Al Ahly Pharos Al Ahly Pharos

Prime Minister said that a subsidized bread loaf will be sold at 20 piastres, up from 5 piastres starting in June.The government is currently looking into replacing subsidies with cash support, a move which will allow citizens to use the support according to their needs.The government will hike electricity prices in July with the beginning of the new fiscal year. On average, the hikes will exceed 20%, but not yet determined.The EU and Egypt are expected to sign an EUR35 million financing agre...

Market Overview

Egypt is looking to welcome some 15.5-16.5 mn tourists this year, Tourism Minister said. The Ministry has revised its initial target of 17-18 mn due to geopolitical tensions.There will be no increase to income tax rates or brackets, Finance Minister, in response to media reports that claimed otherwise.The government is looking to launch a telecom-focused sub-fund under the Sovereign Fund of Egypt (SFE) within weeks. The Ministry of Environment is preparing a package of projects worth clo...

Market Overview SWDYSKPCMFPCBINVPHDCPrepared by: Mayada Amin, CETA, CFTe

Foreign investments in the secondary market for treasuries recorded a net sale on Monday of EGP1.7 billion, the first after the EGP flotation early March. Foreigners bought EGP326 million worth of treasuries and sold about EGP2.04 billion. American energy company Apache invested USD137 million in exploration activity in Egypt during the 1Q24. The government is looking to cut down on its spending on bread subsidies to bring the selling price closer to the “massive” cost of production...

Market Overview Prepared by: Mayada Amin- CETA, CFTe