Prime Minister held a meeting to look at offers submitted for Wataneya state-owned fuel retailer. Taqa Arabia is the only firm to have publicly declared interest, and Shell has reportedly also made a bid.

The IMF has resolved key issues with Egypt in a review of its previous USD3 bn loan program from the Fund, setting the stage for an augmented financing package “within weeks”.

Egypt's 5-year CDS rates sharply declined recording 6.76% on Monday, down from 9.85% on Friday, apparently responding to Ras Al Hekma deal news. Yield on Egypt's Eurobonds also declined, with yield maturing in June 2025 dropped to about 8% compared with more than 13% two weeks before.

The Official Gazette published a presidential decree to allocate a plot of state-owned land with an area of 170.8 million square meters in the Matrouh Governorate, to establish the new city of Ras El-Hikma, transferring it from lands owned by the armed forces.

The Economic Authority for the Golden Triangle, is studying offering the industrial zones in the area to an industrial developer, to be divided and developed according to a detailed plan into different production units.

Qatar Islamic Bank and Kuwait Finance House have completed their due diligence for United Bank in December. The transaction could reportedly reel in the USD equivalent of EGP22 bn, which is currently worth USD712 mn at official exchange rates.

The FRA has approved BINV’s MTO to acquire up to 90% of OFH via a share swap (1 BINV share: 56.76 OFH shares). The timeline of the MTO is to be made public before the end of this week.

Egypt’s financial inclusion rate, the percentage of citizens above the age of 16 who hold bank accounts, mobile wallets, or prepaid cards, jumped to 71% by the end of 2023 from 65% at the end of 2022.  Financial inclusion grew 174% between 2016 and 2023.

ESRS (FV: EGP97.02, OW) reduced its local rebar price by EGP7k/ton to EGP46.6k/ton, inclusive of 14% VAT, as of today down from EGP53.5k/ton a week ago. 

SUGR (FV: EGP98.0, OW) reported 4Q23 results showing: 

•             4Q23 net profit came in at EGP187 million (+62% YoY, -41% QoQ), backed by reversed provisions for the quarter with the amount of EGP100 million and other income of EGP279 million, helping to reverse the losses recorded on the gross profitability and EBITDA levels. FY23 net profit recorded EGP1,592 million (+87% YoY), slightly below our expectations of EGP1,708 million.

•             SUGR is currently trading at a FY24 P/E of 5.3x.

"Beyti" for food industries is looking to increase its exports by 57% this year to reach USD55 mn.

EAST is looking to expand its exports destinations to Saudi Arabia, Emirates, and other African countries, as well as increasing their production capacity 20% in 2025.

Samih Sawiris invested USD100.0 million in ORHD's (FV: EGP20.38, OW) El Gouna for the establishment of a new hotel and expansion of existing hotels.

AMER reported FY23 net profit of EGP45.9 million, compared to FY22 net loss of EGP101.9 million.

CCAP the owner of 64.28% (directly and indirectly) of National Development and Trade, NDT, (Qalaa’s subsidiary operating in the Cement and related activities fields) announced that NDT has signed settlement agreements with three of its banks in full settlement of debts and agreed with a fourth bank to settle its debt over two years, which will have a positive impact on the company’s financial statements.

The Supreme Council of Energy has approved the national strategy for green hydrogen. It aims to transform Egypt into a regional hub for green hydrogen production by 2026 and a global hub by 2030.

Car manufacturers have been contacted by the local banks to reopen LCs for their manufacturing inputs, for the first time since last June