- Market Overview
- COMI
- ADIB
- EKHO
- ETEL
- ORWE
- SWDY
- SPMD


- Prepared by: Mayada Amin - CETA, CFTe

Saudi Arabia deposited USD5 billion in the CBE, with one-year maturity that could be rolled over

Saudi Sovereign Wealth Fund is looking to invest USD 10 bn in Egypt’s healthcare, education, agriculture, and financial services sectors

IMF head has welcomed Egypt’s recent economic measures that tackle the balance of payments shock

Cabinet reviewed the highlights of its strategy to encourage private sector participation in the economy, charting which industries it will withdraw from and sectors where it wants to retain a presence

Orascom Construction, Engie, and Toyota finalize the collaboration and financial closure of the 500 megawatts wind power plant with a share of 25%, 35%, and 40%, respectively. The project is to cost c.USD500 million and is to be financed by EBRD in line with other Japanese banks.

Administrative Capital Company has postponed the results of the tender for the implementation of the smart transportation system for the capital, after expectations of an increase in the main raw materials used in infrastructure projects. Competing entities for the project included SWDY and Giza Systems.

NBE added a 6% stake in FWRY bringing NBE’s total stake to 12.25%

CNFN plans to issue another EGP5-6 bn in sukuk this year.  The company is also in talks with the FRA to launch a future flow securitization by 2H22

ATLC aims to issue securitization bonds worth EGP1.6 billion by the end of 2Q22, divided into 3 tranches

- Market Overview 
- COMI
- ADIB
- SKPC
- ESRS
- ETEL
- HELI
- HRHO
- FWRY
- ORAS


- Prepared by: Mayada Amin - CETA, CFTe

Qatar plans to invest some USD 5 bn in Egypt, in addition to the USD 2 bn that Abu Dhabi’s ADQ has pledged; Egypt might get USD 3 bn from the Saudi Public Investment Fund and USD 2 bn from Kuwait

House of Representatives approved two financing agreements with the International Bank for Reconstruction and Development, and the Asian Infrastructure Investment Bank worth USD720 million

Suez Canal Authority recorded revenues of USD1.6 billion during January-March 2022, +18.5% YoY

Turkey and Israel are in discussions to build a gas pipeline running between their two countries, which would pose competition to Egypt Gas Hub. This is why Egypt and Greece are considering establishing a new subsea pipeline that would allow Egypt to export gas directly to Europe.

The usage of Mazut in electricity generation stations has gone up from 3% of the energy mix to about 12%; Volume of natural gas consumption reached 47 million tons in FY20/21, of which the electricity sector accounted for 60%, the industrial sector 12%, and the household sector 6%

The House of Representatives has approved a law that expedites public sector wage hikes and pension increases, who will receive an 8% raise on their gross monthly salaries at the beginning of April 

MTIE reported weak but expected net attributable profit came in at EGP40 million in 4Q21 (-42.9% YoY, -54.0% QoQ), and EGP368 million in 2021 (+0.5% YoY); Muted revenue growth (+3.7% YoY),  Flat GPM (+0.2pps YoY), and booked provisions were the reasons; MTIE is currently trading at 2022 P/E of 9.6x and EV/EBITDA of 6.2x 

Finance Ministry will launch its e-receipt system for B2C transactions this Friday, 1 April (EFIH)

IDHC opens a new Al Borg Scan branch in Sheikh Zayed, to reach a total of three new branches in the past six months

Car brands' agents (importers and assemblers) will be the ones to determine the consumer selling prices for passenger cars (thus fixing the distributor margins) and car dealerships are not allowed to change these prices. The decision is effective today. 

The "Go Green" initiative to replace old cars with new dual-fuel ones is still offering cars at the old prices declared in 2021, but producers have the right to request a rise in those prices. This came as many producers placed a halt on the booking with the initiative until a new fair price has been decided. 

DOMT hiked its selling prices by 10-20% due to the rise in raw materials costs and EGP depreciation

PRDC reported a net profit of EGP359.0 million in 4M2021 

GDWA recorded earnings attributable to shareholders of EGP104.5 million in 4M2021

Arab Moltaqa for Investments has signed a syndicated loan with ATLC that is worth EGP60 mn aiming to support the company’s capital base

A Cairo court has upheld AIH’s appeal in its years-long EUR150 mn lawsuit against Peugeot

Market Overview 
COMI
HRHO
EKHO

The government has lowered real GDP growth outlook for FY21/22 to 5.7% and for FY22/23 to 5.5%

Government signed a 40-year loan agreement with the French government for EUR776.9 million to fund the 55 new trains for Cairo Metro Line 1 

France will ensure that Egypt gets the wheat it needs in the coming months as the war in Ukraine creates supply risks 

Monthly fuel import bill approached USD1.05 billion, compared to about USD790 million before the war

Government is now reviewing its public offering program in light of market developments, aiming to offer 4 to 5 companies during 2022 

