The government has lowered real GDP growth outlook for FY21/22 to 5.7% and for FY22/23 to 5.5%

Government signed a 40-year loan agreement with the French government for EUR776.9 million to fund the 55 new trains for Cairo Metro Line 1 

France will ensure that Egypt gets the wheat it needs in the coming months as the war in Ukraine creates supply risks 

Monthly fuel import bill approached USD1.05 billion, compared to about USD790 million before the war

Government is now reviewing its public offering program in light of market developments, aiming to offer 4 to 5 companies during 2022 

Cyprus and Greece are considering establishing a joint industrial zone in the Suez Canal Economic Zone

Number of public sector employees went down 6.8% YoY in 2021 to 695.3k

National Authority for Tunnels is conducting negotiations with Siemens-Orascom Construction-Arab Contractors consortium, to reduce the cost of implementing two high-speed electric train lines 

Head of Consumer Protection Agency called on agents, distributors, and traders in the automotive sector to commit to handing over cars to customers who were reserved before March 21, at the old prices

EMFD opened its 62k sqm club in Uptown Cairo; Adds recurring income 

ADIB intends to increase the bank’s issued and paid-in capital to EGP5 billion by the end of August 2022; Means another round of capital increase is planned before the end of the summer

Weekly Commodity Update

Brent futures are trading at USD111.33/bbl and averaged USD97.40/bbl YTD

Egypt Urea Index was unchanged WoW and prices are currently at USD1,130/ton

Polyethylene (HDPE) prices were up 3% WoW to USD1,560/ton (SKPC)

Diesel-HSFO spreads were up 16% WoW to USD613/ton (AMOC)

Polypropylene prices dropped 1.5% to reach USD1,330/MT

Steel/Iron Ore spreads slowed down 1% to USD618/ton 

Aluminum prices rose by 7% to stand at USD3,605/ton

Retail cement prices in Egypt retreated this week to the range of EGP1,350 -1,450 per ton

Coal prices came down 3% WoW to record USD327/ton

Crude palm oil prices climbed to reach USD1,490MT, +4.2% WoW

SMP prices rose by 1.4% to reach USD4,545/MT