The International Monetary Fund (IMF) may merge the fifth and sixth program reviews of Egypt’s USD8bn Extended Fund Facility (EFF) due to a delay by the Egyptian government in executing structural reforms which could postpone the disbursal of the fifth tranche by six months, according to unidentified sources familiar with the matter. (Mubasher)
The Egyptian Parliament granted its final approval to a draft law that regulates the disposal of state assets, it announced. Additionally, it preliminarily approved the old rentals law submitted by the government and will continue its discussions today, the speaker of the Parliament said. (Mubasher, Al Shorouk)
Egypt’s Ministry of Finance (MoF) is working on choosing three to four consultancy companies to revalue Egypt’s real estate properties to ensure fairness and efficiency in real estate tax collections, according to a MoF report. The ministry had raised the exemption limit for properties subject to paying a real estate tax to EGP4m/unit. (Al Borsa)
Egypt’s Ministry of Tourism plans to allocate EGP2bn to promote charter flights to Egypt, according to a government document. Over 85% of tourists bound for Egypt arrive through charter flights, according to a previous minister of tourism. (Al Borsa)
Egypt’s Ministry of Petroleum received a report from Offshore Shukeir Oil Company that a vessel, Adam Marine 2, capsized in the Gabal El Zeit in the Gulf of Suez, it announced. (Bloomberg)
The Egyptian government is studying imposing a 30% export ceiling on cement companies’ production and securing 70% of production for the local market to ensure enough cement supply in the local market, according to an unidentified government official. (Al Shorouk)
The Central Bank of Egypt (CBE) accepted yesterday EGP331bn in seven-day fixed-rate deposits from 24 banks at a fixed rate of 24.5%, with an allotment rate of 100%, according to the CBE’s data. (CBE)
Company news
Orascom Construction (ORAS EY, OC DU): The International Chamber of Commerce issued an award in the case QATAR FOUNDATION FOR EDUCATION, SCIENCE AND COMMUNITY DEVELOPMENT (QF) v. OBRASCON HUARTE LAIN S.A. – CONTRACK CYPRUS LIMITED (the JV), arising from the Sidra Hospital project in Qatar, the company announced. Contrack (Cyprus) Limited is a subsidiary of Orascom Construction and holds a 45% stake in the JV. The award finds the JV liable to pay QF the net sum of QAR105m (equivalent to USD28.7m). The Arbitral Tribunal has now ruled on all claims submitted by the parties except for interest and legal costs. Given the complexity and length of the award, the company is analyzing it together with its partner and legal advisors to evaluate the next legal steps. (Company release) Our comment: This is very positive news for ORAS given that its share of the net liability of the JV is only USD12.9m equivalent to USD0.11/share (EGP5.79/share), much lower than our previous estimate of a net potential liability for ORAS of USD283m equivalent to USD2.57/share (EGP127/share). We issued a valuation update on ORAS on 3 June, valuing the company at USD11.3/share (EGP564/share) without accounting for the Sidra litigation in our target price, while displaying our estimate for the outcome of the litigation separately. Factoring in the outcome of the litigation announced today reduces our valuation to USD11.19/share, EGP555/share, implying a potential return of c64% to yesterday’s closing price of EGP340/share. In our view, the litigation risk posed an overhang on the share price performance, so this favourable resolution of the legal case would act as a stock trigger.
