Qatari Finance Minister said that Qatar is committed to fulfilling its pledge last year to invest USD5 billion in Egypt.
The Finance Ministry is looking to secure more long-term concessional loans from regional and international development banks to fund healthcare, education, and food spending.
The CBE expects Egypt to receive USD15.2 billion in dollar funds during the coming 12 months from April 2023 and through March 2024.
Ministers have approved relaxing rules on freezones under government efforts to attract more private-sector investment.
The Cabinet approved extending foreign operators’ exemption from airport fees until March 2024.
The House of Representative’s Budget Committee approved proposed amendments to the Resource Development Law, and the Parliament will discuss it for final vote on 28 May.
The entertainment tax is expected to generate EGP5 billion in revenues a year, which will go towards the state’s EGP529.7 billion subsidy bill for the coming fiscal year. Meanwhile, the stamp tax hike will bring in some EGP5 billion.
We upgraded SKPC’s FV to EGP22.80/share with an Overweight recommendation, supported by new gas formula announced in October, local currency devaluation, and adding the commercial business.
We downgraded AMOC’s FV to EGP8.85/share with an Equalweight recommendation given we downgraded our forecast for oil prices.
A consortium of ORAS and Metito will, together with the Abu Dhabi National Oil Company PJSC (ADNOC) and Abu Dhabi National Energy Company PJSC (TAQA), develop, own, and operate a large-scale seawater treatment and water transportation project worth up to USD2.4 billion in Abu Dhabi.
HRHO 1Q23 net profit reached EGP885 million (+9% q/q, +157% y/y).
The FRA has given three months for non-bank financial companies under establishment to increase their capital.
SUGR 1Q23 net profit recorded EGP324 million (+321% YoY, +182% QoQ). We upgraded our FV to EGP45/share due to high global prices and EGP depreciation.
ECAP 1Q23 net profit reached EGP57.0 million (+22.3% YoY, +70.2 QoQ).
A Chinese consortium has offered to establish a USD300 million ironworks in the Suez Canal Economic Zone.
Elsewedy Electric Indonesia, a subsidiary of SWDY, signed a USD3.6 million contract with JICA and government of Uganda to execute a 20 MVA Mobile Substation to reinforce the power transmission grid in the Kampala Metropolitan Area, Uganda.
PHAR 1Q23 net profit reached EGP188 million (+8.5% YoY, -16.6% QoQ).
HELI reported 1Q23 net profit of EGP19.4 million, up 512.4% y/y and compared to 4Q22 net loss of EGP49.8 million.
The New Urban Communities Authority approved a set of incentives for real estate companies, including the cancellation of administrative fees regarding allowing an increase in a project’s BUA, increase in BUA by 10%, allowing the non-residential component to range between 5% and 15%, reducing the fees for adding a floor to BUA by 50%, and exempting, for a three-month period, 80% of the payment of late fines if all late dues are paid.
Qatari Finance Minister said that Qatar is committed to fulfilling its pledge last year to invest USD5 billion in Egypt.
The Finance Ministry is looking to secure more long-term concessional loans from regional and international development banks to fund healthcare, education, and food spending.
The CBE expects Egypt to receive USD15.2 billion in dollar funds during the coming 12 months from April 2023 and through March 2024.
Ministers have approved relaxing rules on freezones under government efforts to attract more private-sector investment.
The Cabinet approved extending foreign operators’ exemption from airport fees until March 2024.
The House of Representative’s Budget Committee approved proposed amendments to the Resource Development Law, and the Parliament will discuss it for final vote on 28 May.
The entertainment tax is expected to generate EGP5 billion in revenues a year, which will go towards the state’s EGP529.7 billion subsidy bill for the coming fiscal year. Meanwhile, the stamp tax hike will bring in some EGP5 billion.
We upgraded SKPC’s FV to EGP22.80/share with an Overweight recommendation, supported by new gas formula announced in October, local currency devaluation, and adding the commercial business.
We downgraded AMOC’s FV to EGP8.85/share with an Equalweight recommendation given we downgraded our forecast for oil prices.
A consortium of ORAS and Metito will, together with the Abu Dhabi National Oil Company PJSC (ADNOC) and Abu Dhabi National Energy Company PJSC (TAQA), develop, own, and operate a large-scale seawater treatment and water transportation project worth up to USD2.4 billion in Abu Dhabi.
HRHO 1Q23 net profit reached EGP885 million (+9% q/q, +157% y/y).
The FRA has given three months for non-bank financial companies under establishment to increase their capital.
SUGR 1Q23 net profit recorded EGP324 million (+321% YoY, +182% QoQ). We upgraded our FV to EGP45/share due to high global prices and EGP depreciation.
ECAP 1Q23 net profit reached EGP57.0 million (+22.3% YoY, +70.2 QoQ).
A Chinese consortium has offered to establish a USD300 million ironworks in the Suez Canal Economic Zone.
Elsewedy Electric Indonesia, a subsidiary of SWDY, signed a USD3.6 million contract with JICA and government of Uganda to execute a 20 MVA Mobile Substation to reinforce the power transmission grid in the Kampala Metropolitan Area, Uganda.
PHAR 1Q23 net profit reached EGP188 million (+8.5% YoY, -16.6% QoQ).
HELI reported 1Q23 net profit of EGP19.4 million, up 512.4% y/y and compared to 4Q22 net loss of EGP49.8 million.
The New Urban Communities Authority approved a set of incentives for real estate companies, including the cancellation of administrative fees regarding allowing an increase in a project’s BUA, increase in BUA by 10%, allowing the non-residential component to range between 5% and 15%, reducing the fees for adding a floor to BUA by 50%, and exempting, for a three-month period, 80% of the payment of late fines if all late dues are paid.