Top News & Analysis
MACRO NEWS
The European Union has signed an MoU with Egypt and Israel to liquefy Israeli natural gas then export it to the EU with the promise of more investments into the Egyptian energy market.
Egypt’s current account deficit for March 2022 decreased 40% y/y, reflecting higher exports mainly due to an increase in the value of exported gas prices (+129% y/y) and oil prices (+74% y/y).
The Senate Financial & Economic Affairs Committee recommended that the government raise education allocations by an additional EGP2.5bn in the state’s general budget for FY23. (Enterprise)
All 23 Cement producers in Egypt have sent official letters to the Egyptian Competition Authority (ECA) to extend the lower production quota decision for a maximum of 2 more years. (Amwal Al-Ghad)
Real estate developers will be able to offer mortgage financing for customers on units still under construction after the Financial Regulatory Authority (FRA) approved a mandate to help grow mortgage financing. (Al-Borsa)
CORPORATE NEWS
Tanmeyah, the microfinance arm of EFG Hermes Holding [HRHO], acquired Fatura Netherlands B.V. which specializes in Business-to-Business (B2B) platform. Fatura has a regional footprint of 22 governorates in Egypt. (Company disclosure)
Fawry [FWRY] released a new service called "Cash-in & Cash-out" for the first time in Egypt through its POSs. This was in cooperation with Egyptian Banks Company and Banque Misr. (Arab-finance)
Maridive & oil services [MOIL] announced its Q1 2022 results, where net loss narrowed to USD5.13mn vs. a net loss USD9.26mn in Q1 2021. Revenues also improved slightly to USD11.2mn in Q1 2022 vs. USD10mn a year before. (Mubasher)
Rameda [RMDA] acquired a drug from antispasmodic family with the intention to expand its product portfolio. (Company disclosure)