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South East Asia comprises 10 diverse nations and nearly 700 million people spread across a vast landmass. Consequently, the numbers are often large, impactful and scaleable - and travel and tourism are no exceptions. This week, Gary and Hannah select the Top 8 statistical talking points from across the region. These cover inbound and outbound travel, ASEAN vs APAC airline seat capacity, the Hajj pilgrimage from Indonesia, human capital development in Vietnam – and electrified living everywhere. Plus, can Love Win All in Thailand? Which capital city is spending almost USD200 million on urban heritage revitalisation? And which country is surging far ahead of the pack for year-on year tourism arrivals growth? Plus, much more...

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

Saudi players have been signaling interest in possibly expanding their investment footprint in Egypt. Saudi companies could raise their investments in Egypt by as much as USD15 billion over the next four years to USD50 billion.Batterjee Holding has earmarked USD200 million to invest in Egyptian real estate and industry. Batterjee mentioned the pharma, food, building materials, and plastics industries as target sectors. An Egyptian-Saudi real estate fund could be in the cards. The fund could, if formed, manage a portfolio of investments under the purview of the New Urban Communities Authority (NUCA) and the Tourism Development AuthoritIncreasing Qatari investor appetite for Egypt was high on the agenda of President El Sisi's trip to Doha, with the President meeting with senior government officials that included the country's prime minister, foreign affairs minister, finance minister, foreign trade minister and leaders in the business community to stress the investment case for Egypt.The Prime Minister directed the Ministry of Investment to reconstitute the Egyptian-Qatari Business Council, which had been inactive since 2014.The Tourism Ministry is setting up a tourism-focused investment platform.Cheiron Energy aims to kick off operations at West El Burullus gas field by 3Q25, with the goal of adding 50 million cubic feet per day (mcf/d) to its production output.EFIC approved cash dividend distribution of EGP1.09/share (DY 0.7%) to be distributed over three equal tranches on 30 April, 20 August, and 30 September 2025. MFPC general assembly approved cash dividend distribution of EGP3.50/share (DY 8%) for 2024, distributed over 2 tranches. The assembly also approved bonus share distribution of 0.379 share for every original share. SKPC general assembly approved cash dividend distribution of EGP1.00/share (DY 5%) for 2024. The assembly also approved the distribution of 226.8 million bonus shares at a rate of one share for every four held.SUGR's general assembly approved cash dividend distribution of EGP3.50/share for FY24, implying payout ratio of 34.5% and dividend yield of 7.3%.Arla Foods delayed its plans to submit a mandatory tender offer (MTO) to acquire DOMT due to its inability to wrap up legal, financial, and technical due diligence while DOMT is in the midst of a spin-off process.BTFH has completed its capital increase, bringing its total paid-in capital to EGP21.4 billion. The capital increase was 98% covered, raising EGP10.5 billion. HRHO subsidiary, EFG Corp-Solutions, intends to issue short-term bonds worth EGP1.5 billion by the end of 2Q25.Weekly Commodities Update

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.

*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 Supreme Constitutional Court ruled on Saturday that the 7% flat rate in the Old Rental Law for residential properties is unconstitutional and called on the Egyptian parliament to amend the law.The US Federal Reserve cut interest rates for the second time, this time by 25 bps, bringing them to 4.5%-4.75%.The Oil Ministry launched the Sustainable Aviation Fuel Production Company, which will invest USD530 million to develop production facilities and integrate the facility with other petroleum companies in Alexandria governorate. US multinational conglomerate Honeywell has finished its feasibility study with the European Bank of Reconstruction and Development for SAF production in Egypt, according to a statement from the Ministry.Emirati oil and gas giant Dana Gas is waiting for USD24 million out of a total USD59 million of outstanding dues owed by the government to be paid before it launches a USD100 million project to develop production, the company said.Tourist footfall is expected to reach a record high of 15.3 million in 2024, increasing 5% YoY, according to a statement from the Tourism Ministry. An unnamed Chinese company is looking to set up a USD360 million tire factory in the Suez Canal Economic Zone (SCZone) in partnership with the state-owned Arab Organization for Industrialization (AOI). Austrian wood panels manufacturer Kronospan wants to partner with Nag Hamady Fiberboard Company to set up a 150k sqm production line in the Egyptian company's existing factory to produce MDF, according to a statement by the Industry Ministry. Egypt is committed to repaying loans worth USD3 billion to Gulf banks in November. Egypt will repay some USD1.3 billion in USD-denominated bonds today for debt issued in 2016, according to Al Arabiya, citing unnamed sources. The Shalatin Mineral Resources Company, affiliated with the Ministry of Petroleum, aims to deliver gold to the CBE amounting to a ton by the end of this year 2024.ISPH reported positive 3Q24 results: Bottom line amounted to EGP185 million, up 49.8% QoQ and 3.4x YoY. 9M24 bottom line came in at EGP407 million, up 1.3x YoY. ISPH is trading at 2025 multiples of EV/EBITDA of 3.0x and P/E of 9.8x.EBRD gave its initial approval to a USD120 million equity bridge loan to Obelisk Solar — a special purpose vehicle owned by Norway's Scatec — to fund part of Scatec's 1-GW solar power plant in Nagaa Hammadi to power EGAL's industrial complex with 2 GW of green energy.Ministry of Electricity set the feed-in tariff for solar panels using the battery energy storage system at USD0.023/kWh for privately-owned solar panels and USD0.014/kWh for state-owned solar panels. CCAP's subsidiary, Egyptian Refining Company (ERC), plans to repay USD200 million of its outstanding USD742 million debt by December, company head Mohamed Saad stated. EFID announced the signing of a toll manufacturing agreement in the biscuit business with Misr Food Additives (MIFAD). Phillip Morris increased the prices of its tobacco products for the the third time this year, raising prices by EGP5 across its offerings in the local market.

In contrast to the IMF's talk of being open to changing some of the terms of the loan agreement, Georgieva reiterated that “Egypt is better served by undertaking reforms sooner rather than later.” IMF Director Kristalina Georgieva stated that the Fund's amendment to the basic and additional fees for programs and loans will save Egypt USD800 million up to 2030.Investment Minister Hassan El Khaitb will now be minister in charge of the Sovereign Fund of Egypt (SFE).The Green Climate Fund has approved funding proposals for three multi-country sustainable development programs, unlocking USD2.7 billion for programs across 14 countries, with Egypt set to be included in all three.The government will be releasing a new policy on increasing investment in oil and gas, petrochemicals, refining, and minerals in November.The Ministry of Petroleum seeks to increase natural gas imports from Israel by about 10% during November to meet the local needs of power stations and industry.Canada-based oil and gas company TAG Oil is looking to raise CAD10 million through a public offering of additional units in the company, with the firm planning on using the proceeds of the offering to “advance appraisal and development activities” in Egypt's Western Desert.The Housing Ministry's Social Housing and Mortgage Finance Fund is considering increasing its World Bank loan by USD200 million by December 2025, bringing the total value of its loan to USD1 billion.The failure to obtain lenders' approval and the provision of fuel were behind the government's postponement of the sale of the Beni Suef power station, sources revealed.SWDY signed an MoU with the Iraq Development Fund to establish a new fund — dubbed the Localization Fund — that aims to attract both local and foreign investments to support Iraq's economic diversification.SWDY highlighted in a release to EGX that Elsewedy Industrial company, participating in a oil and gas exploration agreement with EGPC, is not a subsidiary of SWDY.MASR signed a co-development agreement with ZMID to co-develop a 42 feddan land plot in New Heliopolis. The project is expected to generate revenue of EGP11.4 billion, with MASR entitled to a 64% revenue share and ZMID a 36% revenue share. We remind you that this project was first preliminarily approved in July 2024.PHAR Board approved the increase in authorized capital from EGP1.5 billion to EGP6 billion and in issued capital from EGP1.488 billion to EGP1.688 billion, with an increase of EGP200 million to the issued capital, to be distributed over 20 million shares. The increase will be carried out via cash subscription for existing shareholders.

