Al Ahly Pharos

Pre-Trading Thoughts

November 23, 2022 Al Ahly Pharos
Al Ahly Pharos
Pre-Trading Thoughts
Show Notes

The Egyptian Mercantile Exchange (EMX) will go live on Sunday 27th November, the Supply Ministry said. Traders will be able to buy and sell wheat from next week.


The House of Representatives approved a previously agreed USD6 billion loan with the International Islamic Trade Finance Corporation to help meet the country’s needs of basic food commodities and fuel productions.


According to local press, the initiative to finance SMEs at 5% interest will continue without change.


The Ministry of Transport has started negotiations with 3 French institutions to obtain a loan of EUR2 billion, to finance the foreign part of the sixth line of the metro.


The Ministry of Electricity is preparing a map of 20 concession sites, to be offered to local and foreign investors to produce electricity from wind energy, with capacities that may reach 4,000 MW.


Foreign investments in T bills fell to EGP131.51 billion at the end of September, compared to EGP132.79 billion at the end of August.


SWDY (FV:EGP10.41, OW) board of directors approved establishing a subsidiary in Saudi Arabia with a capital of SAR0.5 million. 


ARCC reported its consolidated financial results for 3Q22 with attributable net income hiking to record EGP143 million compared to a nil in 3Q21 and more than double the figure in 2Q22, bringing 9M22 earnings to EGP262 million reversing comparative period losses of EGP23 million. 


The House Housing Committee gave final approval to amendments that will allow builders who have suffered losses on state projects due to recent economic reforms to receive compensation from the government


Rosatom will start shipping equipment for the Dabaa nuclear plant in March. 


The House of Representatives approved amendments to a law that will simplify the real estate registry and notarization process in new cities, whereby property and land plot owners in new cities will only need to submit registration paperwork to the New Urban Communities Authority. 


CCAP plans to offer its subsidiary, TAQA Arabia in IPO during 2023, depending on the improvement of capital market conditions


COMI’s former chairman and managing director Hisham Ezz Al Arab is back on the bank’s board of directors after being appointed a non-executive director, after stepping down from the bank’s board two years ago.