The war in Gaza will negatively impact the economies of neighboring countries, including Egypt, Jordan, and Lebanon, according to the Managing Director of the International Monetary Fund (IMF).

Plane ticket purchases to Egypt, Jordan, and Lebanon have plummeted since the start of the war in Gaza, according to travel analysis firm ForwardKeys.

The EBRD is considering making a USD40 million equity investment in a new USD350 million North Africa-focused fund set up by SPE Capital.

The General Authority for Investment and Freezones (GAFI) will sign contracts with Samsung, EnviroProcess, Gasco, and Fayoum Company for Storage and Warehouses to receive golden licenses.

1.South Korean electronics giant Samsung intends to invest USD50 million in its new mobile phone factory at its industrial complex in Beni Suef.
2.Local company Fayoum Company for Storage and Warehouses will receive a license to work on a EGP1.3 billion project to establish new strategic warehouses in Fayoum.
3.Local EV manufacturer EgyptSat Auto is getting a golden license to build a EGP300 million factory.
4.The state-owned Egyptian Natural Gas Company (GASCO) will invest USD380 million to expand its gas complex in Alexandria.
5.EnviroProcess will establish a EGP73.5 million recycling plant for alternative fuels and fibers in Minya.

The New Development Bank, established by the BRICS group of emerging economies, is seeking its inaugural syndicated loan of USD1.25 billion with a three-year tenor. The bank aims to use the loan for infrastructure and renewable energy financing in member states Brazil, India, China, and South Africa, as well as Egypt and Bangladesh.

Egypt's exports of LNG fell to USD2.2 billion in the first 7 months of 2023, a decrease of 60% compared to the same period in 2022, which recorded exports of USD5.6 billion.

CCAP targets offering the National Company for Printing and Packing in EGX by the end of 2023. CCAP also targets injecting EGP2-3 billion in new and renewable energy sector investments in Egypt.

Global demand for oil, coal, and natural gas will peak this decade as the shift towards renewables and electric vehicles helps wean the world off fossil fuels. On the other hand, the OPEC published its 2023 World Oil Outlook earlier, where it upped its long-term oil demand outlook to 116 million b/d by 2045, a 5% jump from its 2022 forecast.

The Agricultural Committee at the Egyptian Senate suggested new repricing for the natural gas and electricity sourced to fertilizers companies to support Egyptian producers amid the severe competition they face in the global market.

EMFD (FV: EGP5.01, OW) is in talks to buy high-rise towers in New Alamein City on the North Coast.

Strategic investors interested in acquiring shares in CBE-owned lender United Bank have begun due diligence. Several international financial institutions are reportedly interested in acquiring shares in the lender, including the local units of Mashreq, Crédit Agricole, and the National Bank of Kuwait as well as international financial investors.

S&P Global has downgraded the long-term credit ratings of three local banks a few days after it cut its rating on Egypt’s sovereign debt. National Bank of Egypt, Banque du Caire, and COMI all had their credit ratings downgraded to B- from B. The rating agency also revised its outlook to stable from negative, pointing to the possibility of the government delivering on structural reforms.

According to local media, GBCO's Drive Finance will reportedly close a EGP600 million securitization issuance, while One Finance is planning a EGP530 million issuance within the next month.