The ADQ on Tuesday deposited the first tranche of its USD35 bn Ras El Hekma investment at the CBE,  El Sisi said.

Egypt has inked seven MoUs with international and local companies to develop green hydrogen and renewable energy projects worth USD41 bn in the Suez Canal Economic Zone over the next ten years.

The Madbouly government is looking into a proposal from Italian industrial manufacturer Danieli to establish a USD4 bn integrated industrial complex for the production of iron and steel products that will create 17k jobs. The project could also attract a further USD2-3 billion in investments for a green hydrogen plant.

BP's plans to invest USD1.5 bn in Egypt over the next three to four years, according to Bloomberg. 

Maersk has begun due diligence for the 545-MW Zafarana wind farm as it paves the way to submit a final offer to acquire half of the assets, while the UK-based private equity giant Actis has reportedly wrapped up due diligence on the state-owned 580-MW Gabal El Zeit wind farm.

TMGH (FV: EGP73.80, OW) released 4Q23 results. Net profit reached EGP629.3 million in 4Q23 (+106.5% y/y, -44.0% q/q), bringing FY23 net profit up 43.8% y/y to EGP3.3 billion. The Board proposed the distribution of EGP0.218/share cash dividends, implying a DY of 0.3%. We raise our FV from EGP42.95/share to EGP73.80/share as a result of raising our sales projections across our forecast horizon.

PHDC (FV: EGP7.11, OW) released 4Q23 results. Net profit in 4Q23 increased 54.3% y/y and 20.6% q/q to EGP532.2 million, bringing FY23 net profit up 25.9% y/y to EGP1.6 billion. We raise our FV from EGP5.59/share to EGP7.11/share as a result of raising our FY24 sales forecast.

According to local media, PHDC (FV: EGP7.11, OW) aims to invest EGP9.5 billion in its projects in FY24 and expects FY24 sales to be similar to the FY23 level of EGP59.5 billion.

According to local media, OCDI aims to invest EGP10.0 billion in construction activity in its projects in FY24, compared to EGP6.0 billion invested in FY23.

HDBK released a summary of its 4Q23 financial indicators. Standalone bottom line recorded a strong EGP1,612 million (+220% y/y, +15% q/q). Bringing FY23 bottom line to EGP6,031 million (+167% y/y). BoD proposed distributing cash dividends of EGP3.00/share from 2023 net profit with a payout ratio of 26% and DY of 5.5%.

TAQA released 4Q23 unaudited financial indicators posting a 2% YoY decline (-3% QoQ) in net profit to record EGP192 million in 4Q23. Net profit increased by 3% YoY to EGP557 million in 2023. TAQA is currently trading at a 2024f P/E of 35.0x.

US-based ExxonMobil is reportedly looking to start drilling the first of three natural gas exploration wells in the Mediterranean’s North Marakia concession in October, with initial investments of about USD100 million. 

ORWE (FV: EGP23.42, OW) released positive 4Q23 results. Attributable net profit recorded EGP443 mn (+40.3% YoY, -25.6% QoQ). FY23 attributable net profit recorded EGP1,742 million (+106.4% YoY). BoD proposed dividends for FY23 of EGP1.25/share with a payout ratio of 48% and a DY of 6%.