Ras El Hekma is reportedly expected to reach total investments worth USD110 billion by 2045, with a yearly GDP contribution of USD25 billion, and create around 750k direct and indirect jobs.Egypt's GDP growth rate was 2.4% in the fourth quarter of the 2023/24 year, bringing the annual growth rate to 2.4%, down from 3.8% a year earlier.Net International Reserves reached USD46.74 billion at the end of September 2024, up from USD46.6 billion in August, on higher value of gold component.Suez Canal navigation statistics recorded a 49% decrease in the number of ships passing through the Canal since the beginning of this year.Egypt is set to secure USD2.9 billion in financing to support the state budget and enhance structural reforms from a number of development partners.The government is stepping up efforts to be relisted on JPMorgan's emerging-market sovereign bond indices.The government is planning an Egyptian-British investment conference to attract new British investments.The General Authority for Investment and Freezones (GAFI) will set up four new freezones and have two others go live next year.The MPs will discuss and vote on amendments to the law regulating the Sovereign Fund Egypt, which gives the Prime Minister the responsibility of assigning out the minister in charge of the fund — the responsibility currently falls to the Planning Minister.Egypt received USD21.3 million from the World Bank's USD200 million loan to combat pollution and climate change.Egypt increased its wheat imports during 9M24 by c.30% YoY, reaching 10.8 million tons capitalizing on relatively lower prices.ADQ has chosen portfolio company Modon Holding to be the master developer on its landmark USD35 billion Ras El Hekma project on the North Coast. Modon inked several agreements with local, regional, and international players at the event to help get the project off the ground, including a framework agreement with ORAS (FV: EGP344.18, OW) for it to be a key contractor for the project's first phase, and an MoU with SWDY (FV: EGP45.69, EW) to look into supplying building materials and collaborating on industrial park development, operations, and maintenance.Modon inked several agreements with local, regional, and international players including a memorandum of understanding with TAQA to explore cooperation on greenfield utilities, water desalination, and electricity projects.ESRS (FV: EGP120.21, EW) reduced its local rebar price by EGP2.5k/ton to EGP38.2k/ton, inclusive of 14% VAT, as of today.POUL (FV: EGP12.76, OW) is to distribute a cash dividend for FY23 of EGP0.847/share on 24 October 2024, for shareholders on record on 21 October 2024. This implies a dividend yield of 7.9% and a payout ratio of 28.0%. The National Bank of Egypt plans to open its inaugural branch in Riyadh before the end of the year.Post for Investment and private insurance provider AXA Egypt inked a strategic partnership agreement to launch Egypt's first micro insurance company.Weekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 78.1 | 8.40% | Diesel-HSFO Spread, USD/ton | 241 | -4.10% | Egypt Urea, USD/ton | 385 | 4.10% | Polyethylene, USD/ton | 980 | -1.00% | Polypropylene, USD/ton | 945 | -0.50% | Iron Ore 65%, USD/ton | 123 | 0.00% | Steel/Iron Ore Spreads, USD/ton | 416 | 4.00% | LME Copper Cash Price, USD/ton | 9,796 | -0.50% | LME Aluminum Cash Price, USD/ton | 2,642 | 0.40% | Egyptia Retail Cement, EGP/ton | 2,739 | -0.60% | Steam Coal FOB Newcastle Australia, USD/ton | 140 | 0.20% | SMP, USD/MT | 2,795 | -0.50% | Last price may vary week over week in some indices due to time difference

*Key news articles for today* The headline PMI rose in August to 50.4, rising from 49.7 in July, to signal the first improvement in the health of the non-oil private sector since November 2020.The industry, transport, and investment ministries are mulling the creation of a freezone for African investors as part of the government's long-term goal of increasing trade with the continent.The IMF revealed that Egypt aims to gradually reduce government guarantees in the coming period.Saudi Arabia and Libya have financed the purchase of gas cargoes worth at least USD200 million to help Egypt ease its energy crisis.The Italian Eni is planning to increase the production of “Zohr” field to nearly two billion cubic feet per day early next year.The Ministry of Petroleum intends to import between 6-8 LNG shipments in September.The Egyptian General Petroleum Corporation (EGPC) reached an agreement with the Egyptian Railways Authority to pay off a debt owed to the authority amounting to EGP6 billion over 5 years. Indonesia plans to ink USD3.5 billion worth of trade and investment agreements with African countries — with a particular focus on Egypt, Kenya, South Africa, and Nigeria.The CBE sold some EGP23.2 billion of EGP-denominated three-year treasury bonds yesterday — over 3.5 times its target of EGP5 billion, with an average interest rate of 25.2%.The government is planning to up its strategic wheat reserves from six-months' supply to nine months if it secures the necessary funds.EGCH released 4Q23/24 unaudited financial indicators posting net losses worth EGP32 million during 4Q23/24 as compared to a net profit of EGP46 million in 4Q22/23 and a net loss of EGP411 million in 3Q23/24 due to growing interest expenses. On an annual basis, net profit declined by 94% YoY to EGP70 million in FY23/24, from EGP1.2 billion in FY22/23. EGCH is currently trading at a FY2024/2025 PE of 20.5x.The government plans to limit providing subsidized fertilizers to 8 strategic crops only in order rationalize fertilizers subsidies.Indian companies study injecting investments in Egypt fertilizers, green hydrogen and food industries. TMGH expects its USD revenue to reach USD856.0 million by 2028, supported by the company's hotel portfolio.OCDI launched Ogami, its project situated on 440 feddans in Ras El Hekma on the North Coast. The project offers 1,900 units and is home to the Nobu Hotel and Residences.HRHO have launched asset servicing arrangement and custody arrangement services, which aim to address the unique challenges faced by high-net-worth individuals, family offices, and small- to mid-sized funds in accessing custody arrangement services. 

The government is set to hike electricity prices for the industrial sector. The price will rise by EGP0.55 per kWh to EGP1.94 per kWh, with the 39.6% increase slated to come into effect this month. Electricity tariffs will not be raised for low-voltage industries to cushion small- and medium-sized enterprises.The government is looking into raising the price at which gas is offered to factories.The CBE has signaled that it could ease import restrictions on all non-essential goods after requesting banks to list import requests.The government is planning to carry on with its subsidized loan program, offering loans at a subsidized 15% interest rate to manufacturers in freezones as well as agriculture and renewable energy companies in a bid to boost private-sector involvement in the economy.The finance, industry, and investment ministries are looking into proposals by business organizations to allocate another EGP30bn in funding for the subsidized 15% interest rate loan program, bringing its total value to EGP150 bn.The government has signed an executive agreement with the EU Support to Trade, Industry, Growth, and Rapid Market Access program worth EUR 8 mn, which aims to improve and develop the efficiency of Egypt's trade.The government is looking into raising the price at which gas is offered to factories. The current price of USD5.75 per mn British thermal units (mmbtu) is no longer viable due to the rising cost of natural gas supplies, the sources said. Any price adjustment will take the preservation of subsidies into account to keep product prices stable, they added. ESRS is highly dependent on natural gas as a key raw material in producing DRI instead of being a normal energy source, representing more than 10% of production costs. Egypt exports of iron and steel declined 17% YoY to USD1.0 billion in 1H24. Steel exports to European Union Countries dropped 37% YoY to USD420 million during the same period, representing 41% of total iron and steel exports versus 56% in comparative period. Saudi Arabia's National Housing Company (NHC) is set to launch a limited tender for Egyptian construction companies to bid on USD200 million worth of housing and infrastructure projects in the kingdom. The NHC met with 16 local companies and the Housing Ministry earlier this week to present the initiative. Leading local construction players, including ORAS (FV: EGP344.18,OW), Hassan Allam Construction, Arab Contractors, Petrojet, Nasr General Contracting, and Alshams for Contracting, participated in the talks.MOIL announced that it has been awarded a year contract for supporting petroleum exploration and production operations in Egypt with total investments of USD17.8 million. 

The CBE's Monetary Policy Committee decided to maintain the overnight deposit rate, overnight lending rate, and the rate of the main operation steady at 27.25%, 28.25%, and 27.75%, respectively. The MPC attributed the decision to the decline of the inflationary pressures.The Suez Canal Economic Zone (SCZone) saw its revenues grow 36% y-o-y to hit a record EGP8.3 billion during the fiscal year 2023-2024.Suez Canal revenues recorded USD315 million in June, dropping by 63% YoY, due to less traffic on disruptions in the Red Sea.Emirati sustainability firm Beeah plans to invest AED500 million (c. USD136 million) in Egypt's waste management and sustainability.The EGPC has launched a global tender to import approximately 740,000 tons of petroleum products for delivery next August.SWDY signed a contract to supply transformers for agricultural reclamation projects at a cost of EGP350 million.Shareholders who subscribed to Qalaa Holdings' debt buyback program will start receiving their debt notes starting 1 August until 15 August.Egypt's natural gas output stood at 4.3 bn cubic meters in May, one of the lowest levels in over six years. BP plans to invest some USD200 million to drill two new wells at its Raven natural gas field at the North Alexandria concession. Wesson Group's financial consultancy firm Lionsbridge is looking to set up a USD3 billion phosphoric acid production factory in the Abu Tartour port.MNT-Halan has raised USD157.7 million in a funding round that will contribute to the company's international expansion plans.

The CBE withdrew surplus liquidity from banks worth EGP872.5 billion from in open market operations fixed rate deposits of 27.75%, while returning liquidity worth one trillion pounds that it had withdrawn last week. The government lowered its forecast for the economic growth rate in FY2023/24 to 2.8% - 2.9%, from a previous forecast of 3%, as a result of geopolitical turmoil.Representatives from the IMF are in town to conduct the third review of our loan program. The review will unlock the third USD820 mn tranche of our USD8 bn loan program. Egypt intends to repay USD-denominated Eurobonds next week that it had offered in 2020, worth USD1.25 billion, as part of an international bond issuance program.Trading and settlement rules for the soon-to-be-established voluntary carbon market will be released within the next few weeks. The New Urban Communities Authority is planning to sell land plots to 34 companies in exchange for foreign currency.State-owned fuel retailer Wataniya has received seven international and local acquisition offers.The Health Ministry is in talks with local and foreign private players to build ten hospitals across ten of the country's governorates within the next 24 months.The EBRD provided an initial loan of EUR109 million to the National Bank of Egypt, to be used in extending loans to SMEs.The Ministry of Electricity is up to securing a payment of USD100 million in dues to foreign companies that undertake station maintenance before the end of the year.The Italian Eni expects Egypt's gas exports to be resumed during the next winter.The Administrative Capital for Urban Development (ACUD), developer of the New Administrative Capital, plans to IPO on the EGX in 2025.Philip Morris International acquired an indirect stake of 14.7% of EAST by acquiring a stake of 49% from the Emirati Global Investment Holding (GIH), which owns 30% of EAST.ETEL has secured a USD200 mn loan from Banque Misr UAE to refinance its existing short-term facilities.China's Huawei Cloud in cooperation with ETEL has launched a public cloud services platform in Egypt, the first in the country and North Africa.Proptech startup Birdnest has closed a pre-series A funding round led by Beltone Venture Capital, BTFH's venture capital arm, and the UAE's Citadel International Holding's CI Venture Capital.

