The government will soon announce “important news” regarding the privatization of a number of banks and airports, Prime Minister Moustafa Madbouly said.

Egypt’s external debt sat at USD152.9 bn during the end of FY2023/24, falling some USD15.1 bn (almost 9%).

Egypt's import bill for petroleum products reached USD10.5 billion during 9M2024, compared to USD9.4 billion in the same period last year, an increase of 11.8%.

State gas firm EGAS signed a partnership agreement with Greek infrastructure investment company Copelouzos Group to develop a JV headquartered in Greece focused on the trade, transport, supply, and regasification of natural gas in Eastern European countries and Greece, according to a statement.

The Financial Regulatory Authority has issued new regulations to combat money laundering and terrorism financing for NBFIs.

OLFI reported solid 3Q24 financial results with attributable net profit recording EGP299 million in 3Q24 (+212.6% YoY, +12.4% QoQ), implying NPM of 10.5% (+5.9pps YoY, -2.2pps QoQ). This brings 9M24 net profit to EGP722 million (+134.5% YoY). OLFI is currently trading at 2024e P/E of 6.9x.

Oil prices slid on Tuesday, settling down 4.63% at USD77.18/bbl on news of a possible ceasefire between Hezbollah and Israel, although prices found some support on fears of a potential attack on Iranian oil infrastructure.

OPEC in a monthly report said world oil demand will rise by 1.93 million barrels per day (bpd) in 2024, down from a growth of 2.03 million bpd it expected last month. 

TCI Sanmar announced plans to inject more than USD300 million in investments to expand its PVC production capacity in Egypt.

The Minister of petroleum announced that Eni will dig new wells in Zohr field during the coming period. 

ORHD signed a USD155.0 million loan facility with the International Finance Corporation to partially refinance existing debt and fund potential growth opportunities in the hotel business in El Gouna and capital expenditure for renovating hotels. 

MASR signed a contract with Redcon Spain Construction to accelerate construction work in the Sarai project, with investments exceeding EGP600.0 million.

HRHO’s subsidiary, EFG Corp-Solutions, has issued EGP450 mn in debt, its second issuance in a wider EGP3 bn program. 

BTFH’s subsidiary, Beltone Leasing and Factoring, is in talks with three major international financial institutions over a USD60 mn loan to fund expansion across the continent, starting with Morocco and Senegal.

The Financial Regulatory Authority (FRA) will within weeks issue regulations implementing the capital requirements for insurance companies put forth by the Unified Ins. Law.

A number of banks have been earmarked for privatization, including Banque du Caire, whose IPO has been repeatedly delayed for years due to poor market conditions, Arab African International Bank (AAIB), and United Bank, which should make its EGX debut early next year.