CBE Acting Governor Hassan Abdalla has appointed Hisham Ezz Al Arab and Mohamed Naguib as his advisors. 

The meetings held yesterday by the CBE and key cabinet members have stoked expectations that they may be looking for ways to ease import restrictions. 

According to local press, the process of opening letters of credit necessary to import some commodities and production components witnessed relative facilitation, and banks began to procure foreign currency for some importers. However, a banking official explained that the system of priorities in opening letters of credit is still in place, but it takes into account the seasonal demand for some commodities that do not have local alternatives.

Sovereign Fund of Egypt has attracted investments worth USD3.3 billion during the current year from Arab sovereign funds.

SWDY's subsidiary, Elsewedy Transport & Distribution, has started operating electric bus charging facilities at Adly Mansour Central Interchange Station. Elsewedy T&D is also working on the electric bus charging station in Sharm El Sheikh as part of preparations for the COP 27 summit in November. On a different note, SWDY's extraordinary general meeting approved decreasing the company’s issued and paid-up capital to EGP2.17 billion through cancelling 13.4 million treasury shares.

Seven local entities won two major tenders for the supply of cables and electrical supplies to South Cairo Distribution Company with a total value of EGP1.5 billion. The companies include Egytec, a subsidiary of SWDY. 

SVCE announced its 2Q22 financial results with losses deepening to EGP85.9 million from EGP40.1 million in 2Q21.

Ministry of Electricity is to issue a tender to foreign and local companies to launch seven major transformers stations with medium voltage of 220 kV to serve the New Delta project.

Some 250-300 companies have taken out conditions booklets for a tender for three industrial complexes comprising 1k units in Upper Egypt for micro, small, and medium enterprises.

ALCN net profit increased 67.6% YoY and 21.6% QoQ to record EGP667 million in 4Q21/22, bringing FY21/22 net profit to EGP1.9 billion in, up 37% YoY.

According to local media, Qatar’s Sovereign Wealth Fund is interested in investing in ALCN; however, the company has not received an offer yet.

PACH’s BoD appointed Al Ahly Pharos to advise on choosing between the multiple acquisition offers. On a related note, a new company intends to compete with Sipes and Saybad with an acquisition offer.

Oil prices rose again over the USD100/bbl mark. Brent crude is now trading at USD101.97/bbl.

Industry experts are declaring that cars' spare parts have been witnessing a sharp increase in prices.

CIRA is in negotiations with NBE to borrow EGP800 million to finance the construction of the new technological university in partnership with Al Ahly Capital with a total investment cost of EGP2.1 billion.

Savola plans to invest over EGP1 billion in the Egyptian Belgian Company to increase production. The company also recently acquired another snack food factory in Egypt, which will come online next year.

BINV received a letter from Total Energies Marketing Afrique (TEMA), entailing that TEMA has extended the deadline for BINV until 15 September 2022 to exercise the right to purchase 34.62% of TEMA's shares in Total Energies Marketing Egypt on the same conditions as the offer received from ADNOC. 

Prime Holding denied receiving any acquisition offer in reference to rumors published yesterday concerning an acquisition offer by Arqaam.

AIH released 1H22 results where consolidated net attributable income stood at EGP36 million, implying a 14% y/y decline.