A presidential decree establishing the Supreme Council of Taxes was issued, Minister of Finance announced, to empower the private sector, stimulate investment, and encourage investors to expand their productive and export activities. The government agreed with manufacturers and merchants to start reducing commodity prices by about 15% and 20%, bringing the reduction to 30% after Eid al-Fitr. Some USD 2.8 bn worth of goods have been cleared from the country's ports thanks to the recent spate of foreign currency injections, Prime Minister said. Net FDI inflows declined marginally to record USD2.1 billion in 4Q 2023, compared to USD2.2 billion 3Q 2023.The head of the GAFI revealed that the authority is currently studying 4 applications filed to obtain the golden license for companies operating in various sectors, including a logistics company.Remittances inflows are reportedly still far from reaching their peak, as Egyptian expats increasingly return to using official channels to transfer money back to Egypt following the float of the pound, deputy CEO of the UAE's largest FX bureau and remittances company Mohammad Bitar said.The New and Renewable Energy Authority discussed allocating EGP3.7 billion to establish renewable energy projects in the new fiscal year 2024/2025, within the Authority's draft budget of EGP7.78 billion.Egypt aims to increase the quantities of natural gas imported from Israel by about 26% to reach 1.450 billion cubic feet per day during 1H 2025, up from about 1.15 billion cubic feet per day now.The Prime Minister directed companies and traders to reduce steel prices after the full release of goods and raw materials in ports.Cement producers started to re-price their products after the recent surge in mazut price by EGP1,500/ton to reach EGP7,000/ton. It is worth highlighting that around 30% of cement factories depend on mazut as a cheap source of energy. The head of the Cement Division of the Building Materials Chamber estimates the increase in production cost of cement not to exceed EGP100/ton post the mazut price increase.CIEB's board approved a proposal to pay out a dividend of EGP1.1456 per share instead of EGP2.47. The decision is yet to receive the go-ahead from the general assembly.NBE intends to exit 12 companies with expected proceeds of EGP4 billion. The bank will invest up to EGP5 billion during 2024 in new projects and expands some currently existing projects.The United Bank has arranged about USD100 million for importers since the CBE directed banks at the beginning of this month to secure foreign currency to import 17 goods, if they are present in Egyptian ports.CCAP's transportation subsidiary targets injecting USD200 million to establish, manage and operate two stations in Alexandria and Ain Sokhna. RMDA's BoD approved to increase its paid in capital by EGP1.12 million, bringing it to EGP387.23 million, to finance the second tranche of its ESOP program. 

*Key news articles for today*CAPMAS is expected to release February inflation data on Sunday, 10th March. We expect annual urban inflation to drop appreciably to c.24% YoY, capitalizing on a particularly accommodative base effect. A staff delegation from the IMF is reportedly in town. Sources said that a staff-level agreement with Egyptian officials will be signed as early as today. Net Foreign Liabilities' position of the banking system deteriorated in January to c.USD29.0 bn from USD27.2 bn in December, based on CBE data. Net International Reserves (NIR) inched up marginally in February to USD35.3 billion up from USD35.2 billion in January. Egypt's fuel imports in 2M2024 stood at c.USD2 billion, a government official said, adding that petroleum products constituted between 60 and 70% of the import bill with a value of USD1.3 billion, while the rest of the bill went to other types of fuel. OLFI (FV: EGP15.0, OW) reported 4Q23 results: 4Q23 attributable net profit recorded EGP163 mn (+20% YoY, +70% QoQ). The rise came despite booking enormous FX losses and translation differences of EGP689 mn during the quarter. OLFI is currently trading at a FY24 P/E of 7.7x. CNFN (FV:EGP8.45, OW) released positive 4Q23 results:•                  Bottom-line recorded EGP261 million (+49% y/y, +111% q/q), bringing FY23 bottom-line to EGP692 million (+36% y/y). •                  We downgraded our FV to EGP8.45/share from EGP11.00/share and maintained our Overweight recommendation on an, reflecting the expected risks of higher interest rates, higher provisioning, and unstable macro-conditions. •                  CNFN is currently trading at P/B24 of 1.4x and P/E24 of 7.4x. OFH BoD have decided to appoint Prime Capital as an independent financial advisor (IFA) to determine OFH and BINV fair values and communicate them to the shareholders 5 working days before the MTO expires. According to local media, TMGH (FV: EGP73.80, OW) launched its Banan project in Riyadh. TAQA targets acquiring natural gas filling stations operator in Mozambique before the end of 1H24. The company is allocating USD200-250k for expansions in Mozambique.  The government has awarded 11 concessions to five international energy players to explore for natural gas in the western Mediterranean region. The companies are BP, ExxonMobil, TotalEnergies, Chevron, and Shell, while Abu Dhabi's sovereign wealth fund Mubadala will partake via an indirect agreement with one of the primary companies. Exploration is scheduled to start between the end of 2024 and the beginning of 2025. This is expected to increase Egypt's natural gas production capacity by 25% after one year from starting exploration. Shelf Drilling was awarded a USD51 million, two-year contract extension for an oil rig in the Gulf of Suez with Egypt's Gemsa Petroleum, according to a statement from Shelf.

*Key news articles for today*The House approved five bills putting forward the EGP180 billion social protection package announced last week.A delegation led by Prime Minister Moustafa Madbouly met with IMF to discuss reviews of Egypt's USD3 billion loan program. Madbouly was joined by CBE Governor Hassan Abdullah, Finance Minister Mohamed Maait, International Cooperation Minister Rania Al Mashat, Planning Minister Hala El Said, and IMF Executive Director Mahmoud Mohieldin.Emirati news agency WAM reports that Egypt's Finance Minister said his ministry is mulling a possible bond sale in the GCC as part of the Ministry's attempt to diversify the country's sources of financing.Ministry of Finance revised its expectations for the overall budget deficit in FY23/24 to reach 7.65% up from 7%, on expectations of lower revenues and higher interest payments.COMI's BoD proposed cash dividend distribution of EGP0.55/share, implying a payout ratio of 5.6% (based on 2023 net profit post minority) and Dividend Yield of 0.7%, which comes in line with last year's management decision to cut cash dividends payout in order to support the capital base in light of the devaluation risks.COMI intends to prepare financing of around USD1 billion or its equivalent in local or other foreign currencies to finance the bank's activities, through issuing financial instruments, supporting loans, deposits, or mixed financial instruments.Non-Egyptians are no longer prohibited from owning EXPA's stock whether they are individuals or companies.Contact Pay customers can now pay their installments via e-payments company Al Ahly Momkn, Al Ahly Capital Holding.Egyptian banks have reportedly become more wary to provide financing to companies operating in seven sectors that are strongly affected by the foreign currency crisis. The seven sectors include real estate, tourism, fertilizers, animal feed, steel rebar, cement, and ceramics.KIMA contracted with a number of local banks for two loans, one in local currency worth EGP2 billion and the other in US dollars, worth USD200 million. The money will be used to finance the ammonium nitrate project. Construction works will start in July 2024 and will take three years.MICH sent a release to EGX announcing signing a contract to establish a new company with a capital of EGP1 billion for the management and operation of a chlorine granules factory with investments of EGP1.3 billion. The new company will be 12% owned by the Holding Company for Chemical Industries, 12% by MICH, and 76% by Cadence Energy.Methanex will resume methanol production at full capacity in its factory in Egypt during February. This came after a production stoppage since mid October 2023 due to a mechanical issue that is currently fixed.CIRA is in the final stages of the feasibility study for Damietta's higher education branch and will be handing in the papers by next week to acquire the presidential decree to prepare a 2025 launch. The Education Ministry issued a circular on Monday prohibiting private and international K-12 schools from collecting tuition fees in foreign currency from Egyptian students 

