Welcome to our daily podcast featuring the day's top news commentary and technical recommendations delivered to you before the opening bells of the Egyptian Stock Exchange (EGX).Alongside our morning podcasts, we will be publishing a collection of episodes presenting indepth analysis and insights on EGX's equities, all brought to you by Al Ahly Pharos.
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Prime Minister Madbouly announced the formation of six advisory committees that will ensure continued and deepened communication between policymakers and the private sector as the state pushes its reform drive into the new year. French energy company TotalEnergies and Italian energy giant Eni and the Madbouly government will next month ink agreemen…
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- Market Overview - POUL - EPCO - ETEL - CLHO - KRDI - Prepared by Mayada Amin- CETA, CFTePor Al Ahly Pharos
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Egypt plans to issue USD1-1.5 billion worth of eurobonds or green bonds in international markets as soon as next month, followed by an issuance of sovereign sukuk, to take advantage of rising investor interest in Egyptian debt, a senior government official said. The African Development Bank (AfDB) has approved a USD170 million loan to Egypt to fost…
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- Market Overview - MFPC - ORWE - CLHO - JUFO - Prepared by: Mayada Amin-CETA, CFTePor Al Ahly Pharos
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*Key news articles for today* The Minister of Planning expects the agreement with the European Union to grant Egypt EUR4 billion in funding next June to support the budget as part of the structural reform program for the economy. Egypt’s USD bonds were among the emerging markets’ top gainers following Trump’s return to the White House and the Gaza …
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- Market Overview - BINV - BTFH - CLHO - PHDC - EKHOA - Prepared by: Mayada Amin, CFTE, CFTePor Al Ahly Pharos
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Our take on Trump’s return to the White House, becoming the 47th President of the United States: One of the main channels that might affect Egypt's economy is the fact that Trump's main economic policies might cause an upward pressure on the USD globally. Trump is pro expansionary fiscal policies, and likely to try to boost businesses in the US thr…
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- Market Overview - BINV - SWDY - ARAB - OLFI Prepared by: Mayada Amin- CETA, CFTePor Al Ahly Pharos
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The General Authority for Investment and Freezones is looking into setting up a freezone in Minya that would house textile projects from a Chinese investment alliance that is eyeing USD1.5 billion in initial investments. The Finance Ministry will launch an electronic tax system for clearing investors’ receivables and debts next month. Net foreign a…
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- Market Overview - CCAP - ALCN - OFH - SCEM - prepared by: Mayada Amin- CETA, CFTePor Al Ahly Pharos
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The CBE has released the Balance of Payment (BoP)'s performance report for 1QFY2024/25. The overall BoP recorded a deficit of USD991.2 million 1QFY 2024/25, as opposed to a surplus of c. USD230 million in the comparable period in the previous year. The current account deficit has surged by 110.5% YoY to USD5.9 billion in 1QFY2024/25 up from a defic…
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- Market Overview - BTFH - SKPC - ABUK - EKHO - prepared by: Mayada Amin- CETA, CFTePor Al Ahly Pharos
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Organi Group is going to increasingly focus on expanding its presence in the automotive and tourism sectors over the next five years and invest USD1 bn in the two sectors by 2030. The Egyptian National Railways (ENR) has partnered with Italian rail construction and maintenance firm Salcef Group to form a new joint venture, Salcef Track, that will o…
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- Market Overview - ABUK - MFPC - AMOC - SKPC - Prepared by: Mayada Amin- CETA, CFTePor Al Ahly Pharos
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Negotiations are currently underway to open branches of Egyptian universities overseas, with the efforts taking place within a push internationalize the higher education sector in Egypt and education service exports. The Egyptian Customs Authority (ECA) has begun procedures to release the roughly 30k vehicles currently stranded at the country’s por…
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- Market Overview - COMI - OFH - ABUK - EKHOA - ALCN prepared by: Mayada Amin- CETA, CFTePor Al Ahly Pharos
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The Finance Ministry is preparing to release the new public debt policy document by the end of March, which will outline its plans for public and foreign debt, including the issuance of green bonds, sukuk, and international bonds. The government is currently working on two parallel budgets, with the upcoming FY 2025-2026 budget being simultaneously…
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Market Overview Prepared by Mayada Amin- CETA, CFTePor Al Ahly Pharos
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A new unified subsidy card system that will also be able to be done through your mobile system is on its way, cabinet spokesperson Mohamed El Homsani said. The unified card will not just provide access to food subsidies, but also cover health ins. coverage, and other services, according to El Homsani. Trial operations of the EGP 15 bn integrated to…
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- Market Overview - SKPC - AMOC - ABUK - OLFI - prepared by: Mayada Amin- CETA, CFTePor Al Ahly Pharos
