The government successfully sold 10% of its stake in Telecom Egypt, raising almost EGP3.95 billion.
We expect April’s urban inflation reading to give the CBE a chance to keep rates on hold at its next meeting and assess the impact of the latest 500 bps hikes.
The market is now expecting the CBE to postpone further EGP depreciation until after it secures foreign currency inflows to avoid exchange rate overshooting.
One-month NDF for the USD-EGP rate is currently around 32.90, from a record high of 35.30 on 25 April.
Egypt’s Sovereign Fund began receiving offers to sell Safi. Local and Gulf bids are competing to buy the company, including UAE’s Agthia.
The government is to offer for sale the 20% state-owned stake in the Bank of Alexandria.
The initiative to facilitate the import of cars for Egyptians abroad ends today, after raising USD835 million.
Maait discussed with the Malaysian Deputy Minister of Finance the conclusion of a free trade agreement between the two countries, along with a double taxation agreement.
The EGX will start sharing spot prices for gold on its trading screens today.
The independent financial advisor is expected to finalize EGAL's fair value study this month. Once finalized, EGAL will start submitting needed documents related to the capital increase for FRA's approval.
The National Authority for Tunnels intends to select the winning consortium for the Abu Qir metro project in Alexandria Governorate through practice instead of bidding, in light of the financial convergence of prices between competing offers. Qualified consortia include French Alstom - Arab Contractors - Hassan Allam - Concord, ORAS - Colas Rail, and a consortium of Chinese companies.
HELI is offering its 11k sqm Ghernata land plot for rent to investors. The window for submitting offers is 21 May 2023 to 7 September 2023.
OPEC's global oil demand forecast for 2023 was held steady for a third month on Thursday. World oil demand in 2023 will rise by 2.33 million barrels per day, or 2.3%.
Wizz Air is operating four weekly flights from Sphinx International Airport to several Italian cities starting mid-June 2023.
Ukraine, Russia, Turkey and the UN are close to an agreement to extend last year’s grain agreement, which allowed Ukraine to continue exporting via the Black Sea.
A Saudi investor is looking to build a complete poultry project in Beni Suef, including a feed factory on a 130 acre land plot.
Damietta Port Authority is looking to cooperate with private sector players to establish a new 5k sqm container terminal for dry bulk cargo.