Pre-Trading Thoughts

Al Ahly Pharos

The IMF is set to sign off on Egypt’s fourth review of its USD8 billion loan program when the Fund’s Executive Board meets tomorrow, giving the final greenlight for a USD1.2 billion tranche. A further USD1.3 billion could also be on the table, with the Fund set to discuss approving the funds under the Resilience and Sustainability Facility.

France, Germany, Italy, and the UK voiced their support for Egypt’s USD53 billion, five-year plan to reconstruct Gaza, their foreign ministries said in a joint statement.

The government will release the conditions booklet for its Ministries Square privatization offerings to private sector suitors in the next two months.

French concessions and construction company Vinci has expressed its interest in managing and operating Egyptian airports as part of the government’s airport privatization push.

The Egyptian-Moroccan Business Council has launched an interactive digital platform to connect investors from the two countries and boost cross-border trade.

Shell and its partners withdrew from their two Egyptian Red Sea exploration blocks, which they were awarded in 2019.

Three Romanian firms want a piece of the 13 oil and gas exploration blocks across the Mediterranean and Gulf of Suez the Oil Ministry is offering to investors.

Agiba, a JV between energy giant Eni subsidiary IEOC and the Egyptian General Petroleum Corporation (EGPC), has successfully expedited the development of the Iris field in the Western Desert

BP finished drilling at the El Fayoum-5 gas well in its North Alexandria Offshore Concession.

Government sources revealed preparations for the electricity interconnection project between Egypt and Greece before 2H25 end, targeting to obtain a grant and soft financing worth EUR1 billion.

PHDC (FV: EGP8.97, OW) achieved stellar FY24 results. Net profit in 4Q24 rose 69.6% y/y and 39.1% q/q to EGP902.3 million, taking FY24 net profit up 105.8% y/y to EGP3.3 billion.

SWDY will build a USD500 million subsea cable factory in the newly-announced zone in Dameitta Port.

ESRS repurchased, in the second phase, EGP1.0 billion worth of shares from shareholders opposed to the group’s voluntary EGX delisting.

HRHO’s non-bank financial services arm EFG Finance is offloading its 51% stake in PayTabs Egypt for an undisclosed sum.

According to AMIC, auto sales in January fell 22% MoM to 10.1k units, down from December’s high of 13k units and increased by 61.4% YoY.