Ministry of Planning upgraded its forecast for real GDP growth in FY2021/22 to 6.2% - 6.5% from 5.6%

EGX launched four new sub-indices to track the performance of the most actively traded EGP-denominated sovereign debt instruments

Workers and investors in the tourism sector said that the Russia-Ukraine crisis escalation caused a 30% decrease this month in the reservations of tourists from both countries

Egypt will start exporting natural gas to Lebanon within a few weeks through the Arab Gas Pipeline

CBE has responded in a document to queries from importers on its recently issued rules requiring them to get letters of credit (L/Cs) for their imports, where temporary imports and imports for re-export are exempt from the new rules

Parliament gave its final approval to amendments to the Capital Markets Act that will introduce future flow securitization

COMI's BoD proposed distributing cash dividends of EGP1.36/share implying dividend yield of 3%; Bank to increase paid-in capital by EGP 165.42 million related to ESOP program

HRHO’s fintech buy-now-pay-later firm ValU has launched a new algorithmic tool to assess the creditworthiness of borrowers resulting in higher approval rates

The Russia-Ukraine escalating tensions and the possible resulting sanctions on Russia could affect world aluminum supply, especially from Rusal, the largest aluminum producer outside China; EGAL share price already reflects aluminum price movement since mid-2020; Reiterate Equalweight

ETEL is extending its reach through the Southeast Asia-Middle East-Western Europe 6 (SEA-ME-WE 6) subsea cable; Bodes well for revenue growth and margins; ETEL is currently trading at 2022f of 4.4x and EV/Adjusted EBITDA of 2.4x

EFID is introducing three new flavors as part of rebranding its Molto Sandwich line to "Molto Fino”

IDA will discuss the auto industry strategy with the Ministry of Finance, Focus is on three pillars: Incentives for local manufacturing, higher production, and higher exports

House of Representatives objected to amendments regarding the real estate sales tax (2.5% of sale value), citing that it would discourage property registration

Parliament approved the draft amendments to some provisions of the Real Estate Registration Law, which aims to encourage and facilitate real estate registration in Egypt

PORT is aiming in FY22 to 1) invest EGP1.5 billion in its projects to expedite delivery rate, 2) deliver over 2k units, and 3) achieve sales of over EGP2.0 billion

ZMID reported a 29.0% y/y increase in FY21 net profit to EGP274.9 million; Board proposed EGP0.30/share cash dividends (DY of 2.3%)

EgyptAir is resuming flights between Cairo and Bangkok starting 1 June 2022 with three weekly flights