Saudi Arabia is looking to turn its deposits with the CBE into investment.

The recently-approved USD820 million tranche from the IMF has officially landed in state coffers, Prime Minister Moustafa Madbouly said on Thursday.

The government is reportedly planning to import up to 17 shipments of LNG in 4Q24 to ensure the lights stay on after an extended period of power cuts.

The government is planning to set up an industrial zone focused on chemical and plastic industries in Alexandria.

Local banks are gearing up to issue green bonds between this month and September, the European Bank for Reconstruction and Development (EBRD) managing director for the SEMED region said, adding that the multilateral lender plans to invest in them.

Trade deficit decreased to about USD3.57 billion in May, compared to USD3.98 billion for the same month of the previous year, a decrease of 10.3% YoY.

The net foreign asset surplus of the banking system shrank 10% to USD12.9 billion in June, down from USD14.3 billion in May. 

CIEB 2Q24 consolidated bottom line reached EGP1,924 million (-16% q/q, +49% y/y). The stock is currently trading at P/E24 of 3.4x and P/B24 of 1.3x.

Customers can now receive and disburse transfers in both USD and EGP across 20 Banque du Caire branches, under a partnership between the bank and Western Union Egypt’s official agent IBAG.

Tasahel micro-finance, MNT-Halan subsidiary has almost finalized a Sukuk Mudarabah issuance this month. The issuance is around EGP6.5 billion and is awaiting FRA approval in the next two weeks.

CNFN has partnered up the Women’s Economic and Social Empowerment Program (WESEP), an initiative funded by the USAID and carried out by US-based NGO Pathfinder International, to boost financial inclusion and empower low-income women across Egypt.

ABUK released 4Q23/24 unaudited financial indicators. Net profit declined 14% YoY (-83% QoQ) to EGP1.35 billion in 4Q23/24. FY23/24 net profit dropped 4% YoY to EGP13.50 billion. ABUK is currently trading at FY24/25f PE of 5.0x and EV/EBITDA of 3.8x.

Egypt signed a shareholders’ agreement to establish the Alexandria Supply Chain Company, which will set up a permanent marine facility at Dekheila Port in Alexandria. It represents a partnership between SKPC, GASCO, ECHEM, and Gamma Construction Company. 

Alexandria Port Authority of the Transport Ministry assigned to SWDY's subsidiary, Elsewedy Electric T&D, the execution of a power station to be completed within one year. 

According to local press, ISPH plans to sell EGP900 million worth of assets to settle part of its outstanding debt after banks demanded that the pharma distributor reduce its debt-to-equity ratio. 

DSCW has acquired an additional 16.7% stake in United Dyers, upping its ownership in the company to 99.3%. 

Auto sales in June rose 27.6% MoM to just over 8k vehicles.

AJet, the low-cost carrier under Turkish Airlines, launched flights between Istanbul and Cairo during the summer season, with flights scheduled five days a week.