Today’s Top News & Analysis
Another easing in annual CPI in November 2023
Egypt's imports of Israeli gas jump 52% y/y in 9M 2023
Egypt stops allowing local currency VAT on FX sales
MACRO
Another easing in annual CPI in November 2023
The annual headline urban CPI eased to 34.6% in November 2023, from 35.8% in October 2023. This marks the second consecutive month of easing after six months of record levels. (CBE)
Egypt's imports of Israeli gas jump 52% y/y in 9M 2023
Egypt's imports of Israeli gas jumped 52% y/y during 9M 2023, recording 236.6 billion cubic feet. Egypt relies on Israeli exports to meet part of its domestic demand, with the surplus being exported as liquefied natural gas primarily to Europe, through liquefaction plants in Idku and Damietta with a production capacity of 2.1 billion cubic feet per day. The average daily import of gas from Israel reached 837 million cubic feet per day, compared to 575 million cubic feet per day last year. (Asharq business)
Egypt stops allowing local currency VAT on FX sales
The Egyptian Finance Ministry issued a decision to cancel the allowance for paying Value Added Tax (VAT) in EGP for businesses in foreign currency. This decision is attributed to the emergence of cases that revealed the misuse of this exemption. (Enterprise)
MARKETS PERFORMANCE
Key Dates
11-Dec-23
LCSW: OGM / Considering the distribution of treasury shares.
12-Dec-23
ARCC: OGM / Discussing dividends distribution.
13-Dec-23
EFIH: EGM / Amending some articles of the Company's bylaws.
14-Dec-23
EGTS: OGM / Approving financial statements ending 31 Dec. 2022.
18-Dec-23
CSAG: Cash dividend / Deadline for eligibility for a dividend of EGP1.39/Share.
19-Dec-23
CIRA: OGM / Approving financial statements ending 31 August 2023 and the proposed dividends.
20-Dec-23
MCQE: Cash dividend / Payment date for a dividend of EGP0.50/share (2nd installment).
21-Dec-23
CSAG: Cash dividend / Payment date for a dividend of EGP1.39/share.
EAST: OGM / A board reconstitution.
EAST: EGM / Amending Articles No. 7 & 21 of the company's bylaws.
MPC Meeting / Determining the CBE's policy rate.
26-Dec-23
ELEC: EGM / Discussing capital reduction & amending Articles No. 6 & 7 of the company's bylaws.
ACGC: OGM / Approving financial statements ending 30 June 2023 and the proposed dividends.
27-Dec-23
EHDR: EGM / Approving increasing the issued capital & amending ArticleS No. 6 & 7 of the company's bylaws.
28-Dec-23
ABUK: Cash dividend / Payment date for a dividend of EGP3.00/share (2nd installment).
EAST: Cash dividend / Payment date for a dividend of EGP1.75/share (2nd installment).