Al Ahly Pharos

*Key news articles for today*

Egypt has officially returned to international debt markets with its first USD bond issuance in nearly two years, issuing USD 2 bn in 5- and 8-year bonds. 

Global outsourcing giant Concentrix will invest USD 1 bn over the next four years to expand its operations in Egypt under an MoU inked with the Information Technology Industry Development Agency (ITIDA). The company create 16k jobs and increase its total workforce to 35k employees by 2028.

Egypt plans to reintroduce its USD 2.3 bn pumped storage hydropower project at Ataka Mountain to investors after the offer was withdrawn from China's SinoHydro due to funding issues.

Turkish companies are expected to invest at least USD 300 mn in Egypt in 2025. Turkish clothing firm Eroglu Holding plans to invest additional USD 120 mn in the Qantara West Industrial Zone.

The Prime Minister said during the first meeting with newly formed private sector advisory committees that the Egyptian economy has strong opportunities to achieve growth of 5.5% until 2026, despite expectations from international financial institutions to achieve growth at a level of 4.5%.

The House of Representatives approved a USD500 million financing agreement provided by the International Bank for Reconstruction and Development to implement the strengthening resilience and prosperity program.

British and US ships cautiously returned to the Red Sea after Yemen's Houthi group pledged to stop attacks on the two countries' vessels, suggesting that Suez Canal traffic could resume. Six ships linked to the US and UK had successfully transited the area without being attacked since January 19. 

ESRS general assembly approved the voluntary delisting of the Company's shares from the Egyptian Stock Exchange (EGX) and the purchase of shares from objecting shareholders or from shareholders unwilling to remain with the Company after delisting, as well as the purchase of the shares underlying the Global Depositary Receipts (GDRs) listed on the London Stock Exchange (LSE) at a price of EGP138.15 per share, as stated in the report of the IFA (BDO), which was disclosed on 13 January 2025. 

A transaction on 16.006 million HRHO's shares, worth EGP121.5 million, was executed as part of the transfer of ownership of shares for the reward and incentive system. 

CICH intends to launch its new multi-issue "Sector" Fund early next February. The company announced yesterday the closing of subscription for its multi-issue "Sector" Fund. 

Suez Canal Economic Zone announced that the beginning of the trial operations at the Suez Canal Container Terminal’s facilities in East Port Said is next April. The expansion will increase the capacity from 5 million to 7 million TEUs annually.

- Market Overview 
- RMDA
- AMOC
- ORHD
- MPRC
- ORAS


- prepared by: Mayada Amin- CETA, CFTe

The newly formed private sector advisory committees will hold their first meeting with Prime Minister Moustafa Madbouly today, set from now on to be at least a monthly occurrence with the PM as chair, according to a cabinet statement.

The House approved a EUR318 mn loan for a high-speed rail line connecting Sokhna and Marsa Matrouh from the Islamic Development Bank. An amended protocol with Russia to extend the repayment start date for the Dabaa nuclear power plant to 2031 and spread repayments out over 22 years also got the green light.

Bank of Khartoum is seeking regulatory approval to enter the Egyptian market, with a paid-up capital of USD150 mn, which it aims to increase to USD250 mn as part of a broader expansion plan.

Prime Minister Moustafa Madbouly has directed officials to fast-track plans to list military-owned companies on the EGX, calling for a clear roadmap and timeline.

The government is studying amending the requirements for establishing new investment zones, including increasing the percentage of the local component and raising the investment cost, to allocate these zones to major industrial projects of high priority for the Egyptian market. 

The opening of Grand Egyptian Museum (GEM) is pencilled in for 3 July, GEM CEO Ahmed Ghoneim said.

TAQA has signed a cooperation protocol with the Golden Triangle Economic Zone Authority (GTEZ) for the provision of essential utilities to investors in the 9.1 industrial zone in Safaga City, located within Egypt's golden triangle. 

Petro Gulf Misr plans injecting USD77 million during FY25/26 to increase crude oil production from 22.5k bbl to 23k bbl.

MASR (FV: EGP8.11, OW) signed an MoU with Korra for Energy and Investment Projects to expedite construction in Taj City, with investment exceeding EGP480.0 million.

