Al Ahly Pharos

- Market Overview 
- GBCO
- EHDR
- MTIE
- EAST



- Prepared by: Mayada Amin - CETA, CFTe

Transport and Industry Minister Kamel El Wazir laid out the 23 industries that the government is looking to localize, adding that the state is offering incentives and facilities to attract investments into these selected sectors. 

The Qantara West Industrial Zone will welcome two new projects with combined investments of USD38 mn following agreements with the Suez Canal Economic Zone (SCZone).

Egypt and Germany inked grant and debt swap agreements totaling some EUR77.3 mn to fund development projects in a number of sectors.

Some 14 firms have offloaded their stake in Misr Aswan Fishing to the Sovereign Fund of Egypt (SFE) ahead of its sale to a strategic investor.

The Labor Ministry has doubled the bonuses disbursed to registered irregular workers to EGP 1k, starting with the bonus to be paid out for Coptic Christmas next month, according to a statement. These bonuses are paid out six times a year on religious holidays as well as Labor Day. This increase in bonuses will cost the state some EGP1.5 bn annually.

MPs approved a EUR1 bn macro-financial assistance package from the EU, which marks the first phase of a EUR5 bn set of concessional loans running through 2027 as part of a wider EUR7.4 bn package from the EU announced in March.

Egyptian cotton exports have decreased since the beginning of the season in early October by more than 72% to only 5,000 tons until mid-December.

ADIB Egypt secures USD66.9 million subordinated loan from its main shareholder, Abu Dhabi Islamic Bank - UAE, to support the bank's growth and expansion plan.

CANA intends to adopt an ambitious strategy in the coming years, targeting expansion in direct investment activity, investment banking services, and non-banking financial services

The Egyptian Federation for Financing MSMEs announces that over 4.5 million clients in small and medium enterprises were given financing that amounted to EGP95.5 billion by the end of 3Q24.

DOMT is currently studying the possibility of establishing a factory in an Arab country. 

HELI decided to contract directly with Al Qalaa Asset Management to exploit the Granada Complex at a rate of 30% of the total revenues in the first year with a guaranteed minimum of EGP 1.8 million annually.

ETRS aims to pump USD500,000 into digital transformation within 5 years from 2026 to 2030. 

PHAR EGM approved increasing the authorized capital from EGP1.5 billion to EGP6 billion and increasing the issued capital from EGP1.48 billion to EGP1.68 billion, an increase of EGP 200 million distributed over 20 million shares through rights issue by inviting old shareholders to subscribe to the new shares.

CCAP’s Glassrock for Insulation signs a sponsorship and MoU agreement with Ashrae Cairo Chapter Charter to provide innovative solutions and enhance advanced insolation technologies to support energy usage efficiency and sustainable heating and cooling.

Weekly Commodities Update

- Market Overview 
- COMI
- ISPH
- ADIB
- ORWE


prepared by: Mayada Amin- CETA, CFTe

UAE’s AMEA Power will set up a USD600 million, 5 GW wind power project in the Gulf of Suez in cooperation with the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority (NREA).

There is a plan to launch renewable projects with a combined capacity of 10 GW and combined investments of USD10 billion from 2023-2028 under the government’s Nexus for Food, Water, and Energy initiative (NWFE).

The EGP fell to EGP50.90 against the greenback at some banks on Thursday, down from 50.58 the day before.

MPs are expected to discuss and vote on draft cash-based subsidies bill to establish a Takaful and Karama fund to provide cash-based payments, agreements including a USD500 million financing program between GASC and the Abu Dhabi Exports Office to facilitate the provision of wheat and essential commodities, a financial cooperation agreement with Germany, and a protocol agreement with Russia for the Al Dabaa Nuclear Power Plant.

ABUK inked two agreements aimed at helping it make operations more sustainable. The first agreement will see MPS Infrastructure supply Abu Qir with green hydrogen to help it reduce its natural gas use. The second agreement will see ABB Group install an advanced automation control system at the Abu Qir ammonia plant, which will soon start partially relying on green hydrogen. Moreover, ABUK targets increasing Abu Qir 3 plant's capacity by 10% to 1,925 tons per day with an investment cost of USD100 million to be injected during 2025.

French Alstom plans to submit its technical and fiscal offers to set up Cairo Metro Line 6 next May to the National Authority for Tunnels (NAT). The consortium carrying out the project will work with local players like Petrojet, Arab Contractors, and ORAS to carry out the project.

