Al Ahly Pharos

CAPMAS is expected to release inflation figures for October on Sunday, 10 November. We expect urban annual inflation to hit around 27%.Net International Reserves recorded USD46.9 billion at the end of October 2024, up USD205 million from September’s USD46.7 billion.Investment Minister Hassan El Khatib will unveil the revamped privatization program before the end of the month, Prime Minister said.Egyptian officials and the IMF mission are in discussions over how they can extend the timeline of implementing some of the reforms previously agreed upon with the Fund.The government spent EGP28.5 billion on fuel subsidies in 1Q of the current fiscal year, marking a 232% YoY increase.The Finance Ministry provided an additional EGP53 billion to the Oil Ministry in 1Q24/25 to help it settle payments to foreign partners and secure imports for strategic stockpiling.The CBE has instructed banks to begin processing car importers’ requests for USD-denominated letters of credit, ending a six-month halt, sources said.LSE-listed Energean confirmed in a meeting with Oil Minister Karim Badawi that the USD945 million sale of its Egyptian, Croatian, and Italian assets to global investment firm Carlyle is set to go through by the end of the year.Egypt is set to launch a global tender for gold mining and exploration at approximately 200 sites in the Eastern Desert by the end of the year.The CEO of the Italian company Eni revealed that the company will return to drilling gas wells again in the Zohr field by the end of this year.China’s Anton Oilfield Services Group and the UAE’s Mubadala Energy are looking to explore investments and collaboration in Egypt’s oil sector.The government is planning to launch 11 new tenders for investments under the public-private partnership (PPP) model, with targeted investment costs totaling EGP62 billion.The government approved the redrafted Labor Act after several rounds of discussions.Cabinet also approved granting the Tunisian automotive cable manufacturer Coficab the golden license for its up to USD88 million automotive cable and electrical factory in Tenth of Ramadan City.Cabinet approved granting MAFI Agricultural Produce Industries a golden license for its agri-food industrial project in Sadat City. CIEB released 3Q24 consolidated bottom line of EGP1,874 million (-3% q/q, +44% y/y).OFH received an offer to sell its 99%-owned subsidiary, Klivvr, for EGP657.7 million.CICH’s micro-financing arm, Reefy, raised EGP884 million in the second securitization issuance.ESRS denied, in a release to EGX, receiving any official offers or ongoing negotiations for the purchase of its free-floating shares on the EGX. SWDY partnered with KSA’s Abunayyan Holding to produce high and extra-high voltage power transformers in the Saudi market. The company also launched a procurement tender with Saudi Electricity Company for the domestic production of medium-voltage cable accessories.According to local media, TMGH YTD sales have reached EGP470 billion. This figure likely includes not only TMGH sales, but also sales made for third parties for which TMGH receives commissions.ETEL and Alcatel Submarine Networks (ASN) have announced the successful landing of the Africa-1 subsea cable system in Egypt at the Ras Ghareb cable landing station on the Red Sea.ALCN reported results for 1Q24/25. Bottom line came in at EGP1.8 billion compared to EGP981 billion in 1Q23/24.The Head of the Egyptian General Petroleum Corporation announced signing investment agreement with Apache to increase gas production in the Western Desert where production will start in 1Q25.Egyptian fertilizer exporters are currently negotiating with the biggest American fertilizer distributors to open new export markets in the US.