Orascom Construction (ORAS EY, OC DU): The Red Sea Wind Energy Consortium announced the start of full commercial operations of the 650 MW Build, Own, Operate (BOO) wind farm near Ras Ghareb, Egypt, following the completion and commissioning of the final 150 MW phase four months ahead of schedule, the company announced. This achievement follows the successful delivery of 306 MW in December 2024, also four months early, and 194 MW in April 2025, six months ahead of schedule, ensuring that the full 650 MW was connected to the grid in June 2025. The project is developed by Red Sea Wind Energy, a consortium comprising ENGIE (35%), Orascom Construction (25%), Toyota Tsusho Corporation (20%), and Eurus Energy Holdings Corporation (20%), under a 25-year BOO scheme. In addition to its equity investment and development role, Orascom Construction executed all civil and electrical works as well as the full EPC scope for the balance of the plant. Goldwind International delivered, installed and commissioned the 104 wind turbines.The Red Sea Wind Farm is currently the largest operational wind farm in MENA, supplying clean energy to over 1m homes and reducing carbon emissions by approximately 1.5m tons annually. This new 650 MW wind farm also builds on the past success achieved by the same consortium in developing Egypt’s first renewable energy Independent Power Producer (IPP) project of its kind and size, completed in October 2019 ahead of schedule, and triples the consortium’s operational wind energy capacity in Egypt to 912.5 MW. The consortium has also commenced evaluation and development activities for a new 900 MW wind farm on a land plot near the current project site. (Company release)
SIDPEC (SKPC EY): The Egyptian consortium of four companies operating in the petrochemicals and natural gas industries, namely, Egyptian Petrochemicals Holding Company, (ECHEM), SIDPEC, Gama Construction, and the Egyptian Natural Gas Company (GASCO), which own Alexandria Supply Chain Company, approved the Holding Company for Maritime and Land Transport’s acquisition of 10% of Alexandria Supply Chain, according to a government official. The new shareholder structure of the company entails a 37.5% ownership by ECHEM, 22.5% by SIDPEC, 20% by Gama Construction, 10% by GASCO, and 10% by the Holding Company for Maritime and Land Transport. ETHYDCO will have a share in Alexandria Supply Chain Company from the 37.5% stake owned by ECHEM, the official said. (Al Borsa)
Telecom Egypt (ETEL EY): Telecom Egypt, along with SubCom, the global subsea data system supplier, successfully completed the two landings of the Southeast Asia-Middle East-Western Europe 6 (SEA-ME-WE-6) subsea cable system in Egypt: one in Port Said on the Mediterranean coast, and the other in Ras Ghareb on the Red Sea, it announced. Telecom Egypt facilitated the connection between the two coastal landing points by ensuring diverse and resilient terrestrial crossing routes were in place. With this, the SEA-ME-WE-6 subsea cable has completed its landing activities in Egypt. This milestone marks a significant step in the ongoing expansion of the cable system, which is expected to further strengthen connectivity across the region once it becomes operational, it added. (Company release)
Eastern Company (EAST EY): The company’s partner in its 24%-owned United Tobacco Company (UTC), Philip Morris Misr, increased its cigarette prices, by EGP10.0/pack to EGP105/pack for Merit, by EGP8.00/pack to EGP89.0/pack for Marlboro, by EGP7.00/pack to EGP76.0/pack for L&M, and by EGP5.00/pack to EGP79.0/share for Marlboro Crafted, it announced. (Mubasher)
Ibnsina Pharma (ISPH EY): The company’s board approved the real estate appraiser’s report for the Haram administrative/residential building, and the auditor’s report on this appraisal, it announced. According to the study, the value is estimated at EGP392m, excluding assets (devices/furniture) that were valued at EGP12.4m and that have been utilized by subsidiary companies. The board also approved signing a promise-to-sell agreement with one of the investors for EGP402m. The investor will assume the lease financing obligations for the land and the Haram building and will pay Ibnsina Pharma the remainder of the deal. This aligns with the board’s strategy to sell non-strategic assets and reduce interest and depreciation costs, positively impacting the company’s profitability. As a result, the debts related to this asset recorded on Ibnsina Pharma’s balance sheet will decrease by EGP162m in 4Q25, and by EGP240m starting in 2Q26, following the termination of the lease financing contracts and the removal of this liability from its balance sheet. The annual expenses related to the building (interest and depreciation) are estimated to be around EGP88m. The capital gain from this agreement is estimated at EGP30m, to be recognized in 2025 and 2026. It is worth mentioning that Ibnsina Pharma recently announced that its baord approved signing an agreement with an investor to assume its lease financing contracts and their appendices for the land, building, and machinery of Shorouk Specialized Hospital, valued at EGP670m, and sold 16 pharmacies and other assets available for sale for EGP175m. (Company release)
