The government plans to start collecting taxes on capital gains incurred from trading EGX-listed financial securities starting March-April 2025, according to a cabinet statement.

Kuwait’s Alghanim International is reportedly looking to inject USD300 million worth of investments in the Berenice maritime port. 

China’s state-owned Xinxing Ductile Iron Pipes Company is planning to follow up its under-construction iron pipes factory in the TEDA industrial park with USD250 million of future investments in the park.

The Cabinet ministers approved a request from Tunisian automotive cable manufacturer Coficab to establish an automotive cable and electrical factory, with investments up to USD88 million.

The Cabinet ministers approved a proposal for Egypt to join the African Trade and Investment Development Ins. (ATIDI) in a bid to boost trade with other African nations.

The US Federal Reserve decided to keep interest rates unchanged at 5.25% and 5.5%.

The sale of the National Bank of Egypt and Banque Misr’s combined 26.1% stake in AMOC could raise between EGP3.5-3.8 billion. The sale expected to close by the end of 1H24, according to local press.

ABUK released 3Q23/24 unaudited financial indicators. Net profit increased by 46% YoY and 303% QoQ to record EGP8.12 billion during 3Q23/24. On a nine-months basis, net profit declined 3% YoY to EGP12.14 billion. ABUK is currently trading at a FY23/24e PE of 6.2x and EV/EBITDA of 5.8x.

EFIC released 1Q24 unaudited standalone financial indicators. Net profit declined 19% YoY and declined by 80% QoQ to EGP70.9 million.

CIEB (FV: EGP38.20, OW) released 1Q24 financial results. Consolidated bottom-line stood at EGP2,289 million (+69% q/q, +87% y/y). We reiterate our Overweight recommendation and update our FV from EGP33.00/share to EGP38.20/share. The stock is trading at P/E 2024 of 3.0x and P/B 2024 of 1.1x.

AIH OGM approved increasing the company’s paid in capital to EGP467 million from EGP425 million (an increase of EGP42 million), through 1:10 bonus shares, financed from 2023 profits.

ORAS-led consortium received the land allocation for its 3 GW wind farm in West Sohag.

SWDY inked an MoU with Swiss tech firm Bühler Group and Jordan-based firm IBC Group to work towards localizing the manufacture of grain silos in Egypt. 

MASR (FV: EGP5.24, OW) launched its Sheya project which generated sales of EGP5.1 billion. Sheya is situated on a land area of 0.2 million sqm in Sarai.

According to local media, CIRA aims to inject approximately EGP1.5 billion over the next two years into expansions, primarily focused on the university sector.

Egypt's production of steel rebars surged to 2.2 million tons in 1Q24, 24% higher YoY.