*Key news articles for today*

The World Bank has downgraded its Egypt growth outlook in FY23/24 to 4.0%, down 0.8% from its last forecast in January. 

Net foreign reserves inched up to USD34.66 billion in May from USD34.55 billion in April. 

The Minister of Finance said that the government is committed to reducing debt to less than 80% of the GDP by FY26/27. 

The budget deficit increased to 5.55% of GDP to EGP545.7 billion in 9M22/23, versus 4.89% in the comparative period of last year.  Tax proceeds represented 80% of Egypt's revenues. Interest expenses represented 40% of the country's expenses.

Egypt signed a deal with UAE's Masdar for a USD10 billion wind energy project to produce 10 gigawatts of electricity in West Suhag within four years. 

The Ministry of Electricity targets attracting private sector investments worth EGP13 billion in FY23/24.

According to local media, HELI is planning to split its 1,695 feddan Heliopark land plot into smaller plots of at least 200 feddans each and offer these plots to investors before the end of 2023. Aldar Properties is interested in Heliopark, according to local media.

According to local media, ORHD signed a cooperation protocol with Savills Egypt with the aim of studying and developing a development strategy for the commercial area of Makadi Heights.

DSCW attributable net profit recorded EGP16.5 mn for 1Q23, compared to EGP94 mn in 4Q22 and losses of EGP7 mn in 1Q22. Revenues for the quarter recorded EGP689 mn (+79.6% YoY, +2.5% QoQ) backed by the increase in prices from both segments, the local and the export segment, and an increase in volumes from the local segment. DSCW is currently trading at a FY23 P/E of 4.4x and an EV/EBITDA of 7.4x. 

According to local press, QIA will acquire ETEL’s stake in Vodafone Egypt over two stages through QIA’s subsidiary “Ooredoo Oman”.

 The Egyptian Electricity Transmission Company decided to amend two contracts for the supply and installation of cables and electrical equipment taking into account changes in exchange rates and fluctuations in raw materials prices including Energia Cables-SWDY consortium's contract. The total contract value after adjustment reached EGP326 million up from EGP290 million after adding 500 meters of cables.

 Kima approved an offer from Italian contractor Maire Tecnimont to take the reins on its nitric acid and ammonium nitrate project. The project will cost some USD297 million, down from the USD323 million Maire Tecnimont originally requested.

Spanish renewables developer Ignis Energia is selling five solar power projects worth EUR300 mn. HRHO’s clean energy investment platform "Vortex Energy" signed an agreement in 2021 to invest EUR625 mn in the company for what media reported was a 49% stake. Vortex said last year that it would invest EUR176 mn in the company in 1Q23.