Egypt pharmaceutical market ranks first in MENA in 2023
Egypt pharmaceutical market ranks first in MENA in 2023. 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. (Egypt Business Daily News)
- Egypt’s currency expected to be devalued after presidential elections.
Egypt’s domestic debt increased by eight percent in the first quarter of 2023 to reach 6.86 trillion EGP (222.18 billion USD). Former Assistant Finance Minister Sherine al-Shawarby on Tuesday announced that a new devaluation for the Egyptian pound is expected after the upcoming presidential elections, which will lead to an exacerbation of debts. Egypt’s domestic debt increased by 8% in the first quarter of 2023 to reach 6.86 trillion EGP (222.18 billion USD), compared to 6.352 trillion EGP in the last quarter of 2022. (Egypt Business Daily News)
- Inflation in Egypt seen hitting new high in August: Reuters poll.
Headline inflation in Egypt is expected to surge to a new record high in August after having broken records in both June and July, a Reuters poll showed on Tuesday, with tobacco, culture and recreation prices increasing. The median forecast of 14 analysts polled showed annual urban consumer inflation climbing to 37.1% after having hit all-time highs of 36.5% in July and 35.7% in June. The previous high of 32.95% was reached in July 2017. (Reuters)
- Rapid population growth fate issue, poses largest challenge to national action.
Rapid population growth poses a serious challenge to Egypt’s current and future national action. Minister of Health and Population Khalid Abdel Ghaffar on Tuesday said that rapid population growth poses a serious challenge to Egypt’s current and future national action. The minister was addressing the inauguration of the Global Congress on Population, Health and Development (PHDC’23), currently taking place in the New Administrative Capital. (Arab Finance)
- Egypt needs 1.5 billion USD in investments for new natural gas discoveries.
Egypt will need at least 1.5 billion USD in investments for the development of new natural gas well discoveries. The North African country aims to keep its oil and natural gas production at an “acceptable level,” El-Molla highlighted. Egypt plans to drill 35 new natural gas wells until mid-2025. (CNBC)
- Taqa Arabia concludes incorporation process for new firm in Saudi Arabia.
Taqa Arabia has finalized the procedures for incorporating a limited liability company in Saudi Arabia, in cooperation with the Saudi Natural Gas Distribution Company, with a paid-up capital of 500,000 SAR, as per a filing. Dubbed First Gas Company Limited, the new firm will be engaged in extending, maintaining, and repairing oil and natural gas pipelines, in addition to transporting natural gas via pipelines. Taqa Arabia holds 50% of the new company’s capital. (Arab Finance)
- Education Ministry imposes increase in private, international school fees.
The Egyptian Ministry of Education has introduced an increase in private and international school fees. For schools whose fees are less than 5,000 EGP, the new annual increase rate will be 25%, and for schools whose fees that are less than 10,000 EGP, the increase rate is 20%. An increase of 15% will be imposed on school fees that are less than 15,000 EGP. Schools whose fees start from 20,000 EGP and are less than 25,000 EGP will see an annual increase of 10%. Meanwhile, schools charging between 25,000 EGP and 35,000 EGP will have their fees up by 7%. (Al Ahram)
- aiBANK rolls out upfront-interest time deposit with up to 15% advance return.
aiBANK has launched an upfront-interest time deposit with a return of up to 15% paid in advance, with a minimum deposit of 500,000 EGP and its multiples without a maximum limit. The deposit comes in terms of up to 6 months, with the possibility of withdrawal at any time according to the terms and conditions. The move is part of the bank's strategy to offer a wide range of the latest banking services in the Egyptian market, including short-term deposits. (Arab Finance)
- NUCA sells lands worth 2.5 billion USD in 7 months.
The New Urban Communities Authority (NUCA) has raised 2.5 billion USD from selling lands during the first seven months of 2023. NUCA received about 1,300 applications for real estate investment year-to-date, 30% of which are in US dollar. NUCA gave approval for 400 projects so far. (Hapi Journal)
- At least 15% of Banque du Caire shares to be offered for sale at 1 million USD.
The Former Vice President of Banque Misr, Sahar al-Damaty, anticipates that around 15 to 20% of the shares of Banque du Caire will be offered sale during the first quarter of 2024, at more than one million dollars. It is worth noting that banque du Caire’s proposal to a strategic investor comes at an appropriate time, especially since its profitability rate is high. (Arab Finance)
- National Bank of Egypt inks 100 million USD loan deal to fund imports from UAE.
The financing will be provided by the Abu Dhabi Exports Office (ADEX), the export-financing arm of the Abu Dhabi Fund for Development (ADFD). The deal with NBE, Egypt's biggest state-owned bank, is the second with the ADEX to boost trade with the UAE. A 500 million USD agreement was signed in August with the Ministry of Finance to finance wheat imports through the UAE's Al-Dahra Agricultural Company. The trade volume between Egypt and the UAE increased by 6.5% to 4.6 billion USD during the first 11 months of 2022, up from 4.3 billion USD in the same period in 2021. (Egypt Business Daily News)
- Golden Pyramids’ consolidated profits fall 80% YoY in Q1.
Golden Pyramids Plaza (GPPL) reported a 79.6% year-on-year (YoY) drop in consolidated net profits after tax and non-controlling interests in the first quarter (Q1) of 2023. Net profits after non-controlling interests amounted to 5.503 million USD in Q1 2023, down from 26.920 million USD in Q1 2022. Meanwhile, the firm earned 26.636 million USD in operating revenues from January through March, versus 43.337 million USD over the same period a year ago. (Al Mal)
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