The IMF's first and second reviews of Egypt's USD3 billion loan program are in their final stages and are expected to be completed in a few short weeks, according to the IMF Managing Director. MPs are meeting today to discuss and vote on the EGP180 billion social support package announced last week by the presidency. The House will also discuss and vote on a number of agreements that include:A EUR500 million grant from the European Investment Bank to support the Environment Ministry's Sustainable Green Industry project.A EUR80 million grant from Germany to support the Environment Ministry's solid waste management program, build 25 technological schools and centers, and support the central bank's financial risk management program.60% of ships passing through the Suez Canal have diverted to South Africa by circumnavigating Africa. The tonnage passing through the Suez Canal decreased during the first 6 days of February to 12.8 million tons, compared to about 18.9 million tons during the same period in January, a monthly decrease of 32.5%. Minister of Finance stated that tax revenue collection rates increased by 42% during the first 7 months of the current fiscal year.The New Urban Communities Authority signed an MoU with the UK to form a task force that will support Egypt's efforts to build sustainable infrastructure and cities.Visa signed an MoU with the Egyptian Banks Company (EBC) to introduce new features in a bid to facilitate remittance transfers by Egyptian expats.COMI (FV: EGP100.00, OW) recorded a strong set of results where 4Q23 net profit post-minority interest recorded EGP7,229 million (-13% q/q, +83% y/y), bringing FY23 bottom line to EGP29,635 million (+84% y/y, and +6% higher than Al Ahly Pharos estimates of of EGP27,903 million). The stock is trading at P/E 2024 of 7.2x and P/B 2024 of 2.2x.Philip Morris has hiked the price of cigarettes by up to 18%, the company said in a press release yesterday. It also raised the price of its heated cigarettes range by 14%.EAST is looking to secure USD400 million in credit facilities through local banks to be used as LCs for the company's suppliers to import the needed raw materials. The company is also looking to secure USD200 million through foreign banks as letters of guarantee.PHAR announced that its revenues exceeded EGP5 billion in 2023, where initial estimates indicate exports revenues of USD54 million, representing around 30% of Egypt's pharmaceutical exports to Africa. The company expects EIPICO 3 to begin trial operation in 2Q24. CPCI released 2Q23/24 financial indicators. Net profit surged by 443.8% YoY and 3.7% QoQ to record EGP61.3 million in 2Q23/24. Net profit recorded EGP120.5 million in 1H23/24 (+141% YoY). CPCI is currently trading at 23/24f P/E of 6.8x and EV/EBITDA of 7.7x.ALCN released 2Q23/24 amended financial indicators. Net income recorded EGP1.2 billion in 2Q23/24 (+7.2% YoY, +23.9% QoQ). Net income recorded EGP2.2 billion in 1H23/24 (+21.9% YoY). ALCN is currently trading at 23/24f P/E of 19.7x and EV/EBITDA of 19.2x.ALCN's BoD approved FY22/23 dividends of EGP2.4/share, implying payout ratio of 81.5% and dividend yield of 4.1%.Regarding HELI's (FV: EGP18.84, OW) plan to offer 84 residential units in New Heliopolis and Sheraton for sale through auction, the company is holding the auction on 2 March 2024.Acwa Power has begun conducting feasibility studies to develop its large-scale, two-phase green hydrogen and ammonia project in the Suez Canal Economic Zone (SCZone).Weekly Commodities Update

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

Egypt's natural gas imports from Israel have dropped 19% to 650 million cfd on Monday after Chevron Corp. was instructed by Israeli energy ministry to shut down the Tamar natural gas field.The Egyptian parliament's Transport Committee approved a draft bill allowing Egypt's Transport Ministry to hand AD Ports a USD200 million 30-year concession to build, manage, operate, and maintain a multipurpose terminal at the Red Sea port of Safaga.Egypt's wheat imports jumped by c. 30% during 9M2023, reaching 8.34 million tons, compared to 6.43 million tons in the same period of the previous year.Trade deficit declined during July 2023 to USD2.93 billion, compared to USD3.82 billion for the same month of the previous year, a decrease of 23.2% YoY, mainly due to a drop in imports by 17% YoY to USD6 billion.Officials from Egypt and Turkey's central banks will meet next week to discuss using local currencies in bilateral trade.Maersk and the government are in the final stages of agreeing on the value of the 51% stake of the 545-MW Zafarana wind farm.The Ministry of Transportation is negotiating with Siemens on the local manufacturing of 14 railcars of freight shipping.The government announced a new initiative for the food and beverage sector in which goods will be sold at a discount ranging from 10%-25%. These goods include rice, sugar, dairy products, live and processed poultry, and other grains. OLFI announced yesterday that they will take part in the initiative by applying a 10-15% discount on all their products.JUFO is also expected to take part in the initiative. However, the dedicated volumes and discount rates are not disclosed yet, with expectations to match OLFI's but on specific products and not their whole product range. POUL does not expect to implement any discounts on the live bird segments; however, a slight discount might be implemented on Koki's products with a specific volume. It is not clear how the initiative will affect SUGR; however, we believe the effect will take place on the companies to which they supply and not directly on SUGR. The duration of the initiative and the dedicated volumes from companies to it will play an important factor on the effect on their profitability. F&B players have been witnessing a shrinkage in volumes and margins since the beginning of 2023 and were mainly supported by their rising prices. The discounts implemented are expected to partially offset the previous waves of prices increase and pressure margins amid rising raw materials costs. These discounts are expected to be in return for making foreign currency more available and no ports or customs delay, which might reduce costs slightly if implemented.More banks in Egypt have stopped the use of EGP debit cards outside the country. Orascom Pyramids Entertainment, OIH's subsidiary, is going to launch Hadbet El Haram project by 1Q24, with an expected investment of EGP1 billion. ALCN (FV: EGP30.58, EW) released FY22/23 financial results:•Net profit recorded EGP1.2 billion (+57.0% YoY, -14.3% QoQ) in 4Q22/23. The sequential decline is attributed to the strong base effect of the EGP222 million FX gain in 3Q22/23, while the annual increase in bottom-line came backed by the trickling down from high revenues and high interest income. •On annual basis, bottom-line recorded EGP4.4 billion in FY22/23 (+116.4% YoY). driven by an increase in EGP-denominated revenue per container and USD-denominated revenue per container and number of containers. •We upgrade our FV to EGP30.58/share, maintaining our EW recommendation. • ALCN is trading at FY23/24f P/E of 7.7xTAQA and Raya Holding subsidiary Aman have finished setting up their fintech company Aman Taqa Electronic Payments. ACAMD Board approved purchasing treasu

The OPEC Fund for International Development (OPEC Fund) is providing Egypt USD10 mn to finance imports of vital food and agricultural commodities. The loan is part of a USD200 mn trade finance facility with the International Islamic Trade Finance Corporation (ITFC) supporting food security in Egypt.Global growth will slow to 2.7% in 2024 from an expected 3.0% this year on the back of tightening global financial conditions and a slowdown in China, according to new OECD forecasts.Saudi Arabia's Public Investment Fund (PIF) is in advanced talks to acquire three private Egyptian companies in the healthcare, education, and real estate development sectors.DSCW announced yesterday that they have received preliminary offer from consortium of Toma for Commercial and Industrial Investments to acquire 90% of the company's shares (1.6 bn share) for the price of EGP0.65/share and a total amount of EGP1,045 mn. The offered is higher than yesterday's closing price by 6.6% and higher than YTD average price by 33.7%. It's worth mentioning that The Toma family owns 32.88% of DSCW's shares.Chevron plans to invest USD3 billion in 1H24 to develop their block in the Nargis natural gas concession in the Eastern Mediterranean.Oil prices retreated further from 10-month highs on Wednesday ahead of the U.S. Federal Reserve's interest rate decision. Global benchmark Brent crude futures fell slightly over USD1 to USD93.33/bbl. ADQ is acquiring the National Investment Bank's 14% stake in Ethydco, in addition to c. 50% of Al Ahly Capital's 21% stake as well as a yet to be determined part of Banque Misr stake. The sources added that the deal should be finalized within a month. ADQ is acquiring c. 27% stake in Ethydco at around USD300 million.PHAR disclosed that there have been no negotiations or offers from the Indian company Reliance Life Sciences to acquire a share of the company and so far Reliance Life Sciences is just considered as main element in Eipico 3 project.on another noote, PHAR's BoD approved participation in the subscription of existing shareholders to increase the capital of Medical Union Pharmaceuticals (MUP) company to maintain its 10% ownership in MUP, with total subscription amount of around EGP84 million RMDA's shareholders approved to decrease the company's capital by EGP5 million to reach EGP375 million through cancellation of 20 million shares with par value of EGP0.25/ share.The Saudi Egyptian Investment Company, affiliated with the Public Investment Fund, plans to raise its stake in EFIH to 28%, up from 25.02% currently.Ministry of Transport plans to start the construction works of Cairo Alexandria Trade Logistics Development Project by mid 2024 with investments estimated at USD740 million. The Egyptian National Railways Authority, of the Ministry of Transport, received 11 offers from local and international alliances competing for the Project where the winner to be announced by maximum next April. Amongst the bidders are ORAS (FV: EGP181.70, OW), Hassan Allam, Petrojet, Arab Contractors, and Concord.Egyptian banks have recorded net profit of EGP126.9 bn supported by interest income of EGP254 bn and other income of EGP44.7 bn amid operating costs of EGP172.4 bn as of 1H23. On the other side, Capital Adequacy Ratio (CAR) has increased and stood at 17.5% as of Jun-23 compared to 17% as of Mar-23. According to Dr. Mohamed Farid, Chairman of the FRA, the FRA is ready to issue a customer complaints index in the insurance sector that includes various complaints submitted by customers, which will contribute to improving the services across insurance companies.

