Today’s Top News & Analysis
Egypt considers India for a potential bond issuance
State-owned alliance seeks to invest USD1.2bn in a green ammonia project
Slight improvement in the Egyptian non-oil private sector activity in November
AFC to inject USD1bn of investments into Egypt
Belgian 'Tractebel' starts the evaluation of Wind Farms in Egypt
Subsidiary of Elsewedy signs a number of agreements
Palm Hills invests EGP4bn in developing the Ritz-Carlton
SAUD obtains USD50mn loan from IFC
MACRO
Egypt considers India for a potential bond issuance
The Finance Minister announced that Egypt is looking to raise between USD500mn and USD1bn through a bond issuance in India in 2024. The bond would be denominated in INR, and would mark the first time Egypt has issued debt in India. This comes a few weeks after local-currency issuances in China and Japan, which raised the equivalent of USD980mn in CNY-and JPY denominated debt. (CNBC)
State-owned alliance seeks to invest USD1.2bn in a green ammonia project
A consortium of three Egyptian state-owned companies is considering establishing a project to produce ammonia from green hydrogen, with an investment estimated at about USD1.2bn. The consortium includes: 'Helwan Fertilizers,' Abu Qir Fertilizers [ABUK] and 'Al Ahly Capital' financial, affiliated with the National Bank of Egypt. The project will be located in the Suez Canal Economic Zone and is expected to start by the end of 2025 and its implementation will take 3 years. (Asharq business)
Slight improvement in the Egyptian non-oil private sector activity in November
Egypt's Purchasing Managers’ Index (PMI) for the non-oil private sector improved to 48.4 in November 2023 from 47.9 in October 2023, well below the 50.0 threshold that marks growth in activity, as record inflation took its toll on businesses. (Zawya)
AFC to inject USD1bn of investments into Egypt
CEO of the African Finance Corporation (AFC), said that the corporation is targeting the launch of mega projects in the Egyptian market with investments exceeding USD1bn in the coming period. (Asharq Business)
Belgian 'Tractebel' starts the evaluation of Wind Farms in Egypt
The Egyptian Sovereign Wealth Fund (TSFE) has reportedly assigned the advisory work for the wind power stations in Zaafarana and Gabal El Zeit, which were offered to strategic investors, to the Belgian company 'Tractebel'. Accordingly, 'Tractebel' would be evaluating the offer to be presented by the British company 'Actis' for the acquisition of Gabal El Zeit wind power stations. Sources added that the expected offer from 'Actis' to acquire wind power stations in 'Gabal El Zeit' will not be less than USD380mn. (Asharq business)
CORPORATE
Subsidiary of Elsewedy signs a number of agreements
Elsewedy Industrial Development, a subsidiary of Elsewedy Electric [SWDY], has signed a land allocation agreement with Futurefert, the fertilizers manufacturing arm of UAE-based Sharkia Group, to builed a USD50mn fertilizer complex in Elsewedy’s Sokhna 360 industrial zone. Meanwhile, Elsewedy Industrial Development also signed a contract with the Chinese giant company Joshi for the allocation of a land plot to establish an industrial complex for the production of fiberglass, as an extension to the existing Joshi factory within Suez Canal Economic Zone. (Enterprise)
Palm Hills invests EGP4bn in developing the Ritz-Carlton
Palm Hills [PHDC] and Marriott International have signed a cooperation agreement to develop a luxury hotel under the brand name 'The Ritz-Carlton Palm Hills' in Palm Hills October. The hotel's investments amount to EGP4bn, and it is expected to open in 2027. (Cabinet)
SAUD obtains USD50mn loan from IFC
Al Baraka Bank-Egypt [SAUD] has obtained a USD50mn loan from the International Finance Corporation (IFC), a subsidy of the World Bank. The loan is meant to fund small and medium enterprises specially those owned by women. It also has the possibility of being renewed for an additional two years. (Bank disclosure)
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).
21-Dec-23
EAST: OGM / A board reconstitution.
EAST: EGM / Amending Articles No. 7 & 21 of the company's bylaws.
MPC Meeting / Determining the CBE's policy rate.
26-Dec-23
ELEC: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
ACGC: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
27-Dec-23
EHDR: EGM / Approving increasing the issued capital & amending ArticleS No. 6 & 7 of the company's bylaws.
28-Dec-23
ABUK: Cash dividend / Payment date for a dividend of EGP3.00/share (2nd installment).
EAST: Cash dividend / Payment date for a dividend of EGP1.75/share (2nd installment).