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Welcome to our daily podcast featuring the day's top news commentary and technical recommendations delivered to you before the opening bells of the Egyptian Stock Exchange (EGX).Alongside our morning podcasts, we will be publishing a collection of episodes presenting indepth analysis and insights on EGX's equities, all brought to you by Al Ahly Pharos.
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The CBE's MPC is scheduled to meet today. We remind you that we expect the CBE to prefer to hold rates unchanged in today’s meeting due to persistent inflationary pressures, among other factors. Senior private and public sector figures from Egypt and the UAE inked numerous investments: Cabinet greenlit two power purchase agreements for two separate…
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United Bank will kick off its planned offering on the EGX today. The total offering could see the bank raise up to EGP5.1 bn by floating an equivalent to a 30% stake. The number of tourists visiting Egypt increased during Jan - November 2024 by 4% compared to the same period last year. Egypt's imports of fuel shipments increased to more than USD12.…
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Hassan Allam Holding inked a memorandum of understanding with Abu Dhabi wealth fund ADQ portfolio company and Ras El Hekma project master developer Modon Holding, in an agreement to cooperate on projects in the “infrastructure, energy, and water and wastewater treatment, and special building” sectors, the companies said in a joint statement. The CB…
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Cabinet spokesperson named banking, airports, pharma, plastics, glass, and petrochemicals as among the sectors where we will see stakes in state-owned entities offered up by the end of June. In addition, there are another 15 stake offerings in the pipeline after the current fiscal year. The Private Sector Partnership Unit in the Ministry of Finance…
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The CBE's MPC is scheduled to meet on Thursday, 21 November. The IMF mission that is in Cairo is set to complete the fourth review of Egypt’s USD8 billion loan program this week. Egypt’s unemployment rate rose to 6.7% of the total workforce in the third quarter of 2024, up 0.2 percentage points from the previous quarter. The Madbouly government on …
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The Asian Infrastructure Investment Bank is considering financing the Egyptian government with about USD300 million. The Ministry of Petroleum announced 8 new liquefied gas shipments during this November, to meet the needs of the local market for power generation and industrial activity. The Assistant Minister of Tourism revealed the issuance of fi…
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Government calls out media reports that it asked the IMF to increase its next disbursement as false. The government has approved offering manufacturers loans at a subsidized 15% interest rate to purchase equipment and production materials. Egypt's non-oil trade deficit declined by 4.4% YoY during the 9M24, attributed to an 11.1% growth in exports, …
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A member of the IMF mission in Cairo said to local media that the mission did not discuss with the Egyptian government an extension of economic reforms schedule, during the fourth review. Adding that the mission did not decide anything regarding postponing some reforms. Remittances from Egyptians working abroad increased 65.6% y-o-y in August to hi…
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Annual urban inflation came almost flat in October, registering 26.5% YoY, up from 26.4% YoY in September. Monthly urban inflation decelerated to 1.1% MoM in October from 2.1% MoM in September. The Central Bank of Egypt will auction USD1.5 billion in USD-denominated, one-year t-bills today. The government now only has USD1 billion in outstanding ar…
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The Supreme Constitutional Court ruled on Saturday that the 7% flat rate in the Old Rental Law for residential properties is unconstitutional and called on the Egyptian parliament to amend the law. The US Federal Reserve cut interest rates for the second time, this time by 25 bps, bringing them to 4.5%-4.75%. The Oil Ministry launched the Sustainab…
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CAPMAS is expected to release inflation figures for October on Sunday, 10 November. We expect urban annual inflation to hit around 27%. Net International Reserves recorded USD46.9 billion at the end of October 2024, up USD205 million from September’s USD46.7 billion. Investment Minister Hassan El Khatib will unveil the revamped privatization progra…
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Cyprus’ Energy Minister Giorgos Papanastasiou said yesterday that his country is prepared to supply natural gas to Egypt to re-export to European marketsز Oil Ministry to unveil full incentives policy framework during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2024) which is being held in the UAE until Thursday, Oil Min…
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The IMF will begin the fourth review of Egypt’s IMF loan program tomorrow. Three main areas will be subject to discussions during the review. The IMF team will be discussing green financing through its Resilience and Sustainability Facility next week. The government applied for an additional USD1.2 bn in long-term, low-cost climate financing from t…
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IMF’s Managing Director Kristalina Georgieva kicked off talks with Egyptian officials, including Prime Minister Moustafa Madbouly and CBE governor Hassan Abdalla yesterday after landing in Egypt. The USD rose more than 0.4% against the EGP on Thursday to reach EGP48.94 to the greenback, marking its highest level since August. Budget deficit narrowe…
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The IMF’s Managing Director Kristalina Georgieva will be in Egypt next week to discuss our USD 8 bn loan program, Prime Minister Moustafa Madbouly said. A delegation from the Fund will arrive directly following her visit in preparation for the program’s fourth review, Madbouly added. The government will be taking another look at its plan to sell of…
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Prime Minister delivered a speech during the opening session of the Future Investment Initiative (FII) conference in Riyadh. The speech was about Egypt’s approach to securing sustainable and inclusive development, with a particular focus on empowering the private sector and further developing our energy sector, transport and infrastructure networks…
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Finance Minister Ahmed Kouchouk said that while in Washington for the IMF and World Bank’s annual meetings he had expressed the government’s expectation that it would have “positive and constructive discussions” with the Fund during the fourth review of our loan program. The review, which if successfully passed will unlock USD 1.3 bn in funds, had …
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Egypt is preparing three possible revisions to the loan agreement to present to the IMF delegation when they land in Egypt mid-next week. The first scenario proposes extending the loan program by two years so Egypt ends up having five years to implement the reforms and unlock the entire USD8 billion in funding. The second scenario would give the go…
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In contrast to the IMF’s talk of being open to changing some of the terms of the loan agreement, Georgieva reiterated that “Egypt is better served by undertaking reforms sooner rather than later.” IMF Director Kristalina Georgieva stated that the Fund’s amendment to the basic and additional fees for programs and loans will save Egypt USD800 million…
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The Prime Minister confirmed that the government is currently reviewing the timeline and reforms put forward by the Fund, pointing to the direct impact that the war on Gaza and the subsequent decline in Suez Canal revenues has had on state revenues as justification for the review. The Prime Minister said that the foreign exchange flows and the stat…
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The IMF has kept our growth forecast for the current fiscal year unchanged at 4.1% in its updated World Economic Outlook. President Sisi met his Russian counterpart Vladimir Putin on the sidelines of the Brics Summit, which kicked off in Kazan yesterday. The conversation centered around Egypt’s role in the bloc, bilateral relationship, and regional…
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Pitch: Egypt Banking Sector| Rerating Is a Must The Egyptian banking sector is poised for remarkable performance as we approach the release of third-quarter results for 2024. The combination of anticipated extraordinary results amid high interest rates and the compelling valuation metrics makes the Egyptian banking sector a prime candidate for inve…
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President Abdel Fattah El Sisi pointed to the economic pressures the nation is enduring as the country undergoes reforms as part of its loan agreement with the IMF. “If this challenge forces me to place unbearable pressure on the public, we must review the situation with the IMF,” El Sisi said. Finance ministers, central bank governors, and other b…
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In line with our expectation, the MPC decided to keep the CBE’s overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged. The Ministry of Petroleum and Mineral Resources announced on Friday the third fuel price increase in 2024. However, prices of Mazut supplied to power plants and food industries have been kept …
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