IMF deputy managing director will visit Cairo in the coming days to meet with Egyptian officials regarding the government’s economic reform program. 

Annual urban inflation figures for May should be released this morning (after the release of this publication) and consensus estimates are pointing at 31.4% YoY, up from 30.6% in April.

The Ministry of Finance and the National Investment Bank are preparing to sell their stakes in a number of companies.

Recommendations for new electricity tariffs have been sent to the cabinet for approval and could be announced within the next two weeks.

The government raised its purchase price for new natural gas produced from some Western Sahara concession areas by 13%, to USD3 per MMBtu, as an incentive for companies to increase production.

 Saudi airline Flynas is operating three weekly flights from Jeddah to Sphinx International Airport starting 16 June 2023 and three weekly flights from Riyadh to Sphinx International Airport starting 1 July 2023.

 SWDY (FV: EGP22.87,OW) is keen to help construct the electrical interconnection project between Zimbabwe, Zambia, Botswana, and Namibia, according to a cabinet statement. 

Arab Contractors will build four road and infrastructure projects in Angola after signing a partnership agreement with one of the country’s largest companies, according to local media.

Oil prices climbed about 0.9% on Wednesday to USD76.95/bbl as Saudi Arabia's plans for deep output cuts more than offset demand woes stemming from rising U.S. fuel stocks and weak Chinese export data.

The EGX listing Committee agreed to list COMI’s ESOP shares of 20.44 million, where paid in capital increases from EGP 29.99 billion to EGP 30.19 billion, an increase of EGP 204.45 million.