Wednesday, 3 January 2018

It’s a day of M&A news


What We’re Tracking Today

State of emergency extended for another three months: President Abdel Fattah El Sisi issued a decree yesterday extending the state of emergency for another three months as of 13 January. Emergency law was first imposed in April after a terror attack on two Coptic churches killed 45 people, and later extended in July and again in October for three months each time. “The latest extension was to allow security forces to ‘take (measures) necessary to confront the dangers and funding of terrorism and safeguard security in all parts of the country,’” Reuters reports, citing the state news agency. The decision comes days after an attack on a Helwan church and shop killed at least 11.

The prosecutor general filed murder charges yesterday against the man implicated in the attack, Reuters also says. The man was “receiving medical treatment in custody for injuries sustained in an exchange of gunfire with authorities outside the church. The prosecutor ordered him detained pending investigations, the sources said.”

Internet services have been “fully restored” after a brief disruption, Telecom Egypt (TE) announced yesterday on its Facebook page. The service interruption was the result of a tear in one of TE’s submarine cables in the Mediterranean Sea, the company said in a statement carried by Al Shorouk. “Users have complained that the disruption of the service lasted anywhere between four days to two weeks,” Reuters notes. TE said it was offering its subscribers additional capacities to makeup for the disruption now that the service is back. A top official from Orange Egypt tells Youm7, though, that the problem would still be fixed today.

On The Horizon

The Finance Ministry will meet next week with the five banks selected to manage Egypt’s upcoming USD 4 bn eurobond issuance, Minister Amr El Garhy tells Al Mal. The two sides will discuss the plan for the issuance, including the timing of the roadshow and the appropriate tenure of the bonds. As we noted yesterday, the ministry has selected HSBC, Citigroup, JPMorgan Chase & Co, Morgan Stanley, and National Bank of Abu Dhabi to manage the issuance. Al Tamimi & Co. and Dechert LLP have been chosen as legal advisers.

The National Elections Commission will detail the timeline and procedures for the May 2018 presidential elections in press conference on Monday, 8 January, Al Mal reports.

Conflicting reports about Pence’s Middle East trip: Reports over US Vice President Mike Pence’s planned visit to Israel and Egypt are conflicting, with US officials confirming the postponed trip is still on, and Israeli officials saying the visit is not on their schedule. Pence was expected to fly into the region last month, but his visit was delayed soon after President Donald Trump publicly recognized Jerusalem as the capital of the state of Israel.

The Trade and Industry Ministry announced plans to launch an SME development program during 1Q2018, which will aim to aid job creation and increase the sector’s contribution to national GDP.

Enterprise+: Last Night’s Talk Shows

The Supply Ministry was in the limelight on the airwaves last night, a day after it passed its price-printing policy, and ahead of other anticipated reforms.

Minster Ali El Moselhy told Hona Al Asema’s Lamees Al Hadidi that moving from in-kind subsidies to cash handouts requires thorough studies, without which the transition would not be possible, despite how costly commodity subsidies are to the state. Some 950k new citizens are being brought into the subsidy system under the Takaful and Karama program, he also told the host.

El Moselhy also discussed his ministry’s new internal trade strategy, which he had unveiled last year, explaining how it should help reduce cost by cutting down on agricultural commodity waste (watch, runtime: 13:01).

Over on ONTV, Supply Ministry adviser Mohamed Sewed sang a different tune on the issue of the transition to cash handouts. He rang in to say that the ministry has no current or future plans to make the switch. He noted that subsidy card holders are currently able to use their surplus bread points to buy other subsidized commodities, but stressed that the system is centered around bread — a dietary staple for Egyptians (watch, runtime: 5:22).

Al Hayah Al Youm’s Tamer Amin spoke to Assistant Supply Minister Ayman Hossam El Din about the price-printing decree. Hossam explained that while the policy doesn’t impose any price controls, it forces vendors to be upfront about prices, in addition to printing receipts for every transaction (watch, runtime: 23:47).

