Today’s Top News & Analysis
Various price hikes for the New Year
NFAs ease through November
New regulations on food
MAFI to set up an agri-food industrial complex
MACRO
Various price hikes for the New Year
The government has raised the prices of multiple services as follows:
· The National Telecom Regulatory Authority (NTRA) approved raising the mobile bills by 10-16% for the first time since 2017. Etisalat Egypt (+15%) and Telecom Egypt (WE) [ETEL] (+10-15%) have already raised their prices while Orange (+16%) and Vodafone will raise their prices in February 2024.
· Internet providers should raise their prices as well, WE has already raised its prices by 29-33%.
· The Ministry of Transport raised the ticket prices for the metro by up to 20% making the ticket prices between EGP6-15/ticket.
· The National Railways Authority raised the ticket prices for trains by 10-25%.
· According to a source in the Real Estate Registration and Documentation Authority, car registration fees will be subjected to a raise soon. (Enterprise)
NFAs ease through November
The Egyptian banking system's Net Foreign Assets (NFAs) eased through November 2023 to negative USD27bn vs. USD27.2bn in October 2023. (Enterprise)
New regulations on food
The Cabinet added seven food products to its strategic commodities profile to get rid of the attempts of price manipulation, the products are as follows:
- Blended oils
- Fava beans
- Rice
- Milk
- Sugar
- Pasta
- white cheese (Enterprise)
MAFI to set up an agri-food industrial complex
Ahmed Abou Hashima has signed several contracts with international companies to establish an agri-food industrial complex in Sadat City worth USD300mn to be run by Abou Hashima's MAFI Agricultural Produce Industries (MAFI). The complex's first phase is targeted to produce 100 thousand tons of agri-food products annually, with more than 80% of the production to be exported. (Enterprise)
Key Dates
4-Jan-24
8-Jan-24
ARCC: Cash dividend / Deadline for eligibility for a dividend of EGP0.262/Share.
9-Jan-24
BINV: EGM / Approving increasing the issued capital & amending Articles No. 6 & 7 of the company's bylaws.
11-Jan-24
HELI: OGM / Approving amending the date for distributing the third installment of the coupon & discussing bonus for employees for 2023
ARCC: Cash dividend / Payment date for a dividend of EGP0.262/share.