Bonyan for Development and Trade (BONY EY): The company’s initial public offering (IPO) will take place next week, according to unidentified sources familiar with the matter. (Al Mal)
Madinet Masr Housing (MASR EY): The company bought some 2.00m treasury shares during the 30 June trading session, it said in a release to the EGX. (EGX)
El Sewedy Electric (SWDY EY): The Egyptian Mineral Resources and Mining Industries Authority signed a Memorandum of Understanding (MoU) with El Sewedy Capital Investments to establish a partnership for the exploration, exploitation, and production of phosphate ore in the Nile Valley region (El-Sebaeya mines), in addition to increasing the concentration of the ore and preparing a feasibility study for establishing a factory to produce phosphate fertilizers, the Ministry announced. (Hapi Journal)
Misr Fertilizers Production Company – MOPCO (MFPC EY): The company presented to the EGX its EGP7.89bn capital increase documents for review, the EGX announced. MFPC plans to increase its capital to EGP28.7bn by distributing stock dividends. (Mubasher)
Maridive and Oil Services (MOIL EY): The company’s 1Q25 consolidated net income dropped c12% y-o-y to USD18.0m, according to its announced KPIs. In other news, the company’s board decided to sell its subsidiary, Valentine Maritime Limited, for USD1 and attributed its decision to the negative impact of this subsidiary on its consolidated shareholder equity as it incurred losses for consecutive years, it announced. Maridive had fully impaired its investment in Valentine Maritime Limited in 2022, it added. (EGX, Mubasher)
El Ezz Porcelain (ECAP EY): A subsidiary of Ezz Group sold to the company’s main shareholder, Ahmed Ezz, some 34.1m company shares at an average price of EGP24/share for EGP818m by the 30 June trading session, fully divesting its 63.9% stake in the company, while Ahmed Ezz increased his stake in the company to 63.9% from 0.008% previously, the EGX announced. (EGX)
Egyptian Financial and Industrial Company (EFIC EY): The company does not have any unannounced material news, it said in response to EGX inquiries on the share price movement on 24 and 25 June, it said in a bourse filing. (EGX)
Cairo Poultry (POUL EY): Shareholder Mohamed Ashraf Omar sold some 9.50m company shares at EGP19.9/share for EGP189m by the 30 June trading session, reducing his stake to 4.67% of the company from 6.65% previously, according to EGX data. (EGX)
El Shams Housing (ELSH EY): The company amended the distribution date of its FY23 DPS of EGP0.05 to 7 July instead of 6 July to shareholders as of 1 July, according to a bourse filing. (EGX)
UAE
Economic and general news
Dubai Holding and Select Group entered a strategic agreement to develop landmark projects at Palm Jebel Ali and Dubai Design District, according to the Government of Dubai Media Office. (Bloomberg)
Company news
Aldar properties (ALDAR UH) | Al Waha Capital (WAHA UH): Aldar acquired warehousing and light industrial assets in AlMarkaz from Waha Capital for AED530m, it announced. The deal included 182,500 sqm of net leasable area. Aldar and Waha could explore future collaboration at the site, it added. (Bloomberg)
Saudi Arabia
Economic and general news
Saudi Arabia-based quick delivery firm Ninja has become the kingdom’s newest tech unicorn after raising around USD250m from local investors, according to unidentified sources familiar with the matter. The funding round, led by asset manager Riyad Capital, values the three-year-old company at around USD1.5bn, the sources said. Ninja is targeting an initial public offering by 2027, Bloomberg News reported in March. (Bloomberg)
Company news
Arabian Drilling (ARABIAND AB): The company secured contract extensions for four of its rigs with Aramco, totaling a combined backlog value of SAR1,374m, with durations varying between 1-10 years, it announced. The impact on revenues will start in 3Q25, it added. (Bloomberg)
Saudi National Bank (SNB AB): The bank intends to redeem the SAR2.00bn tier 1 capital Sukuk, in full, at face value (100% of issue price) on 15 July, being the tenth anniversary of the issue date, it announced. (Bloomberg)
