Government Ownership Map is released.  

Minister of Petroleum expected the value of investments in the energy sector in Egypt during the current fiscal year to range between USD7-8 billion. 

Egypt could receive around 7.5 mn tourists this year, since the number of German tourists visiting the country is likely to rise this year, helping offset the loss of Russian visitors. 

The National Council for Wages intends to start a dialogue with business owners to raise the minimum wage to EGP2,700 in the private sector. 

Ports in Alexandria, Damietta, East and West Port Said, Adabiya, Sokhna and Safaga are the 7 ports that will be merged into a holding company and listed on EGX; the transport minister said. 

For FY2022-2023, total public investments in Egypt are budgeted at EGP 1.1 tn. Transport gets the most significant portion of the budget, with EGP 307 bn earmarked for projects in the sector. (ORAS, SWDY)

ESRS's management reduced local flat steel prices from EGP25,000 to EGP20,500 per ton. Local flat steel revenues represent around 15% of the group's total revenues. GPM should hover around the 20% mark in 2022. 

Orascom Hotels reported neutral 1Q22 sales of EGP2.0 billion, down 3.6% y/y and down 32.0% q/q.  Hotel occupancy rate in El Gouna recorded 61.0% in 1Q22. Net profit in 1Q22 increased to EGP464 million (+6% YoY) despite FX losses.

ACAMD received another offer for the co-development of its 60k sqm Zefta land plot from RAMO.

FWRY’s management guidance for 2022 includes revenue growth of around 44% YoY, EBITDA margin to stand at around 27%, Capex to stand at EGP400-500 mn in 2022. FWRY is currently trading at 2022f P/E of 57.5x, EV/EBITDA of 20.7x, and P/B of 8.2x.

Automobile manufacturer Stellantis is interested in assembling electric vehicles in Egypt. 

CIRA is studying its first issuance of future-right securitization bonds in the local market worth EGP1.5 bn.

HRHO has given Amazon a five-year window to exercise its option to convert its global depository receipt (GDR) holdings into an equity stake in valU. 

 ISPH declared 0.167 bonus share distribution for every original share held, this brings issued capital to EGP280 mn up from EGP240 mn. Record date is on 31st of May and distribution date is on 01st of June.