The IMF Executive Board has completed the third review of our USD 8 bn loan program, enabling the government to immediately draw the USD 820 mn third tranche.

Foreign investments in Egypt’s debt currently stands at USD 32-33 bn after the exit of USD 4 bn in June.

Egypt is not expected to tap the international debt market this year, adding that the state is focusing on the local market to meet its financing needs for the time being

The cabinet gave the green light the ins and outs of the subsidized loan program for hospitality companies worth up to EGP 50 bn. The new program will offer financing at a reducing interest rate of 12%. Individual companies can access up to EGP 1 bn, while those with affiliates may receive up to EGP 2 bn.

Several pharma companies have asked the Egyptian Drug Authority to approve another 1% increase in medicine prices to compensate for rising fuel prices.

The government is planning to devote 37% of its investments to industrial development and infrastructure this fiscal year.

Income tax revenues grew by 26% YoY during the last fiscal year to reach EGP645 billion, compared to EGP516.3 billion in the previous fiscal year.

The Mineral Resources Authority is preparing to launch a new global bidding for exploration of mineral ores before the end of this year.

CIRA reported 3Q23/24 attributable net profit of EGP122 million (-6% YoY, -35% QoQ). This decline is mainly arising from lower construction revenues in addition to high interest expenses and investment loss from sister companies. This brings 9M23/24 bottom-line to 410 million (+16.9% YoY). CIRA is currently trading at 2024f P/E of 79.3x.

EFIC recorded 2Q24 unaudited standalone net profit of EGP250.5 million, a 118% YoY increase (+253% QoQ). During 1H24, net profit increased by 59% YoY to EGP321.5 million.

Egypt's chemical industries and fertilizers exports reached USD4.2 billion during 1H24.

EGAL aims to implement a project to establish an alumina refinery with a capacity of 2 million tons annually, to provide the company’s needs for alumina ore. Also, EGAL plans to build a new aluminum production factory, with the aim of replacing 100% of imports and filling the deficit in the local market.

Egypt’s production of rebar rose by 37% during the first half of this year to reach 4.158 million tons. The growth in production came supported by the availability of the dollar and companies’ tendency to export.

ETEL is studying borrowing EGP18 billion from a syndicate of local banks, out of which EGP12 billion directed towards paying off the company’s short-term credit facilities and the remaining to be directed towards funding operations and network development.

MASR (FV: EGP5.24, OW) launched Esse Residence, its latest project situated on over 0.4 million sqm in Sarai in East Cairo. The project is expected to require an investment cost of EGP10.0 billion and generate revenue of EGP18.2 billion.

MNT-Halan wants to expand globally through acquire entities across several markets, including Saudi Arabia and the UAE. Also it aims to raise EGP 24 bn from securitized bonds issuances this year.

ACTF’s net income rose 79.3% y/y to EGP109.4 mn in 1H24, while its revenues came in at EGP261.2 mn during the half, jumping 104.5% y/y.