{"id":619567,"date":"2024-05-07T00:00:00","date_gmt":"2024-05-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/ipos-on-the-egx-to-pick-in-4q-2024-or-early-2025\/"},"modified":"2024-05-07T00:00:00","modified_gmt":"2024-05-07T00:00:00","slug":"ipos-on-the-egx-to-pick-in-4q-2024-or-early-2025","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/ipos-on-the-egx-to-pick-in-4q-2024-or-early-2025\/","title":{"rendered":"IPOs on the EGX to pick in 4Q 2024 or early 2025"},"content":{"rendered":"

Good morning, folks. <\/strong>You may be wishing that you were still sitting on the beach or however else you enjoyed the long weekend, but at least we have some positive news to kick off an all too abrupt start back at work.<\/p>\n

In today\u2019s issue<\/strong>, we\u2019ve got very welcome news that Fitch Ratings has upgraded our credit rating outlook to positive, a floating LNG regasification unit set to arrive next month, Egypt\u2019s first digital bank to open in 4Q, and much, much more.<\/p>\n

But before we jump right in, did you know that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

PSA-<\/p>\n

WEATHER- It\u2019s another bright and sunny day in Cairo today<\/strong>, with a high of 28\u00b0C and a low of 18\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s slightly cooler in Alexandria<\/strong>, with a high of 25\u00b0C and a low of 17\u00b0C.<\/p>\n

DATA POINT- <\/p>\n

#1- Foreign holdings of local debt have more than doubled to USD 35.3 bn as of March<\/strong> from USD 16.6 bn at the end of 2023, according to data compiled<\/a> by Fitch Ratings. (More about the ratings agency's outlook for the economy in the news well, below)<\/p>\n

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<\/a> #2- Tourist arrivals to Egypt increased 27% y-o-y in the first four months of the<\/strong> year<\/strong>, with visitors from Arab countries accounting for around 54% of all arrivals, deputy Tourism Minister Ghada Shalaby told Asharq Business<\/a>.<\/p>\n

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#3- Total orders issued under the government\u2019s car-for-FX initiative have reached just<\/strong> under USD 2 bn<\/strong>, <\/strong>according to a statement<\/a> from the Immigration Ministry. Expats have transferred some USD 799 mn to the government under the initiative so far, the statement read.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>IPO activity in Egypt\u2019s stock exchange will recover by 4Q 2024 or early 2025<\/strong> as the market adjusts to the float of the EGP and increased interest rates, EFG Hermes Investment Banking Co-CEO Mohamed Ebeid told Asharq Business<\/a>.<\/p>\n

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#2- The writing of the new tax policy document for 2024-2030 is underway<\/strong>, with Prime Minister Mostafa Madbouly instructing for the draft document to be sent to members of the National Dialogue, Chambers of Commerce, and business associations for feedback, according to a cabinet statemen<\/a>t<\/a>. <\/p>\n

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#3- An unnamed UK company is looking to invest in the country's green hydrogen<\/strong> sector<\/strong>, British Ambassador Gareth Bayley told Al Arabiya<\/a> on Sunday. The projects will soon be announced, Bayley said, without providing any further details. British companies are also currently exploring further investments in renewable energy, sustainable infrastructure, sustainable cities, education, and transportation, he added.<\/p>\n

ATTENTION, EGYPT INVESTORS-<\/p>\n

<\/a> <\/p>\n

Foreign investors are falling in love with Egypt again\u2026<\/strong> Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They\u2019re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that\u2019s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It\u2019s a massive consumer opportunity and a regional export hub of tomorrow.<\/strong><\/p>\n

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: <\/strong>Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are \u201clong Egypt.\u201d<\/p>\n

We\u2019ll be talking with you about the agenda over the coming couple of weeks. <\/strong>It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow\u2019s opportunities \u2014 and who aren\u2019t afraid to answer some tough questions. <\/p>\n

*** Interested in attending? <\/strong>Tap or click here<\/a><\/strong> to let us know.<\/strong> Seating is limited.<\/p>\n

HAPPENING TODAY-<\/p>\n

<\/a> #1- The online platform to sort out building violations goes live today:<\/strong> Owners of unauthorized buildings built until 15 October 2023 looking to legalize their properties in return for paying a reconciliation fee can now file their requests through a freshly launched website (here<\/a>) and Android app (here<\/a>), according to a Planning Ministry statement<\/a>.<\/p>\n

Remember: <\/strong>The cabinet approved the executive regulations for the new Building Reconciliation Act last month<\/a> after the law was ratified in December<\/a>, making it easier for owners of authorized buildings to legalize their properties. We dove into the ins and outs of the new act in a Hardhat <\/strong>last year<\/a><\/strong>.<\/strong><\/p>\n

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#2- The House is in session today and tomorrow<\/strong> to look into a report on the state's balance sheets for the previous fiscal year.<\/p>\n

And it looks like four public authorities will come under fire for incurring losses: <\/strong>Just four public authorities accounted for 95.6% of the EGP 14.4 bn in losses incurred by public authorities in FY 2022-23, an informed source told Enterprise. The National Media Authority incurred 73.3% of the total losses, followed by the National Authority for Tunnels (13.1%), Cairo's Public Transport Authority (5%), and the Nuclear Power Plants Authority (4.2%). The remaining 4.4% of losses came from other public authorities.<\/p>\n

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#3- <\/strong>For our fellow iSheep: Apple is expected to unveil new iPads this afternoon <\/strong>at 5pm Cairo time (7am Pacific). The expectation: a revamp of the line that restores some coherence to the offering (and for the Pro to get a FaceTime camera on the long edge). You can stream the announcement from Apple\u2019s website<\/a> or its Youtube channel<\/a>. <\/p>\n

Apple\u2019s announcement kicks off a series of big tech events<\/strong>, including next week\u2019s Google I\/O<\/a> and the race toward Apple\u2019s developers conference<\/a> in June.<\/p>\n

HAPPENING TOMORROW-<\/p>\n

<\/a> Private sector health check incoming: <\/strong>S&P Global will publish Egypt\u2019s PMI figures for April tomorrow measuring the country\u2019s non-oil private sector activity, which has been in contraction for the last 40 months. <\/p>\n

Policymakers are hoping that we should start to see the EGP float having an effect on<\/strong> private sector activity:<\/strong> We\u2019re still yet to see the hoped for uptick in business activity following the float of the EGP, with March\u2019s data showing \u201c softer but still-solid deterioration<\/a> \u201d on the back of persistent currency challenges and elevated inflationary pressures. Data for April will give us an insight into the private sector during the first full month following the float of the national currency.<\/p>\n

CIRCLE YOUR CALENDAR-<\/p>\n

<\/a> FRA extends deadline for submitting financial statements until 30 May:<\/strong> The Financial Regulatory Authority has extended its deadline for EGX-listed firms to submit their financial statements ending in March to 30 May, the authority said in a statement<\/a> on Thursday.<\/p>\n

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Egypt will host <\/strong>ProPak MENA<\/a><\/strong> from Sunday, 26 May to Tuesday, 28 May<\/strong> at the Egypt International Exhibition Centre in Cairo. The conference will see F&B manufacturing industry professionals network and discover the latest equipment and logistic solutions for processing and packaging.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

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THE BIG STORY ABROAD- <\/p>\n

Hamas has accepted a ceasefire proposal \u2014 Israel says it\u2019s not enough and is <\/strong>hammering Rafah. <\/strong>Here\u2019s what you need to know this morning:<\/p>\n