Fitch Ratings has cut its outlook on Egyptian debt from “stable” to “negative” due to deterioration in the country’s external liquidity position, keeping Egypt’s B+ rating.
Egypt unveiled initiative to help poor countries adapt to climate change, a plan that envisions channeling billions of USD into the world’s poorest countries by 2030.
The General Authority for Supply Commodities (GASC) canceled its last tender to import wheat due to the high prices by import companies, exceeding the estimated prices in international markets.
The consumption of 65.8% of Egyptian households of food and non-food commodities was affected because of the war between Russia and Ukraine, according to CAPMAS study.
Fertiglobe, Scatec, ORAS and The Sovereign Fund of Egypt start commissioning of the first phase of theit 100 MW green hydrogen plant in Ain Sokhna, Egypt.
Deutsche Bahn and SWDY signed a contract with the Egyptian government to manage and operate the first line of the high-speed rail network between Ain Sokhna and Marsa Matrouh for 15 years with the option to extend for an additional 15 years. The agreement is worth more than EUR1 bn.
The Egyptian government signed an agreement with a consortium of Hassan Allam Utilities, Masdar (Abu Dhabi Future Energy Company) and Infinity, to develop a 10 GW onshore wind project in Egypt – one of the largest wind farms in the world.
SCEM general assembly approved signing an administrative services contract with France’s Vicat.
MFPC issued standalone results for 3Q22. Revenues recorded EGP1,370 million, lower 21.83% QoQ but up 65.66% YoY in 3Q22. Net profit after taxes amounted to EGP796 million (-2.90% QoQ, +109.75% YoY).
EKHO converted 330,000 shares' trading-currency into USD to be traded in Kuwait Stock Exchange. The total number of shares trading in USD reached 762 million shares, while the total number of shares trading in EGP reached 365 million shares.
EBRD will lend USD5.5 million to TAQA Arabia’s renewables subsidiary to build and operate a 7MW solar plant in Minya.
Oil prices fell more than USD2 per barrel on Tuesday in choppy trading on growing worries about fuel demand as COVID-19 outbreaks worsened in top crude importer China, and jitters about the outcome of U.S. midterm elections.
ARAB reported weak 3Q22 results, with sales declining 4.4% y/y and 14.3% q/q to EGP498.0 million. Revenue and net profit also declined yoy and qoq. However, With 9M22 sales of EGP1.4 billion, ARAB is on track to meet our EGP1.6 billion FY22 sales forecast projected in our EGP0.69/share valuation.
AMER Group reported weak 3Q22 results, with revenue decreasing y/y and q/q to EGP338.8 million, and net loss for the quarter recorded EGP5.5 million, compared to 3Q21 net profit of EGP11.1 million and 2Q22 net loss of EGP4.7 million.
ZMID reported a 254.9% y/y increase in 9M22 revenue to EGP414.0 million and 2.5% y/y increase in 9M22 net profit to EGP216.3 million.
ACAMD Board approved purchasing treasury shares.
UAE investment company Chimera Investment has started the procedures of granting a one-year loan worth EGP1.34 billion to Beltone Financial Holding Company, which acquired 55.9% of its shares last August.
The Ministry of Transport is studying the issuance of securitized bonds to cover part if the necessary funds for the economic zone to be established in Alexandria port on an area of 1 million square meters.
ETRS has established a new company, Egytrans for Automotive Solutions, with a capital of USD200 thousand that will manage the operation of a logistics warehouse in Ain Sukhna on an area of 10,000 square meters for the purpose of importing and storing used handicap cars. The company will complete the implementation of the logistics zone during 1Q2023.