Egypt's foreign debt climbed by USD3.5 billion in the three months ending December 2023 to reach USD168 billion. 

Monthly headline urban CPI inflation recorded 1.1% in April 2024 compared to 1.7% in the same month of the previous year and to 1.0% in March 2024. Accordingly, the annual headline inflation rate recorded 32.5% in April 2024, compared to 33.3% in March 2024.

CBE data revealed a decline in the UAE’s debt to Egypt during 4Q23 to USD21 billion, compared to USD22.2 billion in September (before the deal of Ras Al Hekma). At the same time, Saudi loans to Egypt increased to USD12.9 billion, compared to USD12.5 billion in September.

Egypt is working to get Apple to set up a factory in the country, Prime Minister Moustafa Madbouly said.

International Finance Corporation (IFC) Vice President for Africa is in Cairo today and tomorrow to meet with senior figures in the public and private sectors and other development organizations to identify ways to support the state’s privatization program.

Greece will be employing over 5k Egyptian farm workers starting this summer for temporary agricultural work as part of an agreement signed in 2022 with Egypt.

US-based tire manufacturer Prometeon Tyre plans to invest EUR100 mILLIOn in Egypt over the next five years to boost production and support research and development, the group’s CEO was quoted as saying.

The government is looking into setting up its first freezone for outsourcing services over the coming year.

Eight international institutions are participating in arranging the external loan directed to the monorail in the Administrative Capital and 6th of October City, at a value of EUR1.88 billion.

The American company Valco Energy revealed that its dues owed by the EGPC amounted to USD50.5 million, the result of implementing the agreement to merge its concessions retroactively starting in 2020. It stated that this value decreased from USD67.5 million in October 2022, after renegotiation the EGPC.

According to local media, TMGH (FV: EGP73.80, OW) laid the cornerstone of its Banan project in Riyadh which is expected to generate sales of SAR40.0 billion.

ADIB recorded an outstanding 1Q24 consolidated bottom line post minority of EGP2,116 million (+110% y/y, +90% q/q). The bank is currently trading at 0.9x P/B24 and 2.9x P/E24.

FAIT (FV: EGP33.00, OW) released exceptionally strong 1Q24 consolidated financial indicators, where the bottom-line recorded EGP6.1 billion (+178% y/y, +849% q/q). FAIT is currently trading at P/E24 of 2.9x and P/B24 of 0.6x.

TAQA released 1Q24 consolidated unaudited financial indicators. Net profit increased 16% YoY to EGP102.8 million.

CCAP sent a release in response to the FRA’s inquiries regarding the debt settlement and the potential capital increase disclosure published last Tuesday. Citadel Capital Partners Ltd. has decided to freeze 100% of the shares to be transferred to Citadel Capital Partners and the shares of its related parties for a period of two years starting from the date of issuance of the capital increase shares. 

Egypt’s natural gas consumption has increased by 300 million cubic feet per day to reach 6.1 billion cubic feet during May 2024.