Market Overview ORWEBTFHEKHOAEMFD ALCNprepared by: Mayada Amin- CETA, CFTe

Market Overview ADIBESRSEKHOAARABprepared by: Mayada Amin- CETA, CFTe

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

Market OverviewCOMICIEBEKHOAETRSATLC

IMF’s Managing Director Kristalina Georgieva kicked off talks with Egyptian officials, including Prime Minister Moustafa Madbouly and CBE governor Hassan Abdalla yesterday after landing in Egypt. The USD rose more than 0.4% against the EGP on Thursday to reach EGP48.94 to the greenback, marking its highest level since August.Budget deficit narrowed to 2.12% of the country’s GDP in 1Q 2024-2025, recording EGP361.8 bn, compared to an EGP455.8 bn deficit during the same period last year. This was driven by an increase in revenues, mainly from the taxpayers. Government spending increased by 4.7% YoY, standing at EGP827.7 bn, while interest payments dipped 5.4% YoY, at around EGP452 bn.Fitch Ratings upgraded Egypt's credit rating from ‘B-’ to ‘B’ with a stable outlook for the first time since 2019, citing FX inflows from the USD35 bn Ras El Hekma agreement, our expanded USD8 bn IMF program, and the EU’s EUR7.4 bn aid package, alongside greater confidence in the durability of our structural reforms.The IMF expects constraints on Egypt’s growth to ease as regional tensions subside and structural reforms are implemented. The Fund noted that “an assumed easing of the conflict in Gaza and Israel next year and steady implementation of reforms are projected to help lift growth in Egypt to 4.1% in 2025 and above 5% over the medium term.”Net foreign asset surplus in the Egyptian banking system rose 6% to record USD10.31 bn in September, up from USD9.7 bn in August.The House will discuss and vote on amendments to the law regulating the tax dispute settlement on Tuesday, which will see the deadline for settlements pushed to 30 June 2025. Egypt is aiming for 120 GW of total electrical capacity by 2040, with 60% set to come from renewable sources.A consortium of China State Construction Engineering Corporation (CSCEC) subsidiary Umi Group and IGI Holding have signed an MoU with the New Urban Communities Authority to manage and operate the Central Business District in the New Administrative Capital.We update our FV on ISPH to EGP9.50/share, up from EGP4.12/share maintaining our overweight recommendation; factoring in the upward revision for prices, increased market share, updating our macro assumptions, and rolling over the model for an additional year.  ISPH is currently trading at 2025 multiples of P/E of 8.8x and EV/EBITDA of 1.8x.EFIC released 3Q24 unaudited standalone results. Net profit increased by 722% YoY (+6% QoQ) to EGP265.2 million, bringing 9M24 net profit to EGP586.7 million, a 150% YoY.SKPC sent a release announcing that the Council of Ministers has approved the establishment of a project to produce sodium cyanide as free zone project for Draschem Company, which is a partnership between the Austrian Holding Company for Petrochemicals and the Czech Company “Draslovka”. A lease agreement has been signed between them and SKPC for a plot of land to establish the project. Currently, SKPC is considering a 15% partnership in Draschem.EKHO sent a release in reference to the news published regarding the company’s withdrawal from Al Mohandes Insurance Company, EKHO announced that this news is entirely false and there are no negotiations with any party regarding this matter. Egypt has welcomed the first oil tanker as part of an MoU inked with the Emirate of Fujairah earlier this year.The finance and tourism ministries have officially launched a new EGP50 bn subsidized loan program for the tourism sector. The initiative will offer financing at 12% interest, with a focus on key tourist destinations in Luxor, Aswan, Greater Cairo, the Red Sea, and South Sinai governorates.

