The Ministry of Petroleum announced on Friday that it is raising fuel prices for various octanes. The price of diesel remains steady at EGP8.25. 

Aligned with expectations, the MPC of the CBE decided at its meeting on Thursday to maintain the key interest rates at their current levels.

Egypt's PMI shrank to 47.9 in October from 48.7 in September, as inflation, supply chain problems, and a lack of access to foreign currency continued to bite into business activity. 

Fitch Ratings has downgraded Egypt's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-' from 'B'. The outlook is Stable. 

Fitch Credit Rating said that the government is in advanced stages of obtaining financing worth USD1.5 billion, supported by guarantees from international institutions, in addition to USD4 billion from other partners, including the IMF.  

The Cabinet approved in principle fresh cutbacks to government spending through the end of the current fiscal year due to the ongoing FX crunch.  

Economic growth almost halved to 3.8% in FY2022-23 from 6.6% the year prior, according to figures announced by Planning Minister. Growth is expected to rise to 4.2% in the current fiscal year ending June 2024. 

Egypt raised JPY75 billion (c. USD500 million) in a JPY-denominated bond sale in Japan in the country’s second samurai bond sale, the Finance Ministry said. The five-year bonds were priced at a 1.5% annual rate. 

Abu Dhabi Holding Company signed the final contracts with the Sovereign Fund of Egypt to purchase shares in three government companies in the pre-IPO Fund portfolio, namely Ethydco, National Drilling, and Elab, at a value of USD800 million. 

Sovereign Fund of Egypt's CEO said that three international offers had been received to buy Wataniya and the winning bid is scheduled to be announced before the end of 2023. 

Japanese companies have expressed their desire to pump new investments into six different economic sectors in the Egyptian market.

The National Tunnels Authority (NTA) is looking to secure a EGP17 billion loan from a consortium of local banks to fund the construction of the Cairo Metro Line 4.  

Israeli natural gas exports to Egypt have resumed after a disruption last weekend but in small volumes. It is noteworthy that this decision shall have a positive impact on local fertilizers producers (MFPC, ABUK, EGCH, and AlexFert). 

Eni's natural gas production in Egypt declined by 9% YoY (-1.6% QoQ) to reach 1.291 billion cubic feet per day during 3Q23. 

COMI (FV: EGP 68.54, OW) 3Q23 net profit post minority recorded EGP8.35 billion (+5% q/q, +89% y/y), bringing 9M23 profit for equity holders to EGP 22.4 bn (+84% y/y). The stock is trading at P/E 2024 of 6.4x and P/B 2024 of 1.7x 

SFE on Thursday inaugurated four schools part of the first phase of the Cosmic Village development project. HRHO-backed Egypt Education Platform (EEP) is managing two Mobica-constructed schools. 

JUFO reported positive 3Q23 financials showing an attributable net profit of EGP323 mn (+108% YoY, +48.3% QoQ). 9M23 net profit recorded EGP879 million (+85.5% YoY). JUFO is currently trading at a FY24 P/E of 9.7x and an EV/EBITDA of 5.5x. 

ALCN released 1Q23/24 financial indicators showing an increase of 46.4% YoY yet a decline of 18.0% QoQ in net profit to record EGP980 million in 1Q23/24. ALCN is currently trading at FY23/24f P/E of 9.0x and EV/EBITDA of 9.2x. 

ORHD (FV: EGP20.38, OW) signed a EGP6.0 billion syndicated loan. The loan’s tenor is over ten years. The loan will be used to refinance the EGP1.5 billion bridge facility obtained last year for O West and partially finance the development of O West.