VAT fight starting. Hilton opening 5 properties in Egypt. Emaar Misr IPO within 6 weeks. Abraaj seeks financing for El-Shamadan buy. We won’t have 600 MPs. Ramadan countdown begins. KSA ends first phase of Yemen campaign.

WHAT WE’RE TRACKING TODAY

The next session in the retrial of former Al-Jazeera English bureau chief Mohamed Fahmy and producer Baher Mohamed is scheduled to take place this morning.

The Arab Fund for Arts and Culture (AFAC) Film Week 2015 winds up today Find the schedule of films on AFAC’s website here and directions to Zawya Cinema in downtown Cairo here.

The 11th Al Mal-GTM Money and Finance Conference closes today at the Four Seasons Nile Plaza Hotel, Cairo.
The two-day World Green Economy Summit gets underway in Dubai. Visit the official website here.

ON THE HORIZON

The Central Bank of Egypt’s Monetary Policy Committee will meet tomorrow to review interest rates. Overnight rates stand at 9.75% for lending and 8.75% for deposits heading into the meeting.

The Middle East Solar Industry Association (MESIA) is organizing what it’s billing as a Renewable Energy Trade Mission to Egypt from 28-29 April at the Marriott Palace Hotel in Zamalek, Cairo. Prime Minister Ibrahim Mahlab will be attendance, along with the ministers of electricity, finance and the head of the NREA. The event will feature roundtable discussions with government officials and industry leaders. The agenda of the two-day event may be found here (pdf), and the registration form here (pdf).

LAST NIGHT’S TALK SHOWS

The death of renowned Egyptian poet Abdel Rahman Al Abnoudi was the main feature on last night’s talk shows. Presenters on all the major channels paid lengthy tribute to Al Abnoudi’s life and his contribution to Egyptian literature and culture.

“There will never be another Abdel Rahman Al Abnoudi. He lived through and documented all of Egypt’s wars and revolutions starting with 1952 and ending with June 30. If we turn the page now, we will find that the next chapter there is full of mediocrity. There is no one like him and there never will be,” said Amr Adeeb.

Khaled Abu Bakr praised the 20-year prison sentence that has been handed down to Mohamed Morsiand 14 other Islamists for inciting violence that led to the death of ten people at Ittihadiya presidential palace in December 2012: “Justice has been served. The verdict can be appealed, but I really don’t see this happening.”

Adeeb spoke on the phone to Morsi’s lawyer Al Sayed Hamed, who claimed that Morsi still believes that one day he will resume his “rightful place as President of Egypt.”

Finally, Abu Bakr also praised the Saudi offensive against Yemen and the timely manner in which the airstrikes began and ended. “The Kingdom of Saudi Arabia should be proud and the Arab countries that supported the airstrikes should be proud. We have achieved our goals and it’s now time to move to the next phase,” said Abu Bakr.

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SPEED ROUND

News that the number of parliamentary seats has increased to 600 is untrue, according to an unnamed source at Cabinet. The new election law will see the number of electoral districts rise to 35 from 30 at present, the source added, but the government has not yet finished redrafting the law, provisions of which were struck down on 1 March by the Supreme Constitutional Court. Multi-stage elections for the House of Representatives were to have begun on 21 March.

The Federation of Egyptian industries is up in arms over a leak (which we noted yesterday) that the value-added tax will be set at a flat 15%, calling for it to be capped at 10%, according to Chairman Mohamed El Sewedy. Any increase over 10% will impact production negatively and have inflationary effects, El Sewedy said.

Abraaj seeking financing for its acquisition of El Shamadan: Abraaj Capital is in talks with domestic banks to fund its acquisition of a majority stake in El Shamadan, according to a report in Al-Mal. CIB, Bank Audi, and Ahli United Bank have presented offers to lend Abraaj the EGP 250 mn sought. The due diligence process is expected to be complete in three months.

EGX to launch electronic disclosure system on Thursday: The bourse announced its intention to launch an electronic disclosure system for listed companies on Thursday, Al-Masry Al-Youm reports, noting that EGX30 constituents will be the first to use the new system, with wider implementation taking place gradually. EGX chief Mohamed Omran says electronic disclosure will improve the bourse’s global competitiveness.

