Bloomberg reported that GCC countries await stability in Egypt's FX rate and an in-depth economic reform program before the injection of billions worth of investments into Egypt.

Prime Minister is heading to Qatar today in a bid to push forward talks for fresh Qatari investment.

Egypt is set to take its inaugural panda bond issuance to the market in early FY23/24, noting that early plans put the issuance at USD500 million in CNY-denominated bonds.

The government spent EGP66 billion on fuel subsidies in 1H FY22/23, 4x YoY, due to the devaluation and higher oil prices.

EBRD launched the second phase of its program to help digitize operations at the Suez Canal Economic Zone.

GASC purchased 240k tons of Russian wheat in last week’s international World Bank-backed tender.

EKHO 4Q22 net profit reached USD34 million (-6% YoY, -47% QoQ), bringing FY22 net profit to USD241 million (+41% YoY). Board proposed a dividend distribution of USD0.11/share.

EKHO targets spending USD170 million in CAPEX during FY23.

SKPC’s Board proposed a dividend distribution of EGP0.50/share. The Board also approved allocating EGP620 million to investment reserve.

ARCC 4Q22 net profit reached EGP97 million (+69% YoY, -32% QoQ), bringing FY22 net profit to EGP359 million, more than 10-folds higher than FY21.

ORAS and Arab Contractors signed a contract with French construction company NGE and its subsidiary TSO to construct half of the first phase of Egypt’s high-speed rail line.

BINV FY22 net profit reached EGP861 million (+600% y/y). The Board approved distributing dividends of EGP4.0/BINV share. Moreover, the BOD suggested another OGM soon to approve a cash dividend distribution of EGP1.0/BINV share along with a stock dividend distribution of 0.25 share/BINV share.

COMI signed a USD50 million credit risk guarantee agreement with the Dutch Entrepreneurship Development Bank “FMO” to guarantee loans granted by the bank to SMEs.

Several investment banks and sovereign funds have expressed interest in acquiring a controlling stake in Banque du Caire.

The price of chicken has fallen by around EGP10 in the past three days due to increased imports.

Chinese auto firm Dongfeng’s E70 500 Pro electric vehicles are now being sold in the Egyptian market, with Misr Helwan Automotive being its distributor.