Pre-Trading Thoughts

Al Ahly Pharos

Annual headline urban inflation declined to 25.5% in November from 26.5% in October. Monthly headline urban inflation declined to 0.5% in November 2024 from 1.3% in November 2023 and 1.1% in October 2024.

Annual core inflation declined to 23.7% in November from 24.4% in October, while monthly core inflation decreased to 0.4% in November 2024 from 1% in November 2023 and 1.3% in October 2024, the CBE reported.

The Finance Ministry is offering up six public-private partnerships (PPPs) with a total investment cost of EGP29 billion, according to the Head of the Finance Ministry’s Private Partnership Unit. The six projects are part of a wider offering of 12 projects with investments totalling EGP61 billion.

The Ministry of Industry is studying the allocation of a public free zone designated for textile industries carried out by Turkish investors in Sadat City.

The Africa50 Fund aims to expand the investment base in the digital infrastructure sector in Egypt during the coming period. The Fund plans to implement seven investment deals within the next two years and is currently studying many investment opportunities.

Egypt intends to sign a debt swap agreement worth about EUR30 million during the launch of the first edition of the “Egyptian-German Development Cooperation Day” next Sunday.

Egypt and Saudi Arabia agreed to reduce the customs clearance time to only 3 to 4 hours instead of 3 days, a move to introduce unprecedented customs facilities for the entry of goods between the two countries.

Apple Pay has rolled out to many cards from several issuing banks in Egypt. Others are expected to launch support for Apple Pay in the coming days and weeks.

HRHO completed advisory services for the IPO of Talabat and UAE Lulu Group with a market cap of USD2.0 billion and USD1.7 billion, respectively.

ATLC declared cash dividends of EGP0.60/share for FY23. Record date is 23 December 2024, and distribution date is 26 December 2024.

RAYA Board preliminarily approved an offer from Africa50 to acquire a 42.9% stake in Raya IT subsidiary Raya Data Center for USD15 million. In other news, RAYA is planning to acquire two companies in Saudi Arabia operating in the IT and data center sectors by 3Q25. RAYA’s manufacturing subsidiary Raya Electric plans to open a production line for products from De’ Longhi Group, owner of brands Kenwood and Braun, among others, in 2025. The group also plans to apply for a digital bank license for its Aman arm by year-end from the Central Bank of Egypt.

MASR signed an MoU with El Hazek Construction to execute infrastructure work and build residential villas in Elect, located in Taj City, with investment exceeding EGP900.0 million.