Annual urban inflation jumped to 37.4% in August from 36.5% in July. Core inflation — which strips out volatile items such as food and fuel — recorded 40.4% y-o-y in August, down marginally from 40.7% in July.   We believe the CBE will press the pause button on its upcoming meeting on 21st September, especially to assess the impact of the 100bps hike decided in its last meeting on August 3rd. The decision might be supported by a probable slowdown in the Fed tightening.  Minister of Planning said that the government aims to collect USD 4-5 billion from the government privatization program by the end of the current fiscal year 2023/24, and half of these proceeds have been collected so far.  Minister of Planning indicated that 4 new companies are being qualified to join the pre-offering fund of the SFE.  Minister of Planning said that the Egyptian economy will grow by less than 4% in the fiscal year 2022/2023.  The General Investment Authority discussed with the China Development Bank (CDB) the opportunities for a Chinese bank to be present in Egypt.  Emirati business leader Khalaf Al Habtoor is interested in investing in projects offered by the Sovereign Fund of Egypt.  Several local and international investors are eyeing a stake in state-owned manganese producer Sinai Manganese.   The Export Council for Engineering Industries is launching a trade mission to Iraq, that includes 22 Egyptian companies from various sectors to Iraq. The mission intends to boost exports.   Egypt's gas imports from Israel rose 21.5% y-o-y to 903 mn cubic feet per day (cf/d) on average in 1H 2023.  Ethiopia has completed the fourth and final phase of filling the reservoir of the Grand Ethiopian Renaissance Dam (GERD).  The Financial Regulatory Authority (FRA) launched a pricing index for MSME financing products designed to give small business owners clearer information about the loan market.   TMGH (FV: EGP22.55, OW) is partnering with Saudi National Housing Company to develop a development project in Riyadh called Banan on a land area of 10.0 million sqm, with investments estimated at SAR40.0 billion.  HELI (FV: EGP12.44, OW) is extending the deadline for investors to submit offers to rent HELI's 11k sqm Ghernata land plot to 19 October 2023. POUL (FV: EGP5.90, EW) released 2Q23 net profit at EGP207 mn (+13% YoY). Squeezed margins down the income statement and heightened net interest expenses, despite the annual jump in revenues due to higher prices, 1H23 net profit recorded EGP763 mn (2.3x YoY). POUL is currently trading at a FY23 P/E of 1.8x and an EV/EBITDA of 1.6x. Afrexambank granted USD200 million loan equally distributed between SWDY (FV: EGP22.87, OW) and ORAS (FV: EGP181.70, OW) to finance developmental projects in Barbados in the Caribbean, according to local media.  Gioshy Steel proposed to acquire a government-owned billets production facility, according to local media. We downgraded our FV for IDHC to EGP22.32/share, down from EGP23.03/share, maintaining our Equalweight recommendation, to factor in: Updated macro assumptions and higher RRR, Rolling over the model for one additional year, Joint venture in Saudi Arabia, Pressured GPM on the back of launching Saudi Arabia's new joint venture. Despite higher top-line growth in 2024 and 2025 given further high price increases due to devaluation, in addition to conventional test recovery and margins normalizing to pre-Covid norms by 2027-2028. Etisalat intends to launch an electronic payments company in Egypt in 4Q2024.  Weekly Commodity Update |  Last Price        WoW Change, % Brent, USD/bbl            90.7     2.4% Diesel-HSFO Spread, USD/ton  &nbs

The Supreme Investment Council approved 22 measures aimed at attracting more foreign investment. The decisions include: Reducing the cost of establishing companies, Expanding the issuance of the Golden License, Facilitate land ownership, Alleviate financial and tax burdens on investors, and Incentives for transportation and housing sectors, especially in new cities. The EBRD has cut its Egypt growth forecast for the current fiscal year to 4.0%, down 0.7% from its last forecast. The EBRD now sees the economy growing by 4.8% in FY23/24, down from its forecast for 5.0% growth in February.Egypt was the largest recipient of FDI in the MEA last year and the second largest recipient globally. Egypt drew around USD107 billion of FDI in 2022, which went towards 148 projects. This was supported by several mega projects being announced in renewable hydrogen.The European Investment Bank (EIB) will invest EUR50 million every year into Egypt-focused private equity and venture capital firms.The Internal Trade Development Authority plans to offer new land plots for investors with investments worth up to EGP2 billion during 1Q23/24 through the usufruct system.The Ministry of Finance is planning to offer Sadat City dry port during FY23/24 with investments worth EGP3.4 billion through a public private ownership joint project. LCSW attributable net profit rose to EGP89.0 million in 1Q23 (+204.0% YoY, +136.1 QoQ), on the back of higher revenues by 63.2% YoY and 28.0% QoQ and lower COGS to sales ratio as the company had a stock of raw materials with pre-inflation prices.The Egyptian Company for Silos and Storage affiliated to the Ministry of Supply entered an alliance with both SWDY (FV: EGP19.97, OW) and Samcrete Company, with the aim of establishing an investment arm that will undertake the implementation of new silos at an investment cost of USD200 million, and with a storage capacity close to one million tons. Saudi Arabia's “Natural Gas Distribution Co.” has entered into a partnership agreement with CCAP's TAQA Arabia to explore ways to develop and operate gas transportation services.New laws in the free investment zone allow companies that use natural gas as their main input, to build their projects there. Fertilizers and petrochemicals sector is now permitted to operate at the free zone.Moody's placed several Egyptian Banks on review for downgrade, including National Bank of Egypt, Banque Misr, Banque Du Caire, COMI and Alex Bank.OIH's BOD approved the plan proposed by the management to restructure some of its subsidiaries in Netherlands and Brazil through transferring assets from and to a subsidiary.NBFS Update| The NBFS sector is witnessing strong growth with increasing interest rates. Microfinance is expected to record 40% YoY growth in 2023. Consumer Finance customers witnessed a growth of 86.6% YoY in 4Q22. Alternatively, the negative effect of higher rates (lower profit margins and higher cost of financing) is evident in some sectors such as leasing as the number of contracts decreased by 15.1% YoY in 4Q22. Mortgage financing contracts decreased by 44.1% during the same period.Vodafone Egypt recorded revenues of EGP10.4 billion in 1Q23/24 (+c.25% YoY), attributed to data revenues growth and an increase in the number of customers.

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

Following several days of volatility, US stocks rose, with bank shares regaining much of the losses triggered by the collapse of several US lenders last week.  Markets were also supported by the fact that annual US inflation continued to decline in February, in the hope of a dovish rate decision next week. Moody's has downgraded its outlook for the US banking sector to negative from stable due to the rapid deterioration in the operating environment. Egypt's real economy grew 3.9% y-o-y in 2Q FY22/23, and 4.2% in 1H FY22/23. The Planning Ministry is now expecting growth to come in at 4.2% in the current fiscal year, down from a November estimate of 5.0%.  Egyptian exports rose 18% in 2022 to hit USD 51.6 bn. Natural gas accounted for USD 10 bn, while fertilizers brought in USD 3.3 bn. Exports of crude and petroleum products recorded USD 6 bn. On the non-oil front, Egyptian companies exported USD 2.5 bn of ready-made garments, USD 2 bn of fresh fruits, and USD 1.8 bn of plastics. State-owned Misr Insurance Holding has been transferred in its entirety to the ownership of the Sovereign Fund of Egypt (SFE), to make it ready for stake sales as part of the government's privatization plan.  The marketing of at least 10% in Safi and Wataniya to strategic investors will start today. Finance Ministry plans to introduce financial incentives for women not to have more than two children in a bid to manage population growth. Oil prices dropped to a three-month low on Tuesday after a U.S. inflation report and the recent U.S. bank failures to USD77.45/bbl.Public Enterprises Ministry is in talks with Emirates Global Aluminum (EGA) to partner with EGAL (FV: EGP39.5, EW) and establish a new plant in Egypt. HRHO revealed that the portfolio of its financial technology company, EFG-IV, had limited funding with Silicon Valley Bank, not exceeding USD200,000. 

The Prime Minister announced that stakes in no less than 20 state-owned companies will be offered to strategic investors or on the EGX within the next year. The names of those companies should be revealed next week.  The US Federal Reserve yesterday raised rates by 25 basis points to a target range of 4.5-4.75%, as expected to a large extent in response to signs of cooling inflation and slowing growth. The cabinet granted four unnamed companies in the logistics, vaccine manufacturing, auto parts manufacturing, and hotel sectors, initial approval to obtain golden licenses. The companies will get final approval once they act on unspecified comments from cabinet members at the meeting. Tax revenues increased by 20% after applying the electronic tax system, which allowed the inclusion of the informal economy.Chimera Investments will now acquire 20% of AUTO's (FV: EGP7.50, OW) MNT-Halan after adding an investment of USD200 mn in the firm. The new investments put the company on track for a valuation of more than USD 1 bn. However, GB Capital and its subsidiaries continue to hold the majority of the value within the group's valuation, forming 78.8% of our FV.AMIC released their December 2022 report, showing a decline in PC sales volume by 75.1% YoY and a MoM climb of 6% to reach 5,524 sold unit. ESRS raised the price of rebars to EGP26,985/ton (including VAT) as of February 1, 2023, 4% higher than January 11, 2023, and 32% higher than the beginning of December 2022.We remind you that EGTS's (FV: EGP1.68, EW) next court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is, if not further postponed, on 4 February 2023.NUCA decided to extend the time allowed for developers to implement projects by 20%, with postponing the installments due from the developer for the same period.COMI announced yesterday the suspension of issuing CDs for individuals for a period of one and a half years with an annual return of 20%, paid monthly and 22.5% paid at maturity.An OPEC+ panel endorsed the oil producer group's current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place amid hopes of higher Chinese demand and uncertain prospects for Russian supply.The Cabinet approved 13 draft oil agreements for oil exploration in the Western Desert, Gulf of Suez, and the Mediterranean. The exploration rights will go to the Egyptian General Petroleum Corporation (EGPC), EGAS, and a number of unnamed international companies once legislative procedures are completed.According to the Oil Ministry, Eni produced around 60% of Egypt's natural gas during 2022.The US contractor McDermott has signed an MoU with Greek renewables company Eunice Energy Group to work on a 2-GW interconnector that will link Greece and Egypt's electricity grids, according to a joint statement. 

