{"id":550205,"date":"2022-10-18T03:51:15","date_gmt":"2022-10-18T03:51:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/investors-expect-14-deval-ahead-of-imf-facility-plus-news-from-hassan-allam-oc-and-schneider\/"},"modified":"2022-10-18T03:51:15","modified_gmt":"2022-10-18T03:51:15","slug":"investors-expect-14-deval-ahead-of-imf-facility-plus-news-from-hassan-allam-oc-and-schneider","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/investors-expect-14-deval-ahead-of-imf-facility-plus-news-from-hassan-allam-oc-and-schneider\/","title":{"rendered":"Investors expect 14% deval ahead of IMF facility. Plus: News from Hassan Allam, OC and Schneider"},"content":{"rendered":"

<\/a> EGP WATCH-<\/strong> Investors see 14% deval ahead of IMF agreement: <\/strong>Three-month non-deliverable forwards on the EGP \u2014 i.e., where investors think the currency could end up in three months\u2019 time \u2014 slipped to EGP 22.90 against the greenback on Monday, Bloomberg<\/a> reports. That suggests the EGP could have another 14% to fall against the USD.<\/p>\n

The currency is currently changing hands at EGP 19.73 \/ USD, having lost around a quarter of its value this year \u2013 including March\u2019s sudden devaluation.<\/p>\n

Some market watchers are expecting a steeper decline in the coming days<\/strong> on the back of the imminent agreement with the IMF on an assistance package backed by a reform program. \u201cI would expect the fast pace of weakening to start now,\u201d said one London-based analyst. Pundits see the EGP settling<\/a> somewhere between 22-24 to the USD \u2014 and Enterprise readers think<\/a> the EGP will settle at 22.12 on average.<\/p>\n

MEANWHILE- <\/strong>Hassan Allam Construction <\/strong>was awarded a contract to build a<\/strong>n<\/strong> irrigation water transmission line<\/strong> in the new administrative capital, according to a statement<\/a> by parent company Hassan Allam Holding. The 6.5 km-long concrete double pipeline will link a wastewater treatment plant to irrigation reservoirs in the city\u2019s R8 residential district. \u201cWe are always proud of our contribution towards developing the water sector in Egypt and adding value to the country\u2019s infrastructure,\u201d said HA Holding.<\/p>\n

AND- Orascom Construction locked in new projects worth USD 670 mn in 3Q 2022<\/strong>, bringing total new awards in the first nine months of the year to USD 3.1 bn, according to an EGX statement<\/a>. New projects in the Middle East made up 70% of total new awards in the quarter while the rest was accounted for by US projects, the statement reads. OC\u2019s consolidated backlog stood at USD 6.1 bn as of the end of September.<\/p>\n

Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n