Meanwhile on Kol Youm, Amr Adib discussed his favorite topic — this year’s presidential elections — with National Elections Commission spokesperson Mahmoud El Sherif, who said that candidates will be allowed to pay up to EGP 20 mn on advertisements and promotion. Candidates will have to finance their campaigns using special bank accounts set up for the occasion to allow the the commission to track and monitor their spending, he explained. The spending cap is inclusive of donations, which must be deposited in the accounts, El Sherif said (watch, runtime: 14:00).

Adib also discussed the apparent crisis in fish production with the head of the fish division at the Federation of Egyptian Chambers of Commerce, Ahmed Gaafar, who said that output has been on the decline due to Egypt’s water resources being negatively affected over the past 15 years (watch, runtime: 3:12).

Masaa DMC’s Osama Kamal spent his evening talking about development projects the government is planning to implement throughout the year. He spoke to South Sinai Governor Khaled Fouda about his governorate’s planned EGP 450 mn water desalination plant, as well as a new EGP 3.5 bn highway that will allow commuters to travel between Cairo and Sharm El Sheikh in four hours. Orascom Construction, Arab Contractors, and the Engineering Authority are working together on the highway (watch, runtime: 2:31).

Speed Round

Speed Round is presented in association with

Egypt repaid USD 30 bn in foreign currency debt in 2017 and is set to pay off more than USD 12 bn more in 2018, MENA said, as per Reuters. Egypt’s debts stood at USD 79 bn at the end of FY 2016-17, the report notes. The central bank had said it closed 2017 by paying over USD 2 bn in debts to AfreximBank and other international creditors, and is set to pay USD 700 mn to Paris Club debtors this month.

M&A WATCH- UAE-based Emirates Healthcare Group signed a strategic partnership agreement with Egypt’s Alameda Healthcare Group, according to Trade Arabia. “The population of Egypt has reached 91 mn, yet the number of hospital beds available is less than two beds per 1,000 people. With an annual population growth of 2.2%, Egypt desperately needs more hospital beds and improved quality of healthcare services, which this partnership will help provide,” said Khalifa Bin Butti, the Chairman of investment group KBBO, of which Emirates Healthcare Group is part. The terms of the agreement were not clear, but Fahad Khater, currently Alameda’s Chairman, will manage and head the group in Egypt as well as take over the role of vice chairman of Emirates Healthcare Group. Sources had speculated last week that rival UAE-based group NMC Healthcare was in talks to acquire Alameda.

M&A WATCH- CI Capital completes acquisition of 80% of Reefy: CI Capital announced yesterday that it has completed the acquisition of an 80% stake in microfinance provider Reefy. The acquisition was first announced last October. “CI Capital’s management plans to integrate Reefy into its non-banking financial services business,” the announcement said, adding that Reefy’s management team “will continue to lead the business given their proven ability to develop financing solutions.” The value of the transaction was not disclosed.

M&A WATCH- EKH receives approval to increase stake in Delta Insurance to 99%: Egypt Kuwait Holding (EKH) received approval to increase its stake in Delta Insurance to 99% from 32.026%, according to a bourse disclosure. EKH says it intends to submit a mandatory tender offer to the Financial Regulatory Authority to acquire the stake at proposed price of EGP 20 per share.

Investors should keep an eye on the presidential elections slated for this year, Bloomberg says in its guide for what investors should watch for in 10 key African markets in 2018. The elections will signal if the president will move ahead with the “deep economic reforms that have gone down well with portfolio investors, but left ordinary Egyptians reeling from subsidy cuts and high inflation.” The report says Africa was a “happy hunting ground” last year, “but risks abound, among them policy tightening in advanced economies, local and global politics, weakening currencies and another fall in oil prices. And then there is credit risk.”

Emerging markets equities are starting off 2018 strong, climbing higher yesterday and “extending strong gains from 2017 that were driven by the strength of the world economy and expectations for mild tightening in monetary policy by central banks in the developed world,” the Financial Times says. Having had such a strong 2017, emerging market equities are expected to remain on a steady upward trend, with some analysts even seeing them growing even further this year than last. “Companies have reduced wasteful investments, and our math finds free-cash-flow yield for non-financials exceeds that of DMs for the first time since 2007. Return on equity is finally improving and valuations are rising,” BlackRock’s global chief investment strategist, Richard Turnill, said.

