Fears of a US recession are causing investors to look again at emerging markets, with an intention to increase exposure in the coming 12 months.
The African Development Bank (AfDB) has agreed to provide insurance coverage for USD 345 mn of Egypt’s first USD 500 mn CNY-denominated bond issuance.
The European Bank for Reconstruction and Development aims to provide EUR 1 billion in financing to the private sector in Egypt in 2023, up from EUR 737 million last year.
The New and Renewable Energy Authority is still receiving new requests for investments in solar and wind energy projects in Egypt from Arab and foreign companies.
The minister of Petroleum visited yesterday the new ammonium nitrate project (north Abu Qir) with an investment cost of USD 1.2 billion, in which ABUK holds a 45% stake and EGPC holds a 45% stake. The daily production capacity will be 1,200 tons of ammonia, 1,830 tons of nitric acid, and 2,400 tons of ammonium nitrate.
MFPC issued a standalone 1Q23 bottom line of EGP3,928 million, compared to EGP181 million in 4Q22 and EGP2,037 million in 1Q22. MFPC is trading at 2023 consolidated multiples of EV/EBITDA of 2.9x and P/E of 5.9x.
MICH issued the bottom-line indicators for April 2023 that reached EGP33 million, down 31% MoM but up 51% YoY. At 2023 annualized figures MICH is trading at a P/E of 3.1x.
OLFI announced they will increase selling prices by an average of 3% starting next week, to compensate for the rise in costs.
Star National Automotive, the Mercedes-Benz dealership owned by the state National Automotive Company (NATCO), will introduce five new models of Mercedes-Benz EVs to the local market in 3Q 2023, according to local media.
Tunisian automotive cable manufacturer Coficab wants to spend an initial EUR 25 mn to build a factory in Egypt, to meet local demand and direct the remainder to export.
HRHO's valU has partnered with proptech startup Partment to offer its users flexible payment plans up to 60 months.
HRHO's aiBank has inked an agreement to acquire the National Bank of Greece- Egypt letters of guarantee portfolio. No value for the transaction.
Egyptians can now set up bank accounts with no minimum deposit and without paying fees under new measures announced by the CBE yesterday designed to boost financial inclusion.
Weekly Commodities | Last Price WoW Change, %
Brent, USD/bbl 75.6 1.9%
Diesel-HSFO Spread, USD/ton 283.2 5.5%
Aluminum Cash Price, USD/ton 2,290.0 3.1%
Egypt Urea, USD/ton 366.5 0.0%
Polyethylene, USD/ton 1,090.0 -0.9%
Polypropylene, USD/ton 997.5 -1.0%
Steel/Iron Ore Spreads, USD/ton 425.3 0.0%
Egyptian Retail Cement, EGP/ton 1,880.0 0.0%
Steam Coal FOB , USD/ton 162.3 -1.6%
SMP, USD/MT 2,766.0 -0.8%