Al Ahly Pharos

Negotiations are currently underway to open branches of Egyptian universities overseas, with the efforts taking place within a push internationalize the higher education sector in Egypt and education service exports.

The Egyptian Customs Authority (ECA) has begun procedures to release the roughly 30k vehicles currently stranded at the country’s ports that violated previous personal import or disabled-accessible vehicle import regulations, according to a document from the authority. 

Lawmakers gave the final sign-off to a government-drafted law that directs cash-based subsidies to citizens who fall below the poverty line and lack access to social ins. initiatives.  

MPs signed off on a EUR 135 mn grant from the European Investment Bank to support the Environment Ministry’s Sustainable Green Industry project, which will support the greening of the country's industrial sector by implementing climate change and environmental sustainability measures.

Egypt's fuel imports amounted to c.USD15.5 billion in 2024, an increase of 26% YoY. According to a government official, petroleum products imports accounted for the largest share of the import bill last year, at a value of nearly USD10 billion.

ESRS board of directors decided to continue the procedures for delisting its shares from the EGX, pending the general assembly’s approval.  Objecting shareholders can sell their shares back to the company at the independent financial advisor’s fair value of EGP138.15/share.

The Parliament greenlit the Finance Ministry guaranteeing EGAL's financial commitments with Norwegian renewables firm Scatec under a power purchasing agreement between the two. 

MBSC inked an EGP298 million agreement to build a solar power plant, at the company's facility in Beni Suef, in partnership with Chinese tech giant Huawei, Chinese solar module manufacturer Jinko Solar, and local renewables company Integrated Renewable & Sustainable Communities. The solar project will support the company’s efforts to power its industrial activities with renewables.

ExxonMobil has found natural gas at its Mediterranean’s North Marakia offshore concession after drilling at the block began in mid-December. The size of the find has yet to be determined, but pre-drill estimates came in at around 3.5 trillion cubic feet, the report reads.

Chemicals and Fertilizers Exports Council is asking for increasing export subsidy to a minimum of EGP50 billion, from EGP23 billion currently to be able to increase exports to EGP100 billion.

Tasaheel micro finance issues sukuk with a value of EGP7 billion next month. 

- Market Overview 
- COMI
- OFH
- ABUK
- EKHOA
- ALCN 


prepared by: Mayada Amin- CETA, CFTe

The Finance Ministry is preparing to release the new public debt policy document by the end of March, which will outline its plans for public and foreign debt, including the issuance of green bonds, sukuk, and international bonds.

The government is currently working on two parallel budgets, with the upcoming FY 2025-2026 budget being simultaneously developed alongside a comprehensive three-year budget that will establish longer-term spending caps that can only be exceeded under very limited circumstances.

European glass fiber producers have filed a complaint to the European Commission alleging that Chinese glass fiber manufacturers based in Egypt have been benefiting from unfair subsidies and have managed to bypass anti-dumping duties directed at Chinese companies.

The government is working on cutting customs clearance times down from eight days to just two, Investment Minister Hassan Al Khatib said.

The government is working to replace the numerous non-tax financial burdens and fees imposed by state entities with an additional income tax, Investment Minister Hassan Al Khatib said, according to a ministry statement. 

The government will engage in negotiations with the European Union in April over the second tranche from its EUR 5 bn package of concessional loans.

The government is now planning to up renewables’ contribution to the energy mix to 65% by 2040, according to comments by Electricity Minister Mahmoud Esmat. 

The average yield on two-year fixed coupon t-bonds fell 2.03 percentage points to 23.46% during the Central Bank of Egypt’s latest issuance that raised EGP 21.6 bn in the heavily oversubscribed issuance, according to data from the central bank. Three-year bonds fell 0.68% percentage points to an average yield of 22.58%.

Tax revenues grew by 40% during the first 6 months of the current fiscal year, compared to the same period of the previous fiscal year, sources said

A source in the Ministry of Petroleum revealed that Egypt seeks to resume exporting natural gas by the end of 2027.

China's largest tire maker is planning to expand its Egypt operations, with China National Tire and Rubber Company looking to expand into passenger vehicle tire manufacturing in Egypt through its wholly-owned subsidiary Prometeon Tyre Egypt, according to a cabinet statement.

QNBE 4Q24 consolidated net profit recorded EGP6.34 billion (+0% q/q, +71 y/y) bringing FY24 net profit to EGP26.40 billion (+63% y/y, and 6% higher than Al Ahly Pharos Estimates). 

