The Suez Canal revenues jumped in October to USD880.1 million, an increase of 24%, compared to USD709.5 million during the same month of 2022.

 The cabinet reviewed some 58 draft laws on its priority list ahead of submitting them to the parliament at a future date. These include draft laws to help facilitate privatization and the sale of state assets to investors, with an ambitious plan in place to raise USD5 bn from October 2023 to June 2024, and draft laws to grant incentives to green hydrogen investors, such as tax breaks.

 The Ministry of Transport is reportedly communicating with the CBE to arrange about 25% of the total value of the contract for the Russian company Transmash, estimated at approximately EUR430 million.

HELI's (FV: EGP18.84, OW) majority shareholder, the Holding Company for Construction and Development, values HELI at around EGP20.0 billion (around EGP14.98/share) based on an IFA report and intends to sell its stake to a strategic investor. This is lower than our valuation of EGP25.2 billion (EGP18.84/share).

EAST raised their selling prices for their local products by EGP3-9/pack across all their products range, effective today. All of the company's Cleopatra range are now priced at EGP27/pack from a previous EGP24/pack. The rise in selling prices along with the recovery in volumes driven by the availability of raw materials are expected to boost profitability.

EGAL (FV: EGP53.58, OW) confirmed, in a release to EGX, not receiving any official or unofficial offer to acquire a strategic stake in the company till date. 

Prime Minister Moustafa Madbouly met with the Supreme Council for the Automotive Industry to discuss ongoing efforts to promote the local assembly of vehicles and manufacturing of car parts as part of the National Automotive Industry Development Program that was launched in 2022. The meeting approved the launch of a new digital platform that will connect local car part suppliers, manufacturers, and assemblers to promote the localization of the industry. The platform will be launched in 12 weeks.

Around 100k Egyptians residing abroad have registered to take part in the expat car-for-FX initiative in only one week since its launch, according to the Finance Minister.

Crude prices fell more than 4% yesterday, with Brent crude prices dipping to just USD81.61/bbl, marking its lowest price since July, responding to the release of weak trade data from China and renewed doubts about whether the Federal Reserve has finished raising interest rates.

The Medical Industries Export Council is studying entering new African markets during the coming period by facilitating the registration and licensing of Egyptian medicines in these countries.