The CBE signs a memorandum of understanding with the AFDB Group to host the annual meetings in Sharm El Sheikh in May 2023
The Central Bank of Egypt signs a memorandum of understanding with the African Development Bank Group to host the annual meetings in Sharm El Sheikh in May 2023. Egypt’s hosting of the annual meetings of the African Development Bank Group comes within the framework of the Egyptian state’s keenness to stimulate African integration, and to provide the soft funds necessary to support African economies, especially in light of the external challenges facing the continent and the world at large. It increases the importance of the leading role played by the group as the main financing institution concerned with the development of the African continent. (Hapi Journal)
- The European Council for Reconstruction supports Egypt in switching from gas to wind energy.
With a capacity of up to five gigawatts, starting from 2023, and pledges to allocate up to another billion dollars to support sources Renewable energy. The bank will raise up to 300 million USD in sovereign financing for projects that include stabilizing the Egyptian grid, adding batteries to store electricity, developing the local supply chain for renewable energy sources, and retraining workers. Another 1 billion USD pledged to support renewables would represent about a tenth of the private financing needed for 10 gigawatts of mainly wind-powered projects that the Egyptian government plans to implement by 2028. (Al Mal)
- Egypt eyes 30 billion USD revenues a year from tourism sector.
Prime Minister Mostafa Madbouly stated urged the private sector and developers to set an executive plan, including their targets and requests, so the government can support them in recording the targeted revenues within two or three years. Revenues from the tourism sector ranged between 11 to 12 billion USD a year. Despite all the current crises, Egypt seeks to double the number of tourist arrivals in the short term from about 11 million tourists during the pre-pandemic period. (Bloomberg Asharq)
- There is a possibility that the food industry sector will witness a decline in commodity prices during the next two months.
The Food and Agriculture Organization of the United Nations food price index fell by 8.6%, which is the fourth consecutive monthly decline, falling to less than levels before the Russian-Ukrainian crisis, recording its lowest levels since January 2022, which will reflect Commodity prices in the local market will decrease over the next two months. However, it’s worth mentioning that the decline in the prices of food commodities in the local market due to their decline globally is related to the exchange rate of the dollar against the pound, which of course is witnessing increases during the current period. (Zilla Capital)
- Egypt expects to increase its exports to COMESA countries to 3 billion dollars in 2022.
The increase in exports comes despite obstacles such as Corona and the ongoing global crises. The data of the Ministry of Trade and Industry revealed a remarkable development in Egyptian exports to the COMESA countries during the year 2021, to record exports of 2.7 billion dollars, compared to two billion dollars in 2020, an increase of 35%. The assembly aims to abolish all trade restrictions among the member states in preparation for the establishment of an economic unity for the region, which serves the goal of African unity. (Bloomberg Asharq)
- Egypt’s trade balance deficit dropped by 12.4% to 3.21 billion USD in June 2022, compared to 3.66 billion USD in the same month of 2021.
The value of Egyptian exports slipped by 3.3% year-on-year (YoY) to 3.75 billion USD in June 2022 from 3.88 billion USD. The agency attributed this decline to decreases in values of some goods, including fertilizers by 20.9%, pasta and food preparations by 8.7%, and flat-rolled iron products by 31.7%. On the other hand, the value of some exports rose in June, topped by petroleum and natural and liquified gas products that increased by 49.4%. (Arab Finance & CAPMAS)
- Meanwhile, the value of Egypt’s imports amounted to 6.96 billion USD last June, declining by 7.7% from 7.54 billion USD in the corresponding month of 2021.
The drop in imports' value was driven by the decrease in some imports’ value, including raw materials of iron or steel, pharmaceutical products, and soybeans which fell by 2.7%, 3.5%, and 35.3%, respectively. The value of some imports saw an uptick in June, such as petroleum products, crude oil, corn, and wheat which surged by 165.8%, 9.7%, 50.1%, and 238.4%. (Arab Finance)
- Grabtech Company for Restaurant Management Solutions and Cloud Kitchen Technology plans to contract with all food delivery service providers in Egypt before the end of this year, indicating that it is currently negotiating with new platforms such as Elmenus, Yalla Fil Sekka and others.
Grabtech is currently targeting contracting with all food delivery service providers in Egypt before the end of this year, indicating that it is currently negotiating with new platforms such as “Elmenus” and “Yalla Fee Sekka” and others to join the Talabat, Jumia Food and Mrsool, and is also discussing cooperation with grocery service providers, including The Grocer and Gourmet. Grabtech aims to transform Egypt into a pivotal center for expansion in African markets, which are witnessing a growing demand for digital services, including online food delivery services such as Morocco, Nigeria, Uganda, South Africa, Ivory Coast and Ghana. (Al Mal)
- QNB Financial Services sells 10% stake in First Investment.
QNB Financial Services has sold a 10.05% stake or 690,989 shares in First Investment Company and Real Estate Development (FIRE) for a total value of 1.903 million EGP. Accordingly, QNB Financial Services’ ownership in First Investment fell to 2.13% from 12.18%. The transaction has been executed by Financial Brokerage Group (FBG) at an average sale price of 2.75 EGP per share. (EGX)
- Faisal Islamic Bank's business volume grows 6.2% YoY in August.
Faisal Islamic Bank of Egypt (FAIT) reported a 6.2% year-on-year (YoY) increase in business volume at the end of August 2022. The bank’s business volume recorded EGP 142.98 billion at the end of August, compared to 134.68 billion EGP in August 2021. Total assets grew by 6.1% YoY to 140.99 billion EGP last August, compared to 132.88 billion EGP in the same month of 2021. The bank’s current and saving accounts rose by 4.2% YoY to 116.39 billion EGP in August from EGP 111.74 billion in the corresponding month last year. In July, the bank’s business volume recorded 140.709 billion EGP, rising by 5.5% YoY. (Arab Finance)
- Alborg Scan becomes 1st in Africa to receive ACR’s Gold-Standard, Accreditation.
The ACR is the world’s highest radiological and accreditation body and the gold-standard in the radiology field. The new accreditation will add to the high-level list of accreditations of Alborg Scan, making it the first radiology chain in Egypt and Africa, and one of the first few in the MENA region, to obtain the accreditation. (Arab Finance)
- Qalaa Holdings deposits 18.5 million USD in court regarding dispute.
Qalaa Holdings (CCAP) has deposited about 18.5 million USD in El-Dokki Court’s treasury as the total value of cheques related to the company’s dispute with Ali bin Hassan Al Dayekh until the final adjudication in this case. The group has filed several civil cases and initiated criminal reports over the past period regarding this dispute. On June 18th, Qalaa Holdings announced it would take all the necessary legal procedures with Ali bin Hassan Al Dayekh regarding a commercial dispute. Qalaa Holdings, formerly Citadel Capital, is an Egypt-based company engaged in private equity investment activities. (EGX)
- Ebank’s board approves 1.3 billion EGP capital hike.
The capital increase will be implemented in two stages; the first is through the issuance of 32.736 million bonus shares at a value of 327.36 million EGP, and the second by the cash subscription of 1 billion EGP from senior shareholders. The 1 billion EGP increase will be distributed over 100 million shares at a nominal value of 10 EGP per share, in addition to issuance expenses of 0.10 EGP per share. The capital hike decision will be discussed by the upcoming ordinary general meeting (OGM). (EGX)
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