The FRA approved HDBK’s request to increase its authorized capital from EGP10 billion to EGP30 billion and paid-up capital from EGP5.31 billion to EGP10.6 billion, an increase of EGP5.31 billion distributed over 531.3 million shares by distributing a free share for each original share.

OFH’s board has greenlit selling its entire 99.0% stake in Klivvr Electronics to the Sawiris family-owned Klivvr Holding. For EGP11 per share, valuing the total transaction at some EGP657.7 mn.

BDO Keys for Financial Consultancy, the Independent Financial Advisor (IFA), has concluded its fair value report associated with the delisting of ESRS (FV: EGP120.21, EW) shares.

Kingdom Holdings inked an agreement with SWDY's subsidiary Elsewedy Industrial Development to develop a USD60 million textiles factory in its Industria Sadat zone in Sadat City. 

A local-international consortium of France’s Engie, ORAS (FV: EGP425.00, OW), Japan’s Toyota Tsusho, and Eurus Energy is looking to build a 1 GW wind project in Egypt, with the companies aiming to finalize the project’s contracts next year in order to build it by 2028.

TMGH announced that Hisham Talaat Moustafa, CEO and Managing Director of the company, purchased 500,000 shares of the company's capital during last Sunday's session.

Market Overview 


Prepared by Mayada Amin- CETA, CFTe

A new unified subsidy card system that will also be able to be done through your mobile system is on its way, cabinet spokesperson Mohamed El Homsani said. The unified card will not just provide access to food subsidies, but also cover health ins. coverage, and other services, according to El Homsani.

Trial operations of the EGP 15 bn integrated tourist city in South Sinai’s St. Catherine will kick off in April or May, an unnamed source said.

Foreign investors’ net purchases of Egyptian debt came in at EGP875 bn during 2024, split between EGP625 bn in short-term debt purchases and the remaining EGP 250 mn for long-term debt purchases, according to the EGX’s 2024 report.

Egypt's wheat imports jumped to a 10-year high in 2024, reaching 14.2 million tons compared to 10.8 million tons in 2023, an increase of 31%, mainly due to the USD abundance in 2024 compared to the year before, in addition to the decline in average global wheat prices to USD240 per ton, compared to USD350 per ton in 2023.

The Investment Authority intends to prepare a new draft law for companies as an alternative to Law No. 159 of 1981, to be suitable for the wide use and reliance on electronic documents, according to Hossam Heiba, CEO of the Authority.

UAE-based Nas Investment Holding intends to submit a mandatory tender offer for an additional 57.5% stake, represented in 5.5 million shares, in EGX-listed fertilizers player EgyFert (SMFR), the Financial Regulatory Authority (FRA) said. 

BP has completed the drilling of two gas production wells at the Raven natural gas field in its North Alexandria concession, with gas production expected to begin in February, according to an Oil Ministry statement. 

EGAS agreed with Eni to study establishing a fixed regasification unit in Damietta costing USD190 million. 

ENPPI and Petrojet alliance has been awarded a contract worth USD1.24 billion by Adnoc Gas for Ruwais LNG project. 

The FRA has issued a decision approving Arla Foods’ request to extend the deadline for submitting a potential mandatory tender offer for DOMT’s shares by an additional 60 working days, starting from the original deadline of January 9.

EFID will utilize its distribution network to distribute kiosk favorite Raw chips through a third-party distribution agreement with the kettle chip brand owner Prisma Food. 

According to local media, CIRA is branching out into the care economy with the launch of CIRA Care, a new arm focused on care economy services. The new venture will be set up with a capital of EGP60 mn and provide early childhood care, healthcare services, disability support, and elderly care services.

- Market Overview 
- SKPC
- AMOC
- ABUK 
- OLFI


- prepared by: Mayada Amin- CETA, CFTe

Egypt’s annual urban inflation rate fell to 24.1% YoY in December, as expected, from 25.5% in November, its lowest in two years. On a monthly basis, urban prices rose by 0.2% compared with 0.5% in November. Core inflation recorded 23.2% in December 2024, compared with 23.7% in November 2024, while monthly core inflation recorded 0.9% in December 2024, compared with 0.4% in November 2024.

