The Egyptian government is in the final stage of talks with the IMF on new funding.

FDI outflows from Egypt last year recorded about USD367 million. The volume of FDI inflows to Egypt last year were about USD5.122 billion.

Ministry of Supply signed agreements to establish commercial and logistical zones in Kafr El-Sheikh, Suez, and Dakahlia, with investments exceeding EGP4.5 billion.

Volume of local wheat supply for the harvest season has so far reached 4.397 million tons, which may bring the government’s purchases of local wheat to record levels; the country’s stockpile of wheat covers seven-month needs.

Leaders of Egypt, the UAE, Jordan, Bahrain, and Iraq will meet today in New Alamein for a second and final day, discussing regional cooperation.

Eni and TotalEnergies have made a “significant” gas discovery in a shared exploration block off the coast of Cyprus which the companies estimate to contain at least 2.5 tn cubic feet of gas.

SWDY 2Q22 net profit reached EGP1.1 billion (+27% YoY, +48% QoQ), bringing 1H22 net profit to EGP1.9 billion, 19% higher YoY.

HRHO’s consumer finance arm valU has acquired 100% of digital HR and payroll platform Paynas.

BINV has until next Monday, 29 August, to decide whether or not it wants to preempt Adnoc Distribution’s bid to acquire 50% of TotalEnergies Egypt.

According to local media, MHOT is studying establishing two 5-star hotels in Hurghada and Alexandria and that the company has liquidity of EGP350.0 million, part of which will be distributed to shareholders and the other part of which will be used for investments.

RACC signed a partnership agreement with Zain Saudi Arabia to manage its customers' experience in Saudi Arabia. 

Weekly Commodities Update

 | Last Price | WoW Change, %
Brent, USD/bbl | 95.7 | 0.7%
Diesel-HSFO Spread, USD/ton | 619.8 | 10.4%
Egypt Urea, USD/ton | 765.0 | 0.0%
Polyethylene, USD/ton | 1,140.0 | -5.2%
Polypropylene, USD/ton | 990.0 | 0.0%
Steel/Iron Ore Spreads, USD/ton | 439.5 | 3.0%
LME Aluminum Cash Price, USD/ton | 2,393.8 | 0.1%
Egyptian Retail Cement, EGP/ton | 1,375.0 | 2.8%
Steam Coal FOB Newcastle Australia, USD/ton | 416.3 | 2.1%