.COMI's BoD proposed to distribute cash dividends of EGP2.50/share.ATLC released positive FY24 financial results: 4Q24 bottom line recorded EGP108 million (3.2x y/y, 2.2x q/q), bringing FY24 net profit to EGP216 million (+26% y/y). We have updated our FV for ATLC from EGP5.17/share to EGP6.66/share.  ATLC is currently trading at P/E25 of 3.1x and P/B25 of 0.9x. TMGH achieved FY24 sales, including sales made for third parties, of EGP504 billion, up 252.9% y/y.MFPC signed a cooperation agreement and an MoU with Germany's ThyssenKrupp to develop a USD220 million carbon capture project, the first of its kind in Africa and the Middle East.The EGX's listing committee approved ESRS request to delist its 542 million shares from the bourse.

IMF boss confirmed that the Fund will continue to support the Egyptian economy as it carries out reforms. The government will pay out USD1 billion of arrears owed to foreign energy companies early next month.The Emirati company Dana Gas will resume its drilling activities in Egypt starting next March, after receiving part of its overdue dues from the Egyptian Petroleum Authority.BP kicked off production from the second development phase of its Raven natural gas field in its North Alexandria offshore concession. The Arab Organization for Industrialization is in talks with Emirati investors to set up three new factories in Egypt. The planned facilities will specialize in car tires, MDF wood from palm tree fronds, and advanced defense manufacturing.A number of tax facilities regarding SMEs, simplifying tax procedures, and settling disputes will take effect in March.EAST released outstanding 1H24/25 financial results. 1H24/25 net profit recorded EGP5,382 million (+85.8% YoY). EAST is currently trading at FY24/25f P/E of 6.8x and EV/EBITDA of 6.1x.AMOC released 2Q24/25 full financial results. Net profit dropped 35% YoY (-68% QoQ) to EGP148 million. Net profit declined 5% YoY to EGP610 million in 1H24/25. AMOC is currently trading at a FY24/25e PE of 4.3x and EV/EBITDA of 2.1x.MASR achieved strong FY24 sales of EGP46.1 billion, up 54.2% y/y, implying 4Q24 sales of EGP13.4 billion, down 10.8% y/y and up 13.7% q/q.EGAL is studying establishing a new 600k ton aluminum plant with no further details announced. SWDY's Chairman expects the company to start supplying building materials to Ras Al Hekma project in North Coast in two months. SWDY is also eyeing an entrance into Brazil and India as part of its expansion plan.CLHO announced the execution of an agreement to extend Cleopatra October (Haven) Hospital through a Build-to-Suit lease to add approximately 200 beds to the existing hospital. The expansion is expected to increase the hospital's total capacity to up to 300 beds by 2026. CIRA Education will submit a mandatory tender offer (MTO) to up its stake in Cairo for Educational services (CAED) to up to 90% from the current 69.4%. CIRA is looking to acquirean additional 20.6% of its subsidiary at an initial share price of EGP30.Weekly Commodities Update 

*Key news articles for today* Egypt plans to “present a comprehensive vision for the reconstruction of the Gaza Strip in a manner that ensures the Palestinian people remain in their homeland and aligns with their legitimate and legal rights.Two consortiums of international energy players are set to invest a total of USD130 million over the next five to eight years in drilling 10 oil and gas exploration wells in East Port Said and the Western Desert.US oil producer Apache is set to kick off a USD60 million drilling program in its Western Desert blocks in March as it looks to ramp up natural gas production by a daily 80 million cubic feet. The project is reportedly part of a wider five-year plan by the company to invest USD3.5 billion in exploration, research, and production in the Western Desert.Spanish medical consultancy WHM is looking into setting up a USD1.8 billion healthcare data center in Egypt through a consortium of investors and in partnership with the CIT Ministry. The Suez Canal's EGP9 billion southern expansion has been completed. The 10 km expansion will improve navigation through the canal by 28%.Egypt is moving forward with plans to set up two industrial zones in Libya with investments of USD250 million, with 22 local players have already expressed interest in setting up shop in the new zones and more are expected to follow in their footsteps.The government plans to increase domestic wheat purchases from farmers by around 11% y-o-y to 4 million tons during the harvest season starting mid-April.The House of Representatives approved the agreement concluded between the Egyptian government and the French Development Agency, providing a loan worth EUR70 million and a grant of EUR800k for the project to establish the Al-Rubiki - 10th of Ramadan – Belbeis railway.Sky Tower for Real Estate Development, in which EMFD holds a stake, signed a partnership agreement with Golden Coast for Hotels, Resorts, and Entertainment Projects to develop a fully-integrated tourism project on the Red Sea.BTFH signed a share purchase agreement to acquire a majority stake in Baobab Group.FRA issued new regulations on insurance companies' investments, giving them sixmonths to meet the new requirements. •             They will need to invest at least 5% of their free funds in open-ended funds that invest in EGX-listed equities. •             They will also invest at least 2.5% of their paid-up capital in open-ended funds that invest in EGX-listed stocks.•             New investments cannot exceed 30% of their total funds allocated for investment.  •             Personal insurance companies can invest up to 10% of their investment-allocated funds in real estate investment funds.

