The CBE's MPC is scheduled to meet today. We remind you that we expect the CBE to prefer to hold rates unchanged in today’s meeting due to persistent inflationary pressures, among other factors.Senior private and public sector figures from Egypt and the UAE inked numerous investments:Cabinet greenlit two power purchase agreements for two separate solar projects for a consortium made up of the UAE’s Masdar, Hassan Allam Utilities, and Infinity Power.Cabinet approved a draft decision to establi...

Market Overview EMFDHELIPHDCTMGHGGCCprepared by: Mayada Amin - CETA, CFTe

United Bank will kick off its planned offering on the EGX today. The total offering could see the bank raise up to EGP5.1 bn by floating an equivalent to a 30% stake.The number of tourists visiting Egypt increased during Jan - November 2024 by 4% compared to the same period last year.Egypt's imports of fuel shipments increased to more than USD12.5 billion during 10M2025, compared to USD10.5 billion in the same period last year.EGAS is negotiating long-term agreements to import LNG, moving awa...

Market Overview AJWAOIHOFHENGCprepared by: Mayada Amin- CETA, CFTe

Hassan Allam Holding inked a memorandum of understanding with Abu Dhabi wealth fund ADQ portfolio company and Ras El Hekma project master developer Modon Holding, in an agreement to cooperate on projects in the “infrastructure, energy, and water and wastewater treatment, and special building” sectors, the companies said in a joint statement. The CBE payment platform Instapay will start accepting Egypt-bound remittances from Gulf nations before within two months, the bank’s deputy a...

Market Overview Prepared by: Mayada Amin -CETA, CFTe

Cabinet spokesperson named banking, airports, pharma, plastics, glass, and petrochemicals as among the sectors where we will see stakes in state-owned entities offered up by the end of June. In addition, there are another 15 stake offerings in the pipeline after the current fiscal year. The Private Sector Partnership Unit in the Ministry of Finance intends to launch six projects through PPP, during 1Q25.The government decided to transfer a number of renewable energy projects that will pr...

Market Overview Prepared by: Mayada Amin - CETA, CFTe

The CBE's MPC is scheduled to meet on Thursday, 21 November. The IMF mission that is in Cairo is set to complete the fourth review of Egypt’s USD8 billion loan program this week.Egypt’s unemployment rate rose to 6.7% of the total workforce in the third quarter of 2024, up 0.2 percentage points from the previous quarter.The Madbouly government on Thursday inked two MoUs with local and international energy players (Taqa Arabia and Voltalia consortium and UAE Alcazar) that could see them de...

Market Overview ADIBCIEBALCNSPMDAJWAprepared by: Mayada Amin- CETA, CFTe

The Asian Infrastructure Investment Bank is considering financing the Egyptian government with about USD300 million.The Ministry of Petroleum announced 8 new liquefied gas shipments during this November, to meet the needs of the local market for power generation and industrial activity. The Assistant Minister of Tourism revealed the issuance of financing approvals worth EGP17 billion, to establish a number of floating hotels within the Tourism Finance Initiative. Canadian gold miner...

Market Overview ALCNMFPCprepared by: Mayada Amin- CETA, CFTe

Government calls out media reports that it asked the IMF to increase its next disbursement as false. The government has approved offering manufacturers loans at a subsidized 15% interest rate to purchase equipment and production materials.Egypt's non-oil trade deficit declined by 4.4% YoY during the 9M24, attributed to an 11.1% growth in exports, despite an increase of 3% in imports.Cabinet approves official launch of comprehensive health insurance system in Suez next December, after suc...

Market Overview CIEBADIBTMGHHELIESRSprepared by: Mayada Amin-CETA, CFTe

A member of the IMF mission in Cairo said to local media that the mission did not discuss with the Egyptian government an extension of economic reforms schedule, during the fourth review. Adding that the mission did not decide anything regarding postponing some reforms.Remittances from Egyptians working abroad increased 65.6% y-o-y in August to hit USD 2.6 bn.Egypt reduced its imports of liquefied gas through the gasification complex at the port of Ain Sokhna, by about one third to 500 ...

Market Overview ETELEFIHBTFHTMGHCIEBPrepared by: Mayada Amin- CETA, CFTe

Annual urban inflation came almost flat in October, registering 26.5% YoY, up from 26.4% YoY in September. Monthly urban inflation decelerated to 1.1% MoM in October from 2.1% MoM in September. The Central Bank of Egypt will auction USD1.5 billion in USD-denominated, one-year t-bills today.The government now only has USD1 billion in outstanding arrears to foreign oil and gas companies, after having cleared another USD1 billion in arrears last week.The Ministry of Finance intends to launc...

Market Overview COMIDSCWHELITMGHPrepared by: Mayada Amin - CETA, CFTe

The Supreme Constitutional Court ruled on Saturday that the 7% flat rate in the Old Rental Law for residential properties is unconstitutional and called on the Egyptian parliament to amend the law.The US Federal Reserve cut interest rates for the second time, this time by 25 bps, bringing them to 4.5%-4.75%.The Oil Ministry launched the Sustainable Aviation Fuel Production Company, which will invest USD530 million to develop production facilities and integrate the facility with other petroleu...

Market Overview GBCOESRSSKPCJUFOTMGHPrepared by: Mayada Amin- CETA, CFTe

CAPMAS is expected to release inflation figures for October on Sunday, 10 November. We expect urban annual inflation to hit around 27%.Net International Reserves recorded USD46.9 billion at the end of October 2024, up USD205 million from September’s USD46.7 billion.Investment Minister Hassan El Khatib will unveil the revamped privatization program before the end of the month, Prime Minister said.Egyptian officials and the IMF mission are in discussions over how they can extend the timeline of...

Market Overview ORWEBTFHEKHOAEMFD ALCNprepared by: Mayada Amin- CETA, CFTe

Market Overview ADIBESRSEKHOAARABprepared by: Mayada Amin- CETA, CFTe

Cyprus’ Energy Minister Giorgos Papanastasiou said yesterday that his country is prepared to supply natural gas to Egypt to re-export to European marketsزOil Ministry to unveil full incentives policy framework during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2024) which is being held in the UAE until Thursday, Oil Minister Karim Badawi said.Egypt will pay about USD818 million to the IMF during November, according to local press. The government has already paid US...