Bloomberg reported that last month's banking crisis that saw the collapse of three US lenders and Credit Suisse didn't produce the kind of turmoil seen in the lead-up to the 2008 meltdown, raising concerns about what might be coming down the line amid uncertainty about interest rates and inflation.

Japan has split from its G7 allies and will now purchase Russian crude at prices higher than the USD60/bbl cap. Brent crude is currently trading slightly above USD85/bbl.

Egypt's net foreign assets slipped to a negative USD 23.02 bn in February from negative USD 21.70 bn in January 2023, and down from positive USD 20.4 bn in February 2021.

EGP twelve-month non-deliverable forwards have the EGP hitting 41 to the USD.

Out of EGP 3 bn worth of local currency potential bond issuance on Monday, the government accepted only one offer to buy EGP 1.1 mn worth of the three-year bonds at a 21.7% rate, after investors demanded yields of up to 28%, in light of further depreciation fears.

The National Bank of Egypt and Bank Misr collected EGP 122 billion in investments into the two new CDs issued earlier this week. 

Out of the World Bank’s USD7 billion allocated to projects with the Egyptian government, between 2023 and 2027, five are being implemented this year at a value of USD 2.34 billion.

Investors have started submitting capital-increasing offers for the state's newly-established hotels company, according to the Sovereign Fund of Egypt (SFE) CEO. 

The General Division for Medical Supplies at the Cairo Chamber of Commerce will send the CBE a memo requesting his renewal for instructions to all banks on the importance of expediting the procurement of foreign exchange for shipments of medical supplies currently stacked in Egyptian ports since last January.

SCZone General Authority announced yesterday the completion of about 72% of the development work of Ain Sokhna port, with plans to transform the port into a pivotal one that serves global trade through the Red Sea and opens new markets for Egyptian exports.

The General Authority for Investment and Free Zones is to finalize the draft law regulating the Cairo Financial Center with target investments of USD 2-3 billion in 2024.

The government has inked a USD 120 mn agreement with a consortium led by Renergy Egypt to design, build, own, and operate its new waste-to-energy factory in Abu Rawash city.

EGTS (FV: EGP1.68, EW) reported FY22 revenue of EGP116.7 million and net profit of EGP113.9 million, compared to FY21 revenue of EGP127.6 million and a net loss of EGP62.1 million. The shift to profit is due to the increase in net interest income from EGP6.9 million in FY21 to EGP151.9 million in FY22 due to FX gain. The Board approved resuming land plot sales following the lack of land sales the last few years based on an earlier Board decision.

EGAL reached a short-term financing agreement with Suez Canal Bank (CANA) worth EUR12 million to purchase an Italian wires machine with a capacity of 500 tons per month. The company announced paying 35% of the investment value in advance, while the remainder is to be paid with a 1.5% LC.

SAUD is in discussions to increase its stake in ATLC to more than 10% from the current 7.5%. In addition, it is in talks to acquire 10% of Tally, Banque Du Caire's e-payments platform.

OIH released FY22 results where net attributable income stood at EGP368.4 mn compared to a loss of EGP113.0 mn in FY21. The growth mainly came on the back of FX gains of EGP139 mn and revalued foreign accounts amounting to EGP328 mn. OIH is currently trading at P/E23 of 3.0x and P/B23 of 0.37x.

OIH is preparing to establish a new company in Egypt under the name TL for trade and logistics services. In addition, the BoD approved two investment projects, the first in the field of renewable energy and electric vehicles, and the second is a commercial platform serving trade in Africa. <