Hilton Worldwide to build five new hotels in Egypt over the next three years: Hilton Worldwide is planning to increase its base of hotels in Egypt to 23, adding 2,728 rooms in the process. The chain is opening a 197-room DoubleTree by Hilton in Ain Sokhna in 2017 (its first under the DoubleTree brand). Hilton Maadi is set to begin operations in 2017 as well. The chain’s head in Egypt noted a pickup in tourist spending in Egypt which he says went up from USD 63 per tourist per night in to USD 73 in 2014 and he expects this to rise by a further USD 12 in 2015. (Read in Arabic)

Emaar Misr’s IPO will go forward within six weeks, EGX chief Mohamed Omran said yesterday, saying the Dubai-based property giant’s decision to list its local subsidiary in Egypt reflects very well on the attractiveness of the Egyptian market. Earlier this month, the EGX authorized the company to raise its capital to EGP 4.5 bn from EGP 1 bn. (Read in Arabic)

Finance Minister Hani Dimian has approved EGP 4.3 bn in emergency spending, according to Al Shorouk. EGP 1.85 bn is going to the Ministry of Electricity and EGP 1.66 bn to the General Authority for Supplies and Commodities, with the remainder going to a basket of other government entities and to support public sector companies.

The Ministry of Electricity has submitted its forecast fuel requirements for the next five years, an unnamed oil ministry source told Al Shorouk. Representatives from the ministries of petroleum and electricity will meet to discuss the electricity sector’s requirements. Media reports had claimed earlier this week that the Petroleum Ministry had already locked-in the Electricity Ministry’s requirements for the month of August.

Egypt’s e-commerce activity expected to double, says Souq.com co-founder: Ronaldo Mouchawar notes that growth in e-commerce in Egypt will be driven by high mobile penetration. The piece also quotes from a MasterCard study of online shopping behavior which notes that 52% of Egyptian respondents had made an online purchase in the three months prior to the study, mainly preferring local sites as opposed to those abroad. (Read)

Old News: Spanish wind turbine manufacturer Gamesa announced in a press release on Tuesday that it has signed a contract for the turnkey construction of a 220MW wind farm in the Gulf of El Zayt wind farm on the Red Sea. However, readers may recall that we had originally made note of the announcement on 18 February, and the release itself notes that the agreement was actually signed in the first quarter of 2015. (Read the release)

SIS chief says reforms beat tax breaks: The State Information Service’s Salah Abdel Sadek says ongoing legislative reforms including the new investment law, civil service law and tax codes will do more to promote investment than tax breaks and investment incentives, which he claims are often a burden on state coffers.(Read in Arabic)

President Abdelfattah El Sisi issued two decrees yesterday, including:

• Law 22 for 2015, as an amendment to Chambers of Commerce Law (189 / 1951). The law makes it acceptable for chambers of commerce to establish companies by themselves or in partnership with other already-incorporated firms. (Read in Arabic)
• Law 23 for 2015, which amending some provisions in the Construction Law (law 119 / 2008). (Read in Arabic)

Ramadan kicks off in less than two months, and the annual flood of pre-Ramadan stories has begun. It’s as if someone flipped a switch. Not only will Egyptian Premier League matches be broadcastduring evening hours in Ramadan, the Electricity Ministry will do its level-best to keep the lights on with its latest “emergency plan,” this one for the Holy Month. Right on cue, Minister of Supply Khaled Hanafi made the government’s annual announcement that the ministry will ensure the availability of subsidized food items for the month of Ramadan through the government-owned Food Industries Holding Co. (FIHC) and other consumer cooperatives and government sponsored wholesalers. The FIHC will revamp the operations and management of all 43 of its subsidiaries in an effort to boost profitability, the minister added. Meanwhile: A maker of Egypt’s traditional Ramadan fawanees (lanterns) discusses the government’s recent decision to ban imports of Chinese souvenirs. Unsurprisingly, he supports the decision. (Watch in Arabic, running time: c.2 minutes) Subsidized or not: We can already taste the lokmet el-kadi…

End of Decisive Storm operation in Yemen, beginning of new phase -Saudi Defense Ministry:According to a statement published by the Saudi Ministry of Defense, (Read in Arabic) the aerial bombing campaign in Yemen dubbed ‘Operation Decisive Storm’ will come to a halt, initiating a new phase being termed ‘Renewal of Hope’ which will include diplomatic and political efforts, NPR reports. The Saudis state that the airstrikes had “successfully managed to thwart the threat on the security of the Kingdom of Saudi Arabia and neighboring countries through destruction of the heavy weapons and ballistic missiles seized by the Houthi militias and troops loyal to (Ali Abdullah Saleh), including bases and camps of the Yemeni army.” The New York Times, citing unnamed American officials, say that the end of the campaign came as a direct result of American pressure over civilian casualties. (Read)

