The IMF lowered its forecast for Egypt's real GDP growth to 3.6% in 2024,  down from the 4.1%. Expectations for inflation in 2023 were decreased to 23.5% down from 24.4%, while increasing to 32.2% up from 32% in 2024.

Annual urban inflation climbed from 37.4% in August to 38% in September. On a monthly basis, urban inflation accelerated from 1.6% in August to 2% in September. Core Inflation, which excludes highly volatile items, decelerated to 39.7% in September, from 40.4% in August, however, core monthly rate recorded 1.1% up from 0.3% in August.

Chevron has suspended gas exports to Egypt via the East Mediterranean Gas (EMG) pipeline and is routing supplies instead through the Arab Gas Pipeline that links Israel, Jordan and Egypt.

A government source said that the expected cost of raising the tax exemption limit to EGP45k is approximately EGP7 billion from tax receipts.

GASC has purchased 480k tons of Russian wheat directly from a Russian state-backed trader this week. 

Ministry of Supply is expected to raise the price of delivering a ton of sugar through the Egyptian Commodity Exchange to EGP26k, compared to EGP24.3k, in the light of the increase in sugar prices.

Up to 95% of Israeli tourists left the hotels in Taba through the Taba land port, during Saturday - Monday, after Israel called on its citizens to leave Sinai.

QNBA (FV: EGP 25.00, OW) recorded a strong set of results in 3Q23, where:

• Net profit post-minority interest recorded EGP3,859 million (-2% q/q, +50% y/y, and +9% higher than our estimates), bringing 9M23 bottom line to EGP 12,524 million (+71% y/y).
• 3Q23 bottom line slight sequential decline was mainly caused by lower FX gains, a surge in provisions, and a higher effective tax rate, despite higher margins and lower OPEX.
• Loans grew in 3Q23 by 2% q/q, while deposits grew by 8% q/q.
• The stock is currently trading at 2024 multiples of P/B of 0.6x and P/E of 2.8x

Contact Creditech, CNFN’s digital consumer finance arm, has signed a strategic agreement with “Cash Now application” to provide consumer finance products on the application.

The Saudi Sovereign Fund has expressed interest again in acquiring a stake in the United Bank with an expected acquisition value of more than USD700 million.

E-wallets provided by telecom companies will no longer support FX payments for online transactions.