Pre-Trading Thoughts

All tourism projects will be eligible for the golden license and will receive the necessary approvals to start operations within 20-days of applying. The Sovereign Fund of Egypt has reportedly received three offers to buy stakes in military-owned fuel retailer Wataniya, from the Abu Dhabi National Oil Company (ADNOC), the Emirates National Oil Company (ENOC), and Saudi firm Petromin. Several Gulf investment funds are eyeing a minority stake in Misr Digital Innovation (MDI), a company set up by Banque Misr to launch its digital banking arm. The bank is willing to sell 10-20% of the digital bank. The government plans to launch an international tender for the exploration of minerals in the eastern and western deserts before the end of the year.  The CBE is studying allowing money transfers from Saudi Arabia and the United Arab Emirates through Instapay. The Ministry of Finance will start paying EGP313 million in export subsidy to 64 exporting company today. CIRA released their 9M22/23 results showing attributable net profit recorded EGP351 mn, pressured YoY by 17.2%. NPM reached dropped to 17.5% from a previous 28.9% in 9M21/22 with a YoY squeeze of 11.5pps. The drop in profitability came trickling down of weaker gross profitability due to the rise in operating cost as well as recognition of construction costs that were not present in 9M21/22. Revenues for the period reached EGP2,006 mn, with a YoY rise of 37%. CIRA is currently trading at a FY22/23 P/E of 15.7x and an EV/EBITDA of 7.0x. The Ministry of Electricity is preparing to allocate about one million square meters for ORAS in the next few weeks, to inaugurate wind stations in West Sohag, with investments amounting to USD3 billion The General Authority for the Economic Zone of the Golden Triangle has received three offers from local and international investors to establish fertilizer complexes in the Golden Triangle in Red Sea governorate at a combined USD1.6 billion of investment. HELI Board approved studying an offer received on the company's Heliopark land plot. TMGH intends to issue securitized bonds worth EGP500.0 million backed by club memberships. BINV BoD approved the conclusion of a financing contract worth EGP 150 million with the National Bank of Kuwait, without mentioning the details and uses of the loan. Investors fully subscribed to BTFH blockbuster EGP 10 bn capital increase.