Net Foreign Assets (NFA) position of the banking system fell to USD-16.7 billion in May, down from USD-12.7 billion in April.

Domestic liquidity M2 increased by 1.3% MoM to record EGP6.5 trillion in May.

World Bank has agreed to provide Egypt with USD500 million to boost food security.

State grain buyer GASC purchased 815,000 tons of French, Romanian, Russian, and Bulgarian wheat for shipments in August, September and October.

Egypt and Algeria signed 12 MoUs in the fields of industry, investment, exports, irrigation and water resources, small and micro enterprises, and higher education during Prime Minister visit last week.

Qalaa Holdings reported 1Q22 consolidated financial results posting a net loss post minority of EGP584 million, versus 4Q21’s net loss of EGP958 million and 1Q21’s net loss of EGP479 million. 1Q22 revenue came in at EGP18,682 million (+26%QoQ, +1.34xYoY). The consolidated bottom line was negatively impacted by FX losses at EGP1.226 billion. CCAP is trading at 2022 EV/EBITDA multiple of 6.5x.

Russian state nuclear company Rosatom has received a permit from our nuclear authority to begin building the 4.8 GW Dabaa nuclear power plant. ORAS, SWDY, as well as ETRS, should secure sizeable awards.

ESRS has reduced the price of rebars by EGP 500/ton to EGP 17,670/ton (including VAT) as of July 1.

The Saudi “Almarai” is intending to expand in poultry products in Egypt by acquiring an operating company. Cairo Poultry (POUL) is listed as one of the possible acquisition possibilities. POUL is currently trading at a FY22 of 5.3x and an EV/EBITDA of 3.7x.

The Federation of Egyptian Industries received a notice last week confirming that British American Tobacco (BAT) will discontinue its operations in Egypt this month, due to concerns about the market’s long-term commercial viability

Abu Dhabi Ports acquired 70% of IAAC Holdings, owner of Transmar and Transcargo international, at a transaction value of USD140 million. 

Customs authority started to release some of the passenger cars held at the ports, following the prime minister’s instructions.

AUTO declared raising the selling prices for their brand “Cherry” by nearly EGP5,000 for three models.

HELI and Mountain View plan to offer 50% of Heliopark to sub-developers after Mountain View completes the master plan.

CBE has set a maximum fee of EGP5.00 on cash withdrawals from ATMs by non-card issuer banks, and extended the exemption from fees and commissions for all bank transfer services in Egyptian pounds.

Saudi Public Investment Fund plans to increase its stake in RMDA to more than 15% (up from around 11% currently) during July 2022.

Egyptian Drug Authority (EDA) shall exclusively undertake the importation of medicines, chemicals, and medical supplies. The distribution of medicines, chemicals, and medical supplies (whether locally manufactured or imported) is to be done through the General Organization for Trade and Distribution of Medicines, however, a company with state ownership of more than 25% could be allocated a distribution share.

ORHD signed a cooperation agreement with Contact to offer financing for renovations to unit owners in El Gouna.

CLHO developed and launched a patient-facing electronic medical record (EMR) system, combining patient history and accessibility.