Episode Details

Egypt's unemployment rate hit 6.9% in 4Q2023, down from 7.1% in the 3Q2023 and 7.2% in the corresponding quarter of 2022.

Outstanding balance of foreign investors in Egyptian T-bills increased by about USD400 million in November to USD12.6 billion compared to USD12.2 billion in October.

Arab countries' debt to Egypt rose to USD48.4 billion at the end of last September, compared to USD46.2 billion at the end of last June. 

Egypt has repaid about USD8.2 billion of debt during 1Q2023-24. The per capita share of external debt rose to USD1,444.5 in September 2023, compared to USD1,360.7 in September 2022.

Egypt and Brazil inked a protocol aimed at facilitating Brazilian beef, pork, and poultry exports to Egypt by aligning the two countries’ meat inspection systems. 

The Finance Ministry is looking into a package of tax and custom breaks aimed at attracting investors to the new capital’s Central Business District.

Minister of Trade and Industry said that the Ministry intends to launch a new strategy for the industrial sector in Egypt at the end of this month. 

EAIC will likely kick off operations this year and will initially target investments in the agriculture and trade, before expanding into renewable energy and green hydrogen, Emigration Minister said.

EAST announced on Friday an increase in the prices of all its products. The increase was implemented as of yesterday, Saturday, a step that the company attributed to an increase in raw material costs. 

Adnoc has reportedly withdrawn its bid for a stake in Wataniya, meanwhile Taqa Arabia is the only firm to have publicly declared interest in the bidding. 

AMOC released 2Q23/24 financial results. Net profit declined by 18% YoY and increased by 18% QoQ to stand at EGP488 million. In 1H23/24, net income dropped 9% YoY to EGP900 million. AMOC is currently trading at a FY23/24e PE of 5.8x and EV/EBITDA of 3.2x.

Oil prices rose on Friday triggered by escalating tension in the Middle East and a hotter-than-expected US inflation report. Brent crude was up almost 1% to USD83.53/bbl.

EGPC issued a tender to import 593k tons of petroleum products to be received in March 2024. Egypt is importing 500k tons of diesel and 93k tons of gasoline.

According to local media, EDA informed representatives of pharmaceutical companies through the Chamber of Pharmaceutical Industry in the Federation of Industries and the Pharmaceutical Division in the Federation of Chambers of Commerce that studying requests to increase drug prices is subject to the CBE’s decision to float the Egyptian pound completely or partially.

Vodafone Egypt has received approval from the CBE to raise its stake in Basata Holding for Financial Investments’ subsidiaries Bee and Masary to 20% up from 10%.

DSCW obtained the approval of QNB Al Ahli for a medium-term loan worth USD5 million for a period of 6 years as well as the approval of CIB to grant it a loan worth EGP100 million for a period of 3 years.

SAUD announced studying a plan to start a non-banking financial services subsidiary.

Banque Misr has launched a new platform called Banque Misr Express to provide Egyptian SMEs with financial and non-financial support.