22 Nov 2022


Egypt Postpones Official Application of ACI Cargo System Indefinitely: Minister

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Egypt has postponed the mandatory implementation of the advanced cargo information (ACI) system indefinitely until global and local economic conditions stabilize, Finance Minister Mohamed Maait said yesterday.

The ACI system -- which identifies cargo information ahead of its arrival at ports -- was set to be officially implemented on January 1, 2023, after several postponements to give importers and exporting companies more time to register on the new system. 

Maait said that the government put off the official application date due to the negative repercussions of the Russian-Ukrainian war as well as the pandemic on the export and import sectors.

Egypt has been running a pilot phase for the system since April 2021.

The new system enables authorities to start the customs clearance procedures before the arrival of shipments, leading to cutting clearance time and reducing the costs of goods for consumers.

Egypt launched the National Single Window for Foreign Trade Facilitation (Nafeza) system on April 1 last year through the Egyptian Customs Authority (ECA). Egyptian importers are required to use the Nafeza online platform to register incoming shipments as part of the ACI.


Economics

Egypt's Agricultural Exports Up 9% YoY in 9M 2022

Egypt's agricultural exports rose 9.1 percent year on year to 5.62 million tonnes from January to November 16 this year, Agriculture Minister Al-Sayed El-Quseir said on Friday.

The main agricultural exports in this period were citrus fruits, potatoes, onions, grapes, beans, pomegranates, sweet potatoes, mangoes, tomatoes, garlic, strawberries, guavas and watermelons.

Exports of citrus fruits reached 1.67 million tonnes, followed by potatoes, recording 863,231 tonnes.

Onions came in third with 431,469 tonnes, followed by beans and grapes with 165,001 tonnes and154,010 tonnes, respectively.

Egypt's agricultural exports went up 13.1 percent during the previous 2021/2022 season, which ran from September through August, to $2.72 billion, compared with $2.41 billion in the 2020/2021 season, the Egyptian Food Export Council's said in a statement in September.

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Oil Prices Drop Marginally As Saudi Arabia Denies Output Boost Report

Oil prices fell slightly yesterday, paring earlier losses during the session, after Saudi Arabia denied a report that it was discussing an increase in oil supply with the Organization of Petroleum Exporting Countries and its allies (OPEC+).

International benchmark Brent crude dropped by 17 cents to $87.45 a barrel.

US West Texas Intermediate (WTI) fell by 35 cents to settle at $79.73 a barrel.

Earlier yesterday, the Wall Street Journal reported that Saudi Arabia and other OPEC+ members were discussing an output increase of up to 500,000 barrels per day (bpd).

OPEC+ is holding the next ministerial meeting on December 4.

Egypt News

5.6-Magnitude Earthquake in Crete Ripples Through Northern Egypt

A 5.6-magnitude earthquake struck off the Greek island of Crete and rippled through northern Egypt about 506 km away from the northwestern city of Matrouh at 1:24am local time, the National Research Institute of Astronomy and Geophysics said yesterday.

No damage or casualties were reported.

In related news, more than 60 people were killed and hundreds injured in a 5.6-magnitude earthquake in Indonesia about 75 km southeast of the capital, Jakarta.

Microbus Crash in Southern Egypt Kills 1

A microbus overturned on the Aswan-Cairo highway outside the village of Benban, killing a 60-year-old man and injuring 11 others, according to local media yesterday.

On Sunday, a bus collided with a truck in Egypt's coastal governorate of the Red Sea, killing 12 people and injuring 27 others. 

Last week, a minibus collided with a truck in the southwestern governorate of El-Wadi El-Gedid, killing 14 people, and a bus veered off a highway and fell into a canal in Daqahliya governorate, killing at least 24 people.

'Medusa 12' Joint Military Drill Kicks Off Monday With Participation of Egypt

The joint military drill Medusa 12 started yesterday in the Mediterranean, with the participation of naval and air forces of Egypt, Greece, Cyprus, Saudi Arabia and the US.

The drill's activities include planning and managing joint combat operations to boost the participating officers' skills.

They also include exchanging expertise between the participating countries to optimize performance.

The exercise comes within the framework of strengthening military cooperation between the participating countries to combat potential threats in the region.

