Egypt's PMI ticked up from 49.6 in May to 49.9 in June, posting only fractionally below the 50.0 mark which separates growth from contraction.
Prime Minister held a presser a day after his new Cabinet took office, giving an overview of the new government’s list of priorities and its upcoming plans. These include (1) increasing the private sector’s contribution to the overall economy to more than 65% of total investments over the coming two to three years, (2) investing in Egypt’s industrial development, and (3) improving transparency.
The UK government’s British International Investment (BII) has set aside USD100-200 million it plans to invest in Egypt’s financial sector over 2024.
The 20 LNG shipments state gas firm EGAS secured late last month — its largest in years — reportedly cost the state between USD880-910 million.
Egypt asked the World Bank to extend the period of the comprehensive health insurance program for an additional 23 months to end in September 2026 instead of October 2024.
Egypt imported fuel shipments worth about USD6.4 billion during 1H2024, an increase of c.4.92%.
Regarding the cancellation of the Tourism Development Authority’s (TDA) land reduction for Makadi Heights in 2022, ORHD (FV: EGP26.26, OW) announced that it has accepted the TDA’s request for an additional payment of USD5.6 million in return for a new development timeline of eight years for Makadi Heights' remaining undeveloped land bank. We ran an exercise using the aforementioned payment timeline to get a sense of the impact of this payment on valuation, and the effect is minimal, entailing a reduction in FV of only EGP0.10/share.
Raya Information Technology, a subsidiary of RAYA, plans to IPO on EGX in October 2024.
OIH reported positive 1Q24 fianancial results. Net profit came in at EGP351.4 million (+240% y/y).
The FRA approved establishing a new arm for CNFN, Contact Insurance Consultancy.
Saudi low-cost airline Flynas launched its first flight from Riyadh to Alamein International Airport last Wednesday, becoming the first airline in the region to host scheduled flights to Alamein.
