Foreign investments in T-bills went down in November for the second consecutive month, by USD1.5 billion, reaching about USD20.6 billion

The government raised its forecast for the budget deficit in FY2022/23 to 6.3% from 6.1%, 

President decided to raise the minimum wage by 13% to EGP2,700

Ministry of Electricity intends to pump EGP3-4 bn investments to increase the capacities of the Egyptian-Libyan electricity interconnection lines

The US advised its citizens against travel to Egypt, among 22 other countries, amid rising covid cases

US equity indices are facing pressure with treasury yields rising

ORHD achieved stellar 4Q21 sales of EGP3.0 billion, up 61.4% y/y and up 34.0% q/q; Hotel occupancy rate in El Gouna reaching 69% in 4Q21

MFPC will proceed in its feasibility studies for the new melamine project, with an annual production capacity of 40k tons. The investment cost of the project will be USD250 million. Project could potentially add EGP25-35/share to our FV. Mopco is also undergoing amendments in its production lines to increase the urea production by 70k tons per year.

Oil prices hit a fresh seven-year high yesterday 88.90 / bbl. 

PHAR’s BoD approved the establishment of a factory for the APIs production with an authorized capital of EGP1.0 billion and an issued capital of EGP400 million, out of which PHAR’s share is 25% (EGP1.00/share)

Vodafone Group expects the acquisition of Vodacom of Vodafone Egypt to close before 31 March

NBE, Banque Misr, and Fawry Dahab, a subsidiary of “FWRY”, signed a cooperation protocol aimed at implementing an electronic payment system for electricity bills