The IMF upgraded Egypt’s real GDP growth by 0.4 ppts in 2022 to 5.6%, compared to October 2021 projections.

The IMF has downgraded its 2022 global growth forecast to 4.4%, 0.5 ppts less than previously estimated

IMF pointed to potential pressure on emerging market currencies and more expensive debt leading to “challenging monetary and fiscal policy trade-offs” as the US Federal Reserve prepares to kick off its monetary tightening cycle

The government is planning to sell stakes in state-owned companies every month or two

The government plans to launch a new global tender for oil and gas exploration before June

The Danish company Vestas plans to implement wind energy projects in Egypt, with investments amounting to EUR2 billion

The export councils presented some proposals to ensure continued export growth, including expediting the disbursement of export subsidies and providing loans with an interest rate of 5%

US tries to find alternative sources of natural gas for Europe in the event conflict in Ukraine disrupts fuel supplies; This will push energy feedstock costs and related commodity prices will remain high

US shares resume downwards slide as interest rates, Ukraine tensions loom

ORHD received a letter from the Tourism Development Authority (TDA) informing it of a reduction in the land area of ORHD’s Makadi Heights land plot from 3.75 million sqm to 2.0 million sqm; ORHD intends to file a formal petition requesting reconsideration; Reduces FV from EGP10.77/share to EGP10.45/share

A draft law permitting landlords to evict organizations from non-residential properties was approved by the House Housing Committee yesterday; Positive news for HELI which owns assets in Heliopolis rented by organizations

ORAS announced that the acquisition of a leading equipment importation, distribution and services business in Egypt has now closed

IRAX announced completing the process of acquiring 18% of Egyptian Steel Group for Management of Steel Plant Projects Company (Egyptian Steel).

Delta Steel received the license to produce 500k tpa of billets, up from its current 70k tpa capacity

EFID is to invest EGP400 mn to add new production lines for its bakery and wafer segments in 2022

SUGR recorded FY2021 net income of EGP394.21 million, compared to losses of EGP253.95 million

CICH is set to offer factoring services this year 

Homebuyers looking to lease-purchase properties (rent-to-own agreements) will no longer have to make a down payment

Pachin confirmed distributing EGP1.25/share in two installments. The first is EGP0.75/share and the second is EGP0.50/share. The dividend’s yield amounts to 6.5%