Gold exporters will need to receive payment into a bank account within 10 days of making a sale or face being blacklisted by the banking sector under new rules announced by the CBE.The Supply Ministry has set up a committee to determine the fair price of 10-15 kind of foods classed as strategic commodities amid soaring inflation. The Parliament voted through amendment to the Unified Tax Procedures Act that would allow foreign tax authorities to access individuals and businesses' financial information.The Ministry of Electricity and Renewable Energy received two new offers from two Chinese and Japanese companies to invest in renewable energy projects with investments worth USD4 billion.OIH is holding on its stake in Koryolink in the present time, according to an EGX release.  This comes after several reports have been circulating in the local press that OIH is looking to divest its stake in the firm and settle its balance sheet. SWDY's (FV:EGP10.41, OW) board has approved taking out a USD200 mn revolving loan from Afreximbank. The company didn't elaborate on how the loan will be used. The Egyptian Tax Authority has rolled out its digital wage and income tax platform for some taxpayers in a pilot phase this week. MICH started the execution of a new caustic soda evaporation unit with EGP130 million in investment cost.Two draft laws that would allow the government to bring in companies to develop two container terminals in Alexandria's Dekheila port and the Ain Sokhna port were referred to the House of Representatives. The House of Representatives approved the report of the Transport and Communications Committee and the Office of the Constitutional and Legislative Affairs Committee on a draft law submitted by the government to amend the law granting a commitment to build and develop the superstructure, manage, operate, maintain and re-deliver the second container terminal “Tahya Misr 1” in Damietta port.

We published this morning our earnings expectations for companies under coverage in 4Q2022/FY2022/FY2023, where 4Q2022 should be a stable quarter YoY, with some developments.The CBE clarified that the draft law amending some provisions of the Unified Tax Procedures Law submitted by the government is only related to exchanging information with foreign tax authorities and not with the Egyptian Tax Authority for local purposes. The CBE confirmed that the aforementioned draft law does not affect the confidentiality of bank customers' accounts in Egypt.Deputy Finance Minister Ahmed Kujouk said that Egypt will obtain USD1 billion from the WB, USD200 million from the African Development Bank and USD400 million from the Asian Investment Bank, before the end of the current fiscal year.Egypt is targeting between USD1.5 billion and USD2.5 billion from the issuance of its first sovereign Sukuk.The PM said that the government succeeded to attract USD9 billion in direct investments, the highest in 15 years.Companies applying for the government's golden license for industry will no longer need to meet a minimum issued capital requirement.As the government looks to reassure the market, they issued a report responding to claims and rumors circulating about the economy. The PM emphasized that the government is working on a plan to secure the nation's FX needs until the end of FY 2022-2023.Egypt signed MoUs with seven companies and consortiums including Saudi renewables player Acwa Power and Qalaa Holdings, to conduct feasibility studies on new projects to produce green hydrogen and its derivatives.The PM said that the government announced a plan to benefit from state assets assets, whether through offerings during the first quarter of next year or through partnership projects with strategic investors and the private sector.Etisalat UAE is considering acquiring an undisclosed stake out of Vodacom's 55% stake in Vodafone Egypt.Ministry of Transportation to open and evaluate the technical and financial proposals of Abu Qir - Alexandria underground project bid in March 2023, at initial cost of EUR1.5 billion. Among the bidding consortiums are SWDY and ORAS.We remind you that EGTS's (FV: EGP1.68, EW) next court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is, if not further postponed, on 10 December 2022.Companies that work on the engineering side of the automotive industry will now be able to enjoy incentives provided to businesses under the Investment Act.Al Amal Company, the local agent for BYD and Lada decided to decrease their utilization rates by 30% through operating only 4 days a week starting the current December, as a measure to the current market turbulence and decline in demand.Egypt plans to offer a global bid for oil and gas exploration in the Mediterranean and Western desert before the end of the current year.Cyprus' Aphrodite field will see a new round of drilling in early 2023. Cyprus is trying to accelerate development so the first shipment could reach Egypt by 2027. 

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

S&P Global Ratings has affirmed Egypt's BB credit rating with a stable outlook on the back of expectations that fresh financial support from the IMF and the GCC will help Egypt meet external funding needs for FY 2022-2023, which total around USD 18 bn. Egypt attracted USD6.5 bn in inbound M&A in 9M2022, making it third-biggest destination in the MENA region after the UAE and Saudi Arabia. The Petroleum Fuel Pricing Committee left fuel prices unchanged at its latest quarterly meeting, ending a streak of six consecutive months of price hike. Companies that use foreign currency to fund at least 50% of the investment cost of industrial projects in Egypt could receive a tax cut of up to 55% on income generated by projects funded by FX, according to amendments approved by cabinet last week. Head of the Suez Canal Economic free zone discussed the future plans of the green fuel projects with Maersk and Simens international companies. El-Sisi directed for the establishment of more nitrogenous fertilizer factories, to boost agricultural production and food security.  The Saudi PIF is to inject USD200 million representing 65% of EGAL's expected capital increase, pending FRA approval.Banque Misr is arranging a syndicated loan of EGP5 billion for 7 companies affiliated with SWDY Group, to finance working capital.Hassan Allam Holding and Emirati renewables player Masdar will invest some USD10 bn in a green hydrogen project in the Suez Canal Economic Zone (SCZone) over the next seven to 10 years. To help them cushion the impact of the CBE's new reserve requirements, a number of banks have issued three -year certificates of deposit (CDs) at interest rates of between 13.5%-15.0%Several local banks have addressed the CBE to obtain a new deadline for reaching 25% allocation to SME financing within their lending portfolios.OIH is ready to invest up to USD 100 mn in the Moroccan market as soon the appropriate investment arises, looking into renewable energy, EV charging stations and the agro-industrial sectors.EFID awaits FRA's approval for establishing a micro-finance arm. EFID launched a second cake line in its facilities in Morocco to produce "Twinkies"; at an investment cost of EGP200 mn.A GCC investor acquired a 3% stake in EFID through buying 20 mn shares out of Kingsway stake at a price of EGP9.60/share, and a total cost of EGP192 mn.ETRS expansion plan includes acquiring 'Nosco,' a leader in the Egyptian trucking industry, and to transform into a holding company through establishing some subsidiaries post the restructuring process. In addition, the company plans to enter some foreign markets, especially Africa, in light of the boom in infrastructure and energy projects. Benya Group, a digital solutions and ICT infrastructure provider in Egypt and the MEA Region, is in negotiations with three investment banks for a possible EGX listing. 

Banks have started to open letters of credit for the release of basic strategic commodities, as they work on securing the dollar liquidity necessary for the release of basic commodities. Supply Minister called on MPs to form an ad hoc committee to look into possible changes to the country's bread subsidy program.The EGX is looking to drum up interest in listed companies on a roadshow to Dubai and Abu Dhabi later this month.The IMF and World Bank annual meetings kick off today in Washington, DC, and wrap up on 16 October, discussing the multiple crises faced by global economy.Several international investors and investment funds have submitted offers to acquire shares in hotels owned by state-owned Egyptian General Company for Tourism and Hotels. The Ministry of Electricity is negotiating with the German Development Bank to finance a project to develop power generation turbines from the High Dam, with a value expected to exceed EGP600 million.OIH is planning to invest somewhere between USD200-300 million to set up four new hotels in Egypt.SKPC will hold an extraordinary general assembly on November 2, 2022, to approve increasing the company's issued and paid-in capital by EGP252 million.PACH did not receive any information concerning news that Qatar Investment Authority (QIA) is studying the purchase of a majority stake in the company.The Court canceled an earlier verdict against CCAP in three cases covering four cheques of a total value of USD10.17 million.EGAS received the FRA's approval to increase the issued capital by EGP481 million.CBE launched the financial inclusion strategy for 2022-2025, with four main aspects: financial education, diversity in NBFS products, creating a business environment for SMEs, micro enterprises, and entrepreneurs, and digital financial services.Bayer plans to invest EGP240 million in Egypt over the next three years by reintroducing five products to the market.The Senate is set to discuss amendments to the Environment Act that would see a “green fee” of between EGP1k and EGP50k applied on new diesel and gas vehicles.State-owned National Automotive Company has acquired 33% of local private sector EV services platform Electrified.

Net foreign assets (NFAs) of the banking system declined from USD-19.4 billion in July to USD-20.09 billion in August (net foreign liabilities (NFLs)) position. We assume those movements are related to the CA deficit. We expect urban annual inflation to increase to 14.9% YoY (1.4% MoM) on continued increase in some Items including food items and tobacco.The IMF will release its latest World economic outlook on Wednesday, and will hold their annual meetings in Washington, DC, next week, from 10-16 October.OPEC+ is expected to cut oil output by more than 1 mn barrels per day to prop up falling oil prices at its meeting on Wednesday (Reuters).El Sisi asked the central bank to work on new initiatives to attract foreign investments to Egypt and to follow up on import challenges resolution. The Ministry of Supply and Internal Trade plans to offer 3 investment opportunities to establish 3 oil production complexes at an investment cost of USD321 million.The Egyptian-Kuwaiti Economic Forum will start today, in the presence of Egyptian and Kuwaiti businessmen.Saudi Arabia's sovereign wealth fund has acquired a 34% stake in BTECH from DPI, which had acquired this stake back in July 2016 for USD35 mn.EGAL reduced its selling prices in the local market by an average of EGP3,700 per ton for the month of October, in light of the decline in global prices by USD200 per ton in September and August and the average FX rate over the same period. The General Authority for Land and Dry Ports will receive technical proposals from 'Special Group' alliance to manage and operate Damietta dry port this month.   