…If you had any optimism for 2018, Eurasia Group wants you to forget it. “Yes, markets are soaring and the economy isn’t bad, but citizens are divided. Governments aren’t doing much governing. And the global order is unraveling. The scale of the world’s political challenges is daunting. Liberal democracies have less legitimacy than at any time since World War II, and most of their structural problems don’t appear fixable. Today’s strongest leaders show little interest in civil society or common values,” Eurasia says in its annual forecast of the world’s political risks. Trying to knock off the world’s collective NYE hats off, Eurasia says “if we had to pick one year for a big unexpected crisis—the geopolitical equivalent of the 2008 financial meltdown—it feels like 2018. Sorry.”

The report lists the top ten risks of the year, which include China’s appetite for operating in a “vacuum,” the potential for any misstep or misjudgment to provoke serious international conflict, the global cold war in tech, the erosion of institutions in the developed world, and the rise of protectionism. The report is available in full here or you can watch Eurasia’s President Ian Bremmer discuss the risks for 2018 with group Chairman Cliff Kupchan (runtime 10:00).

MOVES- Jim House was appointed CEO of Neptune Energy, according to OE. House was most recently Apache Corp’s Senior Vice President responsible for Egypt, Mid-Continent US, Gulf Coast, Gulf of Mexico and International New Ventures. He was previously also responsible for Apache’s Joint Venture businesses with EGPC.

MOVES- Mohamed Fathalla was appointed as the new managing director at Blom Egypt Securities last week, Al Borsa reports. Fathalla was also tapped last month as Marseilia Egyptian Gulf Real Estate Investment’s deputy chairman. He previously served as managing director at Al Tawfeek Leasing Co.

LEGISLATION WATCH- The House of Representatives’ Economics Committee postponed its vote on the Consumer Protection Act to next week yesterday in order to review suggestions from the Federation of Egyptian Industries and the Federation of Egyptian Chambers of Commerce. The recommendations include adding food safety that comply with the Food Safety Act and amending the wording of one article in the legislation, Al Masry Al Youm reports. The current draft of the legislation imposes a fine of at least EGP 100k on individuals found guilty of hoarding strategic commodities or selling products that result in a permanent injury or disability to the buyer, according to Al Mal. Business associations had previously lobbied against heavy penalties imposed by the act, attempting to reduce them to fines rather than prison time.

Saudi Arabia’s ban on Egyptian guava imports comes into effect on 18 January, sources from the central quarantine administration tell Al Borsa. Until then, the kingdom will be accepting contracted shipments that prove safe enough for consumption. Saudi had issued a temporary ban on guava imports from Egypt due to concerns over unsafe levels of residual pesticides, prompting the Agriculture Ministry to issue tighter regulations that aim to ensure the quality of exported goods. The new directives — under which cargo will be examined at least twice and could be rejected entirely if a single sample proves to be contaminated — will be sent over to the Saudi environment minister to make a case for lifting the ban. Saudi Arabia is one of several Gulf countries that banned imports of various Egyptian crops last year due to residual pesticide levels, which has had the government working to develop and adopt new quality control measures for agricultural exports.

2017 was the safest year for commercial airlines, Dutch aviation consulting firm To70 and the Aviation Safety Network say, according to Reuters. There were no recorded accident death in commercial passenger jets in 2017. “To70 estimated that the fatal accident rate for large commercial passenger flights is 0.06 per mn flights, or one fatal accident for every 16 mn flights…The Aviation Safety Network said 2017 was ‘the safest year ever, both by the number of fatal accidents as well as in terms of fatalities.’” The last fatal passenger jet airliner accident in the world was in November 2016 near Medellin, Colombia and the last commercial passenger aircraft crash to kill more than 100 people was the Metrojet flight crash in Sinai in October 2015.

CORRECTION- EFG Hermes topped the EGX’s brokerage league tables for December with a 15.55% market share, according to figures released by the Egyptian Exchange. CI Capital placed second with a 9.96% share, followed by Beltone (6.89%), Pharos (6.05%), and Pioneers Securities (4.81%).

