The MPC is scheduled to meet later today to decide on interest rates. We believe the CBE has the room to ease by up to 200 bps in its meeting today.

The Finance Ministry has more than doubled its target for international debt issuances in the draft budget for the next fiscal year, coming in at a total of EGP400 billion (USD8 billion), up from EGP150 billion (USD3 billion) in the current fiscal year, according to official figures.

Remittances from Egyptians abroad continued their upward pace at the start of the year, rising 83.2% y-o-y to USD2.9 billion in January, according to a statement from the CBE.

The Finance Ministry expects Suez Canal revenues from transit fees to almost double to USD6.3 billion in the budget draft for FY25/26, compared to USD3.7 billion estimated in the current fiscal year.

Suez Canal revenues reached USD3.99 billion in 2024, a 61% decrease compared to USD10.25 billion in 2023, due to lower tonnage, impacted by Red Sea disruptions.

Property developer Landmark for Real Estate Development (LMD) is in talks with the Egyptian government to develop a new USD4 billion mixed-use project in Cairo, Managing Partner Hamad Al Abbar said.

Chevron — the operator of the last active exploration block in the Red Sea — is reportedly on its way out of the block it operates, Asharq Business reported, citing an unnamed government source.

Investment Minister Hassan El Khatib and Tunisian Prime Minister Sara Zaafarani discussed putting into motion a proposal to establish a joint bank to facilitate investment and trade between the nations, according to a ministry statement.

Petroleum products' subsidies increased by about EGP28 billion during the 9M24/25, reaching EGP104.9 billion, compared to EGP76.3 billion in the comparable period a year before.

MBSC attributable bottom line recorded an impressive EGP495.0 million (+295% YoY, +199% QoQ) during 4Q24, bringing FY24 attributable bottom line to EGP833.5 million (+126% YoY). Enhanced profitability came on the back of sturdy revenue growth and operating margin expansion that trickled down to bottom line. MBSC is trading at FY25e P/E of 8.4x.

MBSC BoD approved a capital decrease through the cancellation of treasury shares amounting to 6.1 million shares at a value of EGP61.1 million, resulting in issued and paid-in capital of EGP550.2 million.

EFIC will distribute cash dividends of EGP15.00/share over three equal tranches on 30 April, 20 August, and 30 September 2025, for shareholders on record on 27 April 2025. This implies a dividend yield of 10% and a payout ratio of 62% of FY24 earnings.

MFPC will distribute cash dividends of EGP1.00/share on 7 May 2025 and EGP2.50/share on 30 September 2025 for shareholders on record on 4 May 2025. DPS totals EGP3.50/share for FY24, implying a dividend yield of 8% and a payout ratio of 48% of FY24 earnings.

OCDI intends to sign a co-development agreement with Midar in 3Q25 to develop a 4.2 million sqm land plot in East Cairo.

- Market Overview

- prepared by: Mayada Amin- CETA, CFTe

*Key news articles for today*

The House has passed the new Labor Act. The new act needs to be published in the Official Gazette and we’ll need to see the executive regulations to it. The country’s specialized labor courts (a key feature of the law) are expected to start operating on 1 October 2025 when the new judicial year kicks off.

Finance Minister Ahmed Kouchouk delivered his budget statement to the House. Highlights of the budget include:

1. Egypt’s real GDP growth is expected to accelerate to 4.5% in the coming fiscal year, up from an estimated 4.0% in FY 2024-25.

2. The gov’t sees the primary surplus reaching 4.0% of GDP.

3. A 23.0% y-o-y jump in public revenues to EGP 3.1 tn and a 19.2% y-o-y rise in expenses to EGP 4.6 tn.

4. The government is aiming to raise some EGP2.6 tn in tax revenues in the upcoming fiscal year.

5. The government targets decreasing the public debt to GDP to 81% by end of June 2026 and decreasing the external debt of budget sector by up to USD2 billion annually.

Egypt hopes to attract some USD4 bn in new Kuwaiti investments this year — part of a wider USD6.5 bn target through the end of 2026.

Eni plans to drill two new gas wells in Egypt’s Zohr field next year, with an estimated investment of USD360 million.

The African Export-Import Bank (Afreximbank) intends to provide USD2 billion in financing to Egypt during the current year, divided between direct and indirect financing. The direct financing will be directed to Egyptian banks and strategic commodities, while the indirect financing will focus on supporting projects implemented by Egyptian companies in other African markets.

ORAS announces the start of commercial operations of 500 MW at the newly expanded 650 MW Build-Own-Operate (BOO) wind farm in Ras Ghareb, Egypt six months ahead of schedule. ORAS owns 25% of the project.

ORHD (FV: EGP34.74, OW) Board approved the distribution of EGP0.384/share cash dividends, implying a dividend yield of 1.7%.

HELI (FV: EGP18.84, OW) received three offers to co-develop its 52k sqm land plot in Mansoura.

Italian chemicals manufacturer Mapei has inaugurated the first phase of its second Egypt factory — a EUR25 million plant in Tenth of Ramadan — to produce chemical and insulation materials.