Prime Minister Mahlab apologizes to museum curator who had been publicly ridiculed for her weight by the Minister of Culture: “Please forgive him [the Minister of Culture],” said the prime minister to Alexandrian museum curator Azza Abd El-Moneim. “I do not accept for any Egyptian citizen to feel insulted nor [have their] dignity humiliated … What he [the culture minister] has done, is an inadvertent error and I personally ask you to please forgive him,” according to Abd El-Moneim. Prime Minister Mahlab also signed a copy of the raise which Abd El-Moneim had been owed, reports Daily News Egypt. (Read)

Tons of phosphate dumped into Nile in barge incident: As much as 500 tons of phosphate has been dumped into the River Nile near Qena following a barge accident, Ahram Online reports, raising fresh questions about transportation safety.

Britain gave LetterOne a six-month deadline to sell the North Sea gas fields acquired with the takeover of RWE’s DEA. The UK’s Energy Minister Ed Davey “proposes to revoke DEA UK’s North Sea petroleum licences unless LetterOne arranges for a further change of control of the DEA UK gas fields in the North Sea”, Reuters reported with LetterOne declining to comment. The British government has proposed to buy the fields, a source told Reuters with another saying there is no reason to believe LetterOne will not be able to find a suitable buyer in the allotted timeframe.

BP isn’t in a hurry to merge with or acquire anyone, chief executive Bob Dudley told an industry gathering yesterday, saying “I’m not sure big is … beautiful.” His comments follow sustained speculation that BP and Exxon may be prompted by the BG-Shell lash-up to consider transactions — possibly even with each other.

The Wall Street Journal has a long, meaty take this morning using Indonesia as a lens through which to look atwhy global growth in internet users is slowing down — and what actors ranging from Google and Facebook to small startups are doing to get the entire world online as soon as possible. Fast fact: The paper quotes a McKinsey & Co. study that found the growth of world-wide Internet users slowed to a compound annual growth rate of 10.4% from 2009 to 2013, down from 15.1% between 2005 and 2008.

European Commission ten-point action plan on migration: In light of the recent capsizing of a boat carrying migrants headed from North Africa to Europe, in which it is feared up to 700 people have drowned, and against the backdrop of a humanitarian disaster where over 4,868 people have died in their attempt at the same crossing, with 220,000 migrants coming by the same route in 2014, the European Commission issued a 10-point plan of action on Monday. The statement may be read here, and involves calling upon members to devote greater resources to intercept and prosecute human traffickers and more rapidly process asylum requests. Meanwhile, Italy has arrested two suspects for their part in trafficking the migrants who drowned in last weekend’s incident.

Whatsapp Voice is rolling out to iOS: Parents of college-aged children will have an alternative to the tyranny of FaceTime and Viber now that the multi-week rollout of voice calling to iOS devices has begun.

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A MESSAGE FROM PHAROS HOLDING

The EGX is teetering on the edge of bear territory. From a technical perspective, here’s why.

For far too many investors and traders — and almost all of our colleagues in the media — the EGX 30 is the only benchmark that matters. If it’s up, the market is beautiful. If it’s down, run for the hills. Their singular focus on one index that is dominated (at best) by the performance of three stocks is giving a false perception that ours is a “strong equity market.” Widening our scope to include the EGX 70 and the EGX 100 shows a much edgier picture: The EGX 100 is already testing a major support level, and the EGX 70 is on the downtrend.

What does this mean for investors? Keep a careful eye on bellwether Commercial International Bank (COMI). If it breaks the EGP 54 barrier on the downside, it’s a signal the market is weakening. If it breaks below EGP 51, all bets are off. If you’re following the EGX 30: Our view is that the index breaking the 8,400 support level will be negative for the entire market, and that anyone looking to open trading positions should wait for a break above 9,000.

