Today’s Top News & Analysis
Lower growth forecasts for FY24
Budget deficit hits 3.9% in Q1 FY24
Chill out may be sold
Scatec new green methanol project in SCZone
MACRO
Lower growth forecasts for FY24
The Minister of Planning said that the growth forecasts for FY24 are lowered to 3.5% vs. the previous forecast of 4.2%. She added that the war in Gaza may impact the upcoming forecasts. (Enterprise)
Budget deficit hits 3.9% in Q1 FY24
Egypt's total budget deficit reached 3.9% of the GDP during Q1 FY24 vs. 2.1% last year. This comes on the doubled interest payments, where Egypt paid EGP478bn through the quarter vs. EGP217bn last year. (Enterprise)
Chill out may be sold
The Minister of Planning said the government plans to sell a stake in the military fuel retailer, Chill Out. The privatization process should start after concluding the sale of National Petroleum Co. (Wataniya) which is delayed. (Asharq Business)
Scatec new green methanol project in SCZone
The Norway-based Scatec, signed a new agreement with the SCZone to produce green methanol, with an investment worth USD1.1bn. (Enterprise)
MARKETS PERFORMANCE
Key Dates
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).