The base wage used to calculate national ins. contributions for public and private sector workers will be raised to a minimum of EGP2k and a maximum of EGP12.6k as of 1 January 2024.

The flow of traffic in the Suez Canal remains normal, authority head said.

Egypt received USD8.8 billion in external financing for the government and private sectors during 2023, compared to USD13.7 billion in 2022, a decrease of 35.7%.

Egypt's non-petroleum exports increased in 10M2023 by 5.3% YoY, to record USD29.5 billion, up from USD28 billion during the same period a year before.

ADIB BOD has approved the mandatory tender offer to purchase the free float shares of Cairo National Co for Investment and Securities (KWIN) and up to 100% for EGP10.5/share. ADIB’s current stake in the company is 89.992%. 

OIH’s net consolidated profits jumped by 59.12% over 9M23, recording EGP422.24 million, compared to EGP265.36 million over 9M22.

AIH’s general assembly approved the agreement with JAF Investment Company, to acquire 30% of both Rawaj Consumer Finance Company and UE Finance Company, for EGP30 million and EGP147 million, respectively. Moreover, selling the company’s entire stake in its subsidiary, Arab International Contracting, in exchange for removing all the debt AIH owes to it.

EXPA postpones its EGM scheduled to be held on 11 January 2024 to 16 January 2024 to discuss increasing the paid-in capital by EGP840 million to reach EGP7,441 million from EGP6,600 million by distributing 1:7.8 bonus shares financed from retained earnings and FY22 net profit.

Three bidders are competing to buy ETEL’s towers at a transaction value of USD150-250 mn, according to local press.

EGAL (FV: EGP77.75, OW) denied knowledge of an agreement, reported yesterday, that would see Emirates Global Aluminum (EGA) invest an undisclosed amount in EGAL.  

ETRS will establish a SAR10 million (USD2.7 million) limited liability company in Saudi Arabia in partnership with the kingdom’s Link Investments in 1Q24. The new entity will have initial capital of SAR500 thousands.

Weekly Commodities Update

 |   | Last Price | WoW Change, %
| Brent, USD/bbl | 76.6 | 0.9%
| Diesel-HSFO Spread, USD/ton | 353 | -3.7%
| Egypt Urea, USD/ton | 340 | -2.2%
| Polyethylene, USD/ton | 990 | 0.0%
| Polypropylene, USD/ton | 930 | 0.5%
| Steel/Iron Ore Spreads, USD/ton | 375 | 1.0%
| LME Aluminum Cash Price, USD/ton | 2,206 | 5.5%
| Egyptian Retail Cement, EGP/ton | 2,076 | 5.8%
| Steam Coal FOB Newcastle Australia, USD/ton | 145 | -3.8%
| SMP, USD/MT | 2,671 | 1.9%
| Last price may vary week over week in some indices due to time difference