The Federal Reserve held benchmark interest rates steady in a target range between 5.25%-5.5% amid a backdrop of a growing economy and labor market and inflation that is still well above the central bank’s target.

 The CBE's MPC is scheduled to meet today to decide on interest rates. We expect the CBE to prefer to keep rates unchanged, until further notice, linking interest rate movement to any probable currency movement.

The AfricanDevelopment Bank (AfDB) plans to lend out some USD349 mn to fund public and private projects in Egypt before the end of the year.

German oil giant Wintershall Dea has started gas production at its East Damanhour onshore concession. 

The number of inbound tourists during the 9M2023 recorded a growth of 20%, reaching 11 million tourists.

ABUK and MFPC issued official releases regarding the natural gas reduction decision. ABUK clarified that it received 11% cut in the natural gas feedstock supply since two days, but the company’s production wasn’t affected and they attained October’s targets. MFPC stated that its production wasn’t impacted by the natural gas reduction on the back of existing ammonia inventories.

The Export council for chemical industries and fertilizers stated that the sector’s exports amounted to USD5.3 billion through 9M23, which represents 19% of the total egyptian exports at this period. The council added that the fertilizers’ exports recorded USD1.7 billion, the highest proportion among the chemicals exports. 

Eni anticipates exporting Egyptian liquified natural gas this month, as seasonal demands wanes. 

The Oil Ministry inked a two-year joint work program with the International Energy Agency’s (IEA), under which the two sides will work closely to tackle methane emissions, renewable energy deployment, and hydrogen production.

ADCI released 1Q23/24 financial indicators. Bottom-line came in at EGP27.4 million in 1Q23/24 (-1.0% YoY, +168.4% QoQ). Revenues recorded EGP191.2 million in 1Q23/24 (+24.3% YoY, +28.7% QoQ). ADCI is currently trading at FY23/24f P/E of 4.7 and EV/EBITDA of 3.0. 

AMER reported positive 3Q23 results, with revenue up 49.4% y/y and 3.9% q/q to EGP271.6 million, bringing 9M23 revenue up 15.7% y/y to EGP923.5 million. Net profit in 3Q23 reached EGP18.9 million, compared to 3Q22 net loss of EGP5.5 million and 2Q23 net loss of EGP9.8 million, bringing 9M23 net profit up 440.6% y/y to EGP37.0 million.

Vehicle sales rose again in September to reach their highest level in a year. Distributors sold almost 9.9k vehicles in September, up almost 23% from August, and the highest monthly figure since September 2022.

Tasaheel Finance, MNT-HALAN's subsidiary closed an EGP3 bn securitized bond issuance. 

HRHO’s backed Egypt Education Platform (EEP) is studying the possibility of launching in Saudi Arabia within the next 12-18 months.

Moreover, HRHO’s energy investment platform Vortex Energy has so far invested EUR300 mn in the Spanish renewables developer (Ignis Energia).

aiBank was named as the fastest growing bank in the Arab region by the World Union of Arab bankers. The bank’s net income jumped 56% y/y to EGP450 mn in 1H2023 on the back of its expanded loan portfolio, new e-payment and depository products, and the growth of its branch network.