PHDC (FV: EGP8.78, OW) acquired an additional 3.0% stake in TALM, taking its total stake to 32.6%.

A group of local pharma players wants to set up a USD150-200 million pharma raw materials factory next year. The consortium includes Arab Company for Drug Industries and Medical Appliances (ACDIMA) and PHAR. 

MCQE signed an agreement with Solarize Egypt that will see the two develop a 40 MW solar power project. 

Sarwa Insurance Company, a subsidiary of CNFN, took over the tender for insurance of 1,269 ATMs of the Egyptian Agricultural Bank, with total coverage of up to EGP2.3 billion.

- Market Overview 
- COMI
- GBCO
- ARCC
- CCAP


- prepared by: Mayada Amin- CETA, CFTe

Prime Minister Mostafa Madbouly announced in his weekly presser that the government is planning to offer up stakes in ten state-owned companies in 2025. The offerings will be via direct sales to strategic investors and/or through EGX listing.

The cabinet also approved a EUR 7 mn comprehensive technical support package to support Egypt’s green transition— dubbed the European Green Facility initiative — that was inked between Egypt and the EU in October.

The Prime Minister said that a contract has been signed with the American company “New Fortress” to attract an additional gasification unit for the additional shipments of gas that we will need for next summer.

A government official said that the IMF understands the geopolitical conditions that the region is going through, showing flexibility regarding the government’s request to amend the timetable for lifting subsidies on petroleum products in a way that suits the economic conditions the country is going through. He added that the Fund requested a clear schedule to settle foreign oil companies' arrears.

Energy solutions firm Korra Energi is temporarily set to list 2.3 billion shares at EGP0.20 each today after the bourse’s listing committee approved the move, according to an EGX bulletin. The EGP45O million in issued capital will be under the ticket KORA.CA.

The cabinet approved two draft commitments between the government-owned Egyptian Natural Gas Holding Company and Egyptian General Petroleum Corporation and unnamed international companies to search for and exploit gas and oil reserves with minimum investments of USD133.8 million. 

Somaby and TAQA inaugurated the first 3.7 billion cbm phase of a solar-powered water desalination plant that will provide safe and clean water for the resort on the Red Sea, according to an EGX disclosure. 

EGX approved the listing of EGCH's authorized capital increase from EGP8 billion to EGP12 billion. 

FWRY received final licenses to link its services with Apple Pay.

MNT-Halan has expanded into the UAE with the rollout of its early salary access service, Halan Advance, targeting the Emirates’ over 3.7 mn underbanked expatriate community. 

Hilton is working on tripling its presence in Egypt by opening 25 new hotels across the country.

- Market Overview 
- EAST
- ESRS
- ORWE
- EHDR


- prepared by: Mayada Amin- CETA, CFTe

Annual headline urban inflation declined to 25.5% in November from 26.5% in October. Monthly headline urban inflation declined to 0.5% in November 2024 from 1.3% in November 2023 and 1.1% in October 2024.

Annual core inflation declined to 23.7% in November from 24.4% in October, while monthly core inflation decreased to 0.4% in November 2024 from 1% in November 2023 and 1.3% in October 2024, the CBE reported.

The Finance Ministry is offering up six public-private partnerships (PPPs) with a total investment cost of EGP29 billion, according to the Head of the Finance Ministry’s Private Partnership Unit. The six projects are part of a wider offering of 12 projects with investments totalling EGP61 billion.

The Ministry of Industry is studying the allocation of a public free zone designated for textile industries carried out by Turkish investors in Sadat City.

The Africa50 Fund aims to expand the investment base in the digital infrastructure sector in Egypt during the coming period. The Fund plans to implement seven investment deals within the next two years and is currently studying many investment opportunities.

Egypt intends to sign a debt swap agreement worth about EUR30 million during the launch of the first edition of the “Egyptian-German Development Cooperation Day” next Sunday.

Egypt and Saudi Arabia agreed to reduce the customs clearance time to only 3 to 4 hours instead of 3 days, a move to introduce unprecedented customs facilities for the entry of goods between the two countries.

Apple Pay has rolled out to many cards from several issuing banks in Egypt. Others are expected to launch support for Apple Pay in the coming days and weeks.