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

Kuwait's 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.

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

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

Prime Minister Madbouly announced the formation of six advisory committees that will ensure continued and deepened communication between policymakers and the private sector as the state pushes its reform drive into the new year. French energy company TotalEnergies and Italian energy giant Eni and the Madbouly government will next month ink agreements to transport Cypriot gas to Egypt to be liquefied and exported. AD Ports inked an MoU with the Transport Ministry to explore joint development and operations of a 1.1 sq km integrated logistics park in Alexandria Port.Egypt plans to host a US economic forum in May, Foreign Minister said. A French trade mission will visit Egypt in May to explore potential investments in the local market.Manufacturing, tourism, and CIT sectors were among the biggest contributors in GDP growth in 1Q 2024-2025, which recorded about 3.5%, up from 2.4% in 4Q FY 2023-2024. MPs are reconvening today after a two-week break to discuss and vote on three draft tax-related laws.The Ministry of Finance is looking into swapping debt for assets and investments with several international parties and institutions, in both clean energy and human development.Foreign investments, including Arabs, through the secondary market exceeded a net purchase of about USD2.57 billion in 20 business days from December 29 to January 23.The Financial Regulatory Authority (FRA) has amended the rules governing private insurance funds and the caps on their investments in a move aimed at helping them diversify their investment portfolios. The decision allows private insurance funds that operate defined benefit pension plans to invest up to 10% of their total assets in metal-related funds or instruments traded on the EGX.SKPC released 4Q24 financial indicators. Net profit increased by 1% YoY (-2% QoQ) to EGP650 million during 4Q24. Full year net profit increased by 3% YoY to EGP2.5 billion in 2024. SKPC is currently trading at a 2025e PE of 6.3x and EV/EBITDA of 5.8x.The FRA Grievance Committee reviewed the complaint from Ahmed Ezz, the main shareholder in ESRS, regarding the exclusion of his shares and the shares of related parties from voting on the general assembly's decisions related to the delisting of the stock from EGX. The committee accepted the grievance for review but ultimately rejected it on substantive grounds. Egyptian contractors, including ORAS, SWDY's Rowad, and Hassan Allam, are close to wrapping up one of Libya's mega infrastructure projects, with investments of USD1 billion, according to local media. 