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VIDEO

While SNL celebrated its 40th anniversary this past February, we here at Enterprise are going to go ahead and celebrate it for the remainder of the year. Once again, we return to Molly Shannon, who gives a pretty ruthless portrayal of Courtney Love here in The Courtney Love Show. Viewer discretion advised, the following may be offensive to some viewers. You’ve been warned. (Watch, running time: 6 minutes)

Old but still good: Mahmoud Azab as Tawfiq Okasha, reviewing his educational credentials. (Watch in Arabic, running time: 2 minutes)

This clip by Azab as Okasha is pretty great too, although the audio is a half-second or so out of sync with the video, but it doesn’t do much to detract from its entertainment value. (Watch in Arabic, running time: 56 seconds)

EGYPT IN THE NEWS

As would be expected, the lead story on Egypt in the foreign press is the sentencing of Mohamed Morsi to 20 years in prison for his role in inciting the murder of protesters in the Ittihadiya clashes of 2012.

U.S. State Department acting spokesperson Marie Harf, during her daily press briefing, said the following when asked about the verdict: “We are concerned by these sentences. All Egyptians regardless of political affiliation are entitled to equal and fair treatment before the law, including their full respect for their rights to due process. We will review the basis of the verdict, which I understand the Egyptian court will make public soon. I don’t think we’ll have much more analysis to do before we review that basis of that verdict. And at that point we’ll probably have more comment.”

One would hope such a review would include a second look (or, for some people, a first look) at Mohamed Morsi’s televised address to the Egyptian people on 6 December 2012, while the clashes were still ongoing, where he directly implicated himself in the abduction and torture of anti-Morsi protesters by Ikhwan civilians by referring to their interrogations, which had taken place before being handed over to the police. (Watch in Arabic, running time: 1 minute 32 seconds).

This oft-forgotten point is raised by EIPR lawyer Hoda Nasrallah in this Q & A by Mada Masr published on Tuesday: “The numbers of anti-regime protesters dwindled outside the palace on the morning of December 5.Clashes commenced when Morsi supporters attacked them, abducted and unlawfully interrogated many of them, then handed them over to police. It became clear that the president’s loyalists had come out in larger numbers, and with more firearms. A large number of injuries were reported in the course of the clashes, along with 10 fatalities. The police referred 54 individuals abducted by Morsi loyalists to the prosecution. However, the general prosecution ordered their release — despite Morsi’s statements to the contrary in a televised address delivered on December 6. “

Voice of America picked up Harf’s press briefing comments in their piece, adding to them remarks by Michele Dunne. However, a certain passage sandwiched in between quotes by Dunne is explicitly attributed to the scholar, which makes it unclear if the statement belongs to the piece’s author, Mary Alice Salinas, or to Dunne: “The potential for more instability will most likely grow as Egyptians face increased repression, a growing insurgency, a worsening economy and high unemployment, particularly among young people.” Regardless of its authorship, the claim regarding the worsening of the economy leaves out references to any sort of numbers or metrics. Both the World Bank and the IMF have noted that recovery in Egypt’s GDP.

The New York Times has published their bi-monthly editorial on Egypt, focusing on the life sentence of dual American-Egyptian national Mohamed Soltan, son of Ikhwan figure Salah Soltan. The editorial takes pains to note that Soltan is not an Ikhwan member or supporter, without making any mention of his father’s affiliation. (Read ‘Egypt Sentences an American to Life‘)

Mohamed Fahmy cautiously optimistic about retrial verdict: Former Al Jazeera English Bureau Chief Mohamed Fahmy expresses cautious optimism about his ability to return to Canada following news on Monday that Canada will issue him a new passport, in comments carried by Canadian media outlet CBC News. (Read)

WORTH READING

Simon Henderson, Baker Fellow and Director of the Gulf and Energy Policy Program at the right wing thinktank The Washington Institute writes on Saudi defense minister Prince Muhammad bin Salman (who he refers to as MbS for short) in Saudi Arabia’s ‘Inexperienced Youngster’: “In many respects MbS is the face of Saudi Arabia’s month-long operation in Yemen … much speculation continues about his age … Reports of his birthdate vary from 1980 to 1985, with an outlier of 1988, making him possibly as young as twenty-seven … Despite almost daily Saudi communiques depicting successes in the Yemen conflict and widespread public support, the reality suggests little movement on the ground: the Iran-linked Houthis are unable to gain full control of the southern port city of Aden, and supporters of President Hadi are too weak to overcome Houthi domination of the capital and other major towns. Meanwhile, al-Qaeda in the Arabian Peninsula (AQAP) has freedom of operation in a sizable swath of the country to the east of the Sana-to-Aden axis.” (Read)

