Top News & Analysis
MACRO NEWS
Non-oil private sector activity in Egypt contracted for an 18th month in May as the Ukraine crisis, import restrictions, and a depreciated currency put pressure on prices. (Reuters)
The Minister of Supply & Internal Trade determined the new coarse bran price at EGP3,800/ton (-21%), lower than March price of EGP4,800/ton, marking the end of seasonality effect in the coarse bran price this year. (Al Masry Al Youm)
Non-oil private sector activity in Egypt contracted for an 18th month in May as the Ukraine crisis, import restrictions, and a depreciated currency put pressure on prices. The S&P Global Egypt Purchasing Managers' Index strengthened to 47.0 from April's 46.9 but remained below the 50.0 threshold. (Reuters)
The Minister of Supply & Internal Trade determined the new coarse bran price at EGP3,800/ton (-21%), lower than March price of EGP4,800/ton, marking the end of seasonality effect in the coarse bran price this year. (Al Masry Al Youm)
UAE-based conglomerate Al Futtaim Group is looking to invest between USD700mn and USD1bn in the Egyptian market over the next three years. (Cabinet)
Egypt is in talks to export fertilizers and other products to India in exchange for the 500,000 tons of Indian wheat. (Enterprise)
Egypt is finalizing some USD3.5bn in fresh financing from multilateral lenders to shore up food and energy security. (Enterprise)
CORPORATE NEWS
Elsewedy Electric [SWDY] is looking to execute three projects in Africa with a total cost of USD1.5bn. Moreover, SWDY is looking for the feasibility of a solar farm project in Ain Sokhna with a total cost of USD400mn and a total capacity of 300MW. (Hapi)
Madinet Nasr Housing & Development [MNHD] aims to generate EGP6bn in contracted sales during 2022 while raising the price of its units in new projects by around 15%. (Arab Finance)
Dice Sport & Casual Wear’s [DSCW] Q1 2022 results showed net income after minority skyrocketed to EGP9.6mn (+198% y/y) on higher revenues of EGP384mn (+29% y/y) and an increase in other revenues of EGP17mn (+101% y/y). (Company disclosure)
EFG Hermes Holding [HRHO] completed the IPO of Borouge Petrochemicals worth USD2bn on ADX. (Al-Mal)
Etisalat Misr signed six agreements worth EGP17bn with Telecom Egypt [ETEL] to expand messaging services and optical fiber infrastructure. (Arab Finance)
Orascom Development Egypt’s [ORHD] BoD has appointed Mohamed Amer as the new CEO of El Gouna. (Arab finance)