Government planning incentives to support the businesses: Extending the current freeze on natural gas prices for four years; A new incentive program for local auto assembly

Government targets in FY21/22 a primary surplus of 1.5% of GDP, reduce the total deficit to 6.7%, and reach growth of 5.4%

Egypt will be looking to tap international debt markets again in February or March 2022

Remittances in 7M 2021 increased by 10.2% to record about USD18.7 billion

House of Representatives gave preliminary approval to proposed amendments to the Public-Private Partnership (PPP) Act and a draft law to regulate Egypt’s fintech sector

e-finance retail offering was 61.36x oversubscribed;The institutional offering was 6.8x oversubscribed; Trading is to start on Wednesday 20th of October

 e-finance and The Universal Health Insurance Authority launched “e-health”

 ETEL and Nokia signed an agreement to build the first infrastructure in Egypt offering the internet of things services 

 EASTreports weaker than expected results for FY2021 due to high provisions recorded; EAST is trading at FY21/22 P/E of 4.8x and EV/EBITDA of 2.6x

We update our valuation for POUL with a FV of EGP4.50/Share, POUL is trading at 2022f P/E of 9.5x, 2022f EV/EBITDA of 6.0x, DPS of EGP0.27, reflecting a dividend yield of 8.0%

SPMD signed a contract for managing and operating the drive-throughs directly and without an intermediary

SWDY signed an EGP178 million contract to build a transformer station for Zayed's monorail.

PHDC Board approved a EGP1.1 billion receivables securitization.

TUI is targeting operating 40 trips from the UK to Sharm El Sheikh and Hurghada

 EGBE plans to sell 5 of its subsidiaries