The EGP settled at 19.0084 against the USD during yesterday's trades, leaving it down more than 20% since March. 

Remittances from Egyptians working abroad declined 8% y-o-y in May to USD 2.4 bn. Flows were down 23% from USD 3.1 bn in April. 

Egypt wants to attract USD 10 bn of foreign direct investment during the current fiscal year, up from an average of USD 7.3 bn a year over the past five years, 

The government wants the country’s non-oil exports to hit USD 35 bn this year, El Said said. This is 75% higher than the USD 20.1 bn exported in FY 2020-2021.  

FDI in Egypt jumped over 1Q22 to USD4 billion, compared to USD1.4 billion during the same period last year (+181% YoY).  

FPI recorded a net outflow of USD15 billion in 1Q22. 

Egypt's current trade deficit recorded USD13.6 billion in 9M FY21/22, while the financial and capital balance surplus declined to USD10.8 billion dollars, compared to USD17 billion during the corresponding period. 

Egyptian exports exceeded USD38.8 billion during the first nine months of FY21/22, compared to USD20.6 billion during the same period, while imports rose to USD70 billion againstUSD51 billion during the corresponding period. 

Remittances from Egyptians working abroad rose to USD29.1 billion during the period from July 2021 to May 2022, an increase of 2.1% compared to about USD28.5 billion in the same period in 2020/202, adding that the transfers of May 2022 amounted to USD2.4 billion. 

The volume of foreign investments in new energy projects in Egypt doubled to USD3.5 billion during FY21/22. 

FRA is studying the possibility of increasing the minimum free float requirement for EGX-listed companies to 10% of total shares, up from a current 5%, in order to increase liquidity and trading volumes.  

FRA is considering raising the minimum limit for insurance funds that is to be invested in equities, which will add EGP4 billion to the stock exchange. 

FRA is studying to reduce fees for the services borne by operating companies to relieve pressure on them.

AMOC released a positive 4Q21/22 net profit after taxes inclined to EGP465 million (+31% QoQ ,+50% YoY). Net profit after taxes for FY22 came in at EGP1,227 million which is up 1.46x YoY. AMOC is currently trading at FY21/22 P/E of 4.1x and FY21/22 EV/EBITDA of 2.1x.

ABUK released neutral 4Q21/22 net profit after taxes at EGP2,090 million (-44% QoQ , +95% YoY). Net profit after taxes for FY22 came in at EGP9,054 million which is up 1.58x YoY. ABUK is currently trading at FY22 multiples of EV/EBITDA of 1.4x and P/E of 3.2x.

EGTS’s next court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is on 22 October 2022.

Regarding land plots that had been previously issued but not sold, NUCA is considering financial offers for the land plots include a cash component of at least 35% of the offer value.

B Investments’ board has until 29 August to decide how to respond to Adnoc’s bid.

Abu Dhabi Islamic Bank exited a 50.88% stake in Cairo National Company for Securities.

ADCI FY21/22 bottom line declined by 24.9% YoY to EGP77 million in FY21/22 ADCI is trading at FY21/22f P/E of 3.4x and EV/EBITDA of 2.0x.