Prime Minister has met with some of the world’s largest asset managers, explaining the government’s privatization plans and promoting the Egyptian economy.

The local FX rate weakened yesterday to 18.74/USD. 

Projected Inflation figures for May are12.8% YoY (+0.5% MoM), as increases in food items slow down.

Ministry of Trade has extended by three months its March ban on exports of wheat, flour, corn, lentils, pasta, fava beans, and vegetable oils. 

There are negotiations between Russia and Egypt to increase the number of flights from Russia to Egypt.

American crude oil reserves declined. Refineries' consumption increased. Brent futures are trading at USD123.93/bbl. 

IDHC reported 1Q22 attributable net profit at EGP297 million (-9.0% YoY, -13.9% QoQ), with muted revenue growth, margin contraction, IDHC is currently trading at 2022f P/E of 12.3x and EV/EBITDA of 6.3x. 

Cairo Economic Court declared Alpha Pharmacy Management Group (19011) bankrupt after it failed to pay the debt owed to banks and pharma distributors.

HRHO's “Vortex 4” fund under “Vortex Energy” aims to attract additional investments of USD 500 million.

EXPA's BoD agreed to increase its issued and paid-up capital by EGP 2 billion to EGP 5.273 billion.

Ezz Steel topped the list of the largest steel producers in Africa, with a production volume of 5.14 million tons.