The government’s highly-anticipated economic conference kicks off on Sunday and runs through Tuesday. The conference has three main tracks: Macroeconomic policies; empowering the private sector and improving the business environment; and formulating a future roadmap for priority sectors.

Egypt and the UAE will host a two-day gathering on Wednesday-Friday (26-28 October).  Day one is an economic forum featuring ministers, senior officials and business leaders from the two countries, while the following day will feature a cultural forum, according to a statement.

The government is preparing to offer land and residential units to Egyptians working abroad as part of its plan to attract more USD inflows, to address the shortage of foreign liquidity it is currently experiencing.

Egypt intends to issue green bonds for USD500 mn before mid-2023.

Private airlines intend to ask the Ministry of Civil Aviation, to pay the value of fuel collection in EGP instead of dollars.

Deputy Minister for Fiscal Policies has set the first of December to disburse the second batch of export rebates, through the cash payment initiative fifth phase.

El-Sisi inaugurated the black sand factory in Kafr El-Sheikh governorate, with an investment of EGP4 billion, amid the strong demand for the mineral in the global market.

Apex plans to dig 15 petroleum wells in Egypt's Western Desert during 2023.

Qatar is in advance talks to invest USD2.5 bn in local Egyptian firms, including up to 20% of Vodafone Egypt from ETEL’s c.45% stake. A conservative potential transaction valuation (post capital gains tax) based on STC’s valuation of Vodafone Egypt, this would translate into a post-capital gain tax proceeds to ETEL of EGP14.3 billion (EGP8.4 per share). ETEL could probably use the 20% stake’ proceeds to deleverage and distribute an extraordinary dividend to shareholders.

 ETEL released its budget and guidance for 2023: Early double-digit revenue growth, slightly higher than our estimate of 10% YoY. EBITDA margin of mid-to-high thirties, in line with our estimate of 39%. The company’s strategy in 2023 is to build on the data momentum, grow the customer base, monetize on infrastructure, and reduce costs while rationalizing our investments. In 2023f, we expect ETEL to record revenues of EGP46.24 billion (+10% YoY), net profit of EGP8.32 billion (+14% YoY and a NPM of 18%). ETEL is currently trading at 2023f P/E of 3.9x and EV/EBITDA of 2.7x.

Trial operations for the USD1.8 bn (3 GW) Egypt-Saudi electricity interconnection project are set to begin in May 2025. A consortium of ORAS and Japan’s Hitachi ABB Power Grids was awarded the project’s execution.

The House of Representatives Energy and Environment Committee approved in principle draft amendments to the law regulating the Nuclear Power Plants Authority (NPPA), which would fully exempt from taxes all parties involved in building and operating nuclear projects. (ORAS, SWDY, ETRS) 

SVCE sent a release to EGX affirming that the recent hike in natural gas prices for cement producers will have a significant negative effect on the company’s earnings.

EGAL’s board of directors appointed Eng. Mahmoud Abdel Aleem Aggour as the company’s Managing Director replacing Eng. Mahmoud Ali Salem effective October 18, 2022.

MNHD awarded DMC a EGP350.0 million construction contract for the construction of 13 buildings in Lake Park in Taj City, expected to be delivered within 18 months.

We remind you that EGTS’s next court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is, if not further postponed, on 22 October 2022.

HRHO’s consumer finance arm, Valu, has acquired an undisclosed minority stake in the fintech payment platform for startups Kiwe.

EFID announced intentions to continue with the 36 mn treasury share buyback program, since only 7mn was purchased. EFID is currently trading at FY23 P/E