Egypt has USD42.3 billion in foreign debt repayments in 2024, including interest payments.

According to CBE data, Kuwait has rolled over a total of USD4 billion deposits. Also, the data shows a rollover of a USD1 billion UAE deposit.

China-based chemicals manufacturer Befar Group could build a USD2 billion industrial complex for producing specialty chemicals in East Port Said under a letter of intent inked with the SCZone last week.

Norwegian renewables developer Scatec will establish a 1-GW solar and 200-MWh battery storage project in Egypt, under an agreement signed with the Egyptian Electricity Holding Company (EEHC).

Egypt will ink some USD270 million worth of projects aimed at slashing the industrial sector’s carbon emissions, Environment Minister Yasmine Fouad said.

The Ministry of Finance will request the expansion of the use of green sovereign financing in financing projects that reduce carbon emissions. 

Cabinet approved an MoU that will allow China Electric Power Equipment and Technology — a subsidiary of Chinese state-owned electric utility corporation State Grid — to begin its feasibility studies on a proposed 10-GW solar energy project.

Five countries and the EU committed financing a combined USD420 million to the loss and damage fund, helping developing nations in their fight against climate change. Funds could start rolling out as soon as 1Q24.

We upgraded our fair value for ORAS to EGP233.65/share up from EGP192.45/share, and maintain our Overweight recommendation for the stock.  ORAS is currently trading at FY24e P/E of 11.4x and EV/EBITDA of 3.2x. 

Net foreign banking system assets deficit amounted to USD27.12 billion in October, recording an increase of 1.2% on a monthly basis. 

FAIT (FV: EGP33.00, EW) 3Q23 consolidated bottom line recorded EGP863 million (+61% y/y, +12% q/q), bringing 9M23 bottom line to EGP3.9 billion (+48% y/y). We issued an Equalweight recommendation on FAIT on an updated FV of EGP33.00/share. The stock is currently trading at P/B24 of 0.8x and P/E23 of 8.1x.

The African Development Bank (AfDB) has approved a USD148 million financial package for COMI, which will be used to on-lend its clients and strengthen its capital position. 

Naguib Sawiris is planning to invest at least USD120 million in a project that aims to replace motorcycles’ and tuk-tuks’ traditional combustion engines with electric motors. The plan will be carried out through the e-mobility startup BlueEV, under an investment agreement signed with OIH earlier this year.

CCAP’s TAQA is set to submit a binding offer to purchase an unspecified number of fuel stations from military-owned fuel retailer Wataniya after Taqa’s board approved the decision on Wednesday. 

Several OPEC+ countries agreed on Thursday to make deeper voluntary supply cuts in a bid to stabilize the markets. 

Real estate developers are in discussion with the government over incentives for Egyptian expats and foreigners who opt to pay in foreign currency to purchase properties in Egypt from private-sector developers.

AMIC released its report for October showing personal cars sales of 6,970 units (+14.7% YoY, -11.6% MoM).

The head of Pharmaceutical Industry Chamber of the Federation of Egyptian Industries stated that Egypt released only 30% of raw materials needs for pharmaceutical companies this year and the remaining quantity accumulated in the ports was not entered due to the shortage of foreign currency. This led to a decline of 40% in production capacities of pharmaceutical factories and a shortage of medicines in the market by 30-40% in 2023, according to local media.