The government is going to invite private-sector players to manage the nation’s airports, Prime Minister said. 

Net International Reserves reached USD35.10 billion at the end of October 2023 compared to USD34.97 billion at the end of September.

Raising fuel prices saves the state’s budget about EGP13 million per day, equivalent to EGP400 million per month.

The cost of electricity subsidies reportedly amounts to about EGP79.8 billion during the current fiscal year, driven by the delay of price hikes and the increase in the exchange rate.

Schneider Electric plans to invest an additional EUR8 million in the local market this year. Part of the investment will go into its Badr City factory, adding a new production line.

Head of the exports council for chemical industries and fertilizers stated that local fertilizer companies are now operating at full capacities after the return of natural gas supplies to their normal flow. 

SKPC halted production for two days last week due to the complete loss of gas supplies. The company is currently operating at partial capacity after gas supplies resumed at 50% of normal capacity.

Saudi Arabia and Russia are continuing with their 1 million barrel a day voluntary cap on oil supplies until the end of the year.

Mopco approved in its latest EGM the merger of its 99.9% owned ENPC according to the book value of both companies at 31/12/2022. The post-merger authorized capital is determined at EGP50 billion, and the issued and paid up capital at EGP21 billion. 

EFID released 3Q23 financials. Attributable net profit for 3Q23 recorded EGP466 mn (+55.3% YoY, +12.6% QoQ). 9M23 attributable net profit recorded EGP1,278 mn (+89.3% YoY). EFID is currently trading at a FY24 P/E of 9.1x and an EV/EBITDA of 6.6x. 

Elsewedy Industrial Development Company, a subsidiary of SWDY, began the first phase of establishing five factories in Tanzania.

AXPH released 1Q23/24 financial indicators. Bottom line came in at EGP59.2 million in 1Q23/24 (+71.1% YoY, +250.2% QoQ). AXPH is currently trading at FY23/24f P/E of 6.5x and EV/EBITDA of 3.1x.

Prime Investments plans to launch three investment funds next year, the first in the tourism sector, the second for gold, and the last for venture capital. It expects to obtain the licenses of the three funds in 1Q24, noting that Prime Investments' share in the three funds is 10%.

Al Ahli Bank of Kuwait - Egypt's net profit during the 9M23 increased by 84% to EGP2.32 billion compared to EGP1.26 billion for the same period last year.

Weekly Commodities Update

  |   | Last Price | WoW Change, %
| Brent, USD/bbl | 84.9 | -6.2%
 | Diesel-HSFO Spread, USD/ton | 463 | 11.2%
| Egypt Urea, USD/ton | 400 | 3.9%
| Polyethylene, USD/ton | 1,040 | 0.0%
| Polypropylene, USD/ton | 955 | -1.3%
 | Steel/Iron Ore Spreads, USD/ton | 350 | 4.0%
 | LME Aluminum Cash Price, USD/ton | 2,234 | 1.3%
 | Egyptian Retail Cement, EGP/ton | 2,250 | 1.8%
| Steam Coal FOB Newcastle Australia, USD/ton | 123 | -9.4%
 | SMP, USD/MT | 2,659 | 3.9%
 | Last price may vary week over week in some indices due to time difference