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

EGP 20.9 bn paid to subsidize electricity production
Al Borsa | 21 April 2015
EGP 20.9 bn were allocated to the Ministry of Electricity, according to the head of the budget sector at the finance ministry, who noted that that the money was to subsidize electricity production during the first three quarters of the fiscal year. EGP 18.4 bn went to pay for oil products going to power stations and the rest withdrawn in advance to pay for LNG imports. (Read in Arabic)

Siemens to build a power plant for ETHYDCO
Al Mal | 21 April 2015
Siemens was awarded a USD 120 mn contract to build a power plant for The Egyptian Ethylene & Derivatives Company (ETHYDCO). The closed cycle gas plant is set to produce 70 MW and will power ETHYDCO’s drive to supply the oil ministry’s projects. A temporary plant will be built by Mantrac for USD 35 mn until Siemens’ permanent plan is complete. (Read in Arabic)

Maintenance and repair works to power stations 90% complete
Al Borsa | 20 April 2015
The Egyptian Electricity Holding Company (EEHC) announced the completion of 90% of the maintenance and repair works to power stations across the country. Only 4-5 units out of 218 power generating blocks currently face operational problems, the source at the electricity ministry said. The maintenance drive is done is preparation in to intensive demand in the summer months and costs EGP 1.4 bn annually. (Read in Arabic)

Smart Village negotiates selling excess electricity from solar power station to the government
Al Masry Al Youm | 21 April 2015
Smart Village is seeking to sell any excess electricity generated from the recently inaugurated solar power station to the government. The sale will be done in accordance to the feed-in-tariff. The station, run using photovoltaic solar panels, seeks to produce 200MW once the project is complete, up from 60MW currently. (Read in Arabic)

OIL & GAS

EGP 7.6 bn allocated to refurbish fuel transportation network
Al Mal (Print) | 21 April 2015
EGP 7.6 bn has been allocated to refurbish the fuel transportation infrastructure, the Minister of Petroleum Sherif Ismail told Al Mal. The investments injected ensure a more efficient delivery of crude and petroleum products and should reflect positively in the domestic energy market. The ministry is also working currently on expanding its butane storage capacity. CI Capital and EFG Hermes are still promoting the ministry’s EEDC projects, Al Mal was informed. Ismail added that the ministry is currently engaged in USD 25 bn in investment projects and has already revised multiple pricing agreements with companies including BG and RWE.

HEALTHCARE

CAPMAS: Public expenditure on healthcare reaches EGP 370 mn in December
Al Borsa | 19 April 2015
According to CAPMAS, state expenditure on healthcare rose 13.8% from EGP 325.7 mn in Nov 2014 to EGP 370.7 mn in Dec 2014, growing of 19% year on year from EGP 311.6 mn in Dec 2013. This comes despite a 8.8% year on year drop in the number of patients whose health was covered by the state. (Read in Arabic)

Egypt requests new USD 300 mn World Bank loan for health sector
Daily News Egypt | 21 April 2015
Egypt is currently in negotiations with the World Bank to receive a new loan of USD 300 mn to support health care in government hospitals, according to Daily News Egypt, citing Senior World Bank Economist‏ Ahmed Kouchouk. This is set to occur through the provision of medical equipment and the removal of deficient drugs from government hospitals. (Read)

REAL ESTATE & HOUSING

ADNC to invest EGP 800 mn in Cairo and Alexandria projects
Al Borsa | 21 April 2015
Kuwait’s Al Dar National Real Estate (ADNC) is investing EGP 800 mn in four projects in Cairo and Alexandria. The developments are set to begin in 2H2015 with a two-year EGP 340 mn project in New Cairo. ADNC had already bought 105 feddans in Alexandria to develop three residential and commercial projects. The Alexandria projects will see EGP 470 mn in investments and already 40% of the construction works there are complete. (Read in Arabic)

Sisi calls on government to construct urban community in Farafra
Youm7 | 21 April 2015
During his meeting with the Minister of Housing, President Abdelfattah El Sisi called on the government to commence construction of an urban development project in Farafra. Additionally, the president requested that the government complete its development activities in the village of Horria. The president demanded that both projects be completed by October 2015, in time for the national holiday. (Read in Arabic)

BANKING & FINANCE

President of Egyptian stock exchange: Tax Law’s executive regulations are confusing
Al Mal | 21 April 2015
According to the president of the Egyptian stock exchange, the executive regulations which govern Egypt’s tax law lack simplicity, and are at times incomprehensible. Regulations pertaining to taxes owed by foreign entities lack clarity, said the source. The president also lamented the government’s for introducing the executive regulation 10 months after promulgating the tax law. (Read in Arabic) On a related note, the official called on the government to create an independent entity which would be tasked with increasing cooperation and coordination between Egypt’s fiscal and monetary decision making bodies.

