EGX sees bullish trend on Tuesday
EGX sees bullish trend on Tuesday. The Egyptian Exchange’s (EGX) indices witnessed a bullish trend on Tuesday, with market capitalization reaching 1.287 trillion EGP. The benchmark EGX30 index gained 0.71%, finishing the session at 19,044.39 points. Trading volume amounted to 936.665 million shares exchanged through 84,152 transactions at a turnover of 2.231 billion EGP. (Al Mal)
- In addition, Retail investors controlled 74.60% of total trading transactions, while institutional investors made up 25.39% of trading.
Egyptian traders made up 87.16% of total trading transactions, while Arab and foreign investors accounted for 7.73% and 5.11%, respectively. Foreign and Arab traders were net sellers to the tune of 93.575 million EGP and 45.408 million EGP, respectively. Egyptian investors were net buyers with 138.984 million EGP. (Al Mal)
- The Education Ministry has issued a decision imposing a tiered system for annual tuition fee increases for international and private schools, ranging from 6-25%.
Schools with tuition fees at 35,000 EGP and above will be allowed to raise fees by 6%, while those with tuition fees below 5,000 EGP per year will be allowed to hike fees by up to 25%. (Ahram Online)
- The New Urban Communities Authority (NUCA) is selling eight plots of land for industrial projects — six in Badr City and two in Borg El Arab — under the government’s land-for-FX initiative aimed at drumming up foreign currency.
The land-for-FX scheme allows foreign investors to circumvent the lengthy auction process by bidding directly for state-owned land, provided they pay in hard currency. (Al Mal)
- Egypt discusses healthcare cooperation opportunities with Armenia.
Egyptian Minister of Health and Population Khaled Abdel Ghaffar met with Armenia’s Deputy Minister of Health Lena Nanushyan to mull ways of boosting joint pharmaceutical cooperation. This came on the sidelines of the Global Congress on Population, Health, and Development conference, which is being held from September 5th to 8th in Cairo. The two health officials also discussed how to benefit from Egypt’s expertise in implementing the Universal Health Insurance project. The meeting also touched on ways of increasing medical tourism coming from Armenia to Egypt. (Al Mal)
- Ragab Sons to sell 850 million EGP assets to settle debt.
Ragab Sons, one of the largest retail chains in Egypt, is seeking to sell assets worth 850 million EGP before the end of this year to settle debts. These assets include eight branches, a factory, and a warehouse, according to the source. (Asharq Business)
- Yanmu Logistics Park, a joint venture between Hassan Allam Holding subsidiary Hassan Allam Utilities and Kuwaiti warehousing and industrial developer Agility, has inked an agreement with Egypt’s Commercial International Bank (CIB) for a 1.5 billion EGP (48.5 million USD) loan to finance the construction of Yanmu East Logistics Park.
The 10-year loan from CIB will partially cover the construction and development costs for the project, the press release added. The park costs some 100 million USD to build. The park will be jointly financed by the two partners through a mixture of debt and equity. Hassan Allam Utilities had in March formed a joint venture will be located on the new Cairo Suez road close to Cairo International Airport and the Ring Road. (Al Mal)
- International financing required for carbon neutrality amounts to 4 trillion USD annually: Madbouly.
The international financing needed to achieve carbon neutrality amounts to about $4 trillion annually, Egyptian Prime Minister Mostafa Madbouly said. He urged the necessity of a realistic approach to deal with the financing gap based on current estimates of nearly 5.6 trillion USD by 2030 to enable the developing countries to achieve the announced climate pledges. The Egyptian premier stressed the importance of having innovative financing tools, including carbon markets or imposing some fees or taxes on specific economic activities and sectors. (Arab Finance)
- Themar to buy 2 administrative units in Ora Developers’ Zed East.
Themar Securities Brokerage’s (EAC) board of directors has decided to purchase two administrative units in Zed East project, owned by Ora DevelopersThe company will buy the first administrative unit, spanning 114 square meters (sqm), for a total value of 10.549 million EGP via installments of 92,535 EGP per sqm. Only 10% of the unit’s value has been paid. Themar is an Egyptian company that operates a wide range of investment activities, including sale and purchase of securities, as well as the provision of financial advice, e-trading, ownership transfer, training sessions, and financial advisory services. (Arab Finance)
- Swedish automotive giant Volvo will partner with local private-sector firm MCV to locally assemble electric buses for export to Europe.
Under the agreement, the two companies will use at least 50% local components. Volvo had earlier expressed its interest in upping its local investments during the Egyptian-Swedish Business Forum in Stockholm in May. MCV entered into an agreement with the Military Production Ministry in 2021 to locally assemble the first all-Egyptian electric buses in cooperation with a ministry factory. (Arab Finance)
- The Egyptian Electricity Transmission Company (EETC) has contracted Swedish consultancy AFRY to conduct a feasibility study on connecting renewable energy sources to the national energy grid.
Funding for the study will come from the Swedish government’s development finance institution Swedfund, he said. Cabinet published a statement following a meeting between Sweden’s international cooperation minister and Egyptian Electricity Minister Mohamed Shaker on Monday, without mentioning AFRY. (Al Mal)
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