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Tuesday, 25 January 2022

THIS EVENING: Everyone is getting Thursday off + Nahr El Khair is 2022’s first listing + Edita to invest EGP 400 to increase production

Happy hump day and welcome to what is the second-to-last afternoon of this shortened week, ladies and gentlemen. The news cycle is picking up steam today, with big stories to keep an eye on both here at home and abroad.

PSA- It’s officially a four-day workweek for everyone in the nation: The EGX confirmed that it will be closed this Thursday in observance of the 25 January Revolution / Police Day. The Manpower Ministry, central bank, and Prime Minister Moustafa Madbouly have in recent days announced that banks and the public and private sectors will have the day off.

THE BIG STORIES TODAY-

#1- We have our first listing of 2022: Al Khair River for Development and Investment’s (aka Nahr El Khair) shares began trading on the EGX this morning under the ticker KRDI.CA, according to a statement (pdf) from the EGX. Shares in the company rose 169% in its EGX debut, closing at EGP 0.269.

#2- Edita Food Industries will invest around EGP 400 mn to add new production lines for their baked goods and wafers segments in 2022, IR director Menna Shams El Din told Enterprise, confirming a report from Al Mal. The investments will also go towards expanding operations at its recently inaugurated production facility in Morocco, Shams El Din said.

HAPPENING NOW-

President Abdel Fattah El Sisi and Algerian President Abdelmadjid Tebboune met at Ittihadiya today, according to a statement. The two leaders discussed cooperation between the two countries on geopolitical issues, agreeing to work together on pushing for peace in Libya and Palestine. El Sisi and Tebboune also discussed the Grand Ethiopian Renaissance Dam, reiterating the importance of reaching a fair agreement on filling and operating the dam. The two sides agreed to hold a joint higher committee that would involve the prime ministers of both countries “as soon as possible.”

The IMF is kicking off the press briefing for the release of its World Economic Outlook update shortly after we hit “send” on this afternoon’s edition. The report looks at the forecast for the global economy in the midst of rising inflation, continued supply chain snags, and the emergence of the omicron variant.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • We’re spending a whole lot more on wheat: The rise in global wheat prices will cost us an additional EGP 12 bn this fiscal year, Finance Minister Mohamed Maait said yesterday. We could also be facing more price rises as conflict in the Donbas could have an impact on Egypt and other wheat dependent countries in MENA.
  • Samurai bonds coming in 1H2022: Egypt aims to sell around USD 500 mn of JPY-denominated bonds in Japan by the end of June, Maait said.
  • EBRD writes USD 100 mn check for Scatec’s green bond: The European Bank for Reconstruction and Development will subscribe to almost a third of Scatec Solar’s upcoming green bond issuance, which will use the proceeds to support its solar plants in Benban.

THE BIG STORY ABROAD-

The Ukraine tensions are still getting plenty of ink this afternoon, as the US and UK’s move to beef up their troops in eastern Europe is drawing “great concern” from Moscow, according to Reuters. The economic effects of the tensions are also featured heavily in the coverage, with Bloomberg noting that Qatar would not be able to fill a natural gas supply gap for Europe if Russian gas flows were interrupted because of sanctions. Meanwhile, Poland’s currency is collateral damage in all of this, with the PLN falling against the EUR partially due to the country’s “dependence on energy imports from Russia,” according to the business information service.

🗓 CIRCLE YOUR CALENDAR-

Startups have until next Sunday, 30 January to apply for the spring 2022 cycle of EGBank’s Mint Incubator. The incubator offers two tracks: A sector-agnostic track for startups at the MVP stage, and a fintech track that accepts early-stage startups both at the ideation and MVP stages. Main founders must be between 16-35 years old. You can apply here.

The Cairo International Book Fair starts this Thursday at the Egypt International Exhibition Center. Members of the public will be allowed to enter without providing proof of vaccination, the Culture Ministry said last week. The two-week event runs through to 7 February.

Catch an art exhibition for a good cause: The Sawiris Foundation for Social Development and AlexBank are organizing the first art exhibition by marginalized children in partnership with Townhouse Gallery, Al Ismaelia for Real Estate Investment, and Ubuntu Art Gallery, according to a press release (pdf). The exhibition will showcase work from art workshops attended by 250 children from institutions such as Banati Foundation, Samusocial International, Association for the Protection of the Environment, Educate Me Foundation, the UNHCR, and Save the Children International. The opening of the exhibition is slated for 13 February before opening its doors to the public at Townhouse Gallery from 14-19 February.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- Beware the windy Wednesday: Our favorite weather app is telling us to expect a daytime high of just 11°C on Wednesday along with stiff winds and a chance of up to 5 mm of rain. At night the mercury will fall to 6°C.

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