Egypt plans to issue USD1-1.5 billion worth of eurobonds or green bonds in international markets as soon as next month, followed by an issuance of sovereign sukuk, to take advantage of rising investor interest in Egyptian debt, a senior government official said.The African Development Bank (AfDB) has approved a USD170 million loan to Egypt to foster private sector development and green growth, the lender said in a statement. The funds will help support the FY2024-25 budget with the aim of boosting private investment and creating jobs, namely to women and the youth.The Financial Regulatory Authority has increased the minimum value of unlisted securities ownership transfers requiring approval to EGP60 million, up from EGP20 million currently, according to an authority statement. Transactions below this threshold will follow standard announcement procedures.SUGR released FY24 financial indicators, reporting 4Q24 net profit of EGP286 million (+52.9% YoY, +795.6% QoQ) with NPM of 12% (-0.8pps YoY, +9.3pps QoQ). This brought FY24 net profit to EGP1,258 million (-20.9% YoY) with NPM of 26.7% (+4.1pps YoY). SUGR is currently trading at 2025f P/E of 5.1x and EV/EBITDA of 5.9x.According to local media, HELI's co-development projects with MASR and Middle East for Real Estate Development and Investment are expected to be launched in 2025. Real estate investment firm, Bonyan, has secured EGX approval to list its shares on the EGX under the ticker BONY.CA. The company is planning to list on the EGX in 1H25.Shell will start drilling three new gas wells in the West Delta region within days. The new wells, which will see USD230 million in investments, will add 150 million cubic feet of gas per day to Shell's local natural gas production by year-end.Suez Methanol Derivatives Company plans to start operations of the methanol derivatives project inside Damietta port during 2H25. The project's investment cost could reach USD122 million.OFH, Orascom Financial Holding, changed its name to O B Financial Holding after B investments acquired 70% of the company through a share swap. OFH approved canceling treasury shares, thereby decreasing paid in capital to EGP1.464 billion.Local e-payments firm and payment cards manufacturer Masria Digital Payments launched operations in Libya after migrating card processing for North African Bank, which hosts 61 branches in Libya, to its platform. The company is also exploring opportunities to support additional financial institutions in Libya as part of its strategy to grow its regional footprint.

*Key news articles for today*The Minister of Planning expects the agreement with the European Union to grant Egypt EUR4 billion in funding next June to support the budget as part of the structural reform program for the economy.Egypt's USD bonds were among the emerging markets' top gainers following Trump's return to the White House and the Gaza ceasefire. The government cleared up USD1 bn in arrears owed to foreign oil companies in the first week of January. A new schedule to settle the accumulated USD6.5 bn in arrears had been agreed on with companies, with repayments set to run from next month until June 2025.The Suez Canal is preparing to receive the navigation services of major shipping lines, as it is expected to benefit from the ceasefire agreement in the Gaza Strip. The Houthis have announced a halt to attacks on American and British ships in the Red Sea region, after the Gaza truce agreement came into effect.State-owned Arab Organization for Industrialization's (AOI) joint solar panel manufacturing project with Sweden's Sunshine Pro is set to be operational in July of this year and have a production capacity of 1 GW of panels by July 2026, AOI's Arab Renewable Energy Company Executive Director said. The project is expected to cost somewhere between USD200-300 mn.Over 12k medical tourists from 50 different countries visited Egypt for treatment in 2024, an increase of 200% y-o-y, the Egyptian Healthcare Authority said.The government targets proceeds of EGP250 million to EGP350 million from the offering of Misr Pharmaceuticals Company during 1H25. Sources told local press that the government intends to offer a 25% to 30% stake in the company, in addition to offering the same stake in Seed Pharma.OLFI Net profit recorded EGP279 million in 4Q24 (+70.9% YoY, -6.8% QoQ). In FY24, net profit recorded EGP1,000 million (+112.5% YoY). OLFI is currently trading at FY25f P/E of 7.4x.BoD proposed cash dividend distribution of EGP2.0/ share implying payout ratio of 80% and dividends yield of 10.4%.EGBE 4Q24 stand-alone bottom line recorded EGP620 million (-11% q/q, +69% y/y), bringing FY24 bottom line to EGP2,550 million (+80% y/y, and 18% higher than Al Ahly Pharos estimates). BoD proposed increasing the paid-in capital by EGP550.55 million through bonus shares and proposed cash dividends distribution of EGP0.99/per share.Ministry of Environment assigned cement companies to expand in establishing waste recycling plants to produce alternative fuel (RDF), with five cement players have committed to fund 13 plants throughout 2025.

