Top News & Analysis
MACRO NEWS
Egypt saw foreign direct investment inflows fall 12% in 2021 but remained the second-largest recipient of FDI in Africa after South Africa. (Enterprise)
The Egyptian International Motors Co., the General Authority For Suez Canal Economic Zone, AND the Sovereign Fund of Egypt and the East Port Said Development Co. signed a Memorandum of Understanding (MoU)
CORPORATE NEWS
E-Health, the healthcare arm of e-finance [EFIH] has begun the first phase of operation and management of the comprehensive health insurance system. (Company disclosure)
Telecom Egypt [ETEL] and Aqua Comms, a supplier of international submarine cable connectivity services, have inked a landing and transit agreement for the Europe Middle-East India Connect 1 (EMIC-1) underwater cable in Egypt.
Six of October for Development and Real Estate Projects (SOREAL), a wholly-owned subsidiary of SODIC [OCDI] has inked an EGP600mn discounting facility agreement with Ahli United Bank (AUB).
Cleopatra Hospitals [CLHO] announced signing a non-binding cooperation agreement with UAE based Response Plus Holding, with no further disclosures about the agreement. (Company disclosure)
Glaxo SmithKline [BIOC] announced its Q1 2022 consolidated results, reporting net profits of EGP869mn compared to EGP3mn last year. BIOC showed higher revenues, reaching EGP370mn (+164% y/y). Meanwhile, GPM showed a decrease, reaching 28% (-12pp). (Company disclosure)