The Cabinet approved fixing the currently applied electricity prices until January 1, 2024.

The Cabinet granted the International Finance Corporation the right to issue bonds in Egyptian pounds in foreign markets.

Hassan Abdalla has been reappointed as the acting CBE governor for another one-year.

Egypt plans to establish a logistics zone on the Libyan border as it looks to increase trade with its western neighbor. The zone will be built on an area of 300 feddans near the port in Salloum.

The government has started promoting the offering of 50% of the wind electricity production complex in Zaafarana to investors, as part of the government offering program.

Orders worth 4k tons of sugar were executed on the commodity’s first day of trading on the Egyptian Mercantile Exchange (EMX) on Thursday.

The National Dialogue has produced its first set of recommendations for political, economic, and social reforms, three months after it kicked off discussions. Investment and Economic Committee recommendations included: 

• Bring back the Economy Ministry to supervise national economic policy,
• Banks shortening their credit-decision times and raising credit limits for industrial firms,
• Increase support for small businesses by launching an investment fund for startups and a national strategy to boost entrepreneurship,
• Introduce commodity futures trading, and
• Strengthen the role of cooperatives by passing new legislation and setting up a new national body.

We upgrade our FV for LCSW to EGP17.32/share from a previous EGP10.30/share, maintaining our Overweight recommendation, to factor in:

• Improvement in top-line performance on the back of further devaluation and rise in ASP in EGP and USD terms,
• GPM to remain at the level of 26-28% on the back of recovery in the purchasing power in the Middle East and European market and more efficient operations by 2025 to 2028,
• Bottom-line performance is expected to mirror GPM enhanced performance.

SVCE announced its 2Q23 financial results, recording a net loss of EGP39.2 million shrinking from a net loss of EGP85.9 million in 2Q22, bringing 1H23 losses to EGP76.2 million from a loss of EGP117.1 million in 1H22.

ALCN released FY22/23 financial indicators. Bottom-line recorded EGP4.3 billion in FY22/23 (+110% YoY). Revenues came in at EGP4.8 billion (+69.2% YoY). On quarterly basis, ALCN recorded net profit of EGP1.1 billion in 4Q22/23 (+60.5% YoY, -23.2% QoQ). The sequential decline is attributed to the strong base effect of FX gains.

The Egyptian government is preparing to offer 49% of Banque du Caire on the EGX, between a public offering and a private offering to financial institutions before the end of this year.

Banque Misr subsidiary Misr Digital Innovation (MDI) on Thursday submitted an official application for a digital banking license to the CBE, becoming the first local company to do so.

RAYA’s consumer finance arm Aman Microfinance is in talks to borrow EGP200 million to expand the company’s lending portfolio.

Ministry of Electricity and Renewable Energy offered a bid to international and local entities to launch and operate five solar power stations on the North-West coast to serve water desalination projects in the area.

The National Authority for Tunnels will start testing the 3C phase of Cairo Metro Line 3 in October ahead of opening it to the public in the first half of 2024.

The government plans to increase petroleum extractions from EGP939 billion in FY22/23 to EGP1 trillion in FY23/24 and to EGP1.2 trillion in FY25/26.

A consortium of Egyptian companies is aiming to assemble Geely's vehicles locally instead of importing them amidst the current FX shortage. 

Consumer electronics retailer B.TECH is launching an online store on e-commerce platform Jumia.