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Al Ahly Pharos

Al Ahly Pharos

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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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*Key news articles for today* Mostafa Madbouly penciled in the third week of July as when the country will be ready to “stop cutting electricity completely throughout the summer period.” However, Madbouly clarified that the current “one hour” extension will continue as planned until the end of the week and that power cuts will resume after the summ…
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*Key news articles for today* The World Bank has announced that it will be providing Egypt with USD700 mn. The funding comes as part of a three-year USD6 bn financing package from the bank that was announced in March. The government announced that it will carry on extending load-shedding for an “extra hour” until the end of the week. The EGP weaken…
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The Japan International Cooperation Agency (JICA) will soon disburse a USD300 million tranche from its USD733 million loan to finance the construction of the first phase of Cairo Metro Line 4. The Ministry of Electricity and Energy and the Ministry of Petroleum and Mineral Resources announced that the duration of power cuts nationwide will be exten…
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State gas firm EGAS is seeking at least 17 LNG shipments in a tender, to be delivered over the next three months. International Cooperation Minister has signed agreements with US Ambassador to Egypt for eight USAID grants worth USD130 million to further the state’s developmental objectives. The new ministerial lineup could reportedly be delayed for…
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The Federal Reserve held interest rates steady at their current range of 5.25% to 5.5%, and revised its outlook for rate cuts to just one in 2024. The CBE revealed that the balance of foreign investments in Egyptian treasury bills in March, surged to USD32.5 billion, up from about USD13.7 billion in February. Chinese shipping and logistics group Co…
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Egypt is looking to secure a USD 1 bn — or its equivalent in another currency — soft loan from the Brics’ New Development Bank (NDB) by the end of 2024 or the beginning of 2025. The government is also in talks with the NDB over the issuance of local currency-denominated bonds. The government will reportedly launch its new export subsidies program s…
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May 2024 saw a continued decline in the annual urban inflation, falling to 28.1% from April’s 32.5%. Core inflation, which excludes highly volatile and administered prices, declined for the third consecutive month in May reaching 27.1%, compared to 31.8% in April. The European Bank for Reconstruction and Development (EBRD) will announce a new elect…
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The Head of EBRD in Egypt said that the bank has pumped USD500 million into Egypt YTD, and expects the bank's financing to reach USD1.2 billion by year-end. The Cabinet has turned down a proposal from the Supply Ministry to raise the price of subsidized sugar to EGP18 from EGP12.6 per kilo. The government will not be importing sugar for a while and…
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Prime Minister Moustafa Madbouly’s new government will take their oath before President El Sisi on Tuesday. The IMF has reached a staff-level agreement with Egypt on the third review of its expanded USD8 billion loan program, which is set to unlock USD820 million after the Fund’s executive board gives the go-ahead in the coming weeks. Ain Sokhna wi…
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Remittances from Egyptians abroad surged 43.8% YoY in April to USD2.2 billion. On a monthly basis, remittances increased for the second consecutive month, rising 2.6%. A number of government officials are reportedly in London today to gauge foreign appetite for fresh debt issuances, including the possibility of a eurobond issuance. The Ministry of …
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Net International Reserves increased to USD46.126 billion in May, the highest on record, up from USD41.1 billion in April. It is known that the second tranche of the Ras El-Hekma deal funds was received by the Egyptian authorities around mid-May. Ministries of Petroleum and Electricity announced they were extending rolling power blackouts across th…
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*Key news articles for today* President Al-Sisi reappointed Prime Minister Mostafa Madbouly on Monday to form a new government after the latter submitted his cabinet’s resignation. The House of Representatives gave its seal of approval to the FY 2024-2025 state budget. The government has penciled in growth of 4.2%, up from an estimated 2.9% in FY 2…
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Saudi Public Investment Fund’s (PIF) telecom infrastructure subsidiary, Tawal, is looking to buy several telecom towers from Vodafone Egypt and another undisclosed telecom company. Supply Minister has proposed hiking the price of subsidized sugar to EGP18 from EGP12.6 per kilo. The proposal has not been approved yet by the government. The CBE will …
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Prime Minister said the government will unveil several investment opportunities in key sectors during the joint investment conference between Egypt and the European Union slated for 29-30 June. Prime Minister and several government officials on Thursday held an online meeting with over 200 international investors, representing 110 companies. The co…
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Prime Minister said that a subsidized bread loaf will be sold at 20 piastres, up from 5 piastres starting in June. The government is currently looking into replacing subsidies with cash support, a move which will allow citizens to use the support according to their needs. The government will hike electricity prices in July with the beginning of the…
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Egypt is looking to welcome some 15.5-16.5 mn tourists this year, Tourism Minister said. The Ministry has revised its initial target of 17-18 mn due to geopolitical tensions. There will be no increase to income tax rates or brackets, Finance Minister, in response to media reports that claimed otherwise. The government is looking to launch a telecom…
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Foreign investments in the secondary market for treasuries recorded a net sale on Monday of EGP1.7 billion, the first after the EGP flotation early March. Foreigners bought EGP326 million worth of treasuries and sold about EGP2.04 billion. American energy company Apache invested USD137 million in exploration activity in Egypt during the 1Q24. The g…
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Egypt and Italy agreed to kick off negotiations for the fourth phase of their debt swap arrangement. The government intends to invest EGP8 billion to establish six strategic stores for medicines and medical supplies, with construction operations to be completed during the next year. The government intends to renew the initiative to exempt gold from…
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The CBE decided to keep the current key interest rates unchanged in its meeting held on Thursday. The CBE attributed its decision to the easing inflationary pressures, among other factors. The IMF is currently conducting the third review of Egypt’s expanded USD8 billion loan program. UK-based and Africa-focused petroleum firm Vivo Energy has report…
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The CBE withdrew surplus liquidity from banks worth EGP872.5 billion from in open market operations fixed rate deposits of 27.75%, while returning liquidity worth one trillion pounds that it had withdrawn last week. The government lowered its forecast for the economic growth rate in FY2023/24 to 2.8% - 2.9%, from a previous forecast of 3%, as a res…
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The CBE sold yesterday 3-years T-bonds worth EGP5 billion, more than the EGP4 billion originally targeted. Yields averaged 24.83%, lower than 24.98% in the last auction. The government is planning a 20% payment of international oil companies’ dues during June 2024. Current dues reached USD4.5 billion after the payment of USD1.5 billion last March. …
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The government is planning to offer up incentives to investors looking to invest in tourism projects that will wrap up construction before June 2026. A source at the General Authority for Investment and Free Zones revealed that the Authority is in the process of establishing 4 environment-friendly investment zones by 2030, with investments of EGP5 …
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The CBE's Monetary Policy Committee is meeting on Thursday 23rd May to decide on interest rates. We expect the CBE to keep rates unchanged in its upcoming meeting, as our forecasted inflation readings for the upcoming period suggest that there is a disinflation path that is expected to be maintained during most of the upcoming months of the year, g…
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The UN Development Program (UNDP) estimates that the war in Gaza could cost Egypt’s economy between USD5.6 bn and USD19.8 bn throughout the current and upcoming fiscal years, depending on how far the conflict escalates, as Suez Canal and tourism revenues are expected to take a big hit, among other worries. A government agency has asked some busines…
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CBE's net foreign assets improved to a net liabilities' position of USD766.3 million in April compared to USD1.38 billion in March. The European Bank for Reconstruction and Development (EBRD) has cut Egypt’s growth forecast for 2024 to 3.9%, down 0.6 percentage points from its September forecast. The bank highlighted FX shortages and “reform uncert…
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