The government’s new social protection package will contain raises in the minimum wage, tax thresholds, social protection coverage, and pensions, two government sources said. The government is planning on raising the minimum wage for civil servants and workers at state-owned enterprises, and the Finance Ministry is looking into raising the personal income tax exemption threshold to EGP 65k — up from EGP 60k previously — while keeping other income brackets unchanged, sources said.

EGX is looking forward to listening new 11 companies in 2025. An unnamed company real estate giant from the private sector will be joining the EGX this month, EGX boss Ahmed El Sheikh said.

Egypt has secured enough energy supplies to ensure that the nation’s power plants can run at full capacity when the summer season approaches and demand jumps, Electricity Minister Mahmoud Esmat told Asharq Business.

Madrid-based business process outsourcing (BPO) firm Konecta will kick off operations in Egypt, set up a regional HQ in the country, and invest USD100 mn in the country over the coming three years under an MoU inked with the Information Technology Industry Development Agency (ITIDA), according to a cabinet statement.

ORAS announced the start of commercial operations of 306 MW at the newly expanded 650 MW Build-Own-Operate (BOO) wind farm in Ras Ghareb, Egypt, four months ahead of schedule and exceeding the contractual target by 56 MW. The remaining capacity is on track to be gradually connected to the national grid by Q32025, making the project the largest operational wind farm in the Middle East and Africa. 

Naguib Sawiris has transferred his entire 5.8% stake in ORAS to his brother Nassef Sawiris, as part of asset re-allocation among the family, and bringing the latter’s stake and entities held for his benefit in the firm up to 42.4%. The Sawiris family’s total ownership in ORAS remained unchanged at 54.9%. 

Social Impact Capital (SIC) amended its mandatory tender offer to acquire CIRA following the release of the company’s fair value study done by BDO Keys Financial Consulting which determined CIRA’s fair value at EGP17.95/share. In response, SIC raised its offer price to EGP15.50 per share, up from the previous EGP15.00. 

China’s Asia Potash International Investment announced plans to set up a phosphate fertilizer industrial complex in Upper Egypt, which is set to have a final investment ticket of USD7-10 billion, company representatives said during a meeting with General Authority for Investment and Freezones boss Hossam Heiba. 

Kuwait Energy is allocating USD43.8 million to complete exploration works during FY25/26.

FRA announced PHAR’s capital increase’ (from EGP1.487 billion to EGP1.687 billion, an increase of EGP200 million) record date on 21st January 2025. Subscription period is set to start on 26 January 2025 to 24 February 2025. 

A Qatari-Egyptian consortium is studying the establishment of a steel factory in Qena governorate with initial investments of up to USD100 million. 

-Market Overview 
- EPCO
- POUL
- PHAR
- CIRA
- CCAP



Prepared by: Mayada Amin - CETA, CFTe

Banque Misr is preparing to appoint an advisor for the offering of its subsidiary Banque du Caire. Emirates NBD is reportedly considering the acquisition of a controlling stake in BdC, as the bank is currently in the final stages of due diligence with the acquisition expected to go through in 1Q 2025.

The government has its sights set on tackling the backlog of dues owed to exporters, with the Finance Ministry and the Investment Ministry announced a new mechanism to clear EGP60 bn in overdue payments to exporters.

Sisi and his Greek counterpart discussed the two sides’ joint economic projects, including the 3-GW Greece-Egypt Interconnector (GREGY) led by Greek contractor Copelouzos Group and expanding regional energy cooperation. 

Prime Minister revealed the government's intention to announce new companies to be offered to the private sector during the current year, in addition to the 10 companies that were announced earlier.

A government official revealed that Egypt has saved USD1 billion during the last quarter of 2024 compared to the previous year in the consumption of fuel used in generating electricity. 

Eni is working on increasing Zohr field production through operations in two to three wells with investments ranging from USD60-90 million, during the current year. 

The health of Egypt’s banking sector continued to improve throughout 9M2024, with the sector’s capital adequacy ratio (CAR) increasing 0.5 percentage points from the end of 2023 to clock in at 19.1% by the end of 3Q2024.

HRHO announced the successful completion of its advisory role in the initial public offering (IPO) of 30% of the issued capital of Nice One Beauty.

HRHO aims to inject new financing worth EGP5 billion during this year, including EGP2 billion in the first quarter, distributed between financial leasing and factoring activities.

- Market Overview 
- EGAL
- APSW
- KZPC
- ATQA


- prepared by: Mayada Amin- CETA, CFTe