Market Overview HRHOCCAPORHDFWRYALCNprepared by: Mayada Amin- CETA, CFTe

The IMF’s Managing Director Kristalina Georgieva will be in Egypt next week to discuss our USD 8 bn loan program, Prime Minister Moustafa Madbouly said. A delegation from the Fund will arrive directly following her visit in preparation for the program’s fourth review, Madbouly added. The government will be taking another look at its plan to sell off stakes in state-owned companies and assets, Madbouly said. The sectors and sizes of the stakes of offered companies may be re-evaluated, he said.The Egyptian Drug Authority gave pharma companies the final greenlight to hike the prices of 3.5k drugs, an official at the authority said. Around 1k products have seen their prices rise and the rest will see their prices rise over the coming few days, the source added.The government will announce amendments to the real estate tax and simplifications to the Customs Law within two weeks.DP World has agreed to explore the possibility of developing a public freezone in the new capital under an MoU inked with the New Administrative Capital for Urban Development (ACUD) and the General Authority for Investment and Freezones (GAFI), according to a cabinet statement.The cabinet approved a draft decision from Prime Minister changing up the government committee in charge of managing debt and external borrowing. The cabinet approved a draft law amending the Unified Tax Procedures Law, which set out guidelines for tax reconciliation. The Cabinet approved a draft law to settle the status of taxpayers and end existing tax disputes, part of its wider drive to ease the burden on taxpayers and unify and improve tax services.The Cabinet approved a draft decision to set up a private freezone under the name Yada Egypt in New Alamein’s industrial zone. The EUR70 mn zone will focus on furniture manufacturing, with 100% of its output earmarked for exports. The Cabinet approved the establishment of a new committee — dubbed the Energy Planning Unit — that will be responsible for proposing strategies, policies, and plans for implementing energy solutions.According to local media, OCDI aims to increase its recurring revenue to 12-15% of total revenue within five years, and expects real estate prices to increase by 15% as a result of the recent energy price hikes.The listing committee of EGX approved listing ESRS's issued and paid-in capital decrease by EGP4.55 million to reach EGP2.711 billion distributed over 542.35 million shares, effective 4 November 2024. SKPC will set up a USD159 million project for the production of sodium cyanide and its derivatives, dubbed Draschem for Specialized Chemicals, after cabinet approved the move yesterday during its weekly meeting. MICH will distribute a cash dividend worth EGP4/share on 28 November 2024, for shareholders of record on 25 November 2024.Halliburton is set to finish preparation work on four deepwater gas wells in Egypt by December. The nearly-completed wells include two in the Burullus offshore gas field in the Mediterranean and two in BP’s Raven gas field in Alexandria.The Suez Canal Economic Zone (SCZone) has signed a contract with Dubai-based polyurethane systems firm, Pearl Polyurethane Systems, to set up a polyurethane factory in the Sokhna Industrial Zone, with initial investments of EGP100 million.ALCN EGM approved the distribution of FY23/24 dividends, withs DPS of EGP1.72 and USD0.0034. Record and distribution dates are not declared yet.BTFH subsidiary, Beltone capital, is aiming to launch its credit rating agency in the first half of 2025. Etihad Airways launched twice-weekly flights to Al Alamein starting July 2025.

Market Overview Prepared by: Mayada Amin - CETA, CFTe

Prime Minister delivered a speech during the opening session of the Future Investment Initiative (FII) conference in Riyadh. The speech was about Egypt’s approach to securing sustainable and inclusive development, with a particular focus on empowering the private sector and further developing our energy sector, transport and infrastructure networks, and telecom and CIT industry.The Ministry of Industry and Transport, in coordination with the Ministries of Electricity and Petroleum, is preparing a new mechanism to waive the interest and fines accumulated on the debts of troubled factories owed to these parties.The EGX is working on restructuring the 18 sectoral indices, in terms of relative weights and liquidity of stocks.LSE- and TSX-listed Centamin’s shareholders approved NYSE-listed global miner AngloGold Ashanti acquisition bid, with 98% voting in favor. The transaction will be carried out on 22 November, pending the Royal Court in Jersey’s approval in a court hearing scheduled for 20 November.The Senate finalized the draft renewal of the Tax Disputes Settlement Law until the end of 2025.OCDI reported strong 9M24 sales of EGP39.8 billion, up 101.1% y/y, implying 3Q24 sales of EGP28.8 billion, up 148.4% y/y. This was driven by the launch of Ogami, OCDI’s latest North Coast project. Net profit in 3Q24 increased 45.4% y/y and 31.3% q/q to EGP309.0 million, bringing 9M24 net profit up 70.7% y/y to EGP934.6 million.The FRA gave a nod to LCSW (FV: EGP30.08, OW) to go through the procedures to merge the company’s three sanitary ware and tile manufacturing subsidiary companies in Egypt into Lecico Egypt S.A.E. (the parent company) to improve operational and financial efficiencies.Medcom-Aswan for Cement is currently in negotiations, with Libyan investors, to launch a new cement facility in the Capital Tripoli with investments of around EGP6 billion. Japanese conglomerate Sumitomo subsidiary is putting the finishing touches on its cable factory in Tenth of Ramadan, with production set to begin next month before an official opening in 1Q25.ABUK sent a release announcing that the company’s BoD approved the installation of solar stations with a capacity of 2.5 MW for reducing electricity consumption from the grid.State-owned Egypt Gas will partner with Jordan’s Aqaba Development Corporation (ADC) to set up a natural gas supply network for Quweira Industrial Zone in Aqaba, Jordan. The Egyptian Competition Authority received three requests from ADQ to acquire three companies through its subsidiary Alpha Oryx Limited. Its worth noting that Alpha Oryx was established by ADQ for the purpose of acquiring 25% of EDC, 30% of Ethydco, and 35% of ELAB.