For the full year 2017, the rankings run EFG Hermes (19.08%), CI Capital (9.44%), Beltone (5.16%), Pharos (3.82%), and Mubasher (3.36%). We apologize for the errors in yesterday’s edition. The entry has been corrected on our website.


Enterprise is available without charge — just visit our English or Arabic subscription page, depending on which edition you would like to receive. We give you just about everything you need to know about Egypt, in your inbox Sunday through Thursday before 7am CLT (8am for Arabic), and all we ask for is your name, email address and where you hang your hat during business hours.

The Macro Picture

Welcome to the era of MiFID II: Today is the first day for banks and financial institutions in the European Union to operate under Markets in Financial Instruments Directive (MiFID) II laws. The new regulations force fund managers to pay for the research they use and requires investment banks to charge separately for research and brokerage services to avoid conflicts of interest. “They can no longer call up their favorite analyst for free for the lowdown on what stocks are hot or how the latest twist in Brexit negotiations will affect their portfolios. They may not even be able to access the hundreds of research reports that have long inundated their email inboxes daily unless they intend to pay,” according to Bloomberg. The new regulations are designed to clamp down on so-called dark pools — private markets that allow investors to buy and sell large blocks of shares without revealing beforehand the size of the orders or the price they paid.

Banks and asset managers across the European Union have spent more than USD 2 bn preparing for MiFID II and markets are worried about the implementation of the new regulations, the news website adds. Some are likening it to the Y2K moment of 1 January 2000, when many feared the transition into the new century would create havoc on computer systems around the world. “Whether there are IT malfunctions or not, trading volumes are projected to drop across Europe in January as everyone adjusts to the new MiFID world. Given the enormity of the changes, regulators aren’t likely to slap fines on companies for failing to be in full compliance, at least not at first.” Bloomberg gives a brief explainer here (runtime 01:35).

Egypt in the News

State of emergency extension tops int’l coverage of Egypt on an otherwise quiet day: It was a quiet day for Egypt in the foreign press this morning, with coverage being primarily dominated by news that President Abdel Fattah El Sisi has extended the state of emergency for an additional three months starting 13 January. The move, which means to aid Egypt’s battle against terrorism, coincides with the execution of “four alleged Islamic militants following their conviction by a military tribunal in the killing of three military academy students in a 2015 bomb attack,” The Associated Press notes. Turkey’s Anadolu Agency and i24 News also have coverage.

Other stories worth a brief note this morning:

  • The Washington Post’s Marc Lynch draws a comparison between ongoing unrest in Iran and the cases of other neighbors including Egypt, Tunisia, Morocco, Jordan, and Bahrain.
  • Ibrahim Halawa says his health is still suffering from the four years spent pending trial in his Egyptian prison, according to The Irish Times.
  • TV presenter Azza El Hennawy has been sacked from state TV after allegedly joining the team of an Ikhwan-affiliated channel in Turkey, Gulf News reports.

On Deadline

The government is focusing all its efforts on preparing the new administrative capital and neglecting Cairo in the process, Soliman Gouda says in Al Masry Al Youm. The current capital’s issues are piling up but have been unaddressed, as it appears that the new capital is a much bigger priority. Gouda centers his argument on the introduction of double-decker buses, which he says are ill-fitted for Cairo’s narrow and pothole-littered roads, and will only offer a view of dilapidated and dirty buildings.

Worth Watching

A group of amputee footballers have put together a team they hope to one day grow into a country-wide league. The “Miracle Team,” which includes 25 members who train twice a week in Cairo, started out playing non-competitive, freestyle football. Their goal now is to expand the sport to other governorates in order to establish federation and league. Amputee Football has active federations in 42 countries and its World Cup is being played in Mexico this year, according to Reuters. Learn more about the rules and challenges facing the sport here (runtime 0:59).

Diplomacy + Foreign Trade

Foreign Minister Sameh Shoukry met with a delegation from the Syrian High Negotiations Committee and representatives of the Syrian opposition in Cairo yesterday, to discuss the latest developments on the ground and explore potential paths to unify the Syrian opposition, according to a ministry statement.


