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Egypt’s net foreign reserves rise for eighth consecutive month
Egypt’s net foreign reserves rose for the eighth straight month in August, seeing a USD 108.3 million month-on-month (MoM) hike from July levels to reach USD 46.59 billion, according to data from the Central Bank of Egypt (CBE).
Specifics:
The CBE notes that gold reserves rose USD 379 million MoM to reach USD 10.26 billion by the end of August.
International currency reserves also saw a USD 9 million MoM increase to reach USD 36.31 billion.
And special drawing rights — monetary reserve currencies created by the International Monetary Fund to supplement Fund member countries’ FX reserves — dropped USD 282 million MoM to just USD 20 million during the month.
It should get better from here:
Fitch Ratings is projecting an increase in foreign reserves to USD 49.7 billion in the current fiscal year and estimated a growth to USD 53.3 billion by FY 2025/2026 following the upgrade of Egypt’s long-term foreign currency Issuer Default Rating from stable to positive.
Madinet Masr launches new project in Mostakbal City
Through its subsidiary Mink for Real Estate Development, Madinet Masr (Masr) has launched its “Butterfly” project in Mostakbal City with contract sales of EGP 64 billion.
The details:
The residential project spans 187 feddans, and includes villas, townhouses, as well as a commercial center spanning 729 meters.
Remember, the company has been making moves:
Earlier In July, Masr announced the launch of its EGP 10 billion Esse Residence project in Sarai. The project, which spans 400,000 square meters, is expected to be completed in four years and the company is targeting revenues of EGP 18.2 billion from the development.
That same month, the company announced a partnership with Heliopolis For Housing & Development for construction of a residential project spanning 491 feddans in New Heliopolis in eastern Cairo. The project is expected to add EGP 194.67 billion in revenues over 12 years, with Madinet Masr holding a 63.5% stake in it.
And had a great 1H:
Masr saw its net income surge 151% YoY in the first six months of the year to EGP 1.45 billion, and almost doubled its revenues during the period, recording a 96.9% YoY rise to EGP 4.47 billion.
In its latest general assembly, Remco Tourism Villages Construction Company (RTVC) approved a restructuring plan that will see it lease three hotels it owns in Egypt .
The details:
Per the new plan, the company will lease the Plan Hotel Sea Club, the Stella Di Mare Grand Hotel, and the Stella Di Mare Golf Hotel in Ain Sokhna to Stella Di Mare for Hotel Management Company- Dubai.
The firm also approved the sale of its subsidiary Empain Tourism Investment Company to RTVC major shareholder Ayoub Adly Ayoub.
RTVC also greenlit the sale of its subsidiary “Pharaonic Trading & Contracting Company” to Ayoub.
Remember:
The company reported EGP 144.33 million in profits in 1H 2024, up from losses of EGP 187.79 million during the same period last year.
What else is clapping?
- Sources from Egypt Aluminium told Al Borsa that the government’s newly approved electricity price hikes for industry players — which range between EGP 1.74 – 2.34 per kilowatt hour — will affect its profits and see it pay an additional EGP 1.4 billion annually in energy bills, bringing its total electricity expenses to EGP 7.4 billion per year.
- Several construction companies have temporarily halted operations on the back of low cement supplies, eight company executives told Asharq Business. The deficit comes on the back of a decline in the number of transport trucks available to deliver cement from factories to project sites, as well as an increase in cement exports, particularly to Libya.
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