Today’s Top News & Analysis
NFAs weaken through October
Egypt’s auto sales decrease by 9% m/m in October 2023
Chinese Befar Group may invest in SCZone
Egypt studies partnering with real estate investors
AfDB lends CIB USD148mn for SMEs financing
MACRO
NFAs weaken through October
The Egyptian banking system's Net Foreign Assets (NFAs) weakened through October 2023 to negative USD27.2bn vs. USD26.8bn a month earlier. (Enterprise)
Egypt’s auto sales decrease by 9% m/m in October 2023
According to the Automotive Marketing Information Council (AMIC), Egypt’s Auto sales volumes decreased by 9% m/m to 9,000 vehicles in October 2023, as:
· Passenger car sales decreased by 12% m/m to 6,970 units.
· Truck sales decreased by 23% m/m to 995 units.
· However, bus sales increased by 47% m/m to 1,013 units. (Enterprise)
Chinese Befar Group may invest in SCZone
The China-based Befar Group is interested in investing USD2bn in the industrial complex in the SCZone aiming to produce specialty chemicals. It is expected that phase one of the project should cost USD500mn. (Enterprise)
Egypt studies partnering with real estate investors
The Minister of Public Enterprise said Egypt is studying partnerships with real estate investors through Q1 2024 with investors worth EGP8bn (USD258mn). The minister added that Heliopolis for Housing & Development [HELI] is among the companies proposed for the partnerships. (Asharq Business)
CORPORATE
AfDB lends CIB USD148mn for SMEs financing
The African Development Bank (AfDB) approved a new financing package for the Commercial International Bank [COMI] worth USD148mn to support COMI's SMEs. (Enterprise)
MARKETS PERFORMANCE
Key Dates
3-Dec-23
MASR: OGM / Discussing netting contracts.
5-Dec-23
Egypt PMI / November 2023 reading.
11-Dec-23
LCSW: OGM / Considering the distribution of treasury shares.
12-Dec-23
ARCC: OGM / Discussing dividends distribution.
13-Dec-23
EFIH: EGM / Amending some articles of the Company's bylaws.
14-Dec-23
EGTS: OGM / Approving financial statements ending 31 Dec. 2022.
19-Dec-23
CIRA: OGM / Approving financial statements ending 31 August 2023 and the proposed dividends.
20-Dec-23
MCQE: Cash dividend / Payment date for a dividend of EGP0.50/share (2nd installment).