Today’s Top News & Analysis
Egypt's industrial exports increased during 9M 2022
EGX teams up with Agricultural Bank and Enara Group to form carbon credit company
IFC could fund 500 MW wind project in Egypt
CIRA closes a securitization issuance
Sidi Kerir posted preliminary 9M 2022 results
Elsewedy Electric intends to bid on the new water desalination plants project
Arabian Cement is looking to use more solar energy
MACRO
Egypt's industrial exports increased during 9M 2022
Egypt's industrial exports increased during 9M 2022 to USD5.1bn (+7% y/y). Cement exports came in at USD502mn (+42% y/y), while ceramics exports came in at USD142mn (-4% y/y). (Al-Mal: 1, 2)
EGX teams up with Agricultural Bank and Enara Group to form carbon credit company
An Egyptian Exchange (EGX) subsidiary has signed an agreement with the Agricultural Bank of Egypt and Enara Group’s Libra Capital to establish Libra Carbon, the first Egyptian company to develop, manage and issue carbon certificates. (Enterprise)
IFC could fund 500 MW wind project in Egypt
The International Finance Corporation (IFC) could provide USD 83 mn to an Emirati-Japanese consortium to part-fund their planned 500 MW wind farm in Ras Ghareb. (Enterprise)
CORPORATE
CIRA closes a securitization issuance
CIRA Education [CIRA] announced today it has successfully closed Egypt’s first issuance of a future flow securitized bond worth EGP 800 million. The transaction is the first issuance of an approved EGP2.0bn bond program.(Company disclosure)
Sidi Kerir posted preliminary 9M 2022 results
Sidi Kerir Petrochemicals [SKPC] 9M 2022 indicators, where net earnings grew 108% y/y to EGP744mn. Annual earnings growth came in view of 54% growth in top line of EGP5.8bn. On the other hand, GPM improved to 21% vs. 19.6% a year earlier. (Company disclosure)
Elsewedy Electric intends to bid on the new water desalination plants project
Elsewedy Electric [SWDY] intends to bid on the new government water desalination plants with a consortium of international companies. The government will take no part in financing the project, but in return, the consortium will build to operate, and sell the water to the government for 20 years. (Economy plus)
Arabian Cement is looking to use more solar energy
Arabian Cement [ARCC] signed an amendment to its contract with SOLARIZE & AMARENCO Egypt to build a new solar power plant in ARCC’s factory in Suez. The amendment comes to comply with the new regulations placed by the Electricity Utility Regulatory Authority and Consumer Protection. (Mubasher)
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