Today’s Top News & Analysis
The Egyptian government to reduce commodity prices
Egypt to increase its strategic reserves of commodities by 20%
NBE to invest up to EGP5bn throughout the year
MACRO
The Egyptian government to reduce commodity prices
After several meetings between the manufacturers, suppliers, retailers, and representatives of the commercial chains with the Ministry of Supply, the Federation of Egyptian Chambers of Commerce, and the Federation of Egyptian Industries. The Egyptian government came to the conclusion that manufacturers should reduce commodity prices by up to 30%. It has been scheduled for some businesses to reduce prices by 15-20% through this week while the remaining reduction should be after Eid Al-Fitr. The initiative should include around 70% of the market's commodities; sugar, grains, rice, wheat, flour, pasta, tea, dairy products (including cheese, and butter), meat, and oil along with commodities involved in engineering and electronic goods. (Cabinet)
Egypt to increase its strategic reserves of commodities by 20%
The PM directed the government to implement a plan to raise the strategic reserves of commodities by 20% in order to control prices. (Cabinet)
CORPORATE
NBE to invest up to EGP5bn throughout the year
The National Bank of Egypt (NBE) plans to invest up to EGP5bn throughout 2024 between the introduction of new products and the expansion of current ones. The bank will add 6 new projects in fintech, real estate development, chemical, and engineering industries. Whereas the bank will invest EGP300mn to expand companies that it has investments in through raising capital. NBE will exit 12 companies which will produce an expected income of EGP4bn. (Asharq Business)
Markets Performance
Key Dates
27-Mar-24
EXPA: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
GBCO: EGM / Amending Articles No. 5 of the company's bylaws.
28-Mar-24
FAIT: Cash dividend / Payment date for a dividend of EGP1.853/share.
CIEB: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
MCQE: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
HDBK: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EMFD: OGM / Approving financial statements ending 31 Dec. 2023.
ISPH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EFID: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
30-Mar-24
PHAR: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
31-Mar-24
ARCC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
LCSW: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
EFIH: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RACC: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.
RACC: EGM / Amending Articles No. 6 & 7 of the company's bylaws.
EKHO: OGM / Approving financial statements ending 31 Dec. 2023 and the proposed dividends.