IMF is currently in the technical discussions phase with the Egyptian authorities in terms of the anticipated loan program.

IMF’s Director of the Middle East and Central Asia Department said that the level of Egypt’s external debt is not alarmingly high, noting that the main bulk of the public debt is in the local currency, but work should be done to reduce its rates gradually.

Cabinet approved the executive regulations for the Sovereign Sukuk Law, as Egypt is preparing to issue the first sovereign sukuk offering before the end of the fiscal year.

IMF expected Egyptian exports of goods and services to rise to USD61.9 billion in FY21/22, compared to USD44.7 billion the year before, and to jump to USD65.5 billion in FY22/23. 

Imports of goods and services are expected to reach USD99.2 billion in FY21/22 compared to USD81.6 billion last the year before, to reach USD105.7 billion in FY22/23.

ESRS has reduced the price of rebars by EGP 830/ton (-4% MoM) to EGP 19,170/ton (including VAT) as of May 1, on the decline in main raw materials prices, where scrap prices dropped by USD64/ton; Iron ore 65% price dropped by USD33/ton, and Russian exported billets price decreased by USD60/ton.

SWDY announced a partnership with Wolong Electric to trade electric meters, establish a service center for electric motors in Egypt, and study the local manufacturing of electric motors eventually. 

ORHD hopes to resolve in May 2022 the issue of the withdrawal of 1.75 million sqm of its Makadi Heights land plot and that there are positive indicators on the issue so far.

OCDI plans to have the updated masterplan of its relocated West Cairo project (originally the 500-feddan project) ready in 2Q22.

EMFD Board approved its 2022-2026 strategy and budget and approved looking into loan offers from banks.

ALCN BoD approved FY22/23 budget targeting net profit after tax of EGP1,600 million vs. EGP1,410 million recorded in FY20/21 and an estimated figure of EGP1,400 million in FY21/22. Revenues are targeted to reach EGP2,629million, 10% higher than the EGP2,397 million recorded in FY20/21 and 11% higher than the estimated revenues of EGP2,372 million in FY21/22. The budget estimates number of containers handled to record 773 thousand, down 8% from the 839 thousand containers handled in FY20/21 and almost stable compared to the estimated number of containers in FY21/22.

Holdi Pharma (AXPH, CPCI and ADCI’s shareholder) is planning to invest EGP1.4 billion in capex in FY22/23.

Cabinet approved extending the exemption of airport fees for foreign airlines until the end of October 2022.

Khazna has received final approval from CBE for its Khazna card, a Meeza prepaid card launched in partnership with the Abu Dhabi Islamic Bank (ADIB) that will provide unbanked users access to the fintech startup’s financial services. 

PORT and AMER signed a contract to end the use of the Porto brand in PORT's projects given PORT's name change from Porto Group Holding to Arab Developers Holding.

ELSH AGM approved the distribution of EGP0.15/share cash dividends (DY of 2.3%).