Tarek Amer has stepped down as governor of the Central Bank of Egypt (CBE). Prominent successor names include Hassan Abdallah, Hesham Ezz El-Arab, Hala El Said, Rania El Mashat, and Gamal Negm. 

Two Chinese companies are close to being awarded construction work for renewable energy plants in Egypt, by EMEA Power, a subsidiary of the Emirati Al-Nowais Group. The project investments exceed USD1.2 billion.

Government discussions have been held over the past weeks with Power China and China Energy to implement a 500-megawatt wind power plant and a 500-megawatt solar power plant.

Egypt's trade balance deficit in May 2022 decreased by 35.8% YoY, to reach USD2.61 billion, due to the increase in exports and a restriction on imports.

Egypt’s imports of mobile phones plunged by 91% YoY during the month of May 2022, to USD12.983 million, due to obstacles facing companies in importation procedures. (MTIE)

Egypt’s imports of passenger cars declined by 72% YoY during May, to USD85.005 million. (AUTO)

HRHO 2Q22 net profit after tax and minority interest came in at EGP 344 million (0% q/q, -15% y/y, and 11% lower than our estimates of EGP 386 million) so that 1H22 reaches EGP689 million (-1% y/y). The company is currently trading at P/E22 7.8x and P/B22 0.7x.

ValU has issued EGP 532.6 mn of securitized bonds.

PHDC achieved solid 2Q22 sales of EGP5.1 billion, up 19.2% y/y bringing 1H22 sales to EGP10.7 billion, up 38.3% y/y. Net profit in 2Q22 reached EGP263.5 million, up 2.6% y/y and down 10.7% q/q, bringing 1H22 net profit to EGP558.5 million, up 21.0% y/y. The Board approved purchasing treasury shares. 

MNHD Board is open to further discussions with OCDI regarding OCDI’s offer to acquire MNHD.

DOMT shareholders have until Wednesday, 14 September to sell their shares to Expedition Investments, as part of its mandatory tender offer (MTO) for 34% of the company.

US natural gas prices have skyrocketed to levels unseen since 2008, to USD9.33/MMBtu, the highest closing price since August 1, 2008.

Crude oil inventories in the United States dropped by 21.8 million barrels to 915.8 million barrels in June, which was the lowest level since 2004.