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Welcome to our daily podcast featuring the day's top news commentary and technical recommendations delivered to you before the opening bells of the Egyptian Stock Exchange (EGX).Alongside our morning podcasts, we will be publishing a collection of episodes presenting indepth analysis and insights on EGX's equities, all brought to you by Al Ahly Pharos.
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Kuwait’s Bukhamseen Group is planning to acquire one of Egypt’s largest tourism and hospitality investment companies in a USD4.9 billion transaction, Al Mal reports without disclosing the identity of the sought after company. The government is in talks to temporarily use Cyprus’ floating storage and regasification unit Etyfa Prometheus, according t…
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Who’s in and who’s out of the EGX30? In: Orascom Development, Rameda, EgyptAlum, Ibn Sina Pharma, Qalaa Holdings, and Eipico Out: Ezz Steel, B Investments, Faisal Islamic Bank of Egypt, Cleopatra Hospitals, Elsewedy Electric, and Heliopolis Housing The Prime Minister said that the government is working the social protection package including increa…
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*Key news articles for today* Egypt has officially returned to international debt markets with its first USD bond issuance in nearly two years, issuing USD 2 bn in 5- and 8-year bonds. Global outsourcing giant Concentrix will invest USD 1 bn over the next four years to expand its operations in Egypt under an MoU inked with the Information Technolog…
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The newly formed private sector advisory committees will hold their first meeting with Prime Minister Moustafa Madbouly today, set from now on to be at least a monthly occurrence with the PM as chair, according to a cabinet statement. The House approved a EUR318 mn loan for a high-speed rail line connecting Sokhna and Marsa Matrouh from the Islamic…
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The House approved a new simplified tax system for SMEs that proposed that businesses with an annual turnover of up to EGP15 million will pay a simple flat tax that covers income tax, value-added tax, duty tax, and others. The Economic Committee approved a framework agreement with the African Development Bank to phase out LIBOR as a reference inter…
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Prime Minister Madbouly announced the formation of six advisory committees that will ensure continued and deepened communication between policymakers and the private sector as the state pushes its reform drive into the new year. French energy company TotalEnergies and Italian energy giant Eni and the Madbouly government will next month ink agreemen…
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Egypt plans to issue USD1-1.5 billion worth of eurobonds or green bonds in international markets as soon as next month, followed by an issuance of sovereign sukuk, to take advantage of rising investor interest in Egyptian debt, a senior government official said. The African Development Bank (AfDB) has approved a USD170 million loan to Egypt to fost…
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*Key news articles for today* The Minister of Planning expects the agreement with the European Union to grant Egypt EUR4 billion in funding next June to support the budget as part of the structural reform program for the economy. Egypt’s USD bonds were among the emerging markets’ top gainers following Trump’s return to the White House and the Gaza …
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Our take on Trump’s return to the White House, becoming the 47th President of the United States: One of the main channels that might affect Egypt's economy is the fact that Trump's main economic policies might cause an upward pressure on the USD globally. Trump is pro expansionary fiscal policies, and likely to try to boost businesses in the US thr…
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The General Authority for Investment and Freezones is looking into setting up a freezone in Minya that would house textile projects from a Chinese investment alliance that is eyeing USD1.5 billion in initial investments. The Finance Ministry will launch an electronic tax system for clearing investors’ receivables and debts next month. Net foreign a…
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The CBE has released the Balance of Payment (BoP)'s performance report for 1QFY2024/25. The overall BoP recorded a deficit of USD991.2 million 1QFY 2024/25, as opposed to a surplus of c. USD230 million in the comparable period in the previous year. The current account deficit has surged by 110.5% YoY to USD5.9 billion in 1QFY2024/25 up from a defic…
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Organi Group is going to increasingly focus on expanding its presence in the automotive and tourism sectors over the next five years and invest USD1 bn in the two sectors by 2030. The Egyptian National Railways (ENR) has partnered with Italian rail construction and maintenance firm Salcef Group to form a new joint venture, Salcef Track, that will o…
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Negotiations are currently underway to open branches of Egyptian universities overseas, with the efforts taking place within a push internationalize the higher education sector in Egypt and education service exports. The Egyptian Customs Authority (ECA) has begun procedures to release the roughly 30k vehicles currently stranded at the country’s por…
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The Finance Ministry is preparing to release the new public debt policy document by the end of March, which will outline its plans for public and foreign debt, including the issuance of green bonds, sukuk, and international bonds. The government is currently working on two parallel budgets, with the upcoming FY 2025-2026 budget being simultaneously…
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A new unified subsidy card system that will also be able to be done through your mobile system is on its way, cabinet spokesperson Mohamed El Homsani said. The unified card will not just provide access to food subsidies, but also cover health ins. coverage, and other services, according to El Homsani. Trial operations of the EGP 15 bn integrated to…
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Egypt’s annual urban inflation rate fell to 24.1% YoY in December, as expected, from 25.5% in November, its lowest in two years. On a monthly basis, urban prices rose by 0.2% compared with 0.5% in November. Core inflation recorded 23.2% in December 2024, compared with 23.7% in November 2024, while monthly core inflation recorded 0.9% in December 20…
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Banque Misr is preparing to appoint an advisor for the offering of its subsidiary Banque du Caire. Emirates NBD is reportedly considering the acquisition of a controlling stake in BdC, as the bank is currently in the final stages of due diligence with the acquisition expected to go through in 1Q 2025. The government has its sights set on tackling t…
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*Key news articles for today* Net foreign assets in Egypt’s banking sector (including CBE) dropped to USD5.96 bn in November, down from USD9.2 bn in October, marking a sharper monthly decline of 35.2%. This is the second consecutive monthly drop as pressure on foreign currency resources increases. This decline was attributed to the worsening defici…
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The CBE's MPC is scheduled to meet on Thursday, 26 December. We expect the CBE to prefer to hold rates unchanged in its upcoming meeting. Even though the annual inflation reading dipped below 26% in November, some price hikes such as the recent telecom hikes are still passing through inflation readings. Besides, the recent gradual increase in USD r…
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The EU approved the disbursement of an EUR 1 bn macro-financial assistance package. The package marks the first phase of a EUR 5 bn set of concessional loans running through 2027, which comes as part of a wider EUR 7.4 bn package from the EU announced in March. The China Communications Construction Company (CCCC) is interested in working with the M…
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