Pre-Trading Thoughts

Al Ahly Pharos

The government has concluded the valuation for assets worth USD15 billion to offer them to foreign investors.

Suez Canal revenues recorded USD683.2 million in September (+21% YoY), supported by 9% growth in volumes.

Eight Austrian water companies are in Egypt to discuss investment in the water, wastewater and desalination projects.

The Administrative Capital for Urban Development Company presented investment opportunities, worth USD1.5 billion, to the Kuwaiti businessmen delegation visiting Egypt.

Banks now have until 14 September 2023 to comply with the new capital requirements (EGP5.0 billion) of the 2020 Banking Act.

Cabinet rejected a proposal submitted by the Fertilizer Producers and Distributors Association, that the subsidy would be converted to cash. The government promised the possibility of implementation, but within two years from now, and it would be through a gradual lifting of the subsidy scenario.

CHC, SWFE, and Ministry of Electricity are expected to sign a partnership agreement with Benchmark Power International (BPI), to establish a green ammonia plant worth USD 750 million.

Some international car companies demanded that local importers pay the value of the imported shipments of production components in advance before requesting any new shipments from abroad.

Customs authority released some of the grains held up at Egyptian ports for more than two months.

IDHC inaugurates a new Alborg Scan branch in Maadi worth EGP50 mn and has three more branches in the pipeline worth a combined EGP200 mn.