Market Overview ESRSEASTCLHOprepared by: Mayada Amin - CETA, CFTe

Finance Minister Ahmed Kouchouk said that while in Washington for the IMF and World Bank’s annual meetings he had expressed the government’s expectation that it would have “positive and constructive discussions” with the Fund during the fourth review of our loan program. The review, which if successfully passed will unlock USD 1.3 bn in funds, had been previously expected to commence after the IMF annual meetings wrapped up this past Saturday.The EGX is considering allowing sole proprietorships to be listed and traded on the bourse without having to become joint-stock companies — a change that would require an amendment to the Capital Market Act, Al Borsa quotes EGX boss Ahmed El Sheikh as saying.There might be a new Emirati industrial zone coming to the new capital, with the Administrative Capital for Urban Developments (ACUD) set to ink an MoU with an unnamed company from the UAE for a 500-feddan project in the coming days, ACUD Chairman Khaled Abbas said. ACUD is also in negotiations with a Turkish company over a similar project.The Minister of Supply said that the ministry will receive a shipment of Russian wheat amounting to 430,000 tons starting next November. He added that mixing corn with wheat in bread production is currently being studied.Prime Minister expressed to Manfred Weber, Chairman of the European People Party in the European Parliament that he is looking forward to receiving EUR1 billion before the end of this year, representing the first tranche of the EUR5 billion financial support package that the EU will provide to support Egypt's economy.Sumou Holding Group subsidiary Adeer plans to set up an Egyptian real estate investment fund in partnership with Saudi fund manager said. AMOC released 1Q24/25 unaudited financial indicators posting a net profit growth of 14% YoY (+11% QoQ) to EGP479 million with a NPM of 5.4%, compared to EGP421 million and a NPM of 6.0% in 1Q23/24 and versus EGP432 million and a NPM of 3.9% in 4Q23/24. AMOC is currently trading at a FY24/25e PE of 4.0x and EV/EBITDA of 2.1x.Nas Investment Holding acquired a 32.4% stake in EgyFert (Samad Misr), purchasing 3.1 million of phosphate exporting company MidFert Misr’s shares in the fertilizer producer. MASR achieved strong 3Q24 sales of EGP15.8 billion, up 65.5% y/y and 163.5% q/q, bringing 9M24 sales up 147.0% y/y to EGP36.7 billion.According to local media, HELI 1) intends to repay the EGP700.0 million remaining part of its loan until 2026, 2) receives around EGP350.0 million annually from its SODIC East co-development with OCDI, and 3) plans to launch a 400 feddan plot in New Heliopolis.CICH is conducting a promotional tour for the United bank's 30% stake in the new IPO that's to take place next month. Almost 25% of the bank's shares will be in private placement. China’s state-owned auto manufacturer BAIC Group has inked an agreement with local agent Alkan Auto to establish an EV factory with the start of production penciled in for the end of 2025, according to local media. ETEL secured a seven-year syndicated credit facility of EGP18 billion to refinance its existing short-term EGP facilities. The Federation of Egyptian Industries’ pharma division stated that Pharma sales during 3Q24 increased by 50% on a yearly basis after the increase in prices.

