Egypt's year-on-year inflation rate accelerates to 36.8% in June: CAPMAS | Zilla Capital

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11 Jul 2023

Egypt’s year-on-year inflation rate accelerates to 36.8% in June: CAPMAS

Egypt’s year-on-year inflation rate accelerates to 36.8% in June: CAPMAS. Egypt witnessed an annual headline inflation rate surge to 36.8% in June, up from 14.7% the same month in 2022, as per data released by CAPMAS on July 10th. A 64.9% YoY surge in the food and beverage sector, fueled by soaring meat, poultry, and seafood prices, contributed significantly to this inflation. Also, the alcoholic beverages and tobacco sector and the restaurants and hotels sector experienced price hikes of 45.4% and 49% YoY, respectively. Meanwhile, the monthly consumer price index (CPI) increased by 2% MoM, standing at 177.6 points in June 2023. (Arab Finance)

Taqa Arabia's initial trading canceled by EGX after 83,000% price spike.
The Egyptian Exchange (EGX) has revoked all transactions performed on TAQA Arabia's shares during its initial trading session, according to an EGX announcement on July 9th. A small group of individual investors unintentionally conducted 75 transactions totaling EGP 395,000 on the company's debut. Only a single block trading transaction, valued at over EGP 3.6 billion, was intentionally executed on TAQA Arabia's shares. This decision to annul the transactions came in response to a request from EFG Hermes Securities Brokerage and various other brokerage firms to EGX, aimed at nullifying the unintentional trades on TAQA Arabia's shares. (Enterprise)
UK-based Actis on verge of purchasing Egyptian wind farms.
UK-based company Actis is nearing a deal to buy Jabal al-Zeit wind power plants in Egypt, having put forth the most competitive technical and financial bid, according to three government officials cited by "East Economy". The Sovereign Fund of Egypt received numerous proposals, domestic and foreign, with Actis leading the way. Following an official announcement by the prime minister at an upcoming conference, Actis is expected to perform due diligence on the wind farm complex, officials noted. (Asharq)
Agriculture Minister announces distribution of 185,000 tons of fodder valued at $100 million.
The Minister of Agriculture and Land Reclamation, Mr. Al-Qaseer, reported that between June 23 and July 6, 2023, there was a release of 185,000 tons of corn and soybeans valued at approximately $100 million. The breakdown includes 107,000 tons of corn worth around $39 million, 78,000 tons of soybeans valued at about $59 million, along with feed additives amounting to nearly $2 million. (Hapi)
The Suez Canal Economic Zone (SCZone) welcomes a Chinese delegation to explore partnerships across multiple sectors.
A delegation from China's Jilin Province visited the Suez Canal Economic Zone (SCZone) to explore investment opportunities and expand bilateral cooperation. SCZone's Vice President for Investment and Promotion Affair, Ibrahim Abdel Khalek, emphasized the successful Chinese ventures already established within the SCZone, notably the Teda-Egypt industrial zone. Khalek also highlighted SCZone's role as China's gateway to European and African markets. The delegation expressed interest in deepening cooperation, especially in the automotive and food industries. (Arab Finance)
Egypt and US discuss joint efforts aimed at achieving zero carbon emissions.
In a recent meeting, Egypt and the United States discussed their ongoing partnership under the Global Methane Pledge and the East Mediterranean Gas Forum's decarbonization initiative. Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, and the Assistant Secretary for the US Department of Energy's Office of Fossil Energy and Carbon Management, Brad Crabtree, reviewed the need for technological solutions to reduce methane emissions and capture carbon in the oil and gas sector. Egypt's efforts in reducing emissions, joining the global methane pledge, and making strides in decarbonization were applauded by the US. (Arab Finance)
Saudi 'Extra' faces $10 million loss due to halted expansion in Egypt.
United Electronics Company "Extra", based in Saudi Arabia, saw its quarterly profit drop 51.5% year on year to 61.6 million riyals ($16.4 million) following a halt to its Egypt expansion plans, resulting in a loss of 38 million riyals ($10.1 million). A statement on the Saudi Stock Exchange's website, Tadawul, noted that the non-recurring loss was one factor in the decline of quarterly net profits. Another contributing factor was the increase in lending rates, which heightened the company's financing costs by 13.5 million riyals compared to the same quarter last year, bringing it to a total of 25.1 million riyals. (Ashraq)
Egypt's Medicines Authority and South Africa's 'Health Products Control' ink memorandum of understanding.
The Egyptian Medicines Authority has inked a Memorandum of Understanding with the Health Products Control Authority of South Africa. The signing took place at the Egyptian Embassy in Pretoria, South Africa, in the presence of the Egyptian Ambassador, Ahmed Al-Fadli. Both Dr. Tamer Essam, President of the Egyptian Medicines Authority, and Dr. Boitomelo Smit, CEO of the Health Products Control Authority in South Africa, led their respective delegations at the event. (Al Mal)
Integrated fuel station launched by the Petroleum Minister in Alexandria..
The Minister of Petroleum and Mineral Resources officially opened an integrated gas station, "Gastec-Eni," located at kilometer 38 in the Alexandria Governorate today. This station, which can service approximately 2,000 vehicles per day, has a functioning capacity of 1,600 cubic meters per hour and provides cars with natural gas, liquid fuel, among other services. With this addition, Gastec now oversees 335 natural gas supply stations across 25 governorates, as noted in a Ministry of Petroleum statement released on July 10th. (Economy Plus)
"Raya Trade and Jumia join forces to bolster electronics market in Egypt and Africa.
Raya Trade, a division of Raya Holding for Financial Investments, has teamed up with e-commerce giant Jumia in a strategic alliance aimed at enhancing their footprint in the electronics and home appliances sector throughout Egypt and Africa, as revealed in a disclosure on July 10th. The collaboration is intended to expand their customer reach and services by providing a broad assortment of electronics and home appliances from various domestic and global brands at competitive prices, through multiple payment options such as installments, credit cards, and cash. This partnership aligns with Raya’s strategic plan to broaden its e-commerce operations across the nation. (Arab Finance)