China’s Binhua Group — or Befar — broke ground on their USD500 million chlor-alkali production facility in the China-Egypt TEDA trade zone, according to a statement from the Suez Canal Economic Zone (SCZone). The big-ticket project is split between a USD300 million first phase — to be completed within 18 months — and a second USD200 million second phase.

- Market Overview

- PHDC

- TMGH

- EFIH

- EKHOA

- FWRY

-.prepared by: Mayada Amin- CETA, CFTe

El Sisi wrapped his Qatar trip with a big investment agreement, which saw the Gulf state further cement warming relations by agreeing to work towards a USD7.5 bn package of direct Qatari investments in Egypt in the near future, according to a joint statement from the two nations.

The Industry Ministry launched the first phase of a new EGP 30 bn financing initiative offering reduced 15% interest rates to seven priority industrial sectors, according to a ministry statement.

Majid Al Futtaim Holdings’ (MAF) Majid Al Futtaim Properties is investing EGP15 bn in a new mixed-use project dubbed Junction, which will be located next to Mall of Egypt in West Cairo.

Incoming Saudi projects will get the golden license treatment, Prime Minister Moustafa Madbouly told Saudi investors yesterday, according to a cabinet statement.

The House will take its final vote to approve the final balance sheet for the FY 2023-24 state budget and to discuss how well the country tried to balance the books during the last fiscal year.

Chairman of the Federation of Egyptian Banks and Chairman of the National Bank of Egypt, said that the Egyptian market has absorbed the shock caused by the recent escalatory statements by US President Donald Trump, stressing that between 80 and 90% of the hot money that left the bank at the beginning of the crisis. returned within a short time.

The final accounts for the past FY 2023-2024 showed the highest increase in Egypt's primary budget surplus in five fiscal years, rising to EGP859.5 billion (about USD16.7 billion), recording 6.1% of GDP. Besides, the overall deficit recorded a drop to 3.6% of GDP supported by Ras Al Hekma deal funds.

MTIE net profit came in at EGP1.06 billion in 2024, compared to EGP687 million in 2023, an increase of 54.7% YoY. MTIE is trading at 2025f P/E of 6.9x.

RACC net profit came in at EGP339.9 million in 2024, compared to EGP159.7 million in 2023, an increase of 112.8% YoY.

EKHO to distribute cash dividend of USD0.035/share on 29 April 2025 for shareholders of record on 23 April 2025.

According to local media, TMGH launched a new phase in its Banan project in Saudi Arabia.

Chamber of pharmaceutical industries intend to submit a request to ministry of Industry to secure funds of EGP1 billion for the sector's companies in light of the EGP30 billion initiative.

- Market Overview

- EFIH

- ETEL

- COMI

- CIEB

- HRHO

- prepared by : Mayada Amin- CETA, CFTe

Saudi players have been signaling interest in possibly expanding their investment footprint in Egypt. Saudi companies could raise their investments in Egypt by as much as USD15 billion over the next four years to USD50 billion.

Batterjee Holding has earmarked USD200 million to invest in Egyptian real estate and industry. Batterjee mentioned the pharma, food, building materials, and plastics industries as target sectors.

An Egyptian-Saudi real estate fund could be in the cards. The fund could, if formed, manage a portfolio of investments under the purview of the New Urban Communities Authority (NUCA) and the Tourism Development Authorit

Increasing Qatari investor appetite for Egypt was high on the agenda of President El Sisi’s trip to Doha, with the President meeting with senior government officials that included the country’s prime minister, foreign affairs minister, finance minister, foreign trade minister and leaders in the business community to stress the investment case for Egypt.

The Prime Minister directed the Ministry of Investment to reconstitute the Egyptian-Qatari Business Council, which had been inactive since 2014.

The Tourism Ministry is setting up a tourism-focused investment platform.

Cheiron Energy aims to kick off operations at West El Burullus gas field by 3Q25, with the goal of adding 50 million cubic feet per day (mcf/d) to its production output.

EFIC approved cash dividend distribution of EGP1.09/share (DY 0.7%) to be distributed over three equal tranches on 30 April, 20 August, and 30 September 2025.

MFPC general assembly approved cash dividend distribution of EGP3.50/share (DY 8%) for 2024, distributed over 2 tranches. The assembly also approved bonus share distribution of 0.379 share for every original share.

SKPC general assembly approved cash dividend distribution of EGP1.00/share (DY 5%) for 2024. The assembly also approved the distribution of 226.8 million bonus shares at a rate of one share for every four held.

SUGR’s general assembly approved cash dividend distribution of EGP3.50/share for FY24, implying payout ratio of 34.5% and dividend yield of 7.3%.

Arla Foods delayed its plans to submit a mandatory tender offer (MTO) to acquire DOMT due to its inability to wrap up legal, financial, and technical due diligence while DOMT is in the midst of a spin-off process.

BTFH has completed its capital increase, bringing its total paid-in capital to EGP21.4 billion. The capital increase was 98% covered, raising EGP10.5 billion.

HRHO subsidiary, EFG Corp-Solutions, intends to issue short-term bonds worth EGP1.5 billion by the end of 2Q25.

Weekly Commodities Update