Saudi Arabia’s sovereign wealth fund has set up a company to manage its investments in Egypt and is looking at promising sectors such as infrastructure, real estate, health care, financial services, food and agriculture, manufacturing and pharma.

Saudi Arabia’s sovereign fund appoints EFG Hermes as an advisor to acquire United Bank.

The government has inked an MoU with the Chinese appliance manufacturer Haier Electric to establish a USD 130 mn industrial complex to produce household appliances. 

Egypt’s current account deficit widened more than 2% to USD 5.79 bn in 3Q 2021-2022, as capital outflows and surging commodity prices put pressure on the country’s external position. 

We expect annual urban inflation to record around 15.1% YoY, on higher prices of food items and pass-through of higher fuel prices.

Ministry of electricity postponed applying the new electricity tariffs which was supposed to be applied by the beginning of July 2022 till the end of December 2022.

The Ministry of Petroleum started the expansion of the Hamra Petroleum Port in El-Alamein region to turn it into a global center for oil trading. 

SKPC 2Q22 bottom line came in at EGP217 million (-13% QoQ, +66% YoY). Bottom line came in at EGP468 million in 1H22 that is up 66% YoY. SKPC is currently trading at 2022 P/E of 5.99x and EV/EBITDA of 5.27x.

The House of Representatives Industry Committee requested to facilitate the procedures for importing pharmaceutical raw materials for factories.

Seven local contractors are competing to establish two towers in New Alamein City with investments exceeding EGP6.5 billion. (ORAS)

The Chemical Industries Holding Company (CIHC) is in talks with Austrian outfit Voestalpine to establish a new subsidiary specialized in the production of materials for infrastructure projects.

FWRY plans to introduce electronic signatures and remittances disbursements’ services within 6 months after obtaining regulatory approvals. 

Nokia phone manufacturer HMD Global is partnering up with Etisal for Advanced Industries (EAI) to assemble 1 mn mobile phones in Egypt this year, with plans to double production later on.

Emirati-based BNPL -buy-now-pay-later- fintech “Tabby” plans to enter Egypt, after raising USD150 mn in debt financing.

El Sisi has ratified amendments to the Consumer Finance Act, adding three new articles that are designed to offer consumer and SME borrowers and lenders better protection against fraud.