Ministry of International Cooperation launched the joint national strategy between Egypt and the World Bank Group for the period 2023-2027.

Emirati investors are interested to acquire stakes in Banque du Caire and Arab African International Bank.

The Finance Ministry has proposed allocating EGP 586.7 bn to public investments for FY23/24, up 56% YoY.

Within the FY22/23 fiscal budget, allocations to education will rise 19% to EGP 305.2 bn in FY 2023-2024 while health spending will increase 14% to EGP 111.2 bn.

Subsidies directed to diesel currently amount to EGP64 billion annually, compared to EGP80 billion before the latest price hike.

Egyptian investments in Sudan are around USD2.7 billion. 

Egypt's exports to Sudan recorded about USD760 million.

ESRS (FV: EGP54.60, OW) denied submitting an offer to acquire an additional stake in IRAX (FV: EGP1,357.50, OW), in response to the circulating news that ESRS is in negotiations to acquire 14% of IRAX from two state institutions. 

TMGH achieved 1Q23 sales of EGP21.0 billion, up 291.1% y/y and 72.1% q/q. 

EGTS’s court date for the 20.0 million sqm land plot lawsuit is postponed to 24 June 2023.

EGBE released 1Q23 standalone net profit after taxes of EGP316 mn (+60% y/y,-29% q/q). EGBE is currently trading at a P/E23 of 5.7x, and P/B23 of 0.7x, with an ROAE of 14%. 

HDBK has launched three-year high-yield CDs, with an annual interest rate of 20% or a monthly interest rate of 18.5%.

EFIC issued standalone 1Q23 net profit came in at EGP87 million, down 55% QoQ and 11% YoY, impacted by revenue performance. 

Lintel is in negotiations with telecom operators to increase contracts’ prices for the construction of mobile towers, after a surge in the cost per tower to EGP6 million, up from an average of EGP2 million per tower. 

Ministry of Supply purchased 510 thousand tons of beet sugar from the manufacturing companies, of which 120 thousand tons are from Delta Sugar (SUGR) with the agreed upon prices not declared. 

Weekly Commodities Update:

Brent, USD/bbl            75.3     -5.3%

Diesel-HSFO Spread, USD/ton          276.4   8.5%

Egypt Urea, USD/ton  366.5   1.1%

Polyethylene, USD/ton           1,100.0            0.9%

Polypropylene, USD/ton         1,012.5            0.5%

Steel/Iron Ore Spreads, USD/ton       424.2   -4.0%

Aluminum Cash Price, USD/ton                     2,316.8            -2.2%

Egyptian Retail Cement, EGP/ton      1,880.0            -0.7%

Steam Coal, USD/ton 169.7   -10.6%

SMP, USD/MT            2,787.0            0.4%