Today: We have some important updates from Orascom Development, Arab Developers, Gourmet + we have a quick refresher on Korra Energi, which will begin trading on the EGX today. Let's dive in.

🔔 EGX30 ended -2.1% by market close at 51,256 points, the EGX70 fell 2.4% to 15,206 points, and the EGX100 dropped 2.5% to reach 20,911 points.

💸 The number of transactions reached 221,944 spread across 4,103,382,323 stocks leading to a turnover of EGP 10.775 billion.

🏷️ Local investors were the only net buyers. 

📈 Top gainers for the market as a whole included El Shams Housing & Urbanization (+8.7%), Egyptians Real Estate Fund Certificates (+7.7%), Tycoon Holding (+6.1%).

📉 Top losers for the market included Subscription Rights Of Aspire Capital (-14.4%), General Company For Land Reclamation, Development & Reconstruction (-9.2%), and Egyptian for Tourism Resorts (-8.4%).

⬆️ The only gainer for EGX30 was Orascom Construction (+1.2%).

⬇️ Top losers for EGX30 included Raya Holding (-7.0%), Qalaa Holdings (-6.7%), and Kima (-5.3%).

Other Important Stats: 

🧈 24K Gold reached EGP 6,928 per gram, down 5.9% day-on-day and down 13.2% month-on-month.

💲 The USD reached EGP 51.77 at the National Bank of Egypt.

Shareholders of Orascom Development Egypt (ORHD) have approved a package of resolutions that includes an expanded construction agreement worth up to EGP 8 billion, a bonus share distribution, and a series of asset and marketing transactions, according to a disclosure to the EGX.

EGP 8 billion construction framework approved:

Among the key approvals was the renewal and amendment of a construction and contracting agreement with Red Sea Construction, Contracting and Development Company, with the authorized contract value increased to as much as EGP 8 billion.

The agreement provides additional flexibility to support future development activity across the company's projects.

Push to attract overseas property buyers:

Shareholders also approved a CHF 3.23 million (EGP 209.4 million) marketing agreement with Andermatt Swiss Alps aimed at boosting European demand for El Gouna properties and supporting international real estate sales.

In addition, investors approved the sale of a 15,200-square-meter land plot in El Gouna to El Gouna Educational Services and Buildings Company for USD 5.9 million, alongside the sale of an administrative building within O West for EGP 60 million between affiliated entities.

Shareholders approve bonus share distribution:

In a separate resolution, shareholders approved the distribution of 2.22 bonus shares for every existing share held through the capitalization of retained earnings.

The transaction will increase the company's issued capital by EGP 2.52 billion and raise the total number of outstanding shares to 3.65 billion from 1.13 billion. Any fractional shares resulting from the distribution will be rounded in favor of minority shareholders.

Recent stock performance:

The company has seen a good start to the year, with its share price rising 44% since the beginning of 2026. This makes it up 60.5% compared to levels recorded a year ago.

Arab Developers Holding (ARAB) subsidiary Dalma Real Estate Development has signed a contract for a mixed-use development spanning 140 feddan on Egypt's North Coast, combining tourism, commercial, entertainment, and service components. 

The project is expected to generate EGP 26 billion in revenues against a total investment of EGP 17.3 billion.

Recent capital raise:

The announcement comes as the company wrapped up a two-phase capital increase. The first phase raised approximately EGP 986.6 million at a coverage rate of 98.66%, lifting issued capital from EGP 1.39 billion to EGP 2.39 billion through the issuance of 10 billion shares at a nominal value of EGP 0.10 per share. A second phase covering the residual unsubscribed tranche of 134.19 million shares drew even stronger demand, with a coverage rate of 114.13 times.

How proceeds are being deployed:

Management had earmarked the funds across four areas: EGP 400 million to expand Dalma's land bank, EGP 200 million to accelerate construction at Nyoum Pyramids near the Grand Egyptian Museum, and EGP 400 million in combined debt reduction across Dalma and Nyoum New Cairo. The company yesterday disclosed recent deployment: EGP 305 million in land installments, EGP 180 million to contractors and suppliers, EGP 53 million in loan repayments, EGP 10 million on projects under execution, and EGP 68 million in other payments.

Financials:

The expansion comes against a mixed financial backdrop. Consolidated net profit rose modestly to EGP 95.79 million in 2025 from EGP 92.47 million, while revenues edged down to EGP 1.59 billion from EGP 1.64 billion. 

Recent stock performance:

The company’s share price has risen 23.2% since the beginning of 2026. This makes it up 14.1% compared to levels recorded a year ago.

Gourmet (GOUR) is targeting annual revenues of more than EGP 9 billion by 2030, more than triple its 2025 sales, as the premium grocery retailer accelerates store openings across Egypt, CFO Tarek El Mahdi told EnterpriseAM.

