Madbouly is expected to hold a press conference today to announce the completion of a number of asset sales as part of the state privatization program.

Actis reached a preliminary agreement with the Sovereign Fund of Egypt to acquire the wind power plant in Jabal El-Zeit, which is included in the government’s public offering program, as per local media.

A Gulf institution is considering pumping investments of up to USD 1 billion into the pre-IPO sub-fund of the Sovereign Fund of Egypt.

Qatar Investment Authority’s acquisition of a stake in the hotels holding company, which owns 7 state-owned hotels, is among the deals that will be announced today, as per local media.

More than 7 mn tourists visited Egypt in 1H 2023, and we are on track to hit the target of 15 mn arrivals this year.

Egypt’s net foreign asset position deteriorated in May, falling to negative USD 24.4 bn from negative USD 24.1 bn the month prior.

The annual urban rate of inflation rose to 35.7% y-o-y during the month, up from 32.7% in May. On a monthly basis, inflation slowed to 2.1% in June from 2.7% the month before. 

Core inflation accelerated to 41.0% in June from 40.3% the month before. Monthly core inflation slowed to 1.7% from 2.9% in May.

The European Investment Bank (EIB) plans to commit EUR 4 bn in financing to Egyptian development projects between now and 2030, 

MPs gave their final approval a USD 400 mn loan from the World Bank to finance the construction of a railway line between the Port of Alexandria and the Sixth of October dry port.

QNBA (FV: EGP 25.00, OW) recorded another strong set of results in 2Q23 where net profit post-minority interest came in at EGP3,950 million (-16% q/q, +55% y/y, bringing 1H2023 bottom line to EGP8,665 million (+82% y/y). The stock is currently trading at annualized multiples of P/B of 0.7x and P/E of 2.7x.

HRHO aims to pump new investments in Egypt in 2023 worth EGP4 billion.

Competition Protection and Prevention of Monopolistic Practices Agency received a group of requests from cement producers to extend the implementation of the "production quota through formula" for another year.

Kima is intensifying the negotiations with the Italian contractor “Technimont” to reduce the project’s cost from USD 323 million to USD 297 million. 

Silverstone’s ownership in TAQA decreased to 49%, down from 80%, at EGP8.90 per share.

ETRS general assembly has approved the acquisition of 99.9% of National Transport and Overseas Services Company (NOSCO) via a share swap. The acquisition should be finalized in around two to three months. 

Raya Trade, a subsidiary of RAYA, signed an agreement with Jumia to reinforce its operations in the electronics and home appliances market locally and regionally.