According to local media, Bonyan aims to have around 90% of the shares offered allocated to a private placement.

MTIE announced signing a new distribution agreement with Automobili Lamborghini, the prestigious Italian supercar brand.

According to local media, JUFO has engaged in discussions with the Japan External Trade Organization (JETRO) to explore ways of cooperation in enhancing technological innovation and expanding export opportunities to the Japanese market. This collaboration was highlighted during a visit by the Japanese delegation to JUFO’s juice and concentrates factories as part of the Egypt-Japan Business Forum held in Cairo.

FAIT exited from investments in energy companies for electronic industries, City Trees and Al-Giza for Paints and Chemical Industries, which amounted to 28.6%, 40% and 48.5% respectively. On the other hand, the bank contributed last year a stake of 25.4% in GIG Egypt Hayat Takaful. The bank's investments in subsidiaries and sister companies recorded EGP1.27 bn by the end of 2024, compared to EGP1.27 bn in 2023.

The National Bank of Egypt reported a 88.9% y/y increase in net income during 3Q 2024 to EGP47.7 bn. The lender’s net income rose 136.7% y/y to reach EGP118.4 bn during the first nine months of 2024. 

Market Overview 



Prepared by: Mayada Amin- CETA, CFTe

The House approved a new simplified tax system for SMEs that proposed that businesses with an annual turnover of up to EGP15 million will pay a simple flat tax that covers income tax, value-added tax, duty tax, and others. 

The Economic Committee approved a framework agreement with the African Development Bank to phase out LIBOR as a reference interest rate.

French shipping line CMA CGM will continue to avoid the Suez Canal and use the Cape of Good Hope passage despite the ceasefire in Gaza. The shipping giant sees the Gaza ceasefire as “a positive but fragile sign for the global shipping and logistics industry.”

The Finance Ministry is providing EGP20 billion to EgyptAir Holding Company to help expand the state-owned airline's fleet and reduce its debts.

Foreign investments in treasury bills worth about USD24 billion are maturing next March, according to media reports. These investments entered the market at the same time last year following the unification of the EGP rate, which raised foreign investments in Egyptian debt instruments to about USD33 billion by the end of March 2024.

The Egyptian Stock Exchange is expected to receive new investments from private insurance funds - under the amendments made by the FRA. According to estimates by an official at the Authority, these investments will not be less than EGP6 - 7.5 billion and may reach between EGP18 - 22.5 billion at their maximum if they invest the ceiling of the 15% limit allowed in the rules.

AMOC release 2Q24/25 financial indicators. Net profit dropped 27% YoY (-61% QoQ) to EGP180 million. During 1H24/25, net profit declined 3% YoY to EGP642 million. AMOC is currently trading at a FY24/25e PE of 4.6x and EV/EBITDA of 2.3x.

The consortium of an engineering and construction company of SWDY was awarded a 500-650 MW combined cycle power plant project of a subsidiary of the Hungarian Electricity Co. (MVM). 

BP and the Metallurgical Industries Holding inked a five-year agreement to restart production in the Egyptian Anode Blocks Company after a two-year production hiatus. 

Sustainable Capital Africa has sold its entire 9.67% stake in CIRA for a total of EGP873.3 million. The transaction was executed at an average price of EGP15.5/share.

Weekly Commodities Update

- Market Overview 
- AMOC 
- GBCO
- ORAS
- EGAS


Prepared by: Mayada Amin, CETA, CFTe 

Prime Minister Madbouly announced the formation of six advisory committees that will ensure continued and deepened communication between policymakers and the private sector as the state pushes its reform drive into the new year. 

French energy company TotalEnergies and Italian energy giant Eni and the Madbouly government will next month ink agreements to transport Cypriot gas to Egypt to be liquefied and exported.

 AD Ports inked an MoU with the Transport Ministry to explore joint development and operations of a 1.1 sq km integrated logistics park in Alexandria Port.

Egypt plans to host a US economic forum in May, Foreign Minister said. 

A French trade mission will visit Egypt in May to explore potential investments in the local market.

