Cyprus’ Energy Minister Giorgos Papanastasiou said yesterday that his country is prepared to supply natural gas to Egypt to re-export to European marketsز

Oil Ministry to unveil full incentives policy framework during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2024) which is being held in the UAE until Thursday, Oil Minister Karim Badawi said.

Egypt will pay about USD818 million to the IMF during November, according to local press. The government has already paid USD259 million in commissions, additional fees, and interest due to the Fund on November 1.

The budget achieved a primary surplus of EGP90 billion during 1Q FY24/25, representing more than four times the surplus achieved in previous years, according to a press citing Ministry of Finance statement.

Finance Minister Ahmed Kouchouk laid out three near-term priorities to ensure economic stability and stimulate private sector growth. K

The House is set to vote on an amendment to extend the tax dispute settlement deadline to 30 June 2025.

The General Authority for Supply Commodities has encountered higher wheat supply prices than usual during a global tender on Monday.

The value of Egypt's agricultural exports increased by about 32% YoY during the first 10M2024, recording USD4.1 billion.

The CBE sold one-year EUR denominated T bills worth EUR642.8 million in an auction with an average return of 3.5%.

The Egyptian Railway Authority of the Ministry of Transportation will bid for the development of Tanta–El Mansoura–Damietta Rail Project in January 2025, according to local media. The qualified consortiums include Talis-ORAS, Alstom-Al Rowad, Siemens-Madkour, Chinese CRSC, and Korean LS- KNR.

SIC has offered to purchase some 284.3 mn of CIRA’s shares at EGP 15 a piece, EGP 1 higher than previously expected. This implies transaction value of EGP4.26 billion and would imply FY24/25f P/E of 26.6x and EV/EBITDA of 4.3x.

The General Authority for Investment (GAFI) and Educational Buildings Authority aim to attract investments to establish 1k schools by offering fresh facilities.

HRHO's subsidiary Tanmeyah is planning to expand by adding 100 more branches in the next period.

CICH announces the issuance of a securitization bond with a total amount of EGP3.919 billion to Tasaheel.

CICH Asset Management received the regulatory greenlight to open the subscription door for its CI Sector Fund, a diversified investment fund, starting 11 November and for a two-month period.

CNFN now announces its expansion plan by providing its new digital finance and an investment platform services soon.

ATLC's general assembly approved the issuance of an accumulated cash dividend of EGP0.599/share for the year 2023 implying a payout ratio of 78.3% and a dividend yield of 14.4%.

FWRY announced that its fully in-house developed Soft POS solution has successfully completed the MPOC certification cycle.

Mobily, a leading Technology, Media, and Telecom company in the Kingdom of Saudi Arabia, and ETEL have signed a cooperation agreement to land the first Saudi submarine cable linking Saudi Arabia and Egypt.

Egyptian Cabinet approved the contractual agreement between the Universal Health Insurance Authority (UHIA) and eHealth, a subsidiary of EFIH.

Memphis pharma appointed a new CEO "Tarek Mahrous Salman" after the resignation of the old CEO Bassem Abdallah.

Egypt is set to establish three new shipyards in partnership with the private sector in the Suez and Red Sea governorates, with investments exceeding USD100 million.

Market Overview


Prepared by: Mayada Amin - CETA, CFTe

The IMF will begin the fourth review of Egypt’s IMF loan program tomorrow. Three main areas will be subject to discussions during the review.

The IMF team will be discussing green financing through its Resilience and Sustainability Facility next week. The government applied for an additional USD1.2 bn in long-term, low-cost climate financing from the IMF's Resilience and Sustainability Facility back in August.

President El-Sisi said, during his meeting with the Director of the IMF Kristalina Georgieva, that the current priority is to ease the pressures and burdens on citizens and to contain inflationary pressures.

The government has reportedly hiked the prices of natural gas for households by EGP0.40-1 per cubic meter as part of wider plans to phase out fuel subsidies, according to press.

The CBE is reportedly allowing local banks to issue letters of credit for the import of non-essential goods, including cars, based on each lender’s USD reserves. The move is expected to help clear the backlog of non-essential import requests that have been piling up since 2022.

Ebda’s Nile Fund for Industrial Investment, and the Sovereign Fund of Egypt’s industrial sub-fund are reportedly exploring cooperation to set up new companies specialized in the local manufacture of imported production inputs.

The USD continued its rise against the EGP during the first day of the week, exchanging hands at up to EGP 49.10 and inching closer to its peak recorded during August.

The CBE will sell EUR600 million T-bills for one year today, Monday, that will replace another one-year T-bills that has matured and was worth EUR656.7 million with an average yield of 4%.

The National Tunnels Authority, affiliated to the Ministry of Transport, is expected to receive EUR500 million within days, from 4 international institutions contributing to financing the Abu Qir metro project in its first phase.

COMI (FV: EGP130.00, OW) recorded a strong set of results where 3Q24net profit post-minority interest only recorded EGP14,801 million (-5% q/q, +77% y/y), bringing 9M24 bottom line to EGP42,348 million (+89% y/y). The stock is trading at P/E 2025 of 4.0x and P/B 2025 of 1.3x.

MNT-Halan microfinance subsidiary Tasaheel Finance has issued EGP3.92 bn worth of securitized sustainability bonds.

Al Ahli Bank of Kuwait - Egypt achieved a 131% growth in profits during the first 9 months of 2024, recording EGP5.4 billion compared to EGP2.3 billion in profits during the same period last year.

GB Auto Rental, GBCO subsidiary, has obtained approval from Ministry of Transport to license the rental of transportation vehicles including buses, trucks, and industrial equipment.

According to local media, GBCO SME lender Kredit has secured EGP875 mn in credit financing from a syndicate of nine local and international banks.

Auto sales in September dropped 5% MoM to record 9.5k vehicles, down from 10K in August, according to figures AMIC.

According to local press, informed sources estimated the actual expected increase in mobile network service’ prices at about 15%. Sources expected authorities to implement the increase before the end of this year.

The Suez Canal Economic Zone intends to establish a pharmaceutical industrial zone on an area of ​​4 million square meters.

Alexandria Pharma will pay out a dividend of EGP30 per share on its FY 2023-2024 earnings, with the payment set to be made on 20 November.

OPEC+ has agreed to delay a planned December oil output increase by one month.

EGAS has launched a tender for the development of the Satis gas field in the North El Burg offshore concession after the BP-Adnoc JV abandoned the concession.

Egypt’s chemicals and fertilizers exports reached USD7 billion during 9M24, up from USD5.3 billion in 9M23.

Weekly Commodities Update