The CBE has released the Balance of Payment (BoP)'s performance report for FY2023/24. Key points are:

• The overall BoP recorded a surplus of c.USD9.7 bn during FY 2023/24.
• Egypt's current account deficit more than quadrupled, surging to USD 20.8 bn.
• The oil trade balance surged to USD8 bn deficit in FY2023/24, compared to a USD 410 mn surplus in FY2022/23.
• The non-oil trade deficit was flat, registering USD31.9 bn in FY2023/24.
• Suez Canal lost a quarter of its previous year revenues, triggered by regional disruptions, falling by 24.3% in FY2023/24, recording USD6.6 bn.
• Remittances from Egyptians abroad were almost flat as well, recording USD21.94 bn in FY2023/24.
• Tourism revenues increased by 5.5% YoY, to USD 14.38 bn in FY2023/24.
• Net FDI inflows more than tripled YoY recording a record-high USD46 bn in FY2023/24 fueled by Ras Al-Hekma inflows.
• Net portfolio inflows recorded a net inflow of USD 14.5 bn during FY2023/24, compared to a net outflow of USD3.8 bn in the previous year. 

The IMF is likely to conduct the fourth review of our USD8 bn loan program in November, a government source said. The review that will unlock a USD1.3 bn tranche was initially scheduled for September, before being delayed to October.

Egyptian International Motors plans to invest some USD100 mn in its vehicle manufacturing business (assembling, marketing, and exporting vehicles) as part of a broader push to localize Egypt’s auto industry. 

Automotive player Stellantis plans to invest EUR116 mn in the local manufacture of four vehicle models expected to hit the streets over the course of three years.

Egypt pulled in some EGP1.2 bn over the last month and a half by cracking down on electricity theft, according to a cabinet statement.

The Suez Canal Economic Zone (SCZone) and the Egyptian Holding Company for Silos and Storage are developing a grain complex for the handling, processing, and storage of grains, with initial investments of USD153 mn earmarked for the first and second phases.

Norwegian renewables giant Scatec, Belgium’s John Cockerill, John Cockerill-Technip JV Rely, and France’s SLB have plans to set up a factory to manufacture electrolyzers for green hydrogen production in Ain Sokhna, according to a statement.

ORHD launched Tuban which spans over 1.0 million sqm in the heart of El Gouna.

EGAL’s board of directors proposed a cash dividend distribution of EGP3.00/share for FY2023/24, implying a payout ratio of 13.3% and a dividend yield of 2.5%.

Emirates National Oil Company subsidiary Dragon Oil wants to up its production from the Al Wasl field, CEO Ali Al Jarwan told CNBC Arabia. The company also plans to acquire more concessions in Egypt and Iraq.