Saudi Crown Prince Mohammed bin Salman is scheduled to visit Egypt, tomorrow, as part of a tour of the region that will also include Jordan and Turkey. 

The Egyptian Central Depository and Registry will be officially launched in 4Q22, in preparation for the discussions with the Euroclear platform.

The government has secured from local farmers around 4.1 million tons of wheat.

FWRY reported 1Q22 attributable net profit of EGP28.2 million (-63.0% YoY, +1.3% QoQ), impacted by: ESOP expense of EGP19.1 million in 1Q22, Spike in G&A expenses of 54.7% YoY (25.8% of sales, +2.7pps YoY), Strong base effect in 1Q21. Revenues of EGP483 million (+38.4% YoY, +3.4% QoQ) in 1Q21. FWRY is currently trading at 2022f P/E of 96.6x.

Transport Ministry has signed an MoU with CCAP subsidiary to develop, operate, and manage two multi-purpose stations at the Dekheila and the Ain Sokhna ports for EGP1.6 billion.

A Giza court sentenced Ahmed Heikal to several years in prison and an EGP 10k fine over the bounced checks. CCAP has said it will appeal against the court ruling.

Abu Dhabi Sovereign Fund is very close to acquiring the United Bank of Egypt. 

CBE aims to increase the number of service centers through the Rowad El Nile initiative from 33 to 100 centers, in order to expand the dissemination of non-banking financial services to owners of start-ups and SMEs. 

Egypt has lifted all Covid-related entry requirements for Egyptians and foreigners traveling to Egypt.

According to tourism sources, hotel occupancy rates in the Red Sea area have been stable at 75.0%-82.0% for a second consecutive month.