Pre-Trading Thoughts

The global economy may be headed for years of stagflation, the World Bank warned, slashing its 2022 global growth forecast to 2.9% from January’s 4.1%.The World Bank raised its forecast for Egypt's economic growth for the current year to 6.1%, up from 5.9% in its previous forecast, while growth in 2022/23 was revised down by 0.7 ppt to record 4.8%.Prime Minister is reviewing a draft strategy for the development of Egyptian tourism sector, which was prepared by a global advisory firm. Ministry of Trade and Industry is currently working on the improved services to be offered to the Industrial sector. A number of Qatari companies have expressed interest in investing in Egypt during meetings with GAFI head.The House of Representatives gave its final approval to a presidential decree amending customs duties on hundreds of imports. HRHO’s energy investment platform Vortex Energy plans to double its investment in Ignis by 2023.HRHO’s e-payments subsidiary PayTabs announced the launch of its new unified payments platform, PayTabs SwitchOn.HRHO’s Egyptian Education platform is planning to finalize two new school acquisitions this year and is launching the next academic year two new schools with a combined capacity of 3,500 students. HRHO’s healthcare platform, RX Healthcare is also studying several acquisition opportunities in the pharmaceutical sector, with a total value of up to EGP1 billion. Aman Holding, a subsidiary of RAYA, plans to issue EGP650 million of securitization bonds. An additional EGP600 million of debt financing will also be secured. TMGH laid the cornerstone of TMGH's Four Seasons Luxor Hotel. which is expected to offer 201 rooms, require an investment cost of EGP2.5 billion, and open at the end of 2024.