Moody’s downgraded Egypt’s credit rating yesterday for the first time since 2013 due to reduced external buffers and shock absorption capacity. In its first rating action since last May, the agency said it was lowering its rating to B3 from B2 and changed its outlook to stable from negative.

Trade balance deficit declined by 38.5% YoY to reach USD2.15 billion in November 2022. This came due to a 26.8% YoY decline in imports. Exports also declined by 17.8% YoY.

Non-oil exports rose 51% YoY in 2022 to USD35.6 billion, up from USD23.5 billion in 2021.

The government is studying a proposal to determine electricity prices periodically every three or six months, same as fuel.

Emirati AI firm G42 is setting up a USD10 billion tech fund, dubbed 42X Fund, to invest in tech firms in Egypt, Saudi Arabia, Singapore, Indonesia, China, and Israel. 

The Administrative Capital for Urban Development (ACUD) is planning to establish an industrial zone in the New Capital. The company also intends to offer its subsidiaries on EGX.

Government-drafted amendments to the 2017 Sports Act will allow the Egyptian FA and others to set up and list companies on the EGX for the first time in a bid to attract more private investment into the sector.

ADQ has entered negotiations with the Egyptian government to acquire a stake of ETEL’s share in “Vodafone Egypt”, a deal that has been of interest to the QIA for several months.

EMFD (FV: EGP5.01, OW) achieved FY22 sales of EGP33.0 billion, up 42.2% y/y, driven by the launch of the SOUL project on North Coast.

BINV has completed the sale of its entire 6.38% stake in TotalEnergies Egypt to TotalEnergies Marketing Afrique (TEMA) for USD 27.6 mn. 

Aman for Financial Services, RAYA’s subsidiary, will move forward with an EGP400 mn securitized bond issuance after receiving the FRA’s approval.

SKPC will increase its issued and paid-in capital by EGP252 million to reach EGP1,512 be financed from FY21 retained earnings implying distribution of 1:5 bonus shares on 23 February 2023 for shareholders of record on 22 February 2023.

The fertilizers sector plans to increase its exports by more than 17% YoY to USD4 billion in 2023, from USD3.39 billion in 2022.

A.P. Moller Maersk plans to divert containers already in the water and redirect all reservations destined to  Iskenderun Turkish Port, which suffered severe structural damage due to the earthquake, to Port Said port and Mersin port in Turkey. 

Ministry of Electricity postponed its decision on three offers submitted by Japanese, French and US companies to invest in renewable energy projects with total investments of USD1.5 billion due to the high suggested selling price for the kWh produced by those stations.