The Holding Company for Construction and Development is in talks with Gulf investors who are apparently interested in purchasing some of its land bank
The Holding Company for Construction and Development is in talks with Gulf investors who are apparently interested in purchasing some of its land bank. The company is looking to partner with investors rather than sell off assets. The negotiations include investments to acquire land owned by the company in several areas in Egypt, in addition to participating in the Helio Park project of Heliopolis Housing Company, which is majority-owned by the Holding Company for Construction. Heliopolis Housing and Development revealed in December 2021 that it has partnered with Mountain View in the development of the Helio Park project, which is located on an area of 1695 acres. (Asharq Business)
The price of some meds could increase by 20-25% by the end of February
After around 50-60 medicine manufacturers submitted requests to the Egyptian Drug Authority to hike prices against the backdrop of the EGP’s depreciation, Ali Ouf, head of the pharma division in the Federation of Egyptian Chamber of Commerce said. The companies had used an exchange rate of EGP 20 / USD 1 when they determined the current prices. (Al Mal)
All citizens including those not eligible for ration cards may soon be able to buy subsidized bread at cost, Supply Minister Ali El Moselhy said
Consumers will be able to purchase the bread using prepaid cards that will be sold at post offices for around 100 EGP. The EGP held steady against the USD yesterday, reaching 29.65. The currency remains down nearly 20% from its 24.79 / USD level immediately before the central bank allowed it to slip further against the USD on 4 January, as authorities transition to a fully flexible exchange rate as agreed with the IMF. (Al Mal)
Chinese Foreign Minister Qin Gang met with President Abdel Fattah El Sisi and Foreign Minister Sameh Shoukry yesterday
On the final stop of an African tour that also saw the newly appointed Qin visit Ethiopia, Gabon, Angola, and Benin. Qin met separately with Arab League Secretary-General Ahmed Aboul Gheit. Qin stressed to El Sisi China’s desire to up its investments in local infrastructure projects, including those with links to China’s flagship Belt and Road Initiative. He also touched on efforts to attract Chinese private investment and tourism to Egypt in a presser following his meeting with Shoukry. (Al Ahram)
The central bank sells more t-bills on strong appetite
Last Tuesday’s treasury auction of three-month bills was more than 10x oversubscribed, receiving 140.1 billion EGP worth of bids on a 13 billion EGP sale. It ultimately sold 87.1 billion EGP worth of bills at a weighted average yield of 20.52%. The central bank also sold EGP 10.7 bn worth of nine-month bills at a weighted average yield of 21.48% in an auction that was 1.5x oversubscribed. (Hapi Journal)
Local banks crack down on gold diggers
Banks are preparing lists of clients who it thinks are misusing their debit and credit cards to buy gold abroad using USD, putting pressure on our FX reserves. The CBE had previously instructed banks to notify it of any misuse of cards after noticing a spike in people using their debit and credit cards to secure FX from abroad despite having never left the country. Most major banks have introduced FX purchase and withdrawal limits abroad. Local gold prices saw record highs on the back of the EGP’s depreciation, with the price of 21-carat gold rising to EGP 1.8K in December. (Shorouk News)
Banque Misr ends issuance of 25% Talaat Harb CDs within days
Banque Misr will stop the issuance of the 25%-yield Talaat Harb certificates of deposits (CDs) within days as the offering achieved its aim. The sale of the CDS will be suspended maximum by the end of January. On January 4th, both Banque Misr and the National Bank of Egypt (NBE) announced the issuance of the new one-year CD with an annual interest rate of 25%; to be disbursed annually to purchasers. (Arab Finance)
Ahli United Bank Egypt issues new 18% saving certificates
Ahli United Bank – Egypt announced the issuance of new three-year saving certificates, with an annual yield of 18%. The new certificates are offered with various interest payment options to meet the market demands. The offering rates are applied at 17.25% for monthly payment, 17.50% for quarterly payment, 17.65% for semi-annual payment, and 18% is offered for annual payment. The bank has set a minimum limit of 5,000 EGP for the purchase of the certificates. (EGX)
AIVC to establish limited liability company in Dubai
The board of directors of Al Arafa for Investment and Consultancies (AIVC) has approved the establishment of a limited liability company in Dubai. The company will be fully-owned by AIVC and registered within the Department of Economic Development in Dubai to carry out ready-made garments business. The board also decided to appoint Mohammed Talaat Mohammed Khalifa as a manager of the company's branch in Dubai. (Al Mal)
300K tons of wheat traded on EMX since launch
A total of 300,000 tons of wheat have been traded on the Egyptian Mercantile Exchange (EMX) since November 28th, 2022, Head of the Internal Trade Development Authority (ITDA) Ibrahim Ashmawy said. Most of the traded wheat are Russian, except for one German shipment. EMX eyes offering another 5 or 6 food and non-food products this year. One of the goals of EMX is to stabilize the prices of the traded commodities and to boost the strategic stock of goods that may reach 8 and 9 months. (Asharq Business)
Egypt’s TSFE, Etisalat Misr launch new firm to back micro, small enterprises
The Sovereign Fund of Egypt (TSFE), in partnership with Etisalat Misr, has launched a new firm under the name of "Erada" for financing small and micro projects. The company obtained a license to practice the activity and works through financial technology to support small and micro companies in receiving innovative financing to expand their business. (Hapi Journal)
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