Energy, Climate Change, and the Grand Ethiopian Renaissance Dam (GERD) were all up for discussion yesterday during talks between El Sisi and German Chancellor Olaf Scholz in Berlin.

El-Sisi called for cooperation and coordination between Egypt and Europe in various fields. “All the gas that can be extracted from the eastern Mediterranean can be exported from Egypt to Europe with the capabilities we already have. We ask our friends in Europe to help us deliver a message to the WB and IMF that the situation in our country cannot bear the standards and requirements by international institutions.”

ORHD achieved strong 2Q22 sales of EGP2.7 billion, up 39.4% y/y and 31.3% q/q, bringing 1H22 sales to EGP4.7 billion, up 16.9% y/y. 

MNHD shareholder general assembly meets on 16 August 2022 to vote on whether to allow OCDI to go ahead with due diligence.

MNHD declared 0.12:1 stock dividends. Record date is 3 August 2022. Distribution date is 4 August 2022.

Ministry of Military Production is creating a partnership with the Emirati “M Glory” Holding to create an Egyptian-Emirati company for dual-fuel car production. 

FAIT's assets increased by 6.3% YoY to reach EGP 138.294 billion by June end.

HRHO's 1:5 bonus share distribution, out of 2021 net profit, was approved by EGX.

Weekly Commodity Update |      Last Price           WoW Change, %

Brent, USD/bbl        103.5  -3.4%

Diesel-HSFO Spread, USD/ton    690.2  1.8%

Egypt Urea, USD/ton         740.0  0.0%

Polyethylene, USD/ton       1,300.0         0.0%

Polypropylene, USD/ton     1,170.0         0.0%

Steel/Iron Ore Spreads, USD/ton 461.4  3.0%

LME Aluminum Cash Price, USD/ton      2,326.2           -1.7%

Egyptian Retail Cement, EGP/ton 1,322.0         -0.9%

Steam Coal FOB Newcastle Australia, USD/ton           406.6  -3.0%

Crude Palm Oil, USD/MT   879.4  -5.6%

SMP, USD/MT         4,063.0         -5.0%