Despite the Gaza War, almost 1.5 million tourists visited Egypt in October, up 8% y-o-y, while arrivals in the first three weeks of November were 5-10% higher, Tourism Minister said.

President Abdel Fattah El Sisi has reappointed Hassan Abdalla as the acting governor of the Central Bank of Egypt for a second one-year term as part of a wider board shuffle.

Goods worth a combined USD63 billion have been released from our ports since the beginning of the year. The still-piled up goods at ports are estimated at about USD5 billion.

The Ministry of Transport initially approached five international institutions to obtain soft financing worth USD2.7 billion to complete the construction of the second and third lines of the electric train network. 

FWRY revealed that the company’s testing environment, where FWRY tests applications before launching to the end-user, was breached by LockBit. The company’s live production environment, the one that FWRY’s clients interact with when they use the company’s services, was not subject to any compromise. The compromise on the testing environment included only personal data - no data that would allow someone to use that information to execute financial transactions. Personal data may include some customer’s names, their addresses, and email addresses.

CLHO reported positive 3Q23 results. Net attributable profit came in at EGP132 million in 3Q23 (+60.4% YoY, +36.9% QoQ), bringing 9M23 net attributable profit to EGP311 million (+25.9% YoY). During 3Q23 and the 9M period, bottom line growth came on the back of revenue growth and sequential margin expansion.

BTFH released 9M23 results where 3Q23 net profit recorded EGP232 million compared to a loss of EGP34 million in 3Q22. This brought 9M23 net profit to the green where it stood at EGP86 million (+161% y/y).

Raya Information Technology, a subsidiary of RAYA, is in the negotiations phase of acquiring a local player operating in the field of applications developments, according to local press.

APM Investment Holdings, a subsidiary of EGX-listed ASCOM, has sold its 35% share in the Ethiopia-based gold mining project dubbed Kurmuk Gikd Project to Canadian gold producer Allied Gild Corporation (AGC) in exchange for 11.5 million shares in the latter and USD65 million. We note that CCAP owns 54.1% in ASCOM, according to the company's latest disclosure published in September 2023.

Supply Minister declared to local media that if sugar prices do not stabilize in the market within 10 days, price controls will be introduced.

Weekly Commodities Update

 |   | Last Price | WoW Change, %
| Brent, USD/bbl | 80.6 | 0.0%
| Diesel-HSFO Spread, USD/ton | 425 | 7.0%
| Egypt Urea, USD/ton | 400 | 0.0%
| Polyethylene, USD/ton | 990 | 0.0%
| Polypropylene, USD/ton | 935 | -0.8%
| Steel/Iron Ore Spreads, USD/ton | 347 | 1.0%
| LME Aluminum Cash Price, USD/ton