Today’s Top News & Analysis
Egypt to receive second tranch of Ras El-Hekma dues in weeks
New growth forecasts for FY25
Three industrial agreements with foreign investors are signed
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Egypt to receive second tranch of Ras El-Hekma dues in weeks
The Egyptian PM said in a cabinet statement, that the government is expecting the second tranch of Ras El-Hekma dues through the coming few weeks. We note that Egypt already received USD10bn as a first tranch and USD11bn was from the UAE's deposits were transferred to local currency. (Economy Plus)
New growth forecasts for FY25
The government posted the new economic growth forecast for FY25 at 4.2% vs. 4% in a previous forecast. The government should achieve the growth target by (1) increasing the private investment contribution to total investment to 50%, (2) hiring more teachers (c.150,000) to ensure a better quality of education, and (3) increasing the private sector's contribution in healthcare to 50% by 2027. (Cabinet)
Three industrial agreements with foreign investors are signed
Sources said that Egypt signed three different industrial agreements with China, Poland, and France for a total of USD349mn to be constructed on Egypt's industrial zones. The three agreements are:
Chinese ductile iron pipes factory: An investment worth USD146mn with the Chinese state-owned Xinxing Ductile Iron Pipes Co. in the SCZone on 270,000 sqm of land. It should produce 250,000 tons of cast iron pipes/year worth c.USD1.2bn/year.
French glass factory: An investment worth USD174mn with the French Saint-Gobain Glass - Egypt in the Sokhna Industrial Zone.
Polish grain silo factory: An investment worth USD33mn with the Polish Feerum in the East Port Said Industrial Zone. The project will be in cooperation with the Egyptian Samcrete and the state-owned Egyptian Holding Co. for Silos & Storage. (Enterprise)
Markets Performance
Key Dates
28-Mar-24
FAIT: Cash dividend / Payment date for a dividend of EGP1.853/share.
CIEB: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
MCQE: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
HDBK: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EMFD: OGM / Approving financial statements ending 31 Dec. 2023.
ISPH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EFID: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
30-Mar-24
PHAR: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
31-Mar-24
ARCC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
LCSW: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EFIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RACC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RACC: EGM / Amending Articles No. 6 & 7 of the company's bylaws.
EKHO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
2-Apr-24
ORWE: EGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
ORWE: OGM / Amending some Articles of the company's bylaws.
MFPC: Cash dividend / Deadline for eligibility for a dividend of EGP2.00/Share.
3-Apr-24
Egypt PMI / March 2023 reading.
6-Apr-24
OLFI: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
7-Apr-24
FWRY: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
MFPC: Cash dividend / Payment date for a dividend of EGP2.00/share.