Thu, Sep. 8, 4:15 AM
- Egypt is in advanced talks with Saudi Arabia to secure a new deposit worth $2B-$3B as part of about $6B in bilateral financing required to seal an IMF loan aimed at plugging its funding gap and stabilizing its markets.
- Al Borsa newspaper quoted Egyptian finance minister Amr El-Garhy as saying that negotiations with Saudi Arabia were due to be completed in the next few weeks.
- ETFs: EGPT
Wed, Jul. 27, 3:27 AM
- Looking to repair an economy damaged by years of political upheaval, Egypt is "nearing the final stages" of its talks with the IMF to secure $7B annually over three years.
- Separately, Jordan and the fund have signed a letter of intent for a $700M credit facility to augment the kingdom’s reserves and help it cope with an influx of refugees.
- EGX 30 +4.8% to 7,900.
- ETFs: EGPT
Sun, Jun. 19, 10:47 AM
- The Suez Canal Authority set new toll rates for oil tankers in a six-month experiment.
- VLCCs coming in from the Arabian peninsula will pay $155K if they carry more than 250K in deadweight tonnage and $230K on a return ballast trip.
- The recent expansion of the 120-mile link between the Red Sea and the Mediterranean allows two-way traffic and cut down transit times, but also arrived as demand was slowing. Egypt depends heavily on revenue from the international waterway as a source of foreign currency.
- Update on VLCC rates
- Suez Canal toll calculator
- Related ETF: EGPT
Mon, Mar. 14, 11:08 AM
- The central bank sold $200M at a rate of 8.85 Egyptian pounds per dollar s. 7.73 previously. This narrows the gap between the official rate and the black market rate of 9.6 to the dollar.
- The move comes alongside declines in tourism and foreign investment. In a sign of growing religious tension, the country's Justice Minister was fired after some incendiary comments.
- EGPT -5%, OTCQX:CIBEY +1.8%
Nov. 23, 2015, 4:36 AM
- Egyptians are voting in the second phase of elections that are meant to to elect its first representative body in three years, but which critics say have been undermined by widespread repression. Results will be announced in early December.
- Separately, Hong Kong's pro-democracy movement got a boost on Monday with about eight candidates involved in the city's mass protests last year winning office at district-level elections, reflecting the continued support for political change in the Chinese-ruled territory.
- Previously: Conservative Mauricio Macri wins Argentina presidency (Nov. 23 2015)
- ETFs: EWH, EGPT, EWHS, FCHI, FHK
Oct. 18, 2015, 8:42 AM
- Egyptians have begun a long-awaited parliamentary election, the first since the military-led ouster of Islamist President Mohammed Morsi in 2013.
- One of the major issues in the ballot is the economy, which is beset by massive poverty, power shortages, high unemployment and attacks by militants that have hurt the tourism industry.
- The elections, repeatedly postponed, will take place over two rounds on October 18-19 and November 22-23. Results will be announced in early December.
- ETF: EGPT
Sep. 18, 2015, 10:41 AM
- The iShares MSCI Saudi Arabia Capped ETF (KSA) is the first ETF with significant exposure to that country - an impossibility until June when Saudi Arabia opened up (limited) direct foreign investment in its stock market.
- The ETF will track the MSCI Saudi Arabia IMI 25/50 Index which holds about 50 large-, mid-, and small-cap stocks. Interestingly, the index has 30% allocated to both financials and materials, but just 1.4% to energy stocks - it makes sense considering the country's oil production is state-owned and not publicly traded.
- The next step for Saudi Arabia could be inclusion in the MSCI Emerging Markets Index - a possibility as soon as June 2017, according to the WSJ.
- Source: Bloomberg
- MENA ETFs: AFK, EZA, EGPT, EIS, GULF, NGE, GAF, MES, ISRA, ISL, UAE, QAT
Mar. 14, 2015, 10:01 AM
- PepsiCo (NYSE:PEP) has a cool $500M planned for investment in the northeast part of Africa this year after generating improved sales in Egypt last year.
- The region is attracting more foreign investment amid Egyptian President Abdel Fattah al-Sisi's efforts to instate political and economic stability.
- Gulf Arab allies have pledged close to $12B of deposits and investments at the Central Bank of Egypt, according to reports.
