Pre-Trading Thoughts

Fitch has cut Egypt’s GDP growth forecast for FY2022/23 to 4.4% from a prior projection of 5.5%.While discussing FY2022/23 budget, Parliament voiced their concerns that the government should rein in its borrowing plans and put a cap on the country’s debt levels.The Suez Canal Economic Zone is working with DP World on a logistics area, that will be followed by an industrial zone soon, according to the head of the Canal Economic Zone.EAST's BoD will meet by the end of the month to revise selling prices amidst the rising costs of raw materials and their shortages. The company is looking to offer two new products to its portfolio in the next fiscal year.The New Urban Communities Authority is studying ways to support real estate developers, such as allowing developers to extend development timelines and to postpone land payments. The number of internet users in Egypt stood at 64.6 million users in 1Q22 (+12.8% YoY). ADSL subscribers grew by 11.6% YoY to 10.3 million subscribers, with mobile subscribers dropping by 5.7% YoY to 94.1 million subscribers in 1Q22. A number of banks postponed the integration on the CBE’s InstaPay platform till year-end, since the required infrastructure is not ready yet. Currently, 11 banks are integrated.Elevate Healthcare, through Nile Scan, plans to invest EGP500 million to establish new labs in different Egyptian governorates.Premium International, which specializes in consumer finance, aims to pump more than EGP2.0 billion in financing during 2022.