India’s L&T Construction to build Sokhna Gas substation

L&T Construction, the construction arm of India’s Larsen & Toubro, announced receiving an order from the Egyptian Electricity Transmission Company to develop a turnkey 500/220 kV Gas Insulated Substation in Ain Sokhna. The company did not provide the contract’s value.


New roads to be inaugurated on Monday

The National Authority for Roads and Bridges plans to inaugurate a number of new roads on Monday next week, which cost around EGP 8 bn to develop, Ahram Gate reports. The new highways will link the eastern and western sides of the country, connecting them to various cities along the Nile Delta.

Basic Materials + Commodities

Spanish orange producers feeling pressure from Egyptian, Turkish competition

Spanish producers of oranges are feeling the pressure of competition from Egypt and Turkey, Exportaciones Aguado Manager Vicente Aguado tells Fresh Plaza. “Egypt and Turkey are significantly increasing their exports…They are gaining more and more ground in Eastern Europe and in Russia, since Spain lost access to this market,” he says.


Three firms awarded industrial development allocations in Sadat City

Polaris Parks, Elsewedy Electric’s Pyramid Industrial Parks (PIParks) and Construction Products Holding Company (CPC) were awarded contracts for industrial land in Sadat City, Al Borsa reports. The three companies received a total 3.9 mn sqm, with Polaris and PIParks holding 1.4 mn sqm each and CPC receiving 1.1 mn sqm. No details on investment value have surfaced yet.

DANEVO to establish security device plant

Security systems distributor DANEVO is planning to establish a 5,000 sqm factory in either Port Said or the Suez Canal Economic Zone (SCZone) to produce remote control and gate and security systems, the firm’s Regional Director Mohammed Abdullah tells Al Borsa. The plant will aim to source 30% of its production inputs locally in its first year in operation and gradually increase that level over time. No details on investment value or timeline were provided.

Real Estate + Housing

Style Homes launches their first project with an investment of EGP 800 mn

Real estate developer Style Home has launched its first EGP 800 mn project in New Cairo, Al Mal reports. The 33,000 sqm development will house residential developments, an administrative complex, and a shopping mall.


Archaeologists uncover remains of 2,600-year-old temple in Kafr El Sheikh

A team of archaeologists discovered the remains of a temple and other ancient artefacts dating back nearly 2,600 years at the Tal Al-Pharaeen site in Kafr El Sheikh, Newsweek reports. The discovery included the bases of two limestone pillars, a partially damaged statue of King Psamtik, and another black granite statue of an unidentified royal. The archaeologists believe the findings are “part of a holy complex at the Hill of the Pharaohs.”

Telecoms + ICT

MNOs cap SIM card sales through distributors at 50 per month

The National Telecommunications Regulatory Authority (NTRA) has instructed Vodafone Egypt, Orange Egypt, and Etisalat Misr to sell no more than 50 SIM cards a month through their distributors, Al Mal reports. The move, which came into effect on Monday, is meant to restrict the distribution of unregistered mobile phone lines. Telecom Egypt’s WE has been exempted from the decision, an unnamed NTRA official tells Al Borsa. According to the source, WE’s distributors operate as franchises and therefore the limit on SIM cards is not applicable to them.

Subsea telecommunications cable connecting south Asia, east Africa to include Egypt

A Huawei Technologies-Global Marine Systems joint venture will begin conducting the route survey for a new subsea telecommunications cable connecting south Asia and east Africa that will eventually be extended to reach Egypt and South Africa, Data Center Dynamics reports. The cable relies on technology “used to increase bandwidth on fiber networks by transmitting multiple signals at once, at different wavelengths but on the same fiber.” The first phase of the project, which will see a 6,200-km-long cable extended from Pakistan to Djibouti, Somalia, and Kenya, should be complete by 2019’s end. It remains unclear when the cable will be extended to Egypt.

Automotive + Transportation

Suez Canal Authority renews tariff discounts for 2018

Discounts on fees for container ships, dry bulk carriers, and oil tankers passing through the Suez Canal will be extended for an additional year, the Suez Canal Authority announced, Al Mal reports. Dry bulk carriers traveling from South Africa to Mediterranean ports or vice versa will see their tolls slashed by 40-50%, depending on the Mediterranean port, while dry bulk carriers traveling between Australia and west Europe will receive tariff cuts of as much as 75% until the end of December 2018. Carriers traveling between the US’ east coast and southeast Asia are eligible for 55-65% discounts until the end of June. Oil tankers will also receive discounts if traveling between the Arabian Gulf and the US’ Gulf Coast.

