Morgan Stanley has downgraded Egypt's Sovereign credit from "neutral" to "dislike" on concerns about financing gap and high uncertainty.

The House Budget Committee will discuss two draft bills that would raise the income tax exemption threshold and double exceptional stimulus payments to public-sector workers and pensioners. The changes were among a list of measures announced by President El Sisi last month to alleviate the impact of the economic crisis on vulnerable households.

The EGX is in the process of completing procedures with financial regulators and brokerage companies to launch a derivatives market during 2024.

The Ministry of Finance intends to issue EGP-denominated Sukuk before the end of the current fiscal year to finance national projects. The value will be determined after assessing the intended projects.

The government is looking to sell 10-15% of its 22% stake in state-owned thermoplastic producer Egyptian Propylene and Polypropylene (EPP) to a foreign investor

PHDC (FV: EGP4.35, OW) acquired the 374 feddan land plot directly adjacent to the company's flagship district, Palm Hills October. The project will include residential units, commercial space, an extension to Palm Hills Sporting Club, and a hotel, with expected sales proceeds estimated at EGP85.0 billion. This is positive news given that the land plot is located next to mature projects which we expect could dictate a premium in selling prices.

OIH has finalized the sale of its subsidiaries, the real estate assets in Brazil, for a total of BRL90 million (approximately USD17.88 million). The company plans to utilize the proceeds in financing the company's investments in the tourism development and renewable energy sectors.

The Social Housing and Real Estate Support Fund and QNBA signed a cooperation protocol to provide mortgage financing to low- and middle-income citizens. 

Banque Misr is to launch an ESG green index fund in 1Q24 based on S&P’s sustainability index.

The government imposed a temporary ban on sales of sugar to traders by both private and state-owned companies. The decision was made as a way to curb soaring sugar prices. The Madbouly government will meet with sugar-packing companies and traders later today to negotiate new terms and requirements for trading of the commodity.

Accor Hotels is negotiating with the Ministry of Housing to acquire the rights to operate and manage three new hotels in different regions in Egypt during the coming years.

CSAG BoD approved increasing capital by EGP100 million to reach EGP300 million through issuing one share for every two original shares held.