Market Overview COMITMGHESRSCIEBprepared by : Mayada Amin - CETA, CFTe

Egypt is preparing three possible revisions to the loan agreement to present to the IMF delegation when they land in Egypt mid-next week.The first scenario proposes extending the loan program by two years so Egypt ends up having five years to implement the reforms and unlock the entire USD8 billion in funding.The second scenario would give the government a year to carry out a stimulus package that includes pausing energy price hikes and slashing interest rates in efforts to boost growth.The third scenario suggests securing additional IMF funding, while maintaining the program’s current structure and timeline. This increase would enable the government to strengthen social protections.The Finance Ministry sold some EGP52.4 billion in EGP-denominated three-month t-bills this week at an average yield of 30.0%. This marks the highest yield on three-month bills since March.Egypt asked the World Bank to extend the period of the USD500 million local development program in Upper Egypt to end in October 2025 instead of the current month.The EGX Head said that a package of measures are currently being studied, including launching a new index that combines sustainability and Islamic compliance. He also revealed a study on amending the rules for registering and delisting companies from the market.Investment Minister Hassan El Khatib laid the foundation stone for Arab Otsuka Nutraceuticals subsidiary Egypt Otsuka’s factory for nutritional products in Tenth of Ramadan.The Ministry of Electricity is looking forward to receiving a EUR65 million grant from the European Bank for Reconstruction and Development (EBRD) during the coming period.A new ro-ro shipping line connecting Damietta Port with Italy’s Port of Trieste will begin operations by the end of November.Global consulting firm Deloitte kicked off its new innovation hub in Cairo yesterday, pledging a three-year USD30 million investment to employ 5k of the country’s “top-tier talent” in several service export sectors.United Bank will be going ahead with plans to float 330 million of its shares, equivalent to a 30% stake, on the EGX. The bank plans to make its EGX debut before the end of 2024.ATLC signed a financing contract worth EGP275 million with the Arab Forum for Investments Company to strengthen the capital base.According to local media, GBCO signed an agreement with Japanese truck manufacturer UD Trucks, granting it distribution rights for 2 models in the Egyptian market.According to local media, Philip Morris International, disclosed that it has allocated USD45 million in anticipation of potential tax obligations in Egypt. ABUK agreed with the Arab Organization for Industrialization to implement a solar energy station with a capacity of 2.5 MW and a cost of EGP90 million. MICH released 1Q24/25 results, posting an 8% increase in revenues to EGP260.3 million and 14% growth in net profit to EGP155.9 million. The government will offer private sector companies the chance to set up hospitals on 21 land plots as it works to add 173k beds to the country’s residential capacity by 2030. Weekly Commodities Update

Market Overview ALCNBINVEXPAEKHOA prepared by: Mayada Amin - CETA. CFTe

In contrast to the IMF’s talk of being open to changing some of the terms of the loan agreement, Georgieva reiterated that “Egypt is better served by undertaking reforms sooner rather than later.” IMF Director Kristalina Georgieva stated that the Fund’s amendment to the basic and additional fees for programs and loans will save Egypt USD800 million up to 2030.Investment Minister Hassan El Khaitb will now be minister in charge of the Sovereign Fund of Egypt (SFE).The Green Climate Fund has approved funding proposals for three multi-country sustainable development programs, unlocking USD2.7 billion for programs across 14 countries, with Egypt set to be included in all three.The government will be releasing a new policy on increasing investment in oil and gas, petrochemicals, refining, and minerals in November.The Ministry of Petroleum seeks to increase natural gas imports from Israel by about 10% during November to meet the local needs of power stations and industry.Canada-based oil and gas company TAG Oil is looking to raise CAD10 million through a public offering of additional units in the company, with the firm planning on using the proceeds of the offering to “advance appraisal and development activities” in Egypt’s Western Desert.The Housing Ministry’s Social Housing and Mortgage Finance Fund is considering increasing its World Bank loan by USD200 million by December 2025, bringing the total value of its loan to USD1 billion.The failure to obtain lenders’ approval and the provision of fuel were behind the government’s postponement of the sale of the Beni Suef power station, sources revealed.SWDY signed an MoU with the Iraq Development Fund to establish a new fund — dubbed the Localization Fund — that aims to attract both local and foreign investments to support Iraq's economic diversification.SWDY highlighted in a release to EGX that Elsewedy Industrial company, participating in a oil and gas exploration agreement with EGPC, is not a subsidiary of SWDY.MASR signed a co-development agreement with ZMID to co-develop a 42 feddan land plot in New Heliopolis. The project is expected to generate revenue of EGP11.4 billion, with MASR entitled to a 64% revenue share and ZMID a 36% revenue share. We remind you that this project was first preliminarily approved in July 2024.PHAR Board approved the increase in authorized capital from EGP1.5 billion to EGP6 billion and in issued capital from EGP1.488 billion to EGP1.688 billion, with an increase of EGP200 million to the issued capital, to be distributed over 20 million shares. The increase will be carried out via cash subscription for existing shareholders.