The company —  in which B Investments (BINV) owns a 40% stake —plans to add two to three new branches annually, with several already in the pipeline. A 500-square-meter outlet is set to open within Sodic West's Ivory development, while a 2,300-square-meter flagship store on New Cairo's 90th Street is expected to launch during the second half of this year. Another branch is scheduled to open in New Giza during the first quarter of 2027.

The expansion will build on Gourmet's existing network of 22 stores across Greater Cairo, Alexandria, El Gouna, and the North Coast.

Physical stores remain central to growth:

While online and delivery channels now account for roughly 35% of sales, management continues to view physical retail as the company's primary growth driver.

According to El Mahdi, brick-and-mortar locations remain the most effective way to capture walk-in traffic and impulse purchases, making store expansion a key pillar of Gourmet's long-term strategy. He added that the planned openings are not expected to place significant pressure on cash flows given the company's liquidity position and contractual arrangements with developers.

Strong first quarter supports growth ambitions:

Gourmet reported a 47% year-on-year increase in net profit to EGP 69.7 million during the first quarter of 2026, while operating income rose 31% to EGP 87.4 million.

Management expects stronger sales during the summer season and the fourth quarter to help absorb those costs, Mahdi told the news outlet. The company has also chosen not to fully pass recent cost increases on to customers, opting instead to absorb part of the impact in an effort to protect sales volumes.

Recent stock performance:

It’s worth noting that Gourmet’s share value has risen 45.5% since it began trading on the EGX back in February.

The EGX has gained a new listed name as Korra Energi will begin trading on the Egyptian Exchange today under the ticker KORA, with shares set to open at EGP 2.97 apiece.

For its first trading session, the stock will be subject to an expanded price movement band of 40% in either direction — twice the standard limit. Circuit breakers will also be suspended for the session to enable the market to establish a fair closing price. The company is bringing 247.5 million shares to market, representing an 11% stake in the business.

Strong investor appetite:

The listing follows a heavily oversubscribed IPO that raised EGP 735 million ahead of the Eid Al Adha holiday. Retail investors led demand, with the public offering covered 31.35 times, while the institutional tranche was subscribed three times.

Price stabilization fund:

The offering includes a degree of downside protection for investors. If the share price falls below the IPO price of EGP 2.97, eligible investors will be able to return their allocated shares after 30 days and recover their investment through a dedicated price stabilization fund.

It is worth noting that this protection applies only to shares received through the IPO and does not extend to shares purchased later on the secondary market.

About the company:

Founded in 1997, Korra Energi has evolved into a diversified engineering and infrastructure group with operations spanning Egypt, Saudi Arabia, and Iraq. Its activities cover electromechanical contracting, renewable energy, water desalination, district cooling, agricultural investments, and industrial services.

The company also owns a 34.54% stake in Cairo Oils and Soap (COSG), which is separately listed on the Egyptian Exchange.

Growth targets:

Management is targeting a total business volume of EGP 9.5 billion by the end of 2026, with plans to nearly double that figure to EGP 17 billion by 2030.

Dates to keep an eye out for

15 June:

Misr Beni Suef Cement - record date for EGP 10 per share. The distribution date is June 21 (revised from June 18).

June 21:

Launch of futures contracts for CIB and Talaat Moustafa Group (revised from June 18).

The United Bank - record date for EGP 0.75 per share. The distribution date is June 24.

24 June:

Abu Qir Fertilizers - distribution date for EGP 1.30  per share. The record date was April 19th.

National Housing for Professional Syndicates - record date for EGP 1.75 per share. The distribution date is June 29.

EFG Holding - record date for EGP 0.278 per share. The distribution date is June 29.

Kafr El Zayat Pesticides - record date for 0.2 bonus shares per original share. The distribution date is 25 June.

28 June:

Eastern Company - distribution date for EGP 0.45 per share. The record date was May 20th.

29 June:

Misr Cement - distribution date for EGP 5 per share. The record date was April 22nd.

📉 Egypt's urban inflation extended its deceleration into a second consecutive month in May, with the annual rate easing 0.3 percentage points to 14.6%. Monthly price movement told a different story, however, accelerating to 1.6% from 1.1% in April. Food was the primary culprit, with the food and non-alcoholic beverages category — the basket's heaviest segment — rising 2.4% month-on-month, propelled by a 2.3% monthly increase in vegetable prices and a 2.1% monthly rise in seafood prices, Enterprise noted.

⛽ Egypt has fully settled all outstanding dues owed to foreign oil and gas partners, bringing arrears down from around USD 6.1 billion in mid-2024 to zero, according to Prime Minister Mostafa Madbouly. The move is expected to strengthen investor confidence in the energy sector and could support fresh investment and exploration activity in the coming period.

🔥 Egypt is studying the purchase of around 30 additional LNG cargoes for delivery during the final quarter of 2026, in a deal that could cost between USD 1.6 billion and USD 1.8 billion, according to a government source cited by Al Arabiya. The planned imports come as domestic gas output remains below peak demand levels, particularly during periods of heavy electricity consumption.