The IMF is having good discussions with the Egyptian government. Director of the International Monetary Fund, said that Egypt has taken the right steps in its economic reform agenda and said she was confident there would be progress in the IMF’s talks with the government. 

The cabinet will form a special unit to fast-track the government’s privatization program and work directly with the International Finance Corporation (IFC). 

The private-sector minimum wage is rising by 11% to EGP 3k from July, marking its second increase this year amid persistently high inflation.  

President El-Sisi has approved the amendment of some items within the tax law, to cancel the exemptions on the returns of treasury bills and bonds or related capital gains, in addition to approving the amendment of some items of the stamp tax. 

EGX should launch the futures exchange, and a shariah compliant index by 3Q 2023. 
 

GACO (FV: EGP7.50, OW) announced yesterday the launch of their new subsidiary under GB Capital, "Kredit". It obtained the necessarily regulatory approvals from the FRA to provide financing services to small and medium enterprises. We would like to remind you that GB Capital and its subsidiaries continue to hold the majority of the value within the group’s valuation, forming 78.8% of our FV. 
 
Orascom Industrial Parks, a subsidiary of ORAS (FV: EGP181.70, OW), signed a contract with plastic manufacturer Flex PET for its storage area expansion in its industrial area near Sokhna, the zone said. The expansion is worth USD120 mn. 

eCards, a subsidiary of EFIH, signed a Contract with Visa and Banque Misr to launch Nexta’s new mobile banking application in the Egyptian market. Under this agreement, “Nexta” will offer prepaid Visa cards issued by Banque Misr throughout the country, alongside the application. eCards, will be responsible for the issuance, management, and operation of the cards. We remind you that EFIH led a USD3 million financing round for a minority stake in “Nexta” in 4Q22. 
 
 
According to local media, OCDI (FV: EGP23.30, OW) expects to finalize land expansion plans in 2H23.

According to local media, ARAB (FV: EGP0.65, EW) achieved sales of EGP1.4 billion from selling 729 units in the first phase of its Nyoum Mostakbal project.
 
 
The government is studying ways to boost tourism in Taba and Nuweiba. ORHD (FV: EGP20.38, OW) would be a beneficiary given its Taba Heights destination.
 
 
CNFN is finalizing the process of launching a new consumer finance company, awaiting the approval of the FRA. The new company (an alliance with Global Auto, the BMW agent in Egypt) will be specialized in Auto-loans. Its operations are expected to start by 3Q23, with a paid in capital of EGP75 mn and a financing capacity of EGP1 bn.
 
Aman for Financial Services, a subsidiary of RAYA, postpones EGX listing to next year.
 
 
AMOC’s (FV: EGP8.85/share, EW) BoD approved FY23/24 budget with investments worth EGP779.5 million and a net profit of EGP603.5 million. The BoD also approved فخ start reducing carbon emissions. In light of Brent's forecasts and the current FX rate, we think that the budget released is too low. We expect AMOC's profit in FY22/23 to be around EGP1.7 billion, and EGP1.9 billion in FY23/24.

 
Steel company Jindal Steel and Power wants to establish an environmentally friendly iron and steel plant with a production capacity of 5 million tons a year in the Suez Canal Economic Zone (SCZone). The project aims to export its products to foreign markets, yet with no announced investment cost.