Mashreq Bank Egypt, Credit Agricole Egypt, and the National Bank of Kuwait’s Egypt unit have begun due diligence on United Bank with a view to potentially acquiring a stake in the bank.

Misr Digital Innovation Company, a subsidiary of Banque Misr, submitted the first application to obtain a license to operate a digital bank in Egypt.

SAUD announced receiving preliminary approvals to establish Al Baraka Sukuk Company, through its affiliate Al Baraka Capital. 

The Financial Supervisory Authority revealed that total investments of insurance funds in Egypt increased to EGP11.5 billion during the period from January to June 2023, +21.4% YoY. The value of premiums collected for property and liability insurance companies during the same period reached EGP 35.8 billion, +28.9% YoY.

RMDA is studying an acquisition of over 50% of a Pharma company and a cosmeceuticals company; no actual acquisition has been completed yet, according to the company’s release.

According to local media, EMFD (FV: EGP5.01, OW) inaugurated the 356-room Address Marassi Beach Resort located in its Marassi project on the North Coast with investments of EGP5.0 billion.

Chinese textile mills firm Kingdom Holdings is in negotiations to acquire an unnamed textile company owned by the Public Enterprises Ministry. If the acquisition fails, the company will build its own factory with an investment cost of USD60 mn.

Emirates National Oil Company (ENOC) subsidiary Dragon Oil wants to purchase a stake of at least 20% in the Nargis offshore concession in the Eastern Mediterranean from Chevron.

Weekly Commodities Change |       Last Price           WoW Change, %

Brent, USD/bbl         84.8    -2.3%

Diesel-HSFO Spread, USD/ton      382.4  1.5%

Egypt Urea, USD/ton 467.0  0.0%

Polyethylene, USD/ton        1,070.0          0.9%

Polypropylene, USD/ton      920.0  -0.3%

Steel/Iron Ore Spreads, USD/ton    378.4  3.0%

LME Aluminum Cash Price, USD/ton           2,089.3          -1.7%

Egyptian Retail Cement, EGP/ton   1,710.0           0.0%

Steam Coal FOB Newcastle Australia, USD/ton           149.5  3.8%

SMP, USD/MT          2,333.0          -4.9%