Al Ahly Pharos

*Key news articles for today* Net foreign assets in Egypt’s banking sector (including CBE) dropped to USD5.96 bn in November, down from USD9.2 bn in October, marking a sharper monthly decline of 35.2%. This is the second consecutive monthly drop as pressure on foreign currency resources increases. This decline was attributed to the worsening deficit in the net foreign assets of commercial banks. ...

- Market Overview  - PHDC - FWRY - CLHO - ISPH Prepared by: Mayada Amin- CETA, CFTe

- Market Overview  - RMDA - ISPH - CIEB - Prepared by: Mayada Amin- CETA, CFTe

- Market Overview  - ADIB - HELI - PHDC - EFID - prepared by: Mayada Amin- CETA, CFTe

- Market Overview  - JUFO - ISPH - ADIB - ORAS - ESRS - prepared by: Mayada Amin- CETA, CFTe

- Market Overview  - JUFO - GBCO - ESRS - EFIH - Prepared: Mayada Amin- CETA, CFTe

- Market Overview  - EKHO - GBCO - FWRY  - PHDC - JUFO  prepared by: Mayada Amin -CETA, CFTe

- Market Overview  - FWRY  - CLHO - JUFO - GBCO - ESRS Prepared by: Mayada Amin- CETA, CFTe

- Market Overview  - TMGH - CLHO - AMOC - EKHO Prepared of : Mayada Amin- CETA, CFTe

Market Overview  OIH TMGH ORWE CSAG FWRY  prepared by: Mayada Amin- CETA, CFTe

Market Overview  Prepared by: Mayada Amin- CETA, CFTe

The CBE's MPC is scheduled to meet on Thursday, 26 December. We expect the CBE to prefer to hold rates unchanged in its upcoming meeting.  Even though the annual inflation reading dipped below 26% in November, some price hikes such as the recent telecom hikes are still passing through inflation readings. Besides, the recent gradual increase in USD rate – breaching the EGP50 border – accompani...

- Market Overview  - ESRS - ARAB - CSAG - EGAL - prepared by: Mayada Amin - CETA, CFTe

The EU approved the disbursement of an EUR 1 bn macro-financial assistance package. The package marks the first phase of a EUR 5 bn set of concessional loans running through 2027, which comes as part of a wider EUR 7.4 bn package from the EU announced in March. The China Communications Construction Company (CCCC) is interested in working with the Madbouly government on its airport development plan...

- Market Overview  - AMOC - ADIB - CIEB - BTFH - PHDC - prepared by: Mayada Amin- CFTE, CETA

The Egyptian Mineral Resources Authority launched a global tender for the exploration of kaolin sand, glass sand, and other minerals yesterday, according to a statement from the Oil Ministry. Investors have until 13 February to submit their offers. Finance Minister Ahmed Kouchouk has extended the window for settling tax disputes until 30 June 2025 and will offer taxpayers a quick and effective met...

- Market Overview  - Prepared by : Mayada Amin- CETA, CFTe

Net foreign assets of the CBE increased by USD1.17 billion in November to record USD11.8 billion, compared to USD10.64 billion in October. Egypt has trimmed its fuel consumption 6% to 171 grams per kWh over the past few months. The reduction in demand is saving the country some EGP1.2 bn monthly. The Ministry of Finance aims to reduce the external debt of the budget agencies by about USD1 billion...

- Market Overview  - AMOC - GBCO  - ORWE - TMGH - Prepared by: Mayada Amin - CETA, CFTe

Chinese steelmaker Wu’an Xin Feng has a plan to set up a USD1.7 bn integrated industrial complex in the Suez Canal Economic Zone (SCZone).  Egypt’s oil subsidy bill for the current fiscal year is expected to surpass EGP200 bn, significantly higher than the EGP154 bn initially allocated, a source said. Prime Minister Moustafa Madbouly met with Saudi Industry and Mineral Resources Minister Bandar Al...

- Market Overview  - GBCO - EHDR - MTIE - EAST - Prepared by: Mayada Amin - CETA, CFTe

Transport and Industry Minister Kamel El Wazir laid out the 23 industries that the government is looking to localize, adding that the state is offering incentives and facilities to attract investments into these selected sectors.  The Qantara West Industrial Zone will welcome two new projects with combined investments of USD38 mn following agreements with the Suez Canal Economic Zone (SCZone). Egy...

- Market Overview  - COMI - ISPH - ADIB - ORWE prepared by: Mayada Amin- CETA, CFTe

UAE’s AMEA Power will set up a USD600 million, 5 GW wind power project in the Gulf of Suez in cooperation with the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority (NREA). There is a plan to launch renewable projects with a combined capacity of 10 GW and combined investments of USD10 billion from 2023-2028 under the government’s Nexus for Food, Water, and Energy...

- Market Overview  - COMI - GBCO - ARCC - CCAP - prepared by: Mayada Amin- CETA, CFTe