Egypt Clears Goods Worth $32B in Five-Month Span

Newsletter

05 Jul 2023

Egypt Clears Goods Worth $32B in Five-Month Span. Over the past five months, Egyptian ports and outlets have processed imported goods valued at approximately $32 billion, according to the country’s Finance Minister, Mohamed Maait. Items prioritized were essentials such as food manufacturing components, medication, and production supplies to keep industries operating at maximum capacity and decrease costs for importers. Maait emphasized the government’s commitment to maintaining a robust stockpile of critical goods to meet public demand. He also highlighted the role of digitalization in speeding up customs clearance processes. (Arab Finance)

UAE's ADTIC plans $95M colossal hotel construction in Egypt.
Abu Dhabi Tourism Investment Company (ADTIC) plans to invest $95 million in a large hotel project near the Pyramids of Giza, according to the company's Chairman Mohammed Saif Al Suwaidi. This initiative aligns with Egypt's strategy to boost tourism ahead of the Grand Egyptian Museum's opening. Additionally, ADTIC's CEO, Yehia Kotb, revealed an $80 million investment to enhance hospitality offerings in Sharm El-Sheikh and Hurghada. He also stated the company is considering further investment opportunities to strengthen its footprint in Egypt's tourism sector. (Arab Finance)
Qatar's Baladna Increases Ownership in Juhayna to 15.03%.
Qatar's agricultural firm, Baladna, has increased its shareholding in Juhayna Food Industries to 15.03% following the purchase of an additional 600,000 shares for approximately EGP 7.379 million, as revealed in a disclosure to the Qatar Stock Exchange. Juhayna, founded in 1983 and listed on the Egyptian Exchange, is a prominent company specializing in the production, processing, and packaging of dairy, juice, and cooking products. (Arab Finance)
Egypt's Trade Balance Deficit Rises for the First Time Since October 2022, as of End of April.
For the first time since October 2022, Egypt saw its trade balance deficit rise at the end of April 2023. This escalation was triggered by a spike in imports that exceeded the growth in exports. Import expenses for raw materials, semi-finished goods, consumer goods, and capital goods saw a significant increase. Concurrently, an upsurge in global prices for some of Egypt's primary export goods fueled export growth. (Economy Plus)
China Implements Additional Regulations on Export of Electronic Chip Production Materials.
China has imposed new restrictions on exports of gallium and germanium, metals crucial for semiconductor, electric car, and high-tech industries, amplifying trade tensions with the U.S and potentially exacerbating disruptions in global supply chains. The move, announced Monday, saw an immediate spike in inquiries and prices for the commodities. U.S semiconductor companies are now applying for export permits. Analysts see these measures, effective from August 1, as a response to Washington's increasing efforts to curb China's tech advancement while also safeguarding China's national security and interests. (Hapi Journal)
Egypt Finalizes Financing Agreements for Four Renewable Energy Projects to be Completed by 2030.
Egypt has signed financial agreements for four renewable energy projects as part of its goal to generate 10,000 megawatts (MW) under the Nexus of Water, Food, and Energy (NWFE) program by 2030. These projects include the establishment of a 500 MW wind farm in the Gulf of Suez, a 500 MW solar project in Aswan, a 500 MW wind energy project in Ras Ghareb, and a 1,100 MW wind energy project alongside a 200 MW solar energy project with ACWA Power. The developments move Egypt closer to its target of sourcing 42% of its energy from renewables by 2030. (Arab Finance)
WFP Sanctions $431M Funding for Egypt's Five-Year Strategic Plan.
The UN World Food Programme (WFP) has approved a $431 million grant for the 2023-2028 country strategic plan (CSP) of Egypt, announced during WFP's annual session in Rome. The Central Bank of Egypt's Governor, Hassan Abdalla, revealed the CSP will be jointly executed with pertinent government entities. The plan targets the advancement of the agricultural sector, enhancement of financial inclusion, support for small farmers and rural women empowerment, and aid for refugees in Egypt. (Hapi Journal)
"Middle Egypt Mills" Greenlights 2023-2024 Planning Budget, Aiming for Profits of 100 Million Pounds.
The Middle Egypt Flour Mills Company's Board of Directors has given the green light to the financial results up to May 31, 2023, and has approved the 2023-2024 planning budget. The company is targeting pre-tax profits of 100 million pounds in the 2023-2024 fiscal year, up from 95 million in the 2022-2023 fiscal year. After taxes, they expect to realize a net profit of 77 million pounds, an increase from 70.5 million in the previous year. The company's net profit has seen a 7% growth in the first 10 months of fiscal year 2022-2023. (Hapi)
OPEC Keeps Production Steady in June Amid Market Support Measures.
OPEC sustained consistent oil production levels in June, endorsing an agreement aimed at bolstering the delicate global market. As per a Bloomberg survey, OPEC's average output slightly rose by 80,000 barrels per day to 28.57 million barrels per day in June, the second consecutive month of voluntary curbs by some members. Production is anticipated to decrease in July and August as Saudi Arabia, OPEC's largest producer, and Russia, leader of the broader OPEC+ alliance, commit to reducing supplies. (Asharq)
B Investments announces EGP 1 per share dividend payout for Q1.
B Investments Holding's General Meeting approved a cash dividend payout of EGP 160.024 million, equating to EGP 1 per share, for Q1 2023, as per a statement to the Egyptian Exchange. The company reported a significant 1,384.49% YoY increase in Q1 2023's consolidated net profit attributable to parent company, reaching EGP 331.124 million. B Investments, founded in 2006, is a private equity firm in Egypt that focuses on growth capital investment and value creation in its portfolio. (Arab Finance)