The Fed agreed at their last policy meeting that they would proceed "carefully" and only raise interest rates if progress in controlling inflation faltered. They expressed little appetite for cutting interest rates anytime soon, particularly as inflation remains well above their goal.

The Minister of Finance revealed that the government is considering issuing blue bonds in the international market. 

Shell Egypt announced a new offshore natural gas discovery in Egypt’s North-East El-Amriya block in the Mediterranean Sea.

A recent report issued by the US Department of Agriculture estimated that Egypt’s wheat imports will reach about 12 million tons during 2023/24, an increase of 6.9% YoY, due to the decrease in the cultivated area of the crop.

Saudi’s Al Kraida Dates is looking to set up a 10k sqm date factory in Egypt beginning of 2024, chairman said. The factory will target the local market during its first year of operations before expanding into exports.

American tech distributor Ingram Micro wants to invest some USD 60 mn in the Egyptian market in 2024, the company’s country director said.

SVCE announced its 3Q23 financial results, recording a net profit of EGP13.1 million, 60% lower than 3Q22 earnings, and reversing previous quarter losses of EGP39.2 million. This shrinks 9M23 losses to EGP63.1 million from a loss of EGP83.8 million in 9M22.

ELEC reported 9M23 consolidated earnings of EGP955.4 million, up from EGP263.3 million in 9M22 (+263%). 

The Egyptian Railway Authority of the Ministry of Transportation will receive technical and financial offers of 25 local and global companies to develop Tanta–El Mansoura–Damietta Rail Project on December 13, 2023. 

CBE plans to roll out e-KYC by 3Q24 and plans to launch a new mobile app next year that will allow users to open bank accounts online. 

HRHO’s consumer finance arm Valu will start offering shoppers at supermarket chain Kazyon financing solutions, under a strategic partnership inked between the two sides.

The European Investment Bank (EIB) yesterday inaugurated a new regional hub in Cairo, which aims to facilitate and bolster the bank’s cooperation with its partners in the MENA region.

AIH’s BOD has approved the FV study of the Arabian International Construction company at EGP31.88 per share. The selling transaction is now awaiting the OGM’s approval and is aiming to drop down all the debts related to the investment (EGP74.9 mn). The company has also approved the FVs study of Rawaj Consumer Finance and UE finance at EGP1.07 per share and EGP304.4 per share, respectively.