The CBE has eased its restrictions on credit card use abroad. The new rules require users to provide proof that the card was used while abroad.

The CBE’s Monetary Policy Committee will meet on Thursday to review rates.

The government is drafting legislation that would introduce a carbon tax. 

The Planning Ministry said that private-sector firms will have to pay their employees a gross wage of at least EGP3.5k/month from January, up from EGP3k currently. 

The EU may include the plan to link the power grids of Greece and Egypt on a list of “projects of mutual interest” which would help the project secure licensing and funding.

In an initiative to stimulate local industry, the state is ready to support factory construction projects by building the core structure of factories for companies to then fit with their own production lines.

Eni expects to resume LNG exports from Egypt when seasonal demand eases even as Israel’s war in Gaza curbs our imports of Israeli gas.

China Energy will start working on feasibility studies for a 2-GW pumped hydroelectric energy storage plant under an MoU inked with the Electricity Ministry. 

Citigroup thinks that Egypt’s geopolitical importance and an accelerating privatization program mean it is worth taking a punt on Egypt’s USD-denominated debt.

Egypt paid USD17.8 billion in debt installments and interest payments during the 9-month period from July 2022 to March 2023. External debt balance reached USD165.3 billion in March 2023, a 6.2% increase compared to June 2022.

Egypt’s sovereign debt insurance cost for 5-year maturity contracts declined to 17.5% on Thursday, from 18.8% last Wednesday. One-year maturity contracts insurance cost declined to 15.7% from 20.3%.

EGAL general assembly approved an amended cash dividend distribution of EGP6.50/share instead of previously proposed EGP1.00/share for FY22/23, implying a dividend yield of 9.7% and a payout ratio of 74.7%. 

We adjusted MCQE’s FV to EGP15.18/share from EGP20.17/share, taking into account the new number of shares of 96 million shares, instead of the previous 72 million shares, post the 1:3 free shares distribution, effective last Thursday.

CCAP sent a release regarding the listing of CCAP’s subsidiary, National Printing. CCAP has a long-term plan to list a number of its subsidiaries. The timing of any listing is subject to getting the necessary regulatory approvals and the existence of favorable market conditions to go ahead with it. CCAP’s subsidiaries in the energy sector are always looking for suitable investments to expand their businesses, particularly in the renewable energy sectors.

TALM released its FY22/23 financial results showing a bottom line of EGP299 million, a YoY growth of 30%.

The Bahraini group GFH is looking to acquire an Egyptian educational group as part of its interest in the educational, logistical, and healthcare sectors, according to local media.

ZMID sold seven industrial land plots amounting to 9,982 sqm for EGP130.0 million, implying EGP13,023/sqm and EGP0.25/share.

Air Cairo is running 21 weekly flights between Moscow, Yekaterinburg, and St. Petersburg and Sharm El Sheikh and Hurghada.