Cyprus and Greece are considering establishing a joint industrial zone in the Suez Canal Economic Zone

Number of public sector employees went down 6.8% YoY in 2021 to 695.3k

National Authority for Tunnels is conducting negotiations with Siemens-Orascom Construction-Arab Contractors consortium, to reduce the cost of implementing two high-speed electric train lines 

Head of Consumer Protection Agency called on agents, distributors, and traders in the automotive sector to commit to handing over cars to customers who were reserved before March 21, at the old prices

EMFD opened its 62k sqm club in Uptown Cairo; Adds recurring income 

ADIB intends to increase the bank’s issued and paid-in capital to EGP5 billion by the end of August 2022; Means another round of capital increase is planned before the end of the summer

Weekly Commodity Update

Brent futures are trading at USD111.33/bbl and averaged USD97.40/bbl YTD

Egypt Urea Index was unchanged WoW and prices are currently at USD1,130/ton

Polyethylene (HDPE) prices were up 3% WoW to USD1,560/ton (SKPC)

Diesel-HSFO spreads were up 16% WoW to USD613/ton (AMOC)

Polypropylene prices dropped 1.5% to reach USD1,330/MT

Steel/Iron Ore spreads slowed down 1% to USD618/ton 

Aluminum prices rose by 7% to stand at USD3,605/ton

Retail cement prices in Egypt retreated this week to the range of EGP1,350 -1,450 per ton

Coal prices came down 3% WoW to record USD327/ton

Crude palm oil prices climbed to reach USD1,490MT, +4.2% WoW

SMP prices rose by 1.4% to reach USD4,545/MT

- Market Overview
- COMI
- EFIH
- ETEL
- EMFD
- HELI
- ABUK
- ADIB
- AMOC


-Prepared by: Mayada Amin - CETA, CFTe

Egypt's budget deficit rose to 5.15% of GDP in 8MFY21/22, compared to 5% in 8MFY20/21

The government identified 131 imported products that have the potential to be manufactured locally, to reduce Egypt's import bill

EGX was negatively affected by news on ban of importation of some products like fully manufactured cars and cell phones; Companies noted that there is no ban, but the new process involves approvals from the CBE on L/Cs for importation which means more time is needed to replenish inventory of imported products, especially unnecessary ones

ETEL signed an agreement with the European Investment Bank (EIB) to secure a medium-term loan of EUR150 million to expand ETEL’s 4G broadband network 

FRA Head said that the authority is currently studying the documents submitted by FAB to obtain FRA's approval to start due diligence for the acquisition of HRHO

COMI expects to reach EGP30 billion in SME financing portfolio within 18 monthsFRA will announce regulations governing the establishment of fintech firms this week

FRA is working on a USD400 million green bonds issuance for an international institution, before the end of 1H22

FRA is working on a credit rating system to assess the credit worthiness of clients that do not have banking transactions., which will be based on consumer behavior

Ministry of Supply intends to finalize the awards of construction work for 8 commercial and logistical zones within 8 weeks; ORAS amongst the bidders

Some cement producers are considering the use of Mazut in the energy mix to replace coal, considering the spike in coal international prices above USD350/ton

- Market Overview
- COMI
- EAST
- EFIH
- ORWE
- SKPC




- Prepared by: Mayada Amin - CETA, CFTe

Egypt successfully closed its maiden Samurai bond issuance, selling USD500 million of the JPY-denominated bonds, with a maturity of five years and a coupon rate of 0.85%

Expectations indicate that the fuel pricing committee will meet before the end of March, to determine the new prices for gasoline and diesel

Prime Minister has notified ministers, governors, and state officials that in April they will need to review their budgets and cut costs where necessary; Any new projects that have not yet been implemented and that require USD-based payments will be postponed

Minister of Finance said that the new program with the IMF will not involve austerity measures for Egyptians

Egypt won’t be tapping the international wheat market with new tenders before mid-May, after having received all backlog of orders of Russian wheat

Crude prices rose more than 11% to over USD120 a barrel, as traders reconciled the impact of a missile attack on an oil distribution facility in KSA with a possible release of oil reserves by USA

HRHO 4Q21 group attributable net profit came in strong recording EGP402 million (+13% q/q, -14% y/y) bringing FY21 bottom line to EGP1,456 million (+12% y/y) where the IB represented 74% of the bottom line, NBFI represented 24% and aiBank represented 3%; Stock is trading at P/E22 11.0x and P/B22 1.1x

PHDC closed its Sukuk issuance of EGP3.25 billion with a maximum tenor of ten years, to finance construction works in Badya

After managing PHDC's EGP3.5 bn Sukuk issuance, CNFN is also planning to issue Sukuk worth EGP5-6 bn before the end of 2022

Ministry of Tourism is studying requests to postpone the required increase in hotel price minimum levels, in light of current low occupancy rates