Today’s Top News & Analysis
Inflation accelerates in November
Egypt targets USD1.5bn-2.5bn from the first sovereign Sukuk issuance
Cabinet eases the requirements for the golden license
MOT Investments and others to be listed on the EGX
Beko inaugurates its first factory in Egypt
Cleopatra Hospitals to write off treasury shares
CIRA expects first stage of Saxony Egypt to be done by next year
More green hydrogen projects
MACRO
Inflation accelerates in November
Annual urban inflation has accelerated to18.7% in November 2022. On the other hand, monthly inflation upped to 2.3% in November, impacted by weaker local currency. (CAPMAS)
Egypt targets USD1.5bn-2.5bn from the first sovereign Sukuk issuance
Egypt is targeting between USD1.5bn and USD2.5bn from the issuance of its first sovereign Sukuk. The timing of the issuance will depend on market conditions and will be handled by either a public or private entity, according to Finance Minister. (Reuters)
Cabinet eases the requirements for the golden license
The cabinet approved to adjust some terms for companies in order to apply for the golden license yesterday. Companies applying for the government’s golden license for industry will no longer need to meet a minimum issued capital requirement. (Enterprise)
MOT Investments and others to be listed on the EGX
NI Capital finishes off the legal and managerial procedures to list MOT Investment & Development, the investment arm of the Ministry of Transportation, on the EGX. It was also reported that the Ministry of Transportation is looking to prepare and list 18 other entities. (Al-Mal)
Beko inaugurates its first factory in Egypt
Beko inaugurated its first factory in Egypt with USD100mn investments to produce electrical home products. The factory is expected to provide more than 2,000 of job opportunities. (Al-Borsa)
CORPORATE
Cleopatra Hospitals to write off treasury shares
Cleopatra Hospitals [CLHO] BoD approved decreasing CLHO's paid in capital by 9%, from EGP800mn to EGP723mn. The decrease will take place through writing off treasury shares. CLHO's total number of shares will decrease from 1.6bn to 1.4bn. (Company disclosure)
CIRA expects first stage of Saxony Egypt to be done by next year
CIRA Education’s [CIRA] CEO has reportedly said that the investment costs of the first stage of Saxony Egypt University is expected to be EGP800mn. Meanwhile, the first stage is expected to be finalized in September 2023. (Al-Mal)
More green hydrogen projects
The government has signed seven MoUs with companies and consortiums to conduct feasibility studies on green hydrogen projects. Out of the interested companies are The Holding Company for Chemical Industries and Qalaa Holdings' [CCAP] TAQA Arabia, and several other foreign companies. (Enterprise)
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