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

The CBE has released the Balance of Payment (BoP)'s performance report for 1QFY2024/25. The overall BoP recorded a deficit of USD991.2 million 1QFY 2024/25, as opposed to a surplus of c. USD230 million in the comparable period in the previous year. The current account deficit has surged by 110.5% YoY to USD5.9 billion in 1QFY2024/25 up from a deficit of 2.8 billion in 1QFY 2023/24, mainly fueled by a record-high trade deficit at USD14 billion, the highest trade deficit for a single quarter on our records which go back to 2001.The IMF and the WB have slashed Egypt's growth forecast for the current fiscal year and the upcoming fiscal year in their respective outlooks. The IMF now sees the economy growing at a 3.6% clip during the current fiscal year, down 0.5 percentage points from previous forecasts. The World Bank slashed this fiscal year's growth forecast by 0.7 percentage points to 3.5%.The Cabinet approved the EGP30 billion initiative to support companies in priority industrial sectors during its weekly meeting last week. Egypt imported a record 981 mn cfd of natural gas from Israel last year, up 18.2% y-o-y, according to a report from industry publication Mees. Agricultural exports were up 15% y-o-y in 2024, increasing by 1.1 million tons on the year before to come in at 8.6 million tons, Agriculture Minister Alaa Farouk said.Egypt's 5-year CDS rates slid down to 5.35% from 5.96% on 14 January on the declaration of Gaza ceasefire agreement, as, if maintained, it is expected to have positive effect on external finances, including Suez Canal revenues as well as tourism in Sinai.The Ministry of Planning signed the terms of the executive agreement for the soft loan from Japan worth USD230 million to support the budget, empower the private sector, and diversify the economy.French yeast producer Lesaffre Egypt will receive the golden license for its EUR120 million yeast production and packaging facility to be set up in Beheria.Finnish food packaging manufacturer Huhtamaki secured the golden license for its EGP1.5 billion factory.EGCH inked a seven-year agreement with Saudi capital-backed Al Sharq Real Investment, under which the latter will operate and maintain an electric arc furnace for silico-manganese alloys production. ABUK's BoD approved proceeding with the second phase of the company's solar energy project and starting the procedures for tendering the installation of new solar energy stations in several locations within the company with a capacity of 2.5 to 3 MWp.The National Investment Bank is targeting to sell its 30% stake in Alamal Alsharif Plastics after listing the company's shares on EGX.Oil and gas companies have drilled 105 wells over the past six months. These wells — 95 oil and 10 natural gas — have added 63.7k bpd of oil and 271 million cfd of natural gas to the country's daily local energy production, which will help the state save some USD1.5 billion in oil imports. Prime Minister expects Egypt to get back to importing natural gas by 2027.Chevron plans to invest USD150 million to drill a second exploratory well in the Mediterranean's Nargis gas field next month. The company will get started on drilling the second well after completing and sealing the first well. Gas production is expected by late 2026.EFID acquired 49% of Baghdad-based snack maker Tuama Jebur Abbas (TJA) for USD8 million through a capital increase. The acquisition includes a factory equipped with three production lines, two for cakes and one for biscuits. This marks EFID's first entry into the Iraqi market, with plans to invest around USD27 million over the next three years.Social Impact Capital's acquisition of CIRA nears its close with 96.5% of targeted shares responding to the offer.

Organi Group is going to increasingly focus on expanding its presence in the automotive and tourism sectors over the next five years and invest USD1 bn in the two sectors by 2030. The Egyptian National Railways (ENR) has partnered with Italian rail construction and maintenance firm Salcef Group to form a new joint venture, Salcef Track, that will oversee the development, renewal, and maintenance of Egypt's railway infrastructure over the next 25 years.ExxonMobil Corporation announced a new discovery of natural gas off the coast of Egypt in the Mediterranean Sea.Katia & Bony, a Turkish textile firms whose parent company Bonysocks exports to global brands like H&M and Carrefour, will be launching sock manufacturing operations in Egypt with investments of USD50 mn. Ahmed Ezz, the main shareholder in ESRS, submitted a request to appeal against the exclusion of his shares and the shares of related parties from voting on the general assembly's decisions related to the delisting of the stock from EGX. The result of the complaint will be announced on 22 January 2025. ESRS decided to self-finance the markup in the delisting price from the previously offered price of EGP120.00/share and the IFA fair value of EGP138.15/share.  FRA is currently studying a new regulatory framework that would govern fractional investments in the real estate sector, with the authority currently in talks with real estate developers interested in adopting the approach.MASR signed a partnership with GTCI to construct energy and infrastructure projects worth more than EGP263 million in Taj City.Hazem Helal has been appointed CEO of O West, Makadi Heights, and Byoum by ORHD.

