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Update: 2022-12-04
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Federal Reserve Chairman confirmed that smaller interest rate increases are likely ahead and could start in December.

Remittances from Egyptians abroad are set to rise 2.5% this year, according to the World Bank’s latest forecast.

The International Islamic Foundation affiliated with the Islamic Development Bank is close to activating the USD6 billion financing agreement with the Egyptian government.

ESRS raised the price of rebars by EGP800/ton to EGP20,450/ton (including VAT) as of December 2, 2022, 4% higher than the price in November.

IRAX 3Q22 net profit reached EGP1.4 billion (+21% YoY, -51% QoQ), bringing 9M22 net profit to EGP5.5 billion, 71% higher YoY.

Egypt will sign contracts to build 21 desalination plants next year.

A 50-MW solar plant in Aswan has been called off by the New and Renewable Energy Authority to reduce the government’s financing burdens.

G7 countries, the EU, and Australia agreed to cap prices of Russian seaborne oil at USD60/bbl. 

Local media sources stated that there are current negotiations between Pachin and National Paints to increase the non-binding offer price submitted (EGP29/share).

AUTO raised the selling prices of its Chery brand by EGP4-40k for all subcategories.

FWRY’s BoD decided to cancel US listing plans and is studying investing in fintech-related startup companies.

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