Studies for electric rail system in Mansoura underway

Studies are underway for an electric railway system connecting the various parts of Mansoura and link them to newer developments, Transportation Ministry sources tell Al Shorouk. The studies are part of a EUR 500k French grant and a whole host of transportation agreements signed during President Abdel Fattah El Sisi’s visit to Paris in October.

Banking + Finance

Six banks to lend Tanmeya for Leasing and Investment EGP 360 mn

A consortium of six banks is lending Tanmeya for Leasing and Investment (EgyLease) EGP 360 mn to build up its credit portfolio, EgyLease Chairman Iman Ismail tells Al Mal. The banks include the National Bank of Egypt, Banque Misr, the Arab African International Bank, the Export Development Bank, Union National Bank, and Suez Canal Bank. It remains unclear how much each bank is providing. EgyLease is also in separate talks with QNB, SAIB, and the Arab Investment Bank for another EGP 150 mn loan, of which each bank would contribute EGP 50 mn, according to Ismail.

Other Business News of Note

GAFI looks into nine offers for private freezone projects

The General Authority for Freezones and Investment (GAFI) has begun looking into nine offers from Turkish and Saudi investors for private freezone projects with a combined investment value of EGP 3 bn, unnamed government sources tell Al Borsa. The projects span several industries, including spinning and weaving, and readymade garment manufacturing. GAFI had initially received 15 offers, but eliminated six of them for not complying with the requirements for freezone projects stipulated in the Investment Act, according to the sources.

Egypt Politics + Economics

Cabinet to discuss national solid waste management plan by month’s end

The Ismail Cabinet will discuss the proposed national solid waste management plan, which includes establishing a solid waste management holding company, at the end of the month, Environment Minister Khaled Fahmy told the press yesterday, Ahram Gate reports. The EGP 7 bn company will become the primary regulator of the waste management industry, a move that would eliminate conflicting jurisdiction on recycling and waste management. According to Fahmy, the contracts to launch the company are ready to be signed now but the government is waiting on Prime Minister Sherif Ismail returning to work. The government had begun studying establishing the company back in June, and had said it would be launched within three months.

Cairo court releases two more from LGBTQ crackdown

A Cairo court ordered the release on bail of two people who were arrested during the LGBTQ crackdown that followed Lebanese band Mashrou’ Leila’s Egypt concert, Reuters reports. Sarah Hegazy and Ahmed Alaa paid EGP 2,000 each. 17 others of those arrested had been released at the end of November, but their cases are still ongoing.

National Security

Lockheed Martin to supply Egypt with USD 25 mn worth of Apache night vision sensor kits

Lockheed Martin has been awarded a USD 25 mn contract for night vision sensor kits for Egypt’s AH-64 Apache fleet, UPI reports. The agreement provides Modernized Target Acquisition Designation Sight/Pilot Night Vision Sensor Systems, which allow for “long range, precision engagement and pilotage solution for day, night, and adverse weather missions.”

On Your Way Out

Bitcoin trading is “forbidden” under Islamic teachings, Grand Mufti Shawki Allam said, according to the BBC. Trading in the cryptocurrency carried risks of “fraudulence, lack of knowledge, and cheating,” and that risks could arise because was not subject to surveillance by any centralized authority, he says.

Another singer detained over racy music video: Prosecutors ordered the detention of singer Leila Amer for four days while they investigate charges brought against her, claiming she incites debauchery with a new music vide, judicial sources told the AFP. Amer is the second pop star to get clipped for the exact same charges under almost exactly the same circumstances in the last few months. While her video didn’t have a banana, she was criticized for “provocative” gestures and language.