Retal Urban Development Company (RETAL AB): The company signed a memorandum of understanding (MoU) with Watheeq Capital Company to launch a real estate closed fund to develop and manage a residential tower project consisting of 28 floors within Masar destination in Makkah al-Mukarramah city with an estimated value of SAR600m, it announced. The project aims to develop around 200 residential units in the Masar district in Makkah, located 2.5 km from the Holy Mosque. The duration of this agreement is 60 calendar days, renewable once by acceptance of both parties. The project is expected to have a positive impact on the company’s results during the project development works execution for the years 2026, 2027, 2028, and 2029, it added. (Bloomberg)
Saudi Awwal Bank (SABB AB): The bank intends to issue denominated Tier 1 Sukuk by way of private placement in the Kingdom of Saudi Arabia pursuant to its SAR-denominated Additional Tier 1 Sukuk issuance programme, it announced. The bank has mandated HSBC Saudi Arabia as the sole arranger and dealer for the purpose of the program establishment, offering and issuance of the Sukuk, it added. (Bloomberg)
Agenda
July 2: Record date of DEIN EY’s 1:4 stock dividend July 3: Distribution date of DEIN EY’s 1:4 stock dividend Jul 7: Distribution date of ELSH EY’s FY23 DPS of EGP0.05 Jul 7: CPME EY’s EGM to discuss the IFA valuation of Qardy and Catalyst Partners Holding, acquiring them, increasing its authorized and paid-in capital, and amending articles six and seven of incorporation Jul 7: Record date of RAYA EY’s 1Q25 DPS of EGP0.04 Jul 7: Record date for RMDA EY’s DPS of EGP0.11 Jul 9: ETRS EY AGM to discuss its FY24 results and EGP0.25 DPS Jul 10: Distribution date of RAYA EY’s 1Q25 DPS of EGP0.04 Jul 10: Distribution date for the first installment of RMDA EY’s DPS of EGP0.05 Jul 10: CBE’s MPC meeting Jul 10: GGRN EY EGM to discuss amending several articles of incorporation Jul 15: Record date of EKHO EY’s FY24 1:20 stock dividend Jul 15: AIH EY’s EGM to discuss amending article four of incorporation related to changing its headquarters July 15: Record date of MBSC EY’s FY24 DPS of EGP6.0 Jul 17: CCAP EY’s EGM to discuss increasing its authorized capital by EGP40.0bn and its paid-in capital by EGP14.0bn through a rights issue Jul 17: ASPI EY’AGM to discuss FY24 results, proposed dividends, and board changes Jul 17: Distribution date of GBCO EY’s second installment worth EGP0.15 of its FY24 DPS of EGP0.35 Jul 17: CLHO EY’s EGM to discuss reducing its paid-in capital by EGP0.82m by canceling treasury shares, (2) amending several articles of incorporation, (3) extending its ESOP by seven years, (4) adding the management of hospitals to its list of activities and (5) closing its Queens Hospital in Heliopolis Jul 18: End of OIH EY’s 524m treasury shares purchase period July 20: Distribution date of MBSC EY’s FY24 DPS of EGP6.0 Jul 22: EFIH EY’s AGM to discuss appointing a new board member representing SEIC Jul 22: Distribution date of EKHO EY’s FY24 1:20 stock dividend Jul 26: Court hearing in the case filed by ACTF EY against SPMD EY and others Jul 28: DSCW EY AGM to discuss its FY24 financials and proposed dividends Jul 29: FOMC meeting Jul 30: FOMC meeting Jul 30: EXPA EY’s AGM and EGM to discuss distributing a 0.37:1 stock dividend distribution and amending articles six and seven of incorporation Jul 31: Distribution date of TMGH EY’s second installment worth EGP0.125 of its FY24 DPS of EGP0.25 Aug 12: MSCI quarterly index review announcement Aug 20: Distribution date of the second installment worth EGP5.00 of EFIC EY FY24 DPS of EGP15.0 Aug 28: CBE’s MPC meeting Aug 31: Distribution date of the second installment worth EGP0.10 of ZMID EY’s FY24 DPS of EGP0.20 Sep 1: Effective date of MSCI quarterly index review Sep 15: Distribution date of the second installment worth EGP1.50 of PHAR EY’s FY24 DPS of EGP3.00 Sep 16: FOMC meeting Sep 17: FOMC meeting Sep 25: Distribution date of CICH EY second installment of EGP0.35 of its total FY24 DPS of EGP0.70 Sep 30: Distribution date of the third installment worth EGP5.00 of EFIC EY FY24 DPS of EGP15.0 Sep 30: Distribution date of MFPC EY second installment of EGP2.50 of its FY24 DPS of EGP3.50 Oct 2: CBE’s MPC meeting Oct 28: FOMC meeting Oct 29: FOMC meeting Oct 29: MASR EY distribution date of the second installment worth EGP0.125 of FY24 DPS Oct 30: Distribution date of the second installment worth EGP0.50 of SKPC EY’s FY24 DPS of EGP1.00 Oct 30: Distribution date of ORWE EY’s third installment worth EGP0.60 of its FY24 DPS of EGP1.60 Nov 6: MSCI semi-annual index review announcement Nov 20: CBE’s MPC meeting Nov 20: Distribution date of EFID EY’s second installment worth EGP0.57 of its FY24 DPS of EGP1.14 Nov 26: Effective date of MSCI semi-annual index review Nov 27: Distribution date for the second installment of RMDA EY’s DPS of EGP0.05 Nov 27: Distribution date of the second installment worth EGP0.50 of MCQE EY’s FY24 DPS of EGP1.00 Dec 9: FOMC meeting Dec 10: FOMC meeting Dec 25: CBE’s MPC meeting Jan 29: Distribution date of the second installment worth EGP0.54 of HELI’s EY FY24 DPS of EGP1.34