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Egypt’s annual urban inflation rate fell to 24.1% YoY in December, as expected, from 25.5% in November, its lowest in two years. On a monthly basis, urban prices rose by 0.2% compared with 0.5% in November. Core inflation recorded 23.2% in December 2024, compared with 23.7% in November 2024, while monthly core inflation recorded 0.9% in December 20…
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-Market Overview - EPCO - POUL - PHAR - CIRA - CCAP Prepared by: Mayada Amin - CETA, CFTePor Al Ahly Pharos
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Banque Misr is preparing to appoint an advisor for the offering of its subsidiary Banque du Caire. Emirates NBD is reportedly considering the acquisition of a controlling stake in BdC, as the bank is currently in the final stages of due diligence with the acquisition expected to go through in 1Q 2025. The government has its sights set on tackling t…
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- Market Overview - EGAL - APSW - KZPC - ATQA - prepared by: Mayada Amin- CETA, CFTePor Al Ahly Pharos
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*Key news articles for today* Net foreign assets in Egypt’s banking sector (including CBE) dropped to USD5.96 bn in November, down from USD9.2 bn in October, marking a sharper monthly decline of 35.2%. This is the second consecutive monthly drop as pressure on foreign currency resources increases. This decline was attributed to the worsening defici…
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- Market Overview - PHDC - FWRY - CLHO - ISPH Prepared by: Mayada Amin- CETA, CFTePor Al Ahly Pharos
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- Market Overview - RMDA - ISPH - CIEB - Prepared by: Mayada Amin- CETA, CFTePor Al Ahly Pharos
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- Market Overview - ADIB - HELI - PHDC - EFID - prepared by: Mayada Amin- CETA, CFTePor Al Ahly Pharos
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- Market Overview - JUFO - GBCO - ESRS - EFIH - Prepared: Mayada Amin- CETA, CFTePor Al Ahly Pharos
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- Market Overview - EKHO - GBCO - FWRY - PHDC - JUFO prepared by: Mayada Amin -CETA, CFTePor Al Ahly Pharos
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- Market Overview - FWRY - CLHO - JUFO - GBCO - ESRS Prepared by: Mayada Amin- CETA, CFTePor Al Ahly Pharos
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Market Overview OIH TMGH ORWE CSAG FWRY prepared by: Mayada Amin- CETA, CFTePor Al Ahly Pharos
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Market Overview Prepared by: Mayada Amin- CETA, CFTePor Al Ahly Pharos
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The CBE's MPC is scheduled to meet on Thursday, 26 December. We expect the CBE to prefer to hold rates unchanged in its upcoming meeting. Even though the annual inflation reading dipped below 26% in November, some price hikes such as the recent telecom hikes are still passing through inflation readings. Besides, the recent gradual increase in USD r…
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- Market Overview - ESRS - ARAB - CSAG - EGAL - prepared by: Mayada Amin - CETA, CFTePor Al Ahly Pharos
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The EU approved the disbursement of an EUR 1 bn macro-financial assistance package. The package marks the first phase of a EUR 5 bn set of concessional loans running through 2027, which comes as part of a wider EUR 7.4 bn package from the EU announced in March. The China Communications Construction Company (CCCC) is interested in working with the M…
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- Market Overview - Prepared by : Mayada Amin- CETA, CFTePor Al Ahly Pharos
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Net foreign assets of the CBE increased by USD1.17 billion in November to record USD11.8 billion, compared to USD10.64 billion in October. Egypt has trimmed its fuel consumption 6% to 171 grams per kWh over the past few months. The reduction in demand is saving the country some EGP1.2 bn monthly. The Ministry of Finance aims to reduce the external …
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Chinese steelmaker Wu’an Xin Feng has a plan to set up a USD1.7 bn integrated industrial complex in the Suez Canal Economic Zone (SCZone). Egypt’s oil subsidy bill for the current fiscal year is expected to surpass EGP200 bn, significantly higher than the EGP154 bn initially allocated, a source said. Prime Minister Moustafa Madbouly met with Saudi …
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Transport and Industry Minister Kamel El Wazir laid out the 23 industries that the government is looking to localize, adding that the state is offering incentives and facilities to attract investments into these selected sectors. The Qantara West Industrial Zone will welcome two new projects with combined investments of USD38 mn following agreement…
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- Market Overview - COMI - ISPH - ADIB - ORWE prepared by: Mayada Amin- CETA, CFTePor Al Ahly Pharos
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UAE’s AMEA Power will set up a USD600 million, 5 GW wind power project in the Gulf of Suez in cooperation with the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority (NREA). There is a plan to launch renewable projects with a combined capacity of 10 GW and combined investments of USD10 billion from 2023-2028 under …
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Prime Minister Mostafa Madbouly announced in his weekly presser that the government is planning to offer up stakes in ten state-owned companies in 2025. The offerings will be via direct sales to strategic investors and/or through EGX listing. The cabinet also approved a EUR 7 mn comprehensive technical support package to support Egypt’s green trans…
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