Egypt Directs 40% of Public Investments to Green Projects in FY2022/23

About 40 percent of Egypt's public investments were directed to green projects in the current 2022/2023 fiscal year, with a value of EGP 410 billion ($16.72 billion), according to a cabinet statement. 

A total of EGP 259 billion ($10.56 billion) was directed to clean transportation, EGP 38 billion to sustainable sanitation service, and EGP 25 billion to clean energy.

Another EGP 22 billion ($897.16 million) was allocated for clean drinking water, EGP 18.5 billion for improving the environment, EGP 14 billion for sustainable irrigation and EGP 11 billion for agriculture.

In September, Egyptian President Abdel Fattah El-Sisi said that Egypt seeks to increase public investments directed to green projects to 50 percent by the fiscal year 2023/2024.

Sisi Stresses Egypt's Continuous Efforts to Support Sustaining Peace in Africa

Egyptian President Abdel Fattah El-Sisi has stressed that Egypt would continue exerting efforts to support means of sustaining peace and stability in African countries.

This came during the second edition of the African Union Commission's Post-Conflict Reconstruction and Development (PCRD) awareness week, which kicked off yesterday.

El-Sisi said that Egypt is looking forward for the AU Commission to speed up taking all immediate measures to activate the work of the African Union Centre for PCRD, which was officially launched in December 2021 in Egypt.

Finally, the Egyptian President called on African countries to include the pillars of reconstruction and development policy in their economic plans in line with the goals and priority areas of Agenda 2063.

Stock Market

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EGX30 Snaps 6 Sessions of Gains

The blue-chip EGX30 snapped six straight sessions of gains on Monday, tumbling 0.59 percent to close at 12,449.9 points.

The EGX30's turnover logged EGP 980.43 million ($39.97 million), while its heaviest constituent, the Commercial International Bank (CIB), rose 0.27 percent to EGP 37.5.

Top performers included Orascom Construction PLC, which added 3.26 percent to EGP 78.98 ($3.22); Abu Qir Fertilizers, which gained 3.15 percent to EGP 30.75; and Telecom Egypt, which rose 2.14 percent to EGP 22.

Lagging stocks included Eastern Company, which fell 7.49 percent to EGP 13.59 ($0.55); Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda), which lost 3.59 percent to EGP 2.95; and Cairo for Investment and Real Estate Development (CIRA), which shed 3.34 percent to EGP 12.75.

The broader EGX70 EWI dropped 0.45 percent to close at 2,397.47 points.

Net purchases by Egyptian investors came in at EGP 71.82 million ($2.93 million), while net sales by Arab and foreign investors registered EGP 48.34 million and EGP 23.47 million, respectively.

Business

Egypt's Grinta Raises $8 Mn in Seed Round

Egyptian digital pharmacy platform Grinta has raised $8 million in a seed funding round co-led by Raed Ventures and Nclude, bringing its total funding to $9.5 million, according to a press release yesterday.

Silicon Valley-based Endeavor Catalyst and 500 Global also participated in the round.

The funds will be used in boosting Grinta's full-stack tech platform, bringing new team members and expanding across the local market.

"As we plan to expand our footprint in the main Pharma hubs on the continent, we will also enable Egyptian and regional Pharma manufacturers to further penetrate the $50 billion African market," said Mohamed Azab, co-founder and CEO of Grinta.

Founded in 2021, Grinta is a managed marketplace that is modernizing the pharmaceutical supply chain by empowering independent pharmacies across Africa.

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(Courtesy of Egypt Post’s Facebook page)

Egypt Post's Profits Grow 20% in FY2021/22

Egypt Post's net profits grew 20 percent year on year to hit EGP 3.83 billion ($156 million) during the previous 2021/2022 fiscal year, up from EGP 3.18 billion, Chairman Sharif Farouk announced yesterday. 

Revenues also climbed 20 percent to EGP 4 billion ($163.09 million), up from EGP 3.39 billion in the 2020/2021 fiscal year.

Dice's Profits Soar 386% YoY in 9M 2022

Dice Sport and Casual Wear's consolidated profits after tax and non-controlling interests soared 386 percent year over year in the first nine months of 2022 to EGP 84.40 million ($3.44 million) from EGP 17.36 million.

The sales were up 31.22 percent during the January-September period of this year to EGP 1.46 billion ($59.54 million), up from EGP 1.11 billion in the first nine months of 2021.