A big buzz in South East Asia as Japan prepares to reopen, and Hong Kong and Taiwan ease entry restrictions. Hannah is back from Japan, where she observed the response to its decision to unlock the airport gates from 11 October while attending Tourism Expo Japan in Tokyo. This week, Gary and Hannah discuss the potential inbound and outbound boost for South East Asia as North East Asia gradually returns to the travel fold. We've also got the latest travel news from South Korea, China and Macau. We finish the show amid the tranquil Himalayan beauty of Bhutan, and discuss the broader implications of its new USD200 per night Sustainable Development Fee. Will destinations in South East Asia introduce similar tourism pricing policies in future?

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

There are predictions petrol will hit $4 a litre, as the invasion of Ukraine and sanctions against Russia push up commodity prices across the board. Z Energy Chief Executive Mike Bennetts told Mike Hosking it would imply crude oil would be more than $USD200 a barrel, which we've never seen before in the world's history. He says it's not impossible, but would certainly be out there. Bennetts says it would be driven by a significant disruption to the physical flow of oil, which we haven't seen so far. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There are predictions petrol will hit $4 a litre, as the invasion of Ukraine and sanctions against Russia push up commodity prices across the board. Z Energy Chief Executive Mike Bennetts told Mike Hosking it would imply crude oil would be more than $USD200 a barrel, which we've never seen before in the world's history. He says it's not impossible, but would certainly be out there. Bennetts says it would be driven by a significant disruption to the physical flow of oil, which we haven't seen so far. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Pressure points for Egypt from a potential Russian Ukrainian war include oil prices, wheat prices, and tourism arrivals. In global conflict situations, AMOC is a stock that rises because of oil prices and spreads, and CCAP should join hands (ERC). The overall budget deficit in 1HFY21/22 increased to EGP285 billion, equivalent to 3.99% of GDPTrade deficit decreased by 63.1% YoY during November 2021, recording USD1.19 billion, on an 80.6% YoY growth in exports recording USD4.48 billionTrading on the Egyptian Commodity Exchange begins in mid-April 2022Rising tensions between Russia and Ukraine are causing “uncertainty” in the wheat market; Minister of Supply studying hedging against rising wheat pricesEl-Sisi directed the government to continue the public offering program HRHO's BoD agreed to proceed with appointing an international financial advisor and a local legal counsel for the assessment of the potential offer by FABORHD has denied media reports that it is seeking a USD200.0 million loanEFID is expanding its biscuits segment with the launch of "Oniro Mini Lava" at a retail price of EGP 3 per pack; EFID is currently trading at a FY22 P/E of 13.8x and an EV/EBITDA of 7.9xTALM announced that Nahda University in Beni Suef has received presidential approval to launch the two new faculties of Arts and Architecture with new intake quota of 200 students each but add 2,000 seats to NUB's licensed capacityDSCW's BoD approved a capital increase of EGP265 million, to reach EGP371 million; Stock price performance and FV will be negatively impacted 

EKHO| Buy Ambition, Diversity, and Strategy. EKHO expects to register total profits of USD170m in 2021 and targets growth rates of 20-25% based on future expansion plans; Sprea will double its production capacities; Nat Gas will benefit from Haya Karima Initiative; Kahraba will add 40 MW to its capacity; Alex Fert's net profit shall be within USD40-50 mn; ONS profits c.USD30 mn; Delta & Mohandes Insurance targeting  20% YoY growth; EKHO has high growth plans for the consumer finance arm over the next five years; DPS is USD0.07 out of 2021 profits, DY of 5.5% on USD; EKHO is trading at2022 P/E of 8.2x; OW on FV of USD1.97/EGP31.00 FAB might raise its NBO price to acquire a 51% stake in HRHO from EGP19/share, given the company's strong financial and competitive positionHELI expects to finalize the sale of the 270 feddan land plot in New Heliopolis in February 2022 and intends to launch its own 100 feddan project in New Heliopolis in the second half of 2022ORHD received approval from a bank consortium for a USD200.0 million loan to restructure existing debt and finance working capitalETEL and Greek operator Grid Telecom have signed an agreement to lay a new subsea data cable between the two countries; ETEL is currently trading at 2022f P/E of 4.3x and EV/EBITDA of 2.4xMCRO is eyeing completing a cosmeceuticals acquisition transaction this year. No further details availableFRA intervened to supervise the pricing of financial products directed to small, medium, and micro enterprise, through administrative expenses, late payment fees, judicial expenses, and will not interfere in setting a maximum limit for pricing financial products.[Correction] The amendments to the property sale tax, if passed, apply the EGP1,500-4,000 lumpsum tax instead of the 2.5% tax only to properties sold before 19 May 2013.The annual core inflation rate recorded 6.3% in January 2022, compared to 6% in December 2021. On a monthly basis, core inflation recorded 0.8% in January, up from 0.2% in December.Cabinet approved a decision to increase the monthly minimum wage for state employees across all salary bands by EGP300, bringing the public sector overall minimum wage to EGP2700.Two US companies plan to pump USD5 billion investments in Egypt in 3 projects in the fields of green hydrogen production, sea water desalination, and the establishment of hospitals with international standards.The Ministry of Petroleum and Mineral Resources, aims to inject investments worth USD900 million in research and production of gas in the next fiscal year, bringing the total investments during the current and next two years in the gas sector to more than USD1.6 billion.

-US Federal Reserve: Supply chain woes likely to last well into next year; Expects to begin tapering off its bond-buying soon-MPC week: We expect rates to be maintained in light of local inflation trends and high real rates-Fitch Ratings has affirmed Egypt's IDR at 'B+' with a Stable Outlook-Egypt and Israel are considering connecting their gas grids through a new USD200 mn onshore pipeline -Members of Parliament will discuss today the repercussions of capital gains tax on bourse-Fifth phase of the e-invoicing system (that includes around 3.7k companies) will start on 15 December 2021 (e-finance)-CIRA and Al Ahly Capital Holding establish a EGP2 billion company; initial investment is Cairo Saxony University-Egyptian hotels are now allowed to operate at 100% capacity, up from 70% (ORHD)-FTI Group expects a rise in German tourists to Egypt this winter (ORHD)-Marsa Alam received yesterday a charter flight carrying Italian tourists-Around 2k rooms were added to Red Sea hotel offerings in 9M21, with another 500 rooms expected to be added this year-SKPC has been operating at full utilization capacity for one month, given that ETHYDCO has been undergoing a one-month maintenance shutdown.-Egypt's sovereign wealth fund has issued tenders for private companies to build 17 solar-powered desalination plants (SWDY, ORAS)-UNIT's Board approved purchasing treasury shares during 20 October 2021 - 19 January 2022-MENA is opening another subscription period for the 56.7% unsubscribed portion of its capital increase -ADCI will distribute FY20/21 DPS of EGP5.00, DY of 8.8%-GSSC to establish a silo in Portsaid with a capacity of 100,000 tons and cost of EGP520 million

Welcome to a talk about innovation culture and leadership in Israel, The Startup Nation. My Guest is Janet Sernack, Founder and CEO of ImagineNation. We will discuss: - Why is Israel so Innovative? What made it The Startup Nation? - How could companies utilize the powers of the Startup Nation? - What is your #1 tip for leaders? You can learn more about Janet's work here: https://www.imaginenation.com.au/products/ https://www.imaginenation.com.au/products/#anchorthree Invincible Innovation Viewers get an extra USD200 off your early bird price (total savings of US $400.00) for the Coach for Innovators May Program pls share this coupon which expires on Friday 16 April. Enter the coupon at checkout: Invincible2903! Thanks for watching Invincible innovation LIVE A Show About The Future Of People With Tech I'm Adi Mazor Kario, #1 Product Innovation & Value Creation Expert, Invincible Innovation. I'd love to hear your feedback and thoughts in the comments below! If you want to know more about me and my work: https://www.invincibleinnovation.com/​ Hope you'll enjoy the talk! #startup #startupnation #innovation #leadership #management #invincibleinnovation #openinnovation #cocreation #covid19 #opportunities #valuecreation

