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Welcome to our daily podcast featuring the day's top news commentary and technical recommendations delivered to you before the opening bells of the Egyptian Stock Exchange (EGX).Alongside our morning podcasts, we will be publishing a collection of episodes presenting indepth analysis and insights on EGX's equities, all brought to you by Al Ahly Pharos.
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Prime Minister said that there is a plan to offer three to four companies affiliated with the military on the EGX. We should know more next week with the release of the government’s privatization plan for the coming period. Prime Minister said that foreign companies, both new to the market and veterans, are getting ready to launch projects, includi…
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*Key news articles for today* The government is planning on offering up stakes in its majority-owned Port Said Container and Cargo Handling Company (PSCCHC) and Damietta Container and Cargo Handling Company (DCHC) on the EGX during 1Q25. The sources expect the government to offer 20-25% stakes in each company, with the IPO’s private placement focus…
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The recently formed Entrepreneurship Ministerial Committee has announced ambitious plans to increase investments in Egypt’s startups tenfold to USD5 bn in the coming period, through easing market entry among other measures. Industry Ministry revealed new information about the government’s plans to localize automotive feeder industries with a USD 36…
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Hassan Allam Holding and ADP France have submitted a joint proposal to manage and operate Egyptian airports. UAE-based EV infrastructure company Zero Carbon is currently undertaking feasibility studies ahead of a launch in the Egyptian market. Egypt is planning to carry on importing liquefied natural gas until the country closes the gap between dom…
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German companies are mulling several investments in Egypt, including: A EUR 1 billion direct reduced iron factory. A EUR 30 million flame-resistant material factory. A EUR 5 million first phase of a bicycle parts factory. Auto parts factory in Egypt. China Glass Holding subsidiary CNG Egypt New Energy Glass kicked off construction work on a USD300 …
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A “very important” Qatari real estate project on the North Coast is in the works, Prime Minister Mostafa Madbouly said. The Gulf nation is also looking into investments into the North Coast’s tourism and hospitality sectors, according to Madbouly, who added that they will soon present Qatar with a list of relevant investments that may be of interes…
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*Key news articles for today* The government is planning to issue its first EGP-denominated sovereign sukuk in the domestic market in the next fiscal year. The government is planning to localize 50% of all vaccine production by 2030. There will then be efforts to increase this to 75% by 2035 and full self-sufficiency by 2040. The government has all…
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The government is mulling a permanent exemption for factories from property taxes and either raising the residential tax exemption cap or doing away with it altogether for first homes, Deputy Finance Minister said. Remittances from Egyptians working abroad more than doubled YoY in September to hit USD2.7 bn. The CBE sold EGP75.2 bn worth of t-bills…
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Imported mobile phones could be subject to customs and tax fees totaling 37.5%, as part of incoming government regulations to support the country’s mobile phone manufacturing localization efforts. Prime Minister is gearing up to announce “positive news” regarding the airport privatization plan developed with the International Finance Corporation (I…
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In line with our expectation, the CBE left interest rates unchanged after its MPC Committee met on Thursday. A coalition of Chinese companies has been established to develop a 1 million feddan integrated farming zone in the New Valley Governorate. Planning and International Cooperation Minister Rania Al Mashat met with a delegation from the Europea…
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The CBE's MPC is scheduled to meet today. We remind you that we expect the CBE to prefer to hold rates unchanged in today’s meeting due to persistent inflationary pressures, among other factors. Senior private and public sector figures from Egypt and the UAE inked numerous investments: Cabinet greenlit two power purchase agreements for two separate…
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United Bank will kick off its planned offering on the EGX today. The total offering could see the bank raise up to EGP5.1 bn by floating an equivalent to a 30% stake. The number of tourists visiting Egypt increased during Jan - November 2024 by 4% compared to the same period last year. Egypt's imports of fuel shipments increased to more than USD12.…
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Hassan Allam Holding inked a memorandum of understanding with Abu Dhabi wealth fund ADQ portfolio company and Ras El Hekma project master developer Modon Holding, in an agreement to cooperate on projects in the “infrastructure, energy, and water and wastewater treatment, and special building” sectors, the companies said in a joint statement. The CB…
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Cabinet spokesperson named banking, airports, pharma, plastics, glass, and petrochemicals as among the sectors where we will see stakes in state-owned entities offered up by the end of June. In addition, there are another 15 stake offerings in the pipeline after the current fiscal year. The Private Sector Partnership Unit in the Ministry of Finance…
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The CBE's MPC is scheduled to meet on Thursday, 21 November. The IMF mission that is in Cairo is set to complete the fourth review of Egypt’s USD8 billion loan program this week. Egypt’s unemployment rate rose to 6.7% of the total workforce in the third quarter of 2024, up 0.2 percentage points from the previous quarter. The Madbouly government on …
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The Asian Infrastructure Investment Bank is considering financing the Egyptian government with about USD300 million. The Ministry of Petroleum announced 8 new liquefied gas shipments during this November, to meet the needs of the local market for power generation and industrial activity. The Assistant Minister of Tourism revealed the issuance of fi…
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Government calls out media reports that it asked the IMF to increase its next disbursement as false. The government has approved offering manufacturers loans at a subsidized 15% interest rate to purchase equipment and production materials. Egypt's non-oil trade deficit declined by 4.4% YoY during the 9M24, attributed to an 11.1% growth in exports, …
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A member of the IMF mission in Cairo said to local media that the mission did not discuss with the Egyptian government an extension of economic reforms schedule, during the fourth review. Adding that the mission did not decide anything regarding postponing some reforms. Remittances from Egyptians working abroad increased 65.6% y-o-y in August to hi…
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Annual urban inflation came almost flat in October, registering 26.5% YoY, up from 26.4% YoY in September. Monthly urban inflation decelerated to 1.1% MoM in October from 2.1% MoM in September. The Central Bank of Egypt will auction USD1.5 billion in USD-denominated, one-year t-bills today. The government now only has USD1 billion in outstanding ar…
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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 Sustainab…
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CAPMAS is expected to release inflation figures for October on Sunday, 10 November. We expect urban annual inflation to hit around 27%. Net International Reserves recorded USD46.9 billion at the end of October 2024, up USD205 million from September’s USD46.7 billion. Investment Minister Hassan El Khatib will unveil the revamped privatization progra…
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Cyprus’ Energy Minister Giorgos Papanastasiou said yesterday that his country is prepared to supply natural gas to Egypt to re-export to European marketsز Oil Ministry to unveil full incentives policy framework during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2024) which is being held in the UAE until Thursday, Oil Min…
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The IMF will begin the fourth review of Egypt’s IMF loan program tomorrow. Three main areas will be subject to discussions during the review. The IMF team will be discussing green financing through its Resilience and Sustainability Facility next week. The government applied for an additional USD1.2 bn in long-term, low-cost climate financing from t…
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IMF’s Managing Director Kristalina Georgieva kicked off talks with Egyptian officials, including Prime Minister Moustafa Madbouly and CBE governor Hassan Abdalla yesterday after landing in Egypt. The USD rose more than 0.4% against the EGP on Thursday to reach EGP48.94 to the greenback, marking its highest level since August. Budget deficit narrowe…
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The IMF’s Managing Director Kristalina Georgieva will be in Egypt next week to discuss our USD 8 bn loan program, Prime Minister Moustafa Madbouly said. A delegation from the Fund will arrive directly following her visit in preparation for the program’s fourth review, Madbouly added. The government will be taking another look at its plan to sell of…
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