Pre-Trading Thoughts
Manage episode 317670920 series 2987212
· Fitch Rating said that Egyptian banks’ Viability Ratings (VRs) could come under pressure, if the banks’ foreign assets continue to drop.
· A group of Gulf banks completed arranging a USD3 billion joint loan for Egypt, equally divided between Islamic and green financing, for a period of 3 years.
· Egyptian Tax Authority said that a draft law approved by Cabinet imposes a lump-sum tax on real estate transactions concluded before May 2013.
· National Bank of Egypt, Banque Misr, Banque de Caire, Arab African Bank, and Export Development Bank started the procedures to establish a joint-stock company to support exports and import substitution, with a capital of EGP250 million.
· Ethiopian government announced plans to clear 17k hectares of forest in preparation for the third filling of the dam this summer.
· Apicorp and IsDB) have launched a three-year, USD 1 bn initiative for private-sector focused infrastructure financing, in countries including Egypt.
· FWRY intends to launch an electronic application that provides instalments purchases through its subsidiary Fawry Consumer Finance, with an expected initial portfolio size of EGP30.0 million.
· CBE will allow banks to launch digital lending services via mobile wallets this year.
· CBE: Volume of credit facilities granted to the largest 100 clients amounted to EGP507.6 billion at the end of June 2021, + 19% YoY.
· President El-Sisi directed to launch an initiative to support the health sector by providing a financing package with interest ranging between 5% and 8%.
· IRAX has restructured debts exceeding EGP12 billion.
· Taaleem saw a 23.7% y-o-y increase in its bottom line in 1Q2021-2022 to EGP 71.9 mn. TALM is trading at 15x FY22 P/E, based on earnings of EGP240 mn.
· OCDI shareholders will vote on the company’s new board of directors at an extraordinary general meeting today.
· The Grand Egyptian Museum could open its doors in 2H22.
· The Supreme Council for Wages received many requests from tourism companies to exempt them from paying the minimum wage until the end of 1Q2022.
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