Los temas del día: Qualcomm anuncia Snapdragon 732G https://infosertec.com.ar/2020/08/31/qualcomm-anuncia-snapdragon-732g/ Motorola lanza un nuevo smartphone One 5G https://infosertec.com.ar/2020/08/31/motorola-lanza-un-nuevo-smartphone-one-5g/ #Radiogeek – Entrevista a directivo de Seidor https://infosertec.com.ar/2020/08/28/radiogeek-entrevista-a-directivo-de-seidor/ Xiaomi lanzara smartphones con cámara debajo de la pantalla en el 2021 https://infosertec.com.ar/2020/08/28/xiaomi-lanzara-smartphone-con-camara-debajo-de-la-pantalla-en-el-2021/ Xiaomi podría quitarle el tercer puesto a Apple y su iPhone https://infosertec.com.ar/2020/08/28/xiaomi-podria-quitarle-el-tercer-puesto-a-apple-y-su-iphone/ OnePlus podría lanzar un teléfono inteligente de USD200 en los EE. UU. https://infosertec.com.ar/2020/08/28/oneplus-podria-lanzar-un-telefono-inteligente-de-usd200-en-los-ee-uu/ Review – SSD portátil HP P500 de 250GB https://infosertec.com.ar/2020/08/30/review-ssd-portatil-hp-p500-de-250gb/ Samsung comienza la producción en masa de DRAM LPDDR5 de 16 Gb https://infosertec.com.ar/2020/08/31/samsung-comienza-la-produccion-en-masa-de-dram-lpddr5-de-16-gb/ OnePlus explica por qué quiere abandonar Android puro https://forums.oneplus.com/threads/a-peek-inside-oxygenos-11.1291271/ Samsung Galaxy M51 al fin lanzado https://www.samsung.com/de/smartphones/galaxy-m51-m515f/SM-M515FZWDEUB/buy/ Apple lanzara la MacBook de 12 pulgadas con procesador ARM https://9to5mac.com/2020/08/31/12-inch-macbook-returning/ Apple cierra la cuenta de Epic Games https://www.theverge.com/2020/8/28/21406013/apple-epic-games-fortnite-developer-account-terminated-no-longer-available Samsung Cloud dejará de funcionar en 2021 https://support.samsungcloud.com/#/eof_notice/downloadData MediaTek pide permiso a Estados Unidos para vender procesadores a Huawei https://www.androidauthority.com/mediatek-huawei-ban-1152742/ APOYANOS DESDE PAYPAL https://www.paypal.me/arielmcorg APOYANOS DESDE PATREON https://www.patreon.com/radiogeek Podes seguirme desde Twitter @arielmcorg (www.twitter.com/arielmcorg) También desde Instagram @arielmcorg (www.instagram.com/arielmcorg) Sumate al canal de Telegram #Radiogeekpodcast (http://telegram.me/Radiogeekpodcast)

Marc Stacey joins us on the BlueBay Insights podcast to discuss the fundamentals, supply dynamics and banking sector changes that are lining up to form a compelling case for European bank capital. We asked Marc:What are coco bonds and what can they offer investors?The evolution of banking regulation has a huge influence on the investment case for cocos – do you think future changes will be positive or negative for the asset class?We’ve seen cocos go from zero to become an asset class worth over USD200 billion in just five years. What does this rapid growth mean in terms of bond supply?We’re hearing investors becoming nervy about buying into cocos for fear they’ve missed the top of the market – do you think this is a valid concern or is there more upside to come?How are you looking to capture these alpha opportunities through 2020?What are the three main risks currently on your investment horizon?What are the key differences between European AT1s and US preference shares (prefs)?We’re seeing ESG factors influence all asset classes across the bond universe – what are the key points to note in the cocos market and how do you integrate ESG factors when you invest?

According to a recent World Bank report, it's more costly to send money to Africa than to anywhere else in the world. On average, a 12% remittance fee is charged for every USD200 sent to the continent. Just last year (2017), African Diasporans reportedly sent home USD38 billion, and doubtless, a solid chunk of that sum served to line the pockets of financial incumbents who are only too happy to promote the status quo. In this episode of the African Tech Roundup, Herbert Banhire, AMA.ZING's Head of Zimbabwean Diaspora SA, joins Andile Masuku and guest co-host, Tapsnapp Founder, Vije Vijendranath, to chat about some leading tech and innovation ecosystem trends and to talk about the Zing Holdings' (http://ama.zing.world) ambitions to disrupt Africa's remittance industry via their first B2C virtual coin-based remittance offering, AMA.ZING. The Mauritius-registered Zing Holdings was founded by South Africans Jason Perthel (CEO) and Warren Venter. AMA.ZING is poised to help Zimbabweans living in South Africa - banked or not - conduct free mobile transactions and access basic insurance services. Listen in to hear Andile, Vije and Herbert unpack Zing's Sure Remit-esque platform aspirations against the backdrop of the unprecedented early-stage investment goldrush currently happening within Africa's fintech scene. Music Credits: Music by Kevin MacLeod (https://incompetech.com) Music licensed under Creative Commons: By Attribution 3.0 Image Credit: https://rawpixel.com

Analysys Mason Research Director Tom Rebbeck explains the IoT opportunity that is enabled by operators including connectivity, hardware, hardware installation, applications, security and so on, worth about USD200 billion.   

*** STOP THE PRESSES *** Due to the late arrival of this show, the listener submitted item voting for the Berties will be extended through the month of January. More than USD200 of stuff on offer plus the chance to reward great work in the hobby. Check out modelrailradio.com for more. Email awards at modelrailradio dot com to vote! *** Tom mentions the show will be recorded on Skype going forward. If you want to participate or listen in live via Skype, just add tom.barbalet on Skype and enjoy the show as normal. Terry Terrance starts the show talking about a recent two rail O scale meet he attended. Tom recounts a day of trains in the San Francisco Bay Area with Matt Goodman. Jimmy Simmons calls in to provide an update on life with a laser. Ted Roy gives an update on his N scale traction layout. The show rounds out with Swedish listener, Anders Wirten calling in to talk about his fascinating 1970s layout. This is a live internet radio show recorded at 4.30pm Pacific on Saturday every-other-week. For more information, http://www.modelrailradio.com/

*** STOP THE PRESSES *** Due to the late arrival of this show, the listener submitted item voting for the Berties will be extended through the month of January. More than USD200 of stuff on offer plus the chance to reward great work in the hobby. Check out modelrailradio.com for more. Email awards at modelrailradio dot com to vote! *** Tom mentions the show will be recorded on Skype going forward. If you want to participate or listen in live via Skype, just add tom.barbalet on Skype and enjoy the show as normal. Terry Terrance starts the show talking about a recent two rail O scale meet he attended. Tom recounts a day of trains in the San Francisco Bay Area with Matt Goodman. Jimmy Simmons calls in to provide an update on life with a laser. Ted Roy gives an update on his N scale traction layout. The show rounds out with Swedish listener, Anders Wirten calling in to talk about his fascinating 1970s layout. This is a live internet radio show recorded at 4.30pm Pacific on Saturday every-other-week. For more information, http://www.modelrailradio.com/

*** STOP THE PRESSES *** Less than a week to vote in the Bertie awards. More than USD200 of stuff on offer plus the chance to reward great work in the hobby. Check out modelrailradio.com for more… Email awards at modelrailradio dot com to vote! *** Tom starts by introducing the show will be recorded on Skype going forward. Not that much of a different procedure - if you want to participate or listen in live via Skype, just add tom.barbalet on Skype and enjoy the show as normal. A number of new guests start out the show including Lee Weiss who talks about his layout in development and the plight of being passionate about a prototype. Matt Forcum calls in to discuss his new shelf layout. Jeff Adam discusses his company and how to cater to the particularly passionate. Andy Zimmerman has a few previously unasked DCC questions. Craig Bisgeier fields a series of benchwork questions. Matt Goodman calls in to discuss his new shelf project. Something about Happy Birthday Mr. President and the usual crew provide filler material. This is a live internet radio show recorded at 4.30pm Pacific on Saturday every-other-week. For more information, http://www.modelrailradio.com/

*** STOP THE PRESSES *** Less than a week to vote in the Bertie awards. More than USD200 of stuff on offer plus the chance to reward great work in the hobby. Check out modelrailradio.com for more… Email awards at modelrailradio dot com to vote! *** Tom starts by introducing the show will be recorded on Skype going forward. Not that much of a different procedure - if you want to participate or listen in live via Skype, just add tom.barbalet on Skype and enjoy the show as normal. A number of new guests start out the show including Lee Weiss who talks about his layout in development and the plight of being passionate about a prototype. Matt Forcum calls in to discuss his new shelf layout. Jeff Adam discusses his company and how to cater to the particularly passionate. Andy Zimmerman has a few previously unasked DCC questions. Craig Bisgeier fields a series of benchwork questions. Matt Goodman calls in to discuss his new shelf project. Something about Happy Birthday Mr. President and the usual crew provide filler material. This is a live internet radio show recorded at 4.30pm Pacific on Saturday every-other-week. For more information, http://www.modelrailradio.com/

The crew discusses track laying and layout design. Trevor Marshall calls in to give an update on his new layout plans. Malcolm Johnson calls in to discuss his Japanese layouts. Jeff Shockley gives an update associated with a huge layout tour that his club is organizing. The show is rounded out by Andy Zimmerman talking about T-Trak modules and his local club. Don't forget to enter the Berties. With more than USD200 in prizes, you'd be crazy not to cast a vote or two! This is a live internet radio show recorded at 4.30pm Pacific on Saturday every-other-week. For more information, http://www.modelrailradio.com/

The crew discusses track laying and layout design. Trevor Marshall calls in to give an update on his new layout plans. Malcolm Johnson calls in to discuss his Japanese layouts. Jeff Shockley gives an update associated with a huge layout tour that his club is organizing. The show is rounded out by Andy Zimmerman talking about T-Trak modules and his local club. Don't forget to enter the Berties. With more than USD200 in prizes, you'd be crazy not to cast a vote or two! This is a live internet radio show recorded at 4.30pm Pacific on Saturday every-other-week. For more information, http://www.modelrailradio.com/