-The World Bank upgrades its forecasts for Egypt's GDP growth to 5.5% in FY2021/22

-Bloomberg: Investors expect the Egyptian bond market to deliver more gains this year as it offers attractive real interest rates

-Federal Reserve Chairman Jerome Powell said that the US economy is both healthy enough and in need of tighter monetary policy 

-FWRY announced providing different e-payment solutions through the website of the Armed Forces Recruitment and Mobilization Department

-An agreement has been made with the Moroccan government to wave customs on all Renault cars that are produced in Morocco 

-The government is finalizing incentives to the local industry under a long-delayed automotive strategy. The measures could offer manufacturers customs discounts for using locally produced components

-El Sisi noted that Egypt will produce its first locally assembled electric vehicle next year; General Motors and Al Mansour are also in discussions to jointly produce EVs

-Kima’s CEO expected that the company would conclude the debt restructuring agreement with banks by February 2022, for its EGP6.4 billion debt facilities, with the aim of reducing interest payments

-Kima to build a new environmental-friendly factory instead of the Kima 1 factory during 1H2022, with investments of USD250 million, to be implemented within 24-30 months

-Kima signed a contract with Air Supply Group, to establish a new factory for the production of medical and industrial gases for Upper Egypt, with investments of EGP260 million 

-The Holding Company for Chemical Industries is seeking to manufacture green ammonia from hydrogen early next year, in cooperation with the Norwegian company Scatec; Project to be implemented in all companies affiliated with the holding company, including Kima

-MNHD closed its first EGP300.0 million securitization issuance

-AMER’s EGP1.1 billion sukuk issuance is expected to take place in 1H22; Board is proposing a capital decrease from EGP1.0 billion to EGP902.8 million through retiring treasury shares

-SPMD disclosed that the company has utilized EGP100 mn of the capital increase proceeds (EGP150.5 mn) towards Speed Hospital, 6 Misr Beni Suef labs, establishing 25 Speed labs, and launching Heliopolis Polyclinic