The Fed will conclude its two-day meeting today, expected to leave interest rates where they are in December in response to signs that inflation continues to slow.

The government is considering granting a golden license to investors in the healthcare sector, in an attempt to facilitate the work of private companies.

Minister of Supply revealed Egypt’s reserve stock of some strategic commodities, including oils, which cover 6 months, and sugar that covers 7.8 months.

Oil prices plummeted as much as 4% yesterday on the back of the CPI data and continued concerns about oversupply. Brent futures closed 3.7% lower at USD73.24/bbl, the lowest level in six months. 

The Egyptian Soda Ash Company is in talks with a syndicate of local and international banks for USD450 million, which would fund the construction of the planned complex in New Alamein. The complex is estimated to cost a total of USD685 million to build and have an annual capacity of 600k tons. Construction is expected to get underway sometime in 2024 and take three years to complete.

MOIL released 9M23 unaudited financial indicators posting a 73% YoY growth in consolidated revenues to USD132 million. Net profit recorded USD29 million, compared to a net loss of the same amount in 9M22.

GBCO’s auto arm, GB Auto, is on its way to assemble Hyundai Elentra AD locally. The assembly is expected to take place by 1Q24.

EBRD is reportedly considering a USD150 mn loan to the CIB for on-lending to SMEs and environment-friendly projects. The National Bank of Egypt was also in talks with the lender for a USD50 mn loan to finance SMEs’ agricultural projects.

The “Vortex 4” fund - affiliated with Vortex Energy, owned by EFG Holding Group - has opened the subscription door to raise USD300 million in the second closing of the fund. It is expected that the closing will be completed before the end of 2023, and the size of the fund will exceed USD500 million.

RAYA acquired EGBE’s stake (27.69%) in Ostool, bringing its stake in Ostool to 90%, up from 62%.

ARCC’s (FV: EGP13.01, OW) general assembly approved a cash dividend distribution of EGP0.262/share for FY22, bringing total cash dividend distributions for the year to EGP0.922/share. This implies a payout ratio of 97% and a dividend yield of 9.8%.

China’s Hainan Airlines is planning to return to Egypt after over a decade of absence with three weekly Cairo-Shenzhen flights starting 21 January 2024.