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

Banque Misr is preparing to appoint an advisor for the offering of its subsidiary Banque du Caire. Emirates NBD is reportedly considering the acquisition of a controlling stake in BdC, as the bank is currently in the final stages of due diligence with the acquisition expected to go through in 1Q 2025.The government has its sights set on tackling the backlog of dues owed to exporters, with the Finance Ministry and the Investment Ministry announced a new mechanism to clear EGP60 bn in overdue payments to exporters.Sisi and his Greek counterpart discussed the two sides' joint economic projects, including the 3-GW Greece-Egypt Interconnector (GREGY) led by Greek contractor Copelouzos Group and expanding regional energy cooperation. Prime Minister revealed the government's intention to announce new companies to be offered to the private sector during the current year, in addition to the 10 companies that were announced earlier.A government official revealed that Egypt has saved USD1 billion during the last quarter of 2024 compared to the previous year in the consumption of fuel used in generating electricity. Eni is working on increasing Zohr field production through operations in two to three wells with investments ranging from USD60-90 million, during the current year. The health of Egypt's banking sector continued to improve throughout 9M2024, with the sector's capital adequacy ratio (CAR) increasing 0.5 percentage points from the end of 2023 to clock in at 19.1% by the end of 3Q2024.HRHO announced the successful completion of its advisory role in the initial public offering (IPO) of 30% of the issued capital of Nice One Beauty.HRHO aims to inject new financing worth EGP5 billion during this year, including EGP2 billion in the first quarter, distributed between financial leasing and factoring activities.

*Key news articles for today*Net foreign assets in Egypt's banking sector (including CBE) dropped to USD5.96 bn in November, down from USD9.2 bn in October, marking a sharper monthly decline of 35.2%. This is the second consecutive monthly drop as pressure on foreign currency resources increases. This decline was attributed to the worsening deficit in the net foreign assets of commercial banks. Egypt's PMI fell to 48.1 in December, down from 49.2 in November, marking the sharpest decline in business conditions since April, as rising input costs and subdued demand weighed heavily on activity, with a deterioration in output and new order volumes.Net foreign reserves came in at USD47.1 bn at the end of December 2024, marking an increase of USD157 mn from November, with higher foreign currencies and lower value of gold component.Non-oil exports passed the USD40 bn mark for the first time ever in 2024, marking an at least a 16% increase on the year before, according to an Investment Ministry statement.Egypt will save around USD1.5 bn annually on energy imports starting this year, with increasing local production to help reduce the country's reliance on imports, according to a cabinet statement that quotes Oil Minister Karim Badawi.U.S. President Joe Biden's administration will divert USD95 million in military aid allocated for Egypt to Lebanon.The Transport Ministry's Public Authority for Land and Dry Ports inked a more final agreement with Medlog, to develop a dry port and logistics hub in the Tenth of Ramadan City under a public-private partnership. The project will be set up with investments amounting to USD130 mn, with infrastructure work on the project to begin this month.Financial Regulatory Authority greenlit an amendment to lower the age individuals can trade in EGX-listed securities to 15, down from 16 currently, the authority announced in a statement.Egyptian expats will be able to choose from 3k plots of land across the country on 14 January to build a home in the country, the Housing Ministry said in a statement. Plots of land will be offered up online from the Beit Al Watan project in 13 cities.The Ministry of Finance has hedged against the risk of a rise in the prices of half of the imported petroleum products during the current fiscal year 2024-2025, according to government sources.Egypt and Jordan have agreed on the details of using two gasification ships to receive gas shipments in the coming period.The American company 500 Global has allocated USD10 million to invest in Egyptian startups during the current year.Beltone Financial Holding is negotiating with a banking alliance led by Mashreq Bank and a number of banks to borrow about EGP500 mn, in addition to the capital increase that the company seeks to complete in the coming period.Cement and ceramic companies are boosting production to supply Syria's expected reconstruction needs, according to local press.SKPC plans to establish a hydrogen-based power station during 2025, with a capacity of 14 MW and investments worth USD16 mn and will use the hydrogen produced internally. According to source, the company is currently implementing a power station with a capacity of 14 MW, which will be operating by 1H25, after which the company will start implementing the new project before the end of 2025. 

