Egypt’s trade deficit increased by 10.3% to reach USD3.24 billion in September compared to USD2.84 billion in the same month last year.

The government is looking to wrap up the Wataniya stake sale within a month or two maximum, Planning Minister Hala El Said said.

The government raised the estimated subsidies for petroleum products in FY 2023/2024 by about 9% to EGP130 billion, due to new higher oil price assumptions.

The head of the General Authority for the Suez Canal Economic Zone said that the authority has attracted investments amounting to about USD4.6 billion, adding that there are new investment incentives expected to be announced.

HRHO completes exit from Jordan, in line with the bank’s effort to simplify operations, re-direct resources and improve return on equity. 

MTIE denied what was circulated by local press on the existence of GCC interest to acquire a stake in the company at a price between EGP8-9 per share.

EGAL (FV: EGP77.75, OW) denied any relation to Ain Sokhna aluminum plant. 

Steel scrap prices surged by EGP1,500/ton this week to range between EGP24k-25k/ton on higher demand due to difficulties in importing iron ore, according to local media.

According to a provisional ownership structure published yesterday by PHAR, ACDIMA will own a 60% stake in arab API company, its subsidiary PHAR will own 30%, and the Suez Canal Economic Zone (SCZone) will own 10%. The final shareholder structure could change after the completion of ongoing feasibility studies.

Two unnamed US based companies are negotiating with the government to establish pharmaceuticals factories in Egypt and expected to begin operations by next year.

HELI (FV: EGP18.84, OW) rejected the offers submitted by investors to rent HELI's 11k sqm Ghernata land plot.

Oil prices fell for the fifth day running yesterday, as bearish market sentiment continued despite some OPEC+ members agreeing to voluntarily reduce output last week. Brent futures tumbled almost 4% to USD74.24/bbl, its lowest level since June on concerns about global demand.

SKPC called for a BoD meeting yesterday to discuss 2024 investment budget, participating in the capital of the Egyptian Bioethanol Company (EBIOL), and the participation in establishing the combined heat and power (CHP) project with EBIOL.