Iceland became the first country to fine companies for gender-based salary disparities, when a law passed last year came into effect at the start of January, according to Vice News. In other words: Companies are now legally obligated to prove they pay men and women equally for doing the same work. Women in Iceland received salaries 14-20% less than their male peers, despite the country taking significant strides in achieving gender parity, Vice claims. “When it comes to equal pay, Iceland has been a global leader for years. The island country routinely placed at the top in rankings of countries dedicated to closing the gender gap, and the nation has pledged to erase the gender pay gap by 2022.”

The Market Yesterday

Share This Section

Powered by
Pharos Holding -

EGP / USD CBE market average: Buy 17.6742 | Sell 17.7742
EGP / USD at CIB: Buy 17.66 | Sell 17.76
EGP / USD at NBE: Buy 17.67 | Sell 17.77

EGX30 (Tuesday): 15,024 (+0.03%)
Turnover: EGP 602 mn
EGX 30 year-to-date: +0.03%

THE MARKET ON TUESDAY: The EGX30 ended Sunday’s session up 0.03%. CIB, the index heaviest constituent closed down 0.5%. EGX30’s top performing constituents were Amer Group up 6.3%; Porto Group up 6.1%; and Egyptian Iron & Steel up 3.5%. Yesterday’s worst performing stocks were Domty down 3.0%; Kima down 1.7%; and Heliopolis Housing down 1.5%. The market turnover was EGP 602 mn, and foreign investors were the sole net buyers.

Foreigners: Net Long | EGP +30.1 mn
Regional: Net Short | EGP -22.8 mn
Domestic: Net Short | EGP -7.2 mn

Retail: 71.6% of total trades | 68.5% of buyers | 74.7% of sellers
Institutions: 28.4% of total trades | 31.5% of buyers | 25.3% of sellers

Foreign: 14.1% of total | 16.6% of buyers | 11.6% of sellers
Regional: 8.8% of total | 6.9% of buyers | 10.6% of sellers
Domestic: 77.1% of total | 76.5% of buyers | 77.7% of sellers

WTI: USD 60.33 (-0.15%)
Brent: USD 66.51 (-0.54%)

Natural Gas (Nymex, futures prices) USD 3.04 MMBtu, (+2.91%, February 2018 contract)
Gold: USD 1,318.1 / troy ounce (+0.67%)

TASI: 7,171.74 (-0.31%) (YTD: -0.76%)
ADX: 4,441.99 (+0.99%) (YTD: +0.99%)
DFM: 3,411.17 (+1.22%) (YTD: +1.22%)
KSE Weighted Index: 400.43 (-0.25%) (YTD: -0.25%)
QE: 8,620.26 (+1.14%) (YTD: +1.14%)
MSM: 5,093.69 (+0.23%) (YTD: -0.11%)
BB: 1,322.04 (-0.73%) (YTD: -0.73%)

Share This Section


22-23 January (Monday-Tuesday): Arqaam Capital Egypt Investors Conference 2018, The Vineyard Hotel, Cape Town, South Africa.

25 January (Thursday): 25 January revolution / Police Day, national holiday.

29-30 January (Monday-Tuesday): Seamless North Africa, The Nile Ritz-Carlton, Cairo.

30 January-01 February (Tuesday-Thursday): CI Capital’s MENA Investor Conference, Four Seasons Nile Plaza, Cairo.

12-14 February 2018 (Monday-Wednesday): Egypt Petroleum Show 2018 (EGYPS), New Cairo Exhibition Center.

19-20 February 2018 (Monday-Tuesday): The Banking Tech North Africa, The Nile Ritz-Carlton, Cairo

17-21 February 2018 (Saturday-Wednesday): Women For Success – Women SME’s “World of Possibilities” Conference, Cairo/Luxor.

05-07 March (Monday-Wednesday): EFG Hermes’ One on One Conference 2018, Atlantis, The Palm, Dubai, UAE.

28-31 March 2018 (Thursday-Sunday): Cityscape Egypt, Cairo International Convention Centre, Cairo

08 April (Sunday): Easter Sunday, national holiday.

09 April (Monday): Sham El Nessim, national holiday.

25 April (Wednesday): Sinai Liberation Day, national holiday.

01 May (Tuesday): Labor Day, national holiday.

4-6 May 2018 (Friday-Sunday): International Conference on Network Technology (ICNT 2018), venue TBD, Cairo.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.