Today’s Top News & Analysis
Fed hikes rates by 75bps
More renewables projects are being negotiated in Saudi Arabia
The government seeks USD15bn for nine food, water, and energy projects under NWFE
The government is looking to list four maritime companies on the EGX
Obour Land addresses the recent operational interruption
Macro Group announced its Q3 2022 results
e-finance intends to launch the largest cloud computing platform
Orascom Construction brings 3D printing construction technology to Egypt
MACRO
Fed hikes rates by 75bps
U.S. Federal Reserve announced a widely expected fourth consecutive 75bps rate hike yesterday, in an effort to beat back soaring inflation. However, The Fed signaled it may be nearing an inflection point in what has become the swiftest tightening of U.S. monetary policy in 40 years. (Reuters)
More renewables projects are being negotiated in Saudi Arabia
Ministry of Electricity is in talks with six Saudi firms for more than USD3bn worth of renewable energy projects. (Enterprise)
The government seeks USD15bn for nine food, water, and energy projects under NWFE
Ministry of International Cooperation will seek blended finance for nine projects worth USD15bn in its Nexus on Water, Food and Energy (NWFE) program. (Enterprise)
The government is looking to list four maritime companies on the EGX
The Egyptian government is reportedly looking to list Damietta Container Handling Co. (DCHC) and Port Said Container Handling Co. (PTCHC) on the EGX. We note that Canal Shipping Agencies [CSAG] has a 20% stake in both DCHC and PTCHC. (Enterprise)
CORPORATE
Obour Land addresses the recent operational interruption
Obour Land Food Industries [OLFI] reported that the production in white cheese factories have stopped only for 3 days, due to the shortage in palm oil. However, OLFI resumed its production on Tuesday, after receiving palm oil. OLFI assured that all products are available in the market and that the shortage of palm oil will not affect the company's results. (Company disclosure)
Macro Group announced its Q3 2022 results
Macro Group [MCRO] reported a decrease in Q3 2022 net profits to EGP58mn (-12% y/y), although revenues grew to EGP215mn (+17% y/y). Top line growth came due to higher selling prices, however, sales volumes decreased to 5.2mn unit (-7% y/y). Meanwhile, GPM decreased to 78% (-4pp y/y), on higher raw material costs. (Company disclosure)
e-finance intends to launch the largest cloud computing platform
e-finance [EFIH] intends to launch Egypt's largest cutting-edge cloud computing platform. The platform will provide fully integrated product services, and is expected to be launched during the on 30 November 2022. (Company disclosure)
Orascom Construction brings 3D printing construction technology to Egypt
Orascom Construction [ORAS] formed a partnership with the Denmark-based COBOD to bring 3D Printing Construction technology (3DPC) to Egypt. The partnership will mainly focus on three business lines: project execution, equipment sales, and operation and maintenance (O&M). (Company disclosure)
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