Pre-Trading Thoughts

The Monetary Policy Committee decided on Thursday to cut policy rates by 225 basis points to 25% and 26% for overnight deposit and overnight lending rates respectively. 

The government is planning to replace many of the various fees charged by different entities with a single unified additional tax on net income, which aims to streamline the tax system and reduce the administrative burden on businesses. 

Saudi-owned agribusiness and Alkhorayef Group subsidiary Rakhaa for Agricultural Investment and Development is planning to list 30% of its shares on the EGX in a secondary offering in 2H 2025, Alkhorayef’s Managing Director Abdullah Alkhorayef said.

Chevron’s Red Sea exit is now official, with statements from the US energy giant and the Oil Ministry confirming that it has withdrawn from its 45% stake in Red Sea Block 1, citing the lack of energy finds. 

The African Development Bank (AfDB) plans to funnel USD300 mn into Egypt’s private sector this year, Planning and International Cooperation Minister Rania Al Mashat said.

More than 115 companies in the pharmaceutical and building materials sectors have submitted applications to the Industrial Development Authority to obtain financing totaling more than EGP8.5 billion, as part of the first phase of the initiative to finance priority industrial sectors at a 15% interest rate, according to officials from the Federation of Egyptian Industries.

An official at the Ministry of Agriculture said that Egypt will not need to import sugar starting next year, after local production reached record-highs.

COMI announced that it will cut interest rates on its savings accounts and its certificates of deposits (CDs) by 225 bps, starting today. 

MASR AGM approved the distribution of cash dividends of EGP0.25/share (DY of 5.5%) to be distributed over two installments in May and October 2025.

EGCH resumes operations at its ferrosilicon plant in Aswan, following a five-year hiatus.