Pre-Trading Thoughts

ADQ acquired state-owned stakes in five EGX-listed companies yesterday for USD1.8 bn. The Prime Minister gave instructions to develop a strategy to recover from the repercussions of the global crisis. Ministry of Finance approved the Tax Authority’s proposal to not disburse export rebates to projects operating under the free zone status. The EGP moved against the USD in local banks yesterday to record 18.45-18.55/USD. The proceeds from real estate taxes amounted to EGP3.72 billion in 9MFY21/2...