*Key news articles for today*

Prime Minister Moustafa Madbouly is scheduled to hold a privatization press conference today. 

According to Reuters, shipping companies are rerouting their vessels away from the Red Sea, in response to repeated attacks on shipping by Houthi armed groups in Yemen. 

12-month non-deliverable forwards contracts have reportedly fallen 7% since mid-November to a record low of 50.50.

According to World Bank, remittances to Egypt declined by 15% YoY in 2023 to USD24.2 bn, largely due to the major gap between the official and unofficial exchange rate pushing Egyptians abroad to send in their remittances through unofficial channels.

The IFC is looking to issue its first EGP-denominated international bonds in 2024, IFC Africa chief said.

Egypt has been importing 1 bn cubic feet of Israeli natural gas per day this week — up from the 850 mn cbf/d we’ve been importing in mid-November.

Global gold mining company Centamin has raised its estimates of gold reserves in Egypt's largest producing mine by 10 percent.

The EGX will potentially be going through a comprehensive upgrade to its trading system and program, with its implementation expected sometime next year.

According to local press, a group consisting of TMGH’s subsidiary Icon Investments and unnamed foreign investors could be upping its stake in a group of historic hotels. The acquisition is expected to wrap up before the end of 2023.

Regarding ESRS (FV: EGP97.02, OW) piece yesterday, the actual flat steel price increase this week was only EGP2,500/ton to record EGP39,000/ton way below the reported price increase of EGP7,000/ton.

Ahmed Ezz purchased 4.2 million shares representing part of Gamal Al Garhy's stake in ESRS in a deal worth EGP344 million.

BTFH’s capital and investment arm NEPIT are taking a 51% stake in local seed distributor National Seeds Company (NSC) from Cairo Capital for Financial Investments in an EGP140-306 mn transaction. 

The European Bank for Reconstruction and Development has expressed interest in taking positions in Banque Du Caire and United Bank. As for Banque du Caire’s IPO, it is unlikely to happen given current market conditions.

Egypt's Pharmaceuticals exports increased by 8.5% YoY to record EGP238.8 billion in 9M23.

Nahdet Misr acquired a third of early education startup Innovvette. The proceeds will support the company's expansion plans.

Corona for chocolates is planning to spend EGP100 mn in expansions to meet the rising demand.