Al Ahly Pharos

Pre-Trading Thoughts

September 18, 2022 Al Ahly Pharos
Al Ahly Pharos
Pre-Trading Thoughts
Show Notes

Remittances from Egyptians abroad fell 15% y-o-y and m-o-m in July to USD2.38 bn, from USD 2.8 bn.

Egypt wants to attract USD7.7-8 bn in foreign investment into the oil and gas sector in the current fiscal year.

Fees for most vessels crossing the Suez Canal will rise 15% starting 1 January 2023, except for dry bulk ships and cruise ships which will witness a 10% hike instead. The expected increase in revenue is USD600 million from the higher fees.

The Ministry of Finance received the applications of 1.4k companies wishing to join the fifth phase of the “immediate reimbursement of export subsidies” initiative.

The Qatar Investment Authority is interested to invest in the Egyptian tourism sector, and the hospitality sector in Egypt, whether in existing hotels, or through new investments.

The Asian Infrastructure Investment Bank is considering lending the Abu Qir-Alexandria metro project, about EUR250 million.

The government wants to attract private sector investment to state-owned Heliopolis Hospital under a wider plan to open up the healthcare sector to private sector players.

EFIC stated in an EGX release that the new cabinet decisions of raising natural gas cost won't have a material impact on the company since it produces phosphate fertilizers and not nitrogenous fertilizers. 

BINV highlighted that it is not in a position to respond to Adnoc offer for Total Energies Egypt on the 15th of September due to unresolved legal issues related to the validity of the transfer notice from current owner TotalEnergies Marketing Afrique (TEMA).

Some Active Pharma Ingredients (APIs) utilized in the production of medicine will be exempted from VAT, as per Customs Authority decision.

AstraZeneca Egypt plans to invest USD30 million in the local market over the next three years.