Pre-Trading Thoughts

Cabinet approved the non-compliance of fertilizer companies to provide another 10% share of their production, other than the 55% subsidized quota, to the local market until May 1st; Companies are now allowed to export 45% of their productionElectricity and energy generation stations have expanded the use of mazut, as an alternative fuel to natural gas in power plants, beyond March 2022Norwegian renewable energy giant Scatec plans to build a green ammonium plant in EgyptFormer EGPC head Abed Ezz El Regal was appointed as the chairman and managing director of Abu Qir FertilizersRAYA reported 2021 net profit of EGP487.3 million compared to net attributable losses of EGP61.7 million in 2020; recording a gain on disposal of investments in subsidiaries of EGP327.7 millionRAYA’s BoD approved the establishing of Aman-Taqa for Digital Payments with Taqa Arabia (CCAP), with an issued capital of EGP20 millionTourism companies intensified marketing efforts with foreign tour operators in Western Europe and East Asia to increase tourist arrivals from those regions until next MayCargoes totaling 189k tons of Ukrainian, Russian and Romanian wheat are on their way to EgyptLocal farmers are calling on the government to raise local wheat prices by 22% to EGP1,000 per ardeb, for them to meet production targetsThe government will subsidize private bakeries by selling flour at a discounted rateCBE decided to extend the exclusion period for rice, lentils, and fava beans from their 100% cash cover for another year, to end March 15, 2023Misr Insurance Holding is looking to list 25% Misr Life on EGX during 2H2022; Tapped Zaki Hashem as legal advisors for the process