GCC Fertilizer Sector | Bleak outlook on pricing pressure, fading cost advantage
Neutral on the fertilizer sector, GCC players among worst-positioned. We would be cautious about unselective exposure to the sector in the current environment of falling marginal production costs and market oversupply. The GCC cost advantage in urea has declined by 70%, DAP by 34%, over 2014-16. This makes GCC producers more vulnerable to drops in global energy prices as these result in a downward shift in the fertilizer price floors while regional production costs are on the rise.
CI Capital is a diversified financial services group and Egypt’s leading provider of leasing, microfinance, and investment banking products and services.
Through its headquarters in Cairo and presence in New York and Dubai, CI Capital offers a wide range of financial solutions to a diversified client base that include global and regional institutions and family offices, large corporates, SMEs, and high net worth and individual investors.
CI Capital leverages its full-fledged investment banking platform to provide market leading capital raising and M&A advisory, asset management, securities brokerage, custody and research. Through its subsidiary Corplease, CI Capital offers comprehensive leasing solutions, including finance and operating leases, and sale and leaseback, serving a wide range of corporate clients and SMEs. In addition, CI Capital offers microfinance lending through Egypt’s first licensed MFI, Reefy.
The Group has over 1,700 employees, led by a team of professionals who are among the most experienced in the industry, with complementary backgrounds and skill sets and a deep understanding of local market dynamics.
CI Capital has been recognized as the “Best Investment Bank in Egypt” by EMEA Finance for four years running from 2013-2016, and by Global Finance in 2014 and 2015.
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