The Egyptian General Authority for Supply Commodities will bear the difference in the diesel cost for the owners of subsidized bakeries that operate by diesel

Newsletter

19 Jul 2022

The Egyptian General Authority for Supply Commodities (GASC) will bear the difference in the diesel cost for the owners of subsidized bakeries that operate by diesel, Minister of Supply and Internal Trade Ali El-Moselhy stated in an official statement on July 17th. This decision comes as per the ministerial directive No.22 issued on July 17th 2022, which sets the cost of production of the subsidized bread. Egyptian citizens can receive the subsidized loaf of bread for only 0.5 EGP via ration cards, El-Moselhy stressed. On July 13th, the Egyptian fuel pricing committee announced that the price of diesel has increased to 7.25 EGP a liter from 6.75 EGP. (Al Mal)

The Egyptian General Authority for Supply Commodities (GASC) announced a tender to receive imported wheat from five countries, namely: the US, Canada, Australia, Argentina, and Brazil.
The opening session of the tender will take place on Tuesday, July 19th, with the deciding session to be held on July 20^th. Importers can submit their offers based on cost and freight (C&F), as well as paying with 180-day suppliers facilities. The shipments will be charged in four stages as follows: from September 16th to 30th, from October 1st to 15th, from October 16th to 31st, and from November 1st to 15th. Bidders can apply for all or one of the shipping periods, the GASC noted. (Al Mal)
Mahmoud Mohieldin, Egypt’s High-Level Champion for Climate Change at the UN, visited Singapore on Sunday to meet a number of governmental and non-governmental officials.
These meetings dealt with the ongoing preparations for the UN Conference of Parties on Climate Change (COP27) that will be held in Sharm El-Sheikh this November and the substantive issues that are expected to be discussed, as well as ways to strengthen cooperation with the Singaporean government. They also tackled means of cooperation with the business and financial sectors to support climate action in Egypt and Africa. Both meetings touched on how Singapore can support Egypt and Africa, especially in climate finance and carbon markets. The ministers also highlighted that Singapore is looking forward to working with Egypt. Mohieldin’s agenda also included a meeting with CEO of the Singapore Exchange Boon Chye Loh to discuss the role of finance in supporting climate mitigation and adaption, including topics as carbon markets and possible cooperation with Singapore to develop carbon markets in Egypt and Africa. (Daily News)
Moving to our EGX and companies talks, Banque du Caire (BDC) (BQDC) has received a final approval from the Central Bank of Egypt (CBE) to launch Telda prepaid cards in partnership with financial services company telda.
Telda app will offer a host of services to users including applying for Banque du Caire-telda cards to be used in online transactions and retail shops, in addition to withdrawals from ATMs in or outside Egypt. The new cards will also allow for money transfer and a one-step full payment experience, without requiring opening a bank account. Moreover, Telda’s customers will be able to transfer money and control their prepaid accounts through the money management service which gives them an easy access to financial information. BDC, the 99.9%-owned by Egypt's second-largest state-owned bank Banque Misr, is the sixth-largest bank in Egypt in terms of total assets, and it has the third-biggest customer base with over 3 million customers. (Arab Finance)
Faisal Islamic Bank of Egypt (FAIT) has reported a 6.1% year-on-year (YoY) growth in business volume for June.
The bank’s business volume recorded 140.073 billion EGP at the end of last June, compared to 131.965 billion EGP in April 2021. Total assets increased by 6.3% YoY to EGP 138.294 billion last June, compared to EGP 130.056 billion in the same month of 2021. The bank’s current and saving accounts rose by 5.6% YoY to 115.496 billion EGP in June from 109.419 billion EGP in the corresponding month last year. In May, the bank’s business volume recorded 137.57 billion EGP, compared to 129.27 billion EGP in May 2021. (Arab Finance)
The ordinary general meeting (OGM) of Giza General Contracting and Real Estate Investment Company (GGCC) has approved selling four pieces of land spanning a total area of 33,600 square meters (sqm) along with the buildings on them to EFG Hermes Holding (HRHO).
The OGM also approved a guarantee to El Saeed Contracting and Real Estate Investment Company (SCCD) (UEGC) to enable it to receive a letter of guarantee worth 56.4 million EGP from QNB Alahli. It is worth noting that Giza General Contracting’s consolidated net profit attributable to the parent company stood at 23.102 million EGP in Q1 2022, compared to 22.29 million EGP in Q1 2021. (Arab Finance)
The ordinary general meeting (OGM) of Madinet Nasr Housing and Development (MNHD) will consider the offer made by Six of October Development and Investment (SODIC) to approve due diligence.
During the OGM, set to be held on 16 August 2022, the shareholders will study exercising due diligence to assess SODIC's request for the potential acquisition of MNHD, according to a bourse filing on Monday. In early July, SODIC submitted a non-binding offer to acquire up to 100% of the share capital of MNHD at an indicative purchase price between 3.20 EGP and 3.40 EGP per share. This potential acquisition will enable SODIC, supported by its shareholders of Aldar Properties and ADQ, to raise its market share and expand its development portfolio in Egypt. (Mubasher)
Remooz, a blockchain provider, has announced the soft launch of its Minimum Viable Product (MVP), a non-fungible tokens (NFT) marketplace platform.
With social network and e-commerce features, the smart NFT marketplace will allow for the trading of digital assets in US dollars, according to a recent press release. Remooz is a blockchain platform based on Hyperledger Fabric, an open-source enterprise blockchain, private, energy efficient, fast transaction throughput, and eco-friendly, enabling companies to adopt and utilise blockchain technology. (Mubasher)
The UAE will host the MENA Power Projects Forum on 7-8 September 2022 at Conrad Abu Dhabi Etihad Towers Hotel to highlight the upcoming power projects valued at 250 billion USD in MENA.
More than 300 delegates, including senior government officials, project owners, contractors, sub-contractors, and technology providers, will participate in the Forum. With strong economic recovery and a drive toward a net zero emission target by 2050, governments in MENA seek to implement 250 billion USD power projects. These power projects include committed projects worth 93 billion USD and planned projects worth 157 billion USD between 2021 and 2025, as shown in a report by Arab Petroleum Investments Corporation (Apicorp). Saudi Arabia will dominate the other countries in terms of these power projects with 60 billion USD, followed by Egypt with 37 billion USD and the UAE with 26 billion USD. (Mubasher)