Pre-Trading Thoughts

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.