HRHO completed advisory services for the IPO of Talabat and UAE Lulu Group with a market cap of USD2.0 billion and USD1.7 billion, respectively.

ATLC declared cash dividends of EGP0.60/share for FY23. Record date is 23 December 2024, and distribution date is 26 December 2024.

RAYA Board preliminarily approved an offer from Africa50 to acquire a 42.9% stake in Raya IT subsidiary Raya Data Center for USD15 million. In other news, RAYA is planning to acquire two companies in Saudi Arabia operating in the IT and data center sectors by 3Q25. RAYA’s manufacturing subsidiary Raya Electric plans to open a production line for products from De’ Longhi Group, owner of brands Kenwood and Braun, among others, in 2025. The group also plans to apply for a digital bank license for its Aman arm by year-end from the Central Bank of Egypt.

MASR signed an MoU with El Hazek Construction to execute infrastructure work and build residential villas in Elect, located in Taj City, with investment exceeding EGP900.0 million.

Market Overview 

Derivates will begin trading on the EGX in 2Q 2025, Financial Regulatory Authority Deputy Chairman Islam Azzam said. Azzam highlighted futures contracts for indices as being among the incoming additions.

The FRA is also considering offering financial leasing loans for industrial lands from the Industrial Development Authority (IDA) for the first time, Financial Regulatory Authority Deputy Chairman Islam added.

The government committee tasked with reforming state economic authorities has completed studies on 40 of the 59 authorities, according to a cabinet statement.

Egypt has reportedly chartered a third floating storage regasification unit to process LNG imports to dock at Ain Sokhna by June 2025, according to an unnamed government official.

Egypt's imports from Israeli gas increased by c.8% during the first week of this December, reaching 970 million cubic feet per day, compared to an average of 900 million cubic feet per day in the last two weeks of November.

The Finance Ministry is mulling letting industrial projects pay customs taxes in installments in a bid to increase liquidity in the sector and support its growth, unnamed government sources said.

The government is set to finalize its charter outlining strategies and recommendations for supporting startups in 2025 as part of the government’s new Entrepreneurship Ministerial Committee, Planning and International Development Minister Rania Al Mashat said.

Delta Insurance, 63.39% owned by EKHO received two bids for acquiring not less than 75% and up to 100% of the company's shares at an indicative price of EGP50/share. This indicative price translates into USD0.06/share of EKHO's outstanding shares, using an exchange rate of EGP50/share. We remind you that in our latest update published on 28 November 2024, we valued EKHO's stake in Delta Insurance at USD0.06/share of EKHO. Our FV for EKHO using SoTP valuation method was USD1.19/share.

EGCH released 1Q24/25 unaudited financial indicators posting net profits worth EGP28 million during 1Q24/25, an 89% YoY decline (-98% QoQ) as compared to a net profit of EGP350 million in 1Q23/24 and EGP2.4 billion in 4Q23/24 which included EGP2 billion in real estate revaluation gains. EGCH is currently trading at a 2024/2025e PE of 26.6x and EV/EBITDA of 9.2x.

United Bank’s shares will debut on the EGX today under the ticker UBEE.CA, at a price of EGP 13.85 per share. The stock will trade with expanded price limits of ±40% on its first day, with no temporary suspensions, and a 30-day stabilization period beginning today until 8 January 2025, during which shares from the public offering can be sold back at the IPO price.

ATLC is officially licensed for mortgage financing from the FRA. 

BTFH signs a joint venture agreement with an Italian company, CRIF to support the launch of a new entity that will offer a set of credit ratings services primarily in the Egyptian market, potentially expanding to MENA region. 

ESRS confirmed, in a release to LSE, that the company is not tendering for the GDRs in the planned buyback and, if a holder of GDRs wishes to tender the underlying shares, the holder must first surrender the GDRs and receive delivery of the underlying shares.

Abu Dhabi-based Electra Investment Holding has acquired some 8.3 million additional shares of SWDY, some 0.39% of the company, for EGP88.15/share, bringing Electra's stake in SWDY to 20.37%. 

Naguib Sawiris plans to list his real estate development company, Ora Developers, on a stock exchange within three years.

RACC will buy back up to 7.1% of its shares between 9 December and 9 January. The company has already purchased some 5.9 mn treasury shares, equals to 2.9% of the total shares, between March and April of this year.