Suez Canal revenues are expected to hit USD7 billion in 2022, up 11.1% YoY

Suez Canal Authority is considering granting reductions in transit fees ranging between 10%-20% for green ships

EGP30 billion will be allocated to develop state-owned oil companies in the FY2022/23 budget (AMOC)

SCZone is in talks with Hungary over potential investment in a specialized industrial area

South Korea will provide a USD1 billion soft loan to Egypt; eyes participating in Al Dabaa nuclear plant construction

The Capital Gains Tax amendment bill may see the light soon after lengthy discussions between the stakeholders regarding the proposed amendments

Libya’s daily oil production increases to 1.2 million bbl, +14.8%, Shall have a direct impact on bringing down global oil prices

EFIH disclosed that its subsidiary “e-cards” is currently in negotiations with one of the health insurance companies in Zimbabwe to issue and manage health insurance cards. No further details were disclosed. EFIH is currently trading at 2022f P/E of 41.6x and EV/EBITDA of 32.2x.

On a separate note, EFIH signed a contract with “Misr Petroleum” to provide the company with cards for fuel distribution, replacing the coupon distribution mechanism that the company is currently using.

EFID is expanding its Freska brand with the launch of Freska Choco Sticks to expand its 15% market share in the wafer segment, which is its fastest-growing line of business

JUFO reported strong results for 9M21, with net profit for 9M21 recorded EGP490 million, up 27.7% YoY; JUFO is currently trading at a FY22f P/E of 11.3x and EV/EBITDA of 4.4x.

Hyundai Rotem is reportedly in talks with an undisclosed Egyptian company to establish a “production plant” in the Suez Canal Economic Zone

Hyundai already has projects lined up in the SCZone having agreed to work with the National Egyptian Railway Industries Company to produce railcars

State-owned Engineering Automotive Manufacturing Company (EAMCO) is set to sign a cooperation agreement with South Korean auto parts maker Myoung Shin to locally produce electric microbuses

 Egypt’s pharma exports increased by 30% YoY in 2021 to stand at USD685 mn in 2021

Iberia Airlines started operating direct charter flights between Madrid and Luxor