Global markets were severely down at open, but recovered towards the end of the trading session, with futures pointing at markets being in the red today. Anticipated interest rate hikes in the US and rising geopolitical tensions in Europe were the key reasons.  

Tourism revenues surpassed USD13 billion in 2021

The Oil Ministry wants to attract USD 7 bn of FDI in FY 2022/23

Egypt’s budget deficit stood at 3.9% in 1HFY2021/22

The rise in global wheat prices will cost us an additional EGP12 billion this fiscal year

Egypt aims to increase revenues between 13% and 15% in the draft budget for the next fiscal year 2022/23

Egypt will issue the first sovereign Sukuk issuance before the end of June

Egypt aims to issue Samurai bonds, worth USD400mn, in Japan before the end of June

SKPC bottom line in 4Q21 came in at EGP177 million compared to EGP75 million recorded in 3Q20/21 and EGP101 million in 4Q19/20; HDPE prices which recorded an incline of 10% QoQ and 30% YoY and margins growth was pushed up by favorable year-end cost factors; GASCO will update its contracts with the company for gas prices starting from 1Q22; HDPE prices are slowing down as QTD index is 7% lower than 4Q21;  SKPC is currently trading at 2020/2021 P/E of 9.7x.

FWRY announced intentions to partner with a local bank to issue pre-paid cards

Egyptian Drug Authority has approved Merck’s antiviral covid-19 pill Molnupiravir for emergency use (RMDA)

Omicron has led to a disruption in Chinese cars' production lines and importation of components over the last 30 days