The Federal Reserve held interest rates steady in a targeted range between 5.25%-5.5%, while also indicating it still expects one more hike before the end of the year and fewer cuts than previously indicated next year.

Cabinet gave the go-ahead to the emergency social support measures aimed at alleviating the impact of the economic crisis on vulnerable households.

Ministers approved handing the Egyptian Natural Gas Company (GASCO) a golden license for its USD380 mn project to expand its gas complex in Alexandria.

Egypt's Main Development Company for the SCZone signed a contract with Rolling Plus for chemical industries to build a tire manufacturing plant with EUR1 billion (USD1.07 billion) investments in Ain Sokhna. 

Ministers approved halting onion exports until the end of the year in a bid to curb soaring prices.

Egypt is considering importing nearly 500k ton of wheat from France and Bulgaria. This came after Russia halted supplying wheat, objecting to the pricing of a mega-deal, sources added, noting that the authorities in Moscow seek to impose an unofficial minimum price on grain deals.

SKPC held a BoD meeting yesterday to discuss postponing the acquisition of Ethydco until finalizing the study of acquiring a share of Ethydco’s capital by a strategic investor through a partial exit of some of the company’s existing shareholders.

The cabinet gave the green light to the oil minister to contract with Russian oil company Lukoil to comb areas in the Western Desert for oil and gas.

Kuwait Foreign Petroleum Exploration Company (Kufpec) will acquire a 40% stake in Shell’s North East El Amriya concession area in the Mediterranean Sea.

The FRA has approved a request by BINV to extend the deadline for submitting its MTO to acquire up to 90% of OFH. The regulator has extended the deadline by 60 working days, giving it until the middle of December to file the MTO.

The Egyptian exchange submitted several amendments to the FRA to develop the brokerage firms’ membership rules in the stock exchange. The amendments mainly prohibit brokerage firms from purchasing securities on margin financed by a custodian and includes updating the customers’ data every 5 years rather than every 2 years or whenever a significant change take place.

The monorail train is expected to enter the trial operation phase next November while official inauguration for passengers is expected to take place in March/April 2024. 

The Institute for Transportation and Development Policy has signed a consultancy agreement with the New Urban Communities Authority to advise on implementing a bus rapid transit (BRT) system between Sixth of October City and parts of Giza governorate. 

IFC is considering extending USD125 mn loan to Egypt to fund the construction of Damietta Port’s second container terminal.