Net foreign assets of the CBE increased by USD1.17 billion in November to record USD11.8 billion, compared to USD10.64 billion in October.Egypt has trimmed its fuel consumption 6% to 171 grams per kWh over the past few months. The reduction in demand is saving the country some EGP1.2 bn monthly.The Ministry of Finance aims to reduce the external debt of the budget agencies by about USD1 billion during the remainder of the current fiscal year, to record USD77 billion dollars by the end of the current fiscal year, compared to USD79 billion at the end of June 2024.Egypt will host the Egyptian-US Investment Forum in 1H2025 to promote American investment in Egypt, according to a cabinet statement. “We aim to have Egypt rank among the top 20 countries in terms of foreign trade by 2030 through introducing clearcut measures that will help boost exports to above USD145 bn,” Investment Minister said while outlining his ministry's vision to MPs. The government is set to launch a EUR271 mn green industry program in 1Q2025 to support the industrial sector and help it cut back on carbon emissions with low-interest financing.Egypt and Sudan inked an agreement to study setting up a rail link between them with KWD750k (c. USD2.4 mn) in funding from the Kuwait Fund for Arab Economic Development.The Madbouly government is looking into launching a new initiative to support investors looking to set up new hotels in the local market.SIC's mandatory tender offer for CIRA, priced at EGP15 per share, will be valid from December 18, 2024, to January 16, 2025. According to local media, CIRA has announced plans to inject new investments, totaling EGP1 billion over the next two years. These investments will be directed towards launching the first phase of Damietta University and the Swiss School which is a project developed in partnership with Ahly CIRA and MASR.CIRA revealed its intention to issue a new tranche of its sukuk financing program worth EGP500 million in the coming days. Egypt ceramics exports declined by 19% YoY to USD93 million in the first 10 months of 2024. Orascom Development Holding AG (ODH) announces that LPSO Holding Ltd. launched a voluntary public tender offer for all publicly held registered shares of ODH. LPSO is the primary holding company of the Sawiris family, the majority shareholder group of ODH who already holds in aggregate 77.50% of the registered shares of ODH.EDA's chairman held a meeting with Saudi Industry Minister to study cooperation opportunities related to localizing pharmaceuticals' APIs production.Eva Pharma has started producing and selling locally manufactured insulin glargine in collaboration with US-based Eli Lilly for the first time in the country. The Egyptian Natural Gas Holding Company (EGAS) has signed an agreement with BP and Shell to begin production from the offshore Harmattan gas field in the Mediterranean by 1Q26, Asharq Business reports. Halliburton is mulling more investment in the Egyptian market, the company's President Eastern Hemisphere Shannon Slocum said during a meeting with Oil Minister Karim BadawiBTFH's subsidiary Beltone Leasing and Factoring has inked an EGP350 million sale and leaseback agreement with SEKEM Group.

