Qatar plans to invest some USD 5 bn in Egypt, in addition to the USD 2 bn that Abu Dhabi’s ADQ has pledged; Egypt might get USD 3 bn from the Saudi Public Investment Fund and USD 2 bn from Kuwait

House of Representatives approved two financing agreements with the International Bank for Reconstruction and Development, and the Asian Infrastructure Investment Bank worth USD720 million

Suez Canal Authority recorded revenues of USD1.6 billion during January-March 2022, +18.5% YoY

Turkey and Israel are in discussions to build a gas pipeline running between their two countries, which would pose competition to Egypt Gas Hub. This is why Egypt and Greece are considering establishing a new subsea pipeline that would allow Egypt to export gas directly to Europe.

The usage of Mazut in electricity generation stations has gone up from 3% of the energy mix to about 12%; Volume of natural gas consumption reached 47 million tons in FY20/21, of which the electricity sector accounted for 60%, the industrial sector 12%, and the household sector 6%

The House of Representatives has approved a law that expedites public sector wage hikes and pension increases, who will receive an 8% raise on their gross monthly salaries at the beginning of April 

MTIE reported weak but expected net attributable profit came in at EGP40 million in 4Q21 (-42.9% YoY, -54.0% QoQ), and EGP368 million in 2021 (+0.5% YoY); Muted revenue growth (+3.7% YoY),  Flat GPM (+0.2pps YoY), and booked provisions were the reasons; MTIE is currently trading at 2022 P/E of 9.6x and EV/EBITDA of 6.2x 

Finance Ministry will launch its e-receipt system for B2C transactions this Friday, 1 April (EFIH)

IDHC opens a new Al Borg Scan branch in Sheikh Zayed, to reach a total of three new branches in the past six months

Car brands' agents (importers and assemblers) will be the ones to determine the consumer selling prices for passenger cars (thus fixing the distributor margins) and car dealerships are not allowed to change these prices. The decision is effective today. 

The "Go Green" initiative to replace old cars with new dual-fuel ones is still offering cars at the old prices declared in 2021, but producers have the right to request a rise in those prices. This came as many producers placed a halt on the booking with the initiative until a new fair price has been decided. 

DOMT hiked its selling prices by 10-20% due to the rise in raw materials costs and EGP depreciation

PRDC reported a net profit of EGP359.0 million in 4M2021 

GDWA recorded earnings attributable to shareholders of EGP104.5 million in 4M2021

Arab Moltaqa for Investments has signed a syndicated loan with ATLC that is worth EGP60 mn aiming to support the company’s capital base

A Cairo court has upheld AIH’s appeal in its years-long EUR150 mn lawsuit against Peugeot