MSCI February Rebalancing: 

• Standard Index Egypt: No Change
• Small Cap Index Egypt: ESRS and HELI added with no deletions

Core inflation hit 31.2% in January, up from 24.4% in December. 

President Abdel Fattah El Sisi denied there is any tension with Saudi Arabia. 

The government is ready to offer up stakes in all military-owned firms as part of the state privatization program and partner with private-sector players.

Planning Minister is leading a business delegation to a number of Gulf countries along with Sovereign Fund of Egypt head to drum up interest in the offering program.

International oil companies intend to invest USD1.5 billion in FY23/24 to develop natural gas fields in Egypt.

Kuwait will look into amending its policies on providing aid to Arab and developing countries through its Kuwait Fund for Arab Economic Development.

Cabinet has denied a media report last week that it is planning to introduce a mechanism to price electricity on a quarterly or semi-annual basis.

Moody's downgraded the ratings of five banks (NBE, Banque Misr, Banque Du Caire, COMI to B3 from B2 and Bank of Alexandria to B2 from B1). The outlook on deposits’ ratings changed from negative to stable.

Seif Thabet, JUFO's previous CEO, is back on the company's management team. However, title is still unannounced. 

OCDI achieved solid 4Q22 sales of EGP9.5 billion, up 59.0% y/y and 85.4% q/q, bringing FY22 sales to EGP21.3 billion, up 87.4% y/y. Net profit in 4Q22 declined 83.3% y/y and 39.0% q/q to EGP86.5 million due to EGP542.0 million in provisions in light of EGP devaluation, bringing FY22 net profit to EGP520.1 million, down 39.5% y/y.

Abou Ghaly Motors is introducing Chinese automaker Geely’s Geometry C electric car to the local market. To obtain the car, its amount must be paid in USD through Abou Ghaly’s freezone company in Alexandria.

Three international companies submitted technical and financial offers to the National Authority for Tunnels of the Ministry of Transportation to develop the infrastructure and electronic systems of the first line metro Helwan-New Marg.

An Italian company offered to establish a wind power station with investments amounting to EUR200 million.

The state wants to make it easier for manufacturers of pharma products and medical supplies to get licenses.