Manufacturing, tourism, and CIT sectors were among the biggest contributors in GDP growth in 1Q 2024-2025, which recorded about 3.5%, up from 2.4% in 4Q FY 2023-2024. 

MPs are reconvening today after a two-week break to discuss and vote on three draft tax-related laws.

The Ministry of Finance is looking into swapping debt for assets and investments with several international parties and institutions, in both clean energy and human development.

Foreign investments, including Arabs, through the secondary market exceeded a net purchase of about USD2.57 billion in 20 business days from December 29 to January 23.

The Financial Regulatory Authority (FRA) has amended the rules governing private insurance funds and the caps on their investments in a move aimed at helping them diversify their investment portfolios. The decision allows private insurance funds that operate defined benefit pension plans to invest up to 10% of their total assets in metal-related funds or instruments traded on the EGX.

SKPC released 4Q24 financial indicators. Net profit increased by 1% YoY (-2% QoQ) to EGP650 million during 4Q24. Full year net profit increased by 3% YoY to EGP2.5 billion in 2024. SKPC is currently trading at a 2025e PE of 6.3x and EV/EBITDA of 5.8x.

The FRA Grievance Committee reviewed the complaint from Ahmed Ezz, the main shareholder in ESRS, regarding the exclusion of his shares and the shares of related parties from voting on the general assembly’s decisions related to the delisting of the stock from EGX. The committee accepted the grievance for review but ultimately rejected it on substantive grounds. 

Egyptian contractors, including ORAS, SWDY's Rowad, and Hassan Allam, are close to wrapping up one of Libya’s mega infrastructure projects, with investments of USD1 billion, according to local media. 

- Market Overview 
- POUL
- EPCO
- ETEL
- CLHO
- KRDI


- Prepared by Mayada Amin- CETA, CFTe

Egypt plans to issue USD1-1.5 billion worth of eurobonds or green bonds in international markets as soon as next month, followed by an issuance of sovereign sukuk, to take advantage of rising investor interest in Egyptian debt, a senior government official said.

The African Development Bank (AfDB) has approved a USD170 million loan to Egypt to foster private sector development and green growth, the lender said in a statement. The funds will help support the FY2024-25 budget with the aim of boosting private investment and creating jobs, namely to women and the youth.

The Financial Regulatory Authority has increased the minimum value of unlisted securities ownership transfers requiring approval to EGP60 million, up from EGP20 million currently, according to an authority statement. Transactions below this threshold will follow standard announcement procedures.

SUGR released FY24 financial indicators, reporting 4Q24 net profit of EGP286 million (+52.9% YoY, +795.6% QoQ) with NPM of 12% (-0.8pps YoY, +9.3pps QoQ). This brought FY24 net profit to EGP1,258 million (-20.9% YoY) with NPM of 26.7% (+4.1pps YoY). SUGR is currently trading at 2025f P/E of 5.1x and EV/EBITDA of 5.9x.

According to local media, HELI's co-development projects with MASR and Middle East for Real Estate Development and Investment are expected to be launched in 2025. 

Real estate investment firm, Bonyan, has secured EGX approval to list its shares on the EGX under the ticker BONY.CA. The company is planning to list on the EGX in 1H25.

Shell will start drilling three new gas wells in the West Delta region within days. The new wells, which will see USD230 million in investments, will add 150 million cubic feet of gas per day to Shell’s local natural gas production by year-end.

Suez Methanol Derivatives Company plans to start operations of the methanol derivatives project inside Damietta port during 2H25. The project's investment cost could reach USD122 million.

OFH, Orascom Financial Holding, changed its name to O B Financial Holding after B investments acquired 70% of the company through a share swap. 

OFH approved canceling treasury shares, thereby decreasing paid in capital to EGP1.464 billion.

Local e-payments firm and payment cards manufacturer Masria Digital Payments launched operations in Libya after migrating card processing for North African Bank, which hosts 61 branches in Libya, to its platform. The company is also exploring opportunities to support additional financial institutions in Libya as part of its strategy to grow its regional footprint.

- Market Overview 
- MFPC
- ORWE
- CLHO
- JUFO



- Prepared by: Mayada Amin-CETA, CFTe