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

Annual headline urban inflation declined to 25.5% in November from 26.5% in October. Monthly headline urban inflation declined to 0.5% in November 2024 from 1.3% in November 2023 and 1.1% in October 2024.Annual core inflation declined to 23.7% in November from 24.4% in October, while monthly core inflation decreased to 0.4% in November 2024 from 1% in November 2023 and 1.3% in October 2024, the CBE reported.The Finance Ministry is offering up six public-private partnerships (PPPs) with a total investment cost of EGP29 billion, according to the Head of the Finance Ministry's Private Partnership Unit. The six projects are part of a wider offering of 12 projects with investments totalling EGP61 billion.The Ministry of Industry is studying the allocation of a public free zone designated for textile industries carried out by Turkish investors in Sadat City.The Africa50 Fund aims to expand the investment base in the digital infrastructure sector in Egypt during the coming period. The Fund plans to implement seven investment deals within the next two years and is currently studying many investment opportunities.Egypt intends to sign a debt swap agreement worth about EUR30 million during the launch of the first edition of the “Egyptian-German Development Cooperation Day” next Sunday.Egypt and Saudi Arabia agreed to reduce the customs clearance time to only 3 to 4 hours instead of 3 days, a move to introduce unprecedented customs facilities for the entry of goods between the two countries.Apple Pay has rolled out to many cards from several issuing banks in Egypt. Others are expected to launch support for Apple Pay in the coming days and weeks.HRHO completed advisory services for the IPO of Talabat and UAE Lulu Group with a market cap of USD2.0 billion and USD1.7 billion, respectively.ATLC declared cash dividends of EGP0.60/share for FY23. Record date is 23 December 2024, and distribution date is 26 December 2024.RAYA Board preliminarily approved an offer from Africa50 to acquire a 42.9% stake in Raya IT subsidiary Raya Data Center for USD15 million. In other news, RAYA is planning to acquire two companies in Saudi Arabia operating in the IT and data center sectors by 3Q25. RAYA's manufacturing subsidiary Raya Electric plans to open a production line for products from De' Longhi Group, owner of brands Kenwood and Braun, among others, in 2025. The group also plans to apply for a digital bank license for its Aman arm by year-end from the Central Bank of Egypt.MASR signed an MoU with El Hazek Construction to execute infrastructure work and build residential villas in Elect, located in Taj City, with investment exceeding EGP900.0 million.

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

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

In the male-dominated world of lubricants, Daiane Spadari has emerged as a trailblazer. Currently, the research and development executive manager at Iconic Lubrificantes, a joint venture between Chevron and Ipiranga, Spadari oversees the innovation pipeline for Texaco and Ipiranga lubricants in Brazil. With more than 17 years of industry experience, she is driving advancements that position Iconic as a leader in Brazil's USD1.3 billion lubricant market. Spadari's journey began humbly at Brazil's first biodiesel company, where she gained her first exposure to innovation and leadership. “It was my first chance to lead, and it taught me the importance of being a good leader,” she shared in a recent podcast. Her early career inspired her to pursue advanced education, including a Master's in Chemistry and an MBA in Personnel Management, paving the way for her leadership in R&D. Returning to the industry in 2010, Spadari joined Ipiranga and later transitioned to Iconic Lubrificantes, where she played a pivotal role in its formation in 2018. Today, Iconic is the largest lubricant supplier in Brazil, holding over a quarter of the market share.  Ipiranga is Brazil's second-largest fuel retailer. Under Spadari's leadership, Iconic has achieved several milestones, including the establishment of Latin America's largest private R&D lab. The facility boasts more than 300 state-of-the-art lab equipment and more than 50 professionals dedicated to developing cutting-edge solutions. Spadari believes in tailoring products for regional needs. “Brazil's unique conditions, such as high biodiesel and ethanol content, require robust formulations to handle oxidation and corrosion challenges,” she explained. Her team's solutions not only meet international standards but are also optimised for local markets, ensuring better performance and sustainability. While Spadari acknowledges the historical challenges women face in technical fields, she notes progress within Iconic. “Three of our four managers are women. In my team, the sole man is the ‘diversity' member,” she jokes, highlighting a significant shift in gender dynamics. She encourages more women to pursue careers in R&D and views diversity as a driver of innovation. Sustainability is a cornerstone of Iconic's strategy under Spadari's guidance. From exploring bio-lubricants made from renewable sources to evaluating circularity in used oils, her team is pushing boundaries. “We're committed to not just creating better products but also reducing emissions and extending machinery life,” she said. As the Brazilian lubricant market grows, Iconic and Spadari are positioned to shape its future. With a focus on innovation, sustainability, and diversity, Spadari exemplifies leadership that inspires. “Innovation and sustainability are at the core of everything we do,” she said. Spadari's journey from a budding chemist to a leader at the forefront of Brazil's lubricant industry underscores the impact of resilience, education, and vision. As she continues to challenge norms and drive change, the industry will undoubtedly benefit from her fearless approach to innovation.