Fitch expects Egypt to receive USD6.5 bn of IMF funding within 3 months or less.

Aldar Properties is considering acquiring MNHD (FV: EGP3.26, OW). Positive for land owners, OCDI (FV: EGP20.02, OW), and BINV (FV: EGP17.67, OW) which holds a 7.50% stake in MNHD.

The Prime Minister launched the localization of vehicles production strategy yesterday.

Egyptian International Motors (Renault), the Suez Canal Economic Zone (SC Zone), and Sovereign Fund of Egypt (SFE) signed an MoU to explore building a factory with a capacity of 75k cars a year. 

ETEL announced the signature of a crossing and landing agreement for the Europe Middle-East India Connect 1 (EMIC-1) subsea cable in Egypt. 

A group of investors has applied to obtain a fintech investment banking license from the FRA for an M&A-focused firm.

OPEC expected world demand growth of 2 million barrels per day (bpd) or less in 2023, a rise of just 2%. Brent futures are now trading at USD119.03/bbl. 

EKHO approved transferring 14.282 million shares to be traded in USD instead of EGP, effective today. 

OCDI signed a EGP600.0 million receivables discounting facility for receivables.

MCQE’s board of directors agreed not to renew Qena plant’s technical management contract with ASEC Engineering. It will be done inhouse.

GSK 1Q22 bottom line surged to EGP869.2 million in 1Q22 compared to EGP2.7 million in 1Q21, on sale of healthcare assets amounting to EGP818 million.