Market Overview BINVTMGHCCAPORWEprepared by: Mayada Amin- CETA, CFTe

The Prime Minister confirmed that the government is currently reviewing the timeline and reforms put forward by the Fund, pointing to the direct impact that the war on Gaza and the subsequent decline in Suez Canal revenues has had on state revenues as justification for the review.The Prime Minister said that the foreign exchange flows and the state’s needs and obligations are proceeding regularly and smoothly, and there is no delay with regard to production requirements, raw materials, and basic needs, and there are no delayed requests in the banks, denying the government’s intention for another floatation of the exchange rate.The first phase of the government’s plan to bring private investors to develop, manage, and operate Egyptian airports will offer up five airports, unnamed sources told press. The sources named the airports as Cairo International Airport, Sphinx International Airport, El Alamein International Airport, Sharm El Sheikh International Airport, and Hurghada International Airport. The government also plans to hand over management of Luxor and Aswan airports to private sector operators in subsequent phases. Home appliance giant LG plans to add a new USD150 million refrigerator production line to its Tenth of Ramadan factory. The new production line is in the preparation phase.Turkish pump manufacturer Turbosan is mulling setting up a factory in Egypt as part of a larger effort to increase its presence in the local market, according to a Housing Ministry statement.Egyptian and Libyan businesses agreed to set up a comprehensive industrial complex leveraging Egyptian raw materials to serve as a trade corridor to Algeria, Tunisia, and other African markets, set up permanent “Made in Egypt” exhibitions in Tripoli and Benghazi, and to look into potential Egyptian investments in Libya’s tourism sector — Libya is setting up a tourism project on its coastline.The World Bank announced a schedule for Egypt's external debt repayments during the current fiscal year, which includes paying obligations worth USD60.8 billion in the period from July 2024 to June 2025. Eni is set to resume drilling at the Zohr gas field in December of this year, with the arrival of a rig to drill two new wells, Oil Minister Karim Badawi said yesterday. US oil producer Apache has been awarded four exploration blocks in the Western Desert, the Oil Minister announced. BP will be expediting the drilling of the second well at the Raven natural gas field, the Oil Minister said, adding that the additional production capacity is set to come online by January 2025.The Oil Ministry targets signing 15 new oil and gas exploration agreements during the coming year with minimum investments of USD748.5 million.United Bank shares will be temporarily listed on the bourse starting today, after which the company will have six months to meet listing requirements and obtain regulatory approvals ahead of its planned IPO set to take place before the end of 1Q25.HRHO launched SEP educational platform in Saudi Arabia with a capital of USD300 million.COMI CEO Hisham Ezz El Arab plans to leave his post at the bank within the next 2-3 years, he told Al Arabiya, adding that he is currently mentoring three employees, with one expected to take over after his departure.Government agencies can now grant contractors working on public projects up to a six-month extension on their implementation timelines, according to a circular issued by the Cabinet. State-owned Egyptian General Petroleum Corporation (EGPC) signed four separate MoUs with SWDY's Elsewedy Industrial Development, ESRS, Ades Holding, and a consortium of Hassan Allam Holding and Infinity Power aimed at ramping up oil and natural gas exploration alongside production and field development, according to a Cabinet statement.