Moody's has affirmed Egypt's credit rating at B2 and changed the outlook to negative from stable, reflecting the rising risks of a significant narrowing in the foreign exchange reserve buffer to meet upcoming external debt service payments.

The Prime Minister is leading a delegation of ministers and senior officials to the Emirati capital where they will launch a new industrial partnership with the UAE and Jordan in Abu Dhabi. 

Emirati investors could increase their investments in Egypt to USD35 billion over the next five years from USD20 billion currently.

The EU is working on an agreement to import more Israeli gas through Egypt as the bloc tries to secure new supplies and cut imports from Russia.

Moscow is studying signing a free trade agreement with Egypt and Iran, in addition to economic integration with the UAE.

All companies will be required to implement the new e-receipt system for B2C transactions by July 2025.

Ethiopia will start the third filling of the Grand Ethiopian Renaissance Dam (GERD) in August and September, as per media sources.

Taxpayers will get a partial waiver on late fees provided they pay their taxes before 30 June under legislation being drafted by the Finance Ministry.

The government has purchased 3 mn tons of local wheat since the start of the harvest season, bringing it halfway to its 6 mn tons target.

A consortium of Gulf banks is currently studying Islamic financing worth USD1.0-1.5 billion to finance Egypt's wheat purchases.

Oil prices reached USD119.43/bbl, fueled by the possibility of the European Union sanctioning Russian oil and higher demand from the US due to seasonality factors. 

Siemens Mobility, Orascom Construction (OC) and Arab Contractors have signed a contract with the government for the second phase of the planned 2k-km high-speed rail line.  ORAS’s share of this second phase is USD1.2 billion, which brings ORAS’s total share of all three lines to USD1.8 billion 

MTIE reported weak 1Q22 profit at EGP50.7 million in 1Q22 (-60.1% YoY, +27.4% QoQ), due to weak revenue performance (-22.9% YoY, +0.8% QoQ), GPM contraction, and FX losses of EGP5.1 million , and EGP2.5 million of losses from subsidiaries MTIE is currently trading at 2022 P/E of 13.3x and EV/EBITDA of 12.3x. 

HELI reported a 96.9% y/y and 96.5% q/q decline in 1Q22 net profit to EGP3.2 million, due to lack of land sales. 2Q22 results will by in the green, due to contract to sell 243 feddan in New Heliopolis for EGP1.7 billion.

PORT reported net loss pre-minority recorded EGP8.7 million in 1Q22, compared to net profit pre-minority of EGP18.9 million in 1Q21. The Board approved purchasing treasury shares during the period 31 May 2022 to 30 November 2022. 

ACAMD reported net loss of EGP1.8 million in 1Q22, compared to net loss of EGP1.9 million in 1Q21, due to lack of land sales.

MPRC declared cash dividends of EGP0.50/share (DY of 10.4%). Record date is 12 June 2022. Distribution date is 15 June 2022.

LCSW achieved 1Q22 bottom-line of EGP33.3 million for the first time in about three and half years, compared to net loss of EGP16.8 million in 1Q21, mainly due to a rebound in sales locally and globally.

HRHO and HSBC are planning to launch a fund to invest in SMEs operating in fintech, food & beverages, education, and healthcare, with an initial size of EGP1.5 billion.

FRA has identified six key priorities for the four-year strategy to develop the non-banking financial services sector including boosting the use of fintech, accelerating digital transformation, achieving financial inclusion, and improving risk management.