The Financial Regulatory Authority (FRA) is reviewing fair value studies of the state-owned Damietta and Port Said terminal operators ahead of stake sales in the two firms

Newsletter

29 Mar 2023

The Financial Regulatory Authority (FRA) is reviewing fair value studies of the state-owned Damietta and Port Said terminal operators ahead of stake sales in the two firms. Finance and Banking Consultants International (FinBi) wrapped up the studies last week. Qatar Investment Authority and the Abu Dhabi Ports Authority are interested in stakes in the two companies, and negotiations are currently underway on the deal. (Al Borsa)

Eagle Chemicals yesterday boosted its offer for EGX-listed Paint and Chemical Industries (Pachin) in response to Dubai-based National Paints Holding’s (NPH) new bid last week
Eagle Chemicals is now offering to purchase at least 75% of Pachin for 37.00 EGP per share, 1.00 EGP higher than the bid NPH put in at the end of last week. The Egyptian chemicals company’s revised offer values Pachin at some 888 million EGP. The FRA is studying Eagle Chemical’s revised offer. Pachin shareholders have until Tuesday, 4 April to respond to NPH’s mandatory tender offer. (EGX)
The EGX will list carbon credits issued by international provider Global Carbon Council (GCC) on its planned carbon market under a MoU signed by the two sides
The GCC is a Qatar-based voluntary carbon offsetting program that works with groups in MENA region and beyond to reduce emissions. It issues carbon credits for a range of emission-reduction projects, and has been approved by international organizations including UN International Civil Aviation Organization and the International Carbon Reduction and Offset Alliance. (EGX)
Four industrial property developers have been awarded more than 1.8k feddans of land in New October City through the New Urban Communities Authority’s (NUCA) new online bidding system
NUCA agreed earlier this month to allocate some 12 mn square meters in four cities, New October, New Fayoum, New Alamein, and New Aswan, to industrial developers who placed bids through the authority’s online portal. The new platform for buying and selling land and efforts to increase the use of golden licenses are among policies launched in recent months to streamline project approvals and stimulate industrial investment. (Al Mal)
The Education Ministry and USAID inked five MoUs to establish five international applied technology schools under the USAID-funded Workforce Egypt project
The schools include two in Sadat City and Qena that are specialized in the operation and maintenance of heavy industry equipment, two schools in Giza specialized in robotics and pharma and food industry equipment, and one in Qalyubia focused on facility management tech. Five private-sector companies will be involved with the operations of each of the upcoming tech schools. They include Eva Pharma, fertilizer producers EverGrow and CFC Feed and Chemicals, local manufacturer Mobica, and real estate developer Mountain View. (Al Mal)
Also, EU offers support for Egypt technical education
The Madbouly government has big plans for technical schools, planning to set up 400 new vocational schools. The schools’ coursework is being designed in accordance with what manufacturers need, in order to create a trained and skilled workforce. Schinas expressed the EU’s interest in converting a number of schools into hospitality management schools and overhauling agriculture, trade, and tourism technical schools. (Arab Finance)
Egypt introduces new entry visa facilities to boost tourism
These facilities included allowing Chinese tourists to obtain an emergency entry visa (visa upon arrival) from Egyptian airports, as well as allowing Indian tourists who hold resident visa from the Gulf Cooperation Council (GCC) countries to obtain an emergency entry visa. This is in addition to facilities granted to holders of a valid entry visa that was previously used in the US, the UK, Schengen Area, Canada, New Zealand, Japan and Australia. (Bloomberg Asharq)
The minister also pointed out that Turkish tourists are now allowed to obtain an emergency entry visa from Egyptian airports without being restricted to a specific age
Furthermore, Algerian and Moroccan tourists arriving in tourist groups can also get visa upon arrival. Iranian tourists arriving directly to South Sinai through a tourism agency are allowed to obtain their visas upon arrival. The new tourist visas facilities also enable Iraqi tourists to obtain an emergency entry visa at Egyptian airports provided they hold a valid entry visa that was used before in the US, the UK, Schengen Area, Canada, New Zealand, Japan, and Australia. (Bloomberg Asharq)
Additionally, a new multi-entry visa, valid for 5 years, at a value of 700 USD, will be introduced soon
In January and February, tourist arrivals to Egypt grew significantly by 30% year on year (YoY). Egypt will inaugurate the Graeco Roman Museum in Alexandria within the next few weeks, after a 17-year hiatus. (Bloomberg Asharq)
The country’s chicken production has fallen by around half since last October to 60-70 mn birds per month on the back of the rising cost of imported feed
The FX crunch, the currency devaluation, and import difficulties have seen feed prices double since last September. “There's no stability in feed prices,” said one farmer who has been forced to shut down five of the twelve chicken farms he manages in Fayoum. (Reuters)
CBE approves launch of ADIB’s Takka cards
The Central Bank of Egypt (CBE) has granted the final approval to Abu Dhabi Islamic Bank Egypt (ADIB) to launch Takka prepaid cards in cooperation with its arm ADI Consumer Finance and Meeza. Holders of Takka cards will be able to seamlessly purchase products and pay in installments via more than 800,000 point of sale (PoS) machines in Egypt. (Arab Finance)