Foreign sales reach 8.1 billion EGP in Egypt's stock exchange since the beginning of 2023 | Zilla Capital

Newsletter

04 Jul 2023

Foreign sales reach 8.1 billion EGP in Egypt’s stock exchange since the beginning of 2023

Foreign sales reach 8.1 billion EGP in Egypt’s stock exchange since the beginning of 2023. Foreign traders’ sales in the Egyptian stock exchange reached approximately 8.1 billion EGP during the first half of this year, accounting for around 7.5% of total transactions. Egyptian investors represented about 84.4% of the trading value, while Arab investors accounted for 8.1%. The Egyptian stock market experienced a significant increase in the second quarter, with market capitalization gains of 113 billion EGP and index rises of 7.5% (EGX30). (Al Mal)

Suez Canal Economic Authority secures 8 billion USD worth of new deals with Indian companies.
Suez Canal Economic Authority's report for 2022/2023 reveals exciting developments about Indian investments in the Sokhna region, which includes the establishment of the Flex P.E.T. Egypt factory with a 110 million USD investment, aiming to produce polyethylene. Additionally, the report highlights new Indian investments totaling 8 billion USD, such as Reniow Power's hydrogen production plant and Abdos Labtech's plastics manufacturing facility. These projects are set to generate job opportunities and contribute to the growth of the industrial sector in Egypt. (Al Mal)
Acquisition of 110 electric buses and installation of 52 charging stations to boost sustainable transportation in Cairo and Alexandria.
Egypt's Ministry of Local Development has released a report highlighting their environmentally friendly projects to combat climate change and reduce carbon emissions. As part of these efforts, the government has acquired 110 electric buses, with 70 allocated to Cairo and 40 to Alexandria. Additionally, plans are underway to install 52 charging stations for electric vehicles throughout the country. Furthermore, the report mentions a partnership with the Ministry of State for Military Production to replace and convert 2,262 buses to run on natural gas, aiming to reduce emissions and costs. (Al Mal)
One unified customs solution for imports and exports.
Egypt's Minister of Finance, Dr. Mohamed Maait, emphasizes the ongoing development and automation of the customs system in line with Egypt's transformation into a global trade hub. Measures include a new customs law, amendments to the customs tariff, and the integration of 50 customs applications into the unified electronic platform "Nafeza." The platform facilitates customs release processes, including valuation of goods from any logistics center and electronic submission of delivery permits. X-ray detectors are linked to the platform, reducing customs release time to three days. The goal is to achieve one-day customs release and ensure compliance with European and American standards. The system covers 99.9% of imports and exports through 15 logistics centers. The Certified Economic Operator Program provides additional benefits, and refunds are granted for re-exported or destroyed goods. (Hapi)
Minister of Finance ensures adequate funding for basic needs.
Minister of Finance, Dr. Mohamed Maait, pledges to allocate funds to meet citizens' basic needs and mitigate global inflationary challenges. The new budget includes 32 billion EGP for social security programs, EGP 140 billion for food commodity support, 10.2 billion EGP for social housing, and 14.1 billion EGP for healthcare. Additionally, 28 billion EGP is allocated to support exports, and 202 billion EGP to bolster pension funds. The budget aims for a primary surplus of 2.5% of GDP to tackle global challenges and maintain fiscal discipline. Despite economic challenges, constitutional commitments to health and education are fulfilled with increased financial allocations. (Hapi)
Expanding car replacement initiative to include electric vehicles.
Presidential Initiative for Vehicle Replacement includes coordination with Egyptian companies in the electric vehicle sector to promote economic growth, reduce pollution, and improve public health. It focuses on replacing old vehicles with new natural gas-powered ones in 15 provinces. The Treasury has allocated funds for green incentives, and citizens are allowed to scrap their old vehicles in designated areas for a smoother transition. (Al Mal)
Gold prices drop sharply, 21-carat takes a dive.
Gold prices sparkled with a sudden drop at the start of the week, as 21-carat gold lost its shine, plummeting by 35 pounds on Sunday from 2260 to 2225 EGP. However, a glimmer of stability emerged as the goldsmiths' market witnessed an influx of supply, keeping the price of a gram of 21-carat gold at a low-level of 2225 pounds on Monday. This particular carat remains the popular choice among Egyptians. (Al Mal)
Orascom Construction's subsidiary sells Drymix Cementmaker to Saint-Gobain for 785.3 million EGP.
Orascom Construction's subsidiary, United Holding Company, has completed the sale of its cement subsidiary, United Paints and Chemicals (Drymix), to French company Saint-Gobain. The transaction, valued at 785.3 million EGP, gives Saint-Gobain full ownership of Drymix. Saint-Gobain is a major player in the construction materials industry, with existing operations in Egypt, including the largest flat glass production line in the Middle East and Africa. Orascom Construction has been actively divesting its materials subsidiaries, having recently sold another stake in a construction chemicals subsidiary. (Enterprise)
Egyptian UG Medical collaborates with Japanese firm to establish 600 million EGP lab test equipment plant.
Egyptian and Japanese companies form a consortium to establish a medical test equipment factory. UG Medical, a local firm, will partner with a Japanese company to build the factory in Egypt's Katameya industrial zone. The project, costing EGP 600 million, will focus on exporting around 70% of its production to markets in South America, Africa, and the Middle East. (Enterprise)
Release of 102 million USD worth of corn and soy feed.
Minister of Agriculture and Land Reclamation, Mr. Elkosayer, announced the ongoing release of feed supplies in coordination with the central bank. In a statement, he mentioned that a total of 201,000 tons of corn and soybeans, valued at approximately 102 million USD, were released. This includes 129,000 tons of corn worth 46 million USD, 72,000 tons of soybeans worth around 54 million USD, and additional feed additives totaling approximately 2 million USD. (Arab Finance)