The rapid escalation in the Russian-Ukrainian conflict has clouded the global economic outlook and specifically the local wheat market in Egypt
For our top talks today, the rapid escalation in the Russian-Ukrainian conflict has clouded the global economic outlook and specifically the local wheat market in Egypt. Local prices of wheat increased by EGP 1,000 in the six days following the Russian-Ukrainian war. The wheat prices reached 6,700 EGP per ton, adding that the hike in wheat prices pressured prices of byproducts like flour, which spiraled up around 1,500 EGP to record 7,700 EGP per ton. Egyptian wheat market is under direct pressure currently, as the General Authority for Supply Commodities (GASC) cancelled two tenders for buying wheat due to increased prices. It is worth noting that Egypt is considered the world’s top wheat importer. The country consumes around 20 million tons of wheat annually, including about 9 million tons produced domestically and 11 million tons imported. (Al Borsa News)
- Egypt has contracted with a consulting expert house to “study the optimal form of providing services”, according to Egypt Minister of Communications.
A consultant think tank has been contracted to study the optimal form for providing 5G services to companies and individuals. Egypt will complete the fifth-generation study within two months. Talat added that his country is studying the best practices of neighboring countries regarding the use of fifth generation technology, "which will enhance speeds, response and control." Four mobile phone companies operate in Egypt: Telecom Egypt, affiliated with the government, Vodafone Egypt, affiliated with the Vodafone International Group, Orange Egypt, affiliated with France's Orange, and Etisalat Egypt, affiliated with the UAE's Etisalat. (Bloomberg Asharq)
- The cooperation portfolio between Egypt and the World Bank Group (WBG) reached 5.5 billion USD pumped into 15 projects in the fields of transportation, education, housing, healthcare, social protection, and oil, Egyptian international cooperation minister Rania El-Mashat stated.
El-Mashat revealed that 6.23 million USD worth of technical support was also provided by WBG for projects in the fields of transportation, sanitary drainage, environment, and healthcare. In 2021, International Finance Corporation, a subsidiary of WBG, offered 421 million USD worth of development financing to the Egyptian private sector, El-Mashat noted. The minister stressed the importance of the development cooperation between Egypt and WBG. (Al Borsa News)
- Suez Canal revenue excluding navigational services grew 15.1% to 545.5 million USD in February 2022, compared to 474.1 million USD in February 2021,
according to the Chairman of the Suez Canal Authority (SCA) Osama Rabie. A total of 1,713 vessels carrying net loads of 100.1 million tons transited the canal in February 2022, compared to 1,532 vessels with net loads of 97.6 million tons transited the canal in the same month a year earlier. The number of bulk vessels transited the canal grew 29% last February, while the number of container ships and car carrier vessels transited the canal increased to 11.8% and 22.2%, respectively. (Al Borsa News)
- Moving to our investments talks, the United Bank has injected 130 million EGP in finances under the Central Bank of Egypt’s (CBE) mortgage finance initiative with 3% interest rate.
The bank’s funding includes 10 million EGP provided under the low-income mortgage finance initiative and 120 million EGP under the middle-income initiative. The bank is financing the low-income initiative in collaboration with mortgage finance fund. In July 2021, the CBE announced provisions regarding mortgage finance initiative for low and middle income with 3% interest rate. (Al-Mal)
- AstraZeneca Egypt is planning to double its investments in the Egyptian market over the coming three years, according to the Country Director Hatem Werdany.
The company’s investments volume in Egypt exceeded 1 billion USD, with its investment capital amounting to around 60 million USD. Moreover, the company seeks to take part in supporting the local healthcare sector as Egypt is one of the main regional and global markets for AstraZeneca. (Al-Mal)
- And for our EGX and companies talks, UAE-based alternative investment company Gulf Capital looking forward to offer its subsidiary on Egypt stock exchange this year, and another sale to a strategic investor, according to the CEO Karim Solh.
Gulf Capital’s total investments in the Egyptian market reached around 5 billion EGP pumped into 9 companies, according to Co-Founder and CEO at Gulf Capital Karim El Solh. Gulf Capital began its investments in Egypt 10 years ago. The company is focusing on several sectors in the Egyptian market, on top of which technology, infrastructure, manufacturing, petrochemicals, and healthcare, along with eco-friendly industries. (Al-Mal)
- Mumerz.com, Egypt’s first online baby-centered shopping website, announced that it secured 1.2 million USD in a pre-establishment investment round led by Disruptech Ventures.
Mumerz.com aims at filling the gap in the market of products, information, and consultancies needed for mothers and children. The platform offers a blog that includes various articles about pregnancy, delivery, and post-natal care. (Al-Mal)
- Dice Sport and Casual Wear (DSCW) has raised its stake in Textile Print Plus to 100% from 76% in a transaction worth 2 million EGP.
Dice is an Egypt-based company engaged in the casual wear garments and textile industry. The company manufactures and distributes ready-made casual wear made of pure and mixed cotton, polyester, and viscose fabrics in different types, as well as other knitting products. (EGX)
- Misr Insurance Company has cut its stake in International Company for Leasing (Incolease) (ICLE) to 1.31% from 6.55%.
This came after the company sold 1.048 million shares in Incolease for 42.97 million EGP, equivalent to an average price of 41 EGP per share. Incolease is an Egypt-based company engaged in the provision of customer service and personalized financial solutions. The company leases a range of assets, including commercial vehicles, machinery, information technology equipment, production lines, real estate, and other tangible and intangible long-term assets. (EGX)
- Egypt Aluminum (Egyptalum) (EGAL) is currently implementing the first phase of the contract signed with Consulting Engineering Group (CEGMAN) to conduct a feasibility study for the car rims production line project.
On December 28th, Egypt the company announced the signing of a contract with CEGMAN to conduct a feasibility study for the car rims production line project. Egyptalum is an Egypt-based company specialized in extruding aluminum profiles for architectural and industrial applications. The company undertakes the activities of aluminum billet casting, dies, extrusion, alloys, painting, and anodizing. (EGX)
- ElTarek Automotive has acquires a 23% stake in International Company for Leasing (Incolease) (ICLE) in a transaction worth a total of 189 million EGP.
This came after ElTarek Automotive purchased 4.6 million shares in Incolease at an average price of 41 EGP per share. Incolease is an Egypt-based company engaged in the provision of customer service and personalized financial solutions. The company leases a range of assets, including commercial vehicles, machinery, information technology equipment, production lines, real estate, and other tangible and intangible long-term assets. (EGX)
- Telecom Egypt (ETEL) has signed a landing party agreement with Barcelona-based AFR-IX Telecom for the landing of Medusa, the Mediterranean’s largest submarine cable system, in Egypt.
Medusa is set to connect the northern and southern shores of the Mediterranean Sea, with 16 landing points across a number of Mediterranean countries, including Portugal, Morocco, Spain, Algeria, France, Tunisia, Italy, Greece, and Egypt. This project aims at setting new routes to diversify data traffic, boost capacity with a further number of fibers per cable, and promote opening access to all European landing stations. This comes as part of the Egyptian operator’s plan to invest in establishing new submarine landing stations and developing new systems and solutions to meet the growing global demand for international bandwidth. It is worth noting that Medusa is an 8,760-kilometer-long submarine cable system, with a capacity of 20 terabytes per second (TBps) and 24 fibers pairs. (EGX)
Stay up to date
More Newsletter to Check
SUBSCRIBE TO NEWSLETTER
Subscribe to download our daily economics and business roundup
×
![]()