Inflation expectations for November: Expect urban annual inflation to cool down to 5.7%, benefiting from a favorable base effect and a slower increase in the prices of some food items

The state budget recorded a primary deficit of EGP4 billion in 1QFY2021/22

The Sovereign Fund of Egypt will participate in 3-4 green hydrogen production projects in 2022

The House of Representatives Industry Committee suggested calculating the real estate tax for industrial establishments using the book value, instead of canceling it

SWDY inaugurated its USD35 million electric cable plant in Tanzania and is working on a 4.8k sqm logistics facility over there

ABB is about to contract SWDY for building 3 transformer stations in Sinai

OCDI shareholders offered Al Dar 77.26% stake (275.2 mn shares); Subscription ends today

The Board of Directors of MNHD approved the IFA report for Mink Real Estate Investment Company and Egy Can Real Estate Development; Acquisition of the two target companies is pending general assembly approval

As of yesterday, none of the four tobacco companies with local operations purchased the booklet for the terms of the New Tobacco Manufacturing license; BAT intends to take out the booklet

ABUK delegated Al-Ahly Capital Holding to secure the necessary financing for the methanol and ammonia project 

Ministry of Agriculture and Ministry of Telecommunications launched an Arabic application offering digital informative content on topics of interest to farmers (Digitizing the agriculture sector in Egypt)

Weekly Commodity Update

·        Oil prices climbed by nearly 5% to USD73.71/bbl

·        The Egypt urea index was unchanged at USD945/ton

·        Polyethylene (HDPE) prices were down 1% w/w to USD1,330/ton

·        Diesel-HSFO spreads were up 6% w/w and are at USD241/ton

·        Caustic soda prices dropped by 6.9% w/w so reach USD782/ton 

·        Polypropylene prices were down 2% WoW and stood at USD1,310/MT

·        Steel/Iron Ore spreads are at the USD461 mark, declining by 4% WoW

·        Thermal coal prices inclined by 5% WoW recording USD170/ton