Today’s Top News & Analysis
Egypt’s Ministry of Finance extends e-invoicing registration deadline
The Egyptian government mulls removing export fees on gold jewelry
Xiaomi to produce smartphones in Egypt soon
QIA's acquisition of a 25% stake Vodafone Egypt expected by Q1 2023
Ezz El-Arab back at the helm of CIB
CI Asset Management aims to increase its AUMs in 2022
El-Rashidi El-Mizan to expand in 2023
MACRO
Egypt’s Ministry of Finance extends e-invoicing registration deadline
Self-employed individuals, including doctors, pharmacists, and lawyers, now have until 30 April 2023 to register with the Egyptian Tax Authority’s e-invoicing system, after the Ministry of Finance extended the deadline. (Enterprise)
The Egyptian government mulls removing export fees on gold jewelry
The Egyptian government is looking to remove export fees previously placed on gold jewelry, according to the Minister of Supply & Internal Trade. This comes after several factories had demanded removing the pricing fees for gold jewelry exports, set at 0.5%. (Al-Borsa)
Xiaomi to produce smartphones in Egypt soon
Phone manufacturer Xiaomi is looking to build a smartphone production facility either in the Tenth of Ramadan City or the Sixth of October City. The factory should produce smartphones with 45% local components. (Al-Mal)
CORPORATE
QIA's acquisition of a 25% stake Vodafone Egypt expected by Q1 2023
Qatar Investment Authority (QIA) is reportedly going to close its acquisition of a 25% stake in Vodafone Egypt [VODE] during Q1 2023 at a value between USD1-1.25bn, thus valuing VODE at USD4-5bn. We note that Telecom Egypt [ETEL] owns a 45% stake in VODE, which is implicitly valued at EGP26-32/ETEL share (ex-CGT). On a separate note, last Thursday South Africa-based Vodacom executed its acquisition of U.K.-based Vodafone Group's 55% stake in VODE. (Al-Borsa) (Al-Mal)
Ezz El-Arab back at the helm of CIB
Commercial International Bank's [COMI] BoD proposed appointing Mr. Hisham Ezz El-Arab as the new Chairman of the bank, pending the CBE's approval. (Company disclosure)
CI Asset Management aims to increase its AUMs in 2022
CI Asset Management, the asset management arm of CI Capital Holding [CICH], aims to increase its AUMs to EGP50bn by end of 2022 (+3% q/q). (Al-Borsa)
El-Rashidi El-Mizan to expand in 2023
El-Rashidi El-Mizan, a subsidiary of Saudi Olayan Group, will invest USD150mn to fund new expansions during H2 2023. El-Rashidi El-Mizan will add six new production lines, as a starter to its 5-year expansion plan. (Al-Borsa)
MARKETS PERFORMANCE
KEY DATES
Latest Research