OTHER BUSINESS NEWS OF NOTE

Environmental sustainability studies needed before nuclear power plant construction
Al Borsa | 21 April 2015
Environmental sustainability studies are needed before construction works at the Daba’a nuclear power station project begins, Hussein Abaza, the lead advisor to the environmental affairs minister, said. The development of new urban communities needs to be preceded by sustainability studies, Abaza insists noting that the costs would be higher if environmental catastrophes ensued. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

EGP 37 bn added to the official economy, says supplies minister
Amwal Al Ghad | 21 April 2015
The government has managed to add EGP 37 bn from the grey economy to the official economy, the Minister of Supplies, Khaled Hanafy said. The minister added that bakeries, mills, and ration grocery shops in 27 governorates were linked to the national banking system. Hanafy noted the need for large investments in order to achieve inclusive economic growth saying that the government took into account the timeframe and geographic impact of these projects. (Read in Arabic)

Government makes progress on Suez Canal project
Al Borsa | 21 April 2015
According to a high-ranking official from the Suez Canal Authority, the New Suez Canal project is 57% complete. The government is also nearing completion of the final draft of the master plan for the Suez Canal Development Project, added the source. (Read in Arabic)

REGIONAL

Kuwait Petroleum subsidiary mulling international acquisition
Sky News Arabia | 21 April 2015
Kuwait Foreign Petroleum Exploration Company (KUFPEC), a subsidiary of the Kuwait Petroleum Corporation, is mulling an international acquisition, the company’s CEO said. Given the international energy price levels, acquisitions are becoming more lucrative as KUFPEC is seeking to expand its international presence. The company is now looking for attractive takeover opportunities across the world, including in the USA. (Read in Arabic)

ON YOUR WAY OUT

Concerns over the EGX losing out to competition from regional markets are premature and exaggerated, says EGX chief Mohamed Omran. Speaking at the Almal / GTM Money and Finance Conference, Omran took pains to reassure investors that Saudi Arabia will not Egypt Egypt’s lunch, noting that the Egyptian market is performing well and acknowledging that more could be done to liberalize the market, especially on the issue of easing taxation. He added that with Kuwait cancelling taxes on trades and the Saudi opening to foreigners, Egypt will face stiffer regional competition. However, he pointed out that any potholes faced by the stock market will not have a lasting and destructive on the economy as a whole, adding that their there is a clear line separating the health of the stock market and the health of the fundamentals-rich economy, Al Borsa reports. Also yesterday, Omran warned that domestic and regional factors could sap the EGX’s energy heading into the second half of the year despite six companies having raised twice the capital in 2015 YTD as was raised in 13 offerings in FY2014, Ahram Online reports.

Omran’s views were echoed by Ahmed Marwan, chairman of Sigma Capital, who told Al Mal on the sidelines of the same gathering that the opening of the Saudi market will have a minimal impact on the EGX as foreign investors make up only 18% of trades in the EGX. He added that these foreigners will not necessary divest from Egypt and will not view the Saudi market as an “alternative.”

The board of the General Authority for Reconstruction Projects & Agricultural Development(GARPAD), is looking into raising the cost of fees regarding building violations (specific to buildings and resorts) on the desert or agricultural roads owned by GARPAD – to a minimum of EGP 500 per sqm, and a maximum of EGP 2 mn per feddan. (Read in Arabic)

A subsidiary of Amer Group has acquired Genwa For Touristic Investment for EGP 70 mn, according to Amer CFO Riad Refaat in comments made to Al Mal on Tuesday.

BY THE NUMBERS

USD CBE auction (last sale Monday, 20 April): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Tuesday, 21 April): 7.65 (unchanged from Wednesday, 15 April)

EGX30 (Tuesday): 8,575.27 (-0.24%)
Turnover: EGP 382.1 mn (32% below the 90-day average)

WTI: USD 56.31 (-0.53%)
Brent: USD 61.95 (-0.21%)

TASI: 9,558.9 (-0.3%)
ADX: 4,679.1 (+0.5%)
DFM: 4,123.0 (+0.7%)
KSE Weighted Index: 432.0 (-0.7%)
QE: 11,977.4 (+0.5%)
MSM: 6,329.9 (+0.1%)