- Yesterday, GE announced a $200M investment in Egypt for a new facility.
- Related ETFs; EGPT, EGYP.
Jul. 3, 2014, 6:46 AM
- The escalating violence in Iraq and Syria is disrupting trade routes all across the Middle East, and reversing the region's past decade of growth. Supplies have either been either interrupted, or have needed to be re-routed, increasing costs in any scenario.
- Economic difficulties are also hitting Turkey, as the country is Iraq's second biggest export market after Germany, with $12B of sales last year.
- “There is no problem with our trade with Kurdistan but to get our trucks down to the rest of Iraqi territory will be very difficult,” says Serif Egeli, a Turkish businessman. “As long as there is no government in Baghdad, it is very difficult to go on with projects and if there are no projects, you can’t sell much more than textiles and food.”
- ETFs: TUR, EIS, ISRA, UAE, QAT, EGPT, GULF, MES
Jun. 27, 2014, 11:21 AM
- Emerging market equity funds reported $1.3B of inflows for the week ended June 25, with Asia funds - $1.5B in inflows, the largest since February 2013 - being the biggest beneficiaries. LatAm and CEEMMA funds continued to see outflows.
- On a country basis, Taiwan (EWT), Korea (EWY), and China (FXI) saw the largest inflows, while Egypt (EGPT), Mexico (EWW), and Turkey (TUR) reported the largest outflows.
- Broad EM ETFs: EEM, VWO, EDC, EDZ, SCHE, IEMG, EEV, ADRE, EUM, EET, GMM, EEME, DBEM, EMCR, FEM, EWEM, EMLB, EMSA, EMDR, EMFT
- Broad LatAm ETFs: ILF, LBJ, GML, EEML, FLN
Jun. 8, 2014, 11:07 AM
- Former army chief Abdel Fattah al-Sisi has been sworn in as president of Egypt today. Sisi is said to have won 97% of the vote in last month's election.
- Egypt's economy still has a long way to recovery, and a rapidly growing population mixed with widespread poverty should make job creation a number one priority. The forecast for the country's economic growth for the fiscal year beginning July 1 is set at 3.2%.
- ETFs: EGPT
May 28, 2014, 2:16 AM
- Egypt's presidential election has been extended for a third day after low voter turnout.
- Former army chief Abdel Fattah al-Sisi is still well ahead of his only opponent, leftist Hamdeen Sabahy.
- Election officials have also issued a fine of over 500 Egyptian pounds ($72) on individuals not taking part in the vote.
- ETFs: EGPT
May 26, 2014, 4:45 AM
- Egyptians have begun a two-day Presidential election, with former army chief Abdel Fattah al-Sisi well ahead of his only opponent, leftist Hamdeen Sabahy.
- One of the major issues in the ballot is the economy, which is beset by massive poverty, power shortages and significant fiscal problems.
- The election comes nearly a year after the military, with al-Sisi as head, forced the Muslim Brotherhood's Mohamed Morsi from power.
- Egypt's EGX30 stock index is +0.3%, while the USD-EGP is flat at 7.1305 pounds.
- AP election preview
- ETF: EGPT
Aug. 14, 2013, 10:38 AM
Jul. 8, 2013, 6:57 AM
Last week's military coup in Egypt seems to have resolved nothing as yet, with at least 42 people killed and 322 injured today in clashes between security forces and supporters of deposed resident Mohamed Morsi. The Islamist Salafist Nour party, which had supported Morsi's removal, has pulled out of talks to form a new government in protest, although it has backed London-trained economist Ziad Bahaa-Eldin as interim prime minister. Despite the violence, the Egyptian pound strengthened at a central bank sale of foreign currency to 7.0097 to the dollar vs 7.0184 on Thursday, although the Case 30 stock index is -3%.| Jul. 8, 2013, 6:57 AM
Jul. 6, 2013, 1:52 PM
Opposition leader Mohamed ElBaradei has been named interim prime minister in Egypt. On watch again in the coming week is the Egypt ETF (EGPT), as investors keep a close eye on the post-coup turmoil. Updated 5:45 p.m.: Egypt's president's office denies reports that ElBaradei has been named PM, according to AP.| Jul. 6, 2013, 1:52 PM | 3 Comments