The government raised the local wheat purchase price to EGP1,500 per ardeb.

US inflation reached 5% YoY in March 2023.

Turkey is offering to trade with Egypt using local currencies.

An alliance consisting of Smart Engineering Solutions and Frenell GmbH will establish two electricity generation stations using concentrated collectors system with a total power of 70MW and an investment cost of EGP11 billion. 

We initiated coverage on SUGR with a FV of EGP27.6/share and an Equalweight recommendation. In our forecast, we estimate global sugar prices to enter their cooling phase after a sharp peak in commodities. However, the negative effect is expected to be counterbalanced by the devaluation in the EGP. Rising inflation is expected to catch up with COGS by 2023, pushing it higher and bringing GPM down from 2022’s peak.

The Libyan General Electricity Company awarded SWDY, in alliance with Qatar’s Urbacon Trading, a EUR800 million contract for the engineering, procurement, and construction activities of a 1,044 MW power plant in Zliten City.

Parliament approved a JPY41 billion loan from the Japanese International Corporation Agency to finance the first phase of Cairo’s fourth metro line.

The General Authority for Land and Dry Ports will close receiving the technical and financial bids for the tender of the construction of a dry port and a logistics center at the 10th of Ramadan next Thursday. The list of competing alliances includes “SWDY-CMA”, the French “Bolluret-Miriam”, “ORAS - Abu Dhabi Ports” and an alliance led by the Italian MSC.