Saudi Arabia’s sovereign wealth fund is in advanced talks to acquire Egypt’s state-owned United Bank in a deal that could be worth about USD600 million (EGP14.76 billion). The transaction implies higher-than-sector-average multiples.

In light of the mounting pressures, we expect the CBE to considerably hike interest rates by 200bps, maybe sooner than its meeting planned on 22nd December, with a likely EGP adjustment that might reach c.15%.
 
Prime Minister has called for oversight bodies to set a deadline for all shops and retailers to start putting price tags on commodities put for sale, with inspection tours to be carried out periodically to ensure the enforcement.
 
The German government is allocating EUR360 million to finance development projects in Egypt.

The Federal Reserve is expected on Wednesday to raise interest rates for the seventh time this year to combat inflation.

Gold could be listed on the newly-launched Egyptian Mercantile Exchange (EMX) in 1Q23.

Food industry exports grew by 0.5% YoY in the first ten months of 2022 to USD3.5 billion.


The National Investment Bank sold part of its stake in ADIB amounting to 7.6% of the bank's shares to Respond Investment Company, so that its ownership decreased from 10% to 2.4%.

HRHO’s consumer finance arm, vaIU has issued EGP854.5 million worth of securitized bonds.

Egypt’s renewable energy capacity is on track to grow some 65% by 2027, thanks primarily to new offshore wind projects.

MCRO recorded net profit of EGP129.4 million (+21% YoY) in 9M22.

The Pharmaceutical Holding Company, HoldiPharma, is currently planning to localize the raw material industry in Egypt, in cooperation with India and China.