Earlier this month, Dice turned profitable in standalone business during the nine-month period, recording profits of EGP 81.05 million ($3.31 million), compared with losses of EGP 16.95 million in the same period last year.

World

Ukraine Discovers 4 Suspected Russian Torture Sites in Kherson

Ukrainian authorities have identified four places in the recently-liberated areas of Kherson where they suspect Russian forces tortured people before leaving the city, the prosecutor's office said yesterday in a statement.

Parts of rubber batons, a wooden bat, handcuffs and an incandescent lamp were discovered, and bullets were found on walls.

"Various methods of torture, physical and psychological violence were applied to people in cells and basements," the statement read.

In related news, Ukrainian authorities have started evacuating civilians from Kherson and the neighboring province of Mykolaiv, asking them to move to safer areas in the central and western parts.

The government will provide "transportation, accommodation [and] medical care," Ukraine's Deputy Prime Minister Iryna Vereshchuk said.

Authorities fear that damage to the infrastructure following heavy Russian shelling of the two regions is too severe for people to endure the winter.

The World Health Organization warned yesterday that this winter would be "life-threatening" for millions of Ukrainians after waves of Russian missile strikes on the country's energy infrastructure.

"Put simply -- this winter will be about survival," Hans Kluge, the regional director for Europe at the United Nations' health body, told reporters during his visit to Kyiv.

Meanwhile, Russia said yesterday that shelling of the Zaporizhzhia nuclear power plant risked unleashing a grave nuclear accident, again blaming Ukraine for the attack.

The Kremlin called on "all countries of the world" to pressure Ukraine into ceasing the attacks.

This came after the area around Ukraine's Zaporizhzhia nuclear power plant was rocked by more than a dozen blasts on Saturday and Sunday. 

On a separate note, about 50 countries and institutions met in Paris yesterday to pledge millions of euros of aid for Moldova, located between Ukraine and Romania, as fears mount that it could be further destabilized by the conflict in Ukraine.

France's President Emmanuel Macron said that his country would provide €100 million ($102.42 million) to help with Moldova's immediate needs, while Germany pledged about €32.5 million euros for renewable energy, infrastructure and refugee aid, diplomatic sources were quoted as saying by Reuters.

Turkey Mulling Ground Operation in Syria After Istanbul Bombing

Turkish President Recep Tayyip Erdogan said yesterday that Turkey could launch a ground operation in Syria following the terrorist bombing in Istanbul that left six dead and 53 injured last week.

"We have already warned that we will make those who violate our territory pay," Erdogan told reporters after a strike from Syrian territory killed at least three people, including a child, in a border Turkish town.

On Sunday, Turkey carried out air strikes against Kurdish militant bases across northern Syria and Iraq, killing at least 12 people.

The Turkish police said that the perpetrator of the Istanbul bombing was a young Syrian woman, who admitted that she acted on the orders of the Kurdistan Workers Party (PKK) and received instructions in Kobani, northeastern Syria.

Arab Markets
Egypt EGX30 12,449.90 -0.59%
KSA TASI 10,930.51 -1.11%
UAE ABU DHABI ADX 10,399.28 -0.64%
UAE DUBAI DFM 3,339.25 -0.39%
World Markets
US Dow Jones IA 33,700.28 -0.13%
NASDAQ-100 11,024.51 -1.09%
S&P 500 3,949.94 -0.39%
UK FTSE 100 7,376.85 -0.12%
Germany DAX 14,379.93 -0.36%
France CAC 40 6,634.45 -0.15%
Japan Nikkei 225 28,150.50 +0.74%
China HANG SENG INDEX 17,508.39 -0.64%
Currencies
US Dollar 24.47 24.54
Euro 25.03 25.12
Sterling 28.87 28.97
Saudi Riyal 6.50 6.53
UAE Dirham 6.66 6.68
Kuwaiti Dinar 79.30 79.66
Swiss Franc 25.51 25.60
Commodities
Oil Brent USD/bbl. 87.76 +0.35%
Wheat USD/bu.Mar 2020 817.00 -0.15%
Gold USD/t oz. 1,743.69 +0.32%
Gold Egypt LE/ oz. 1,743.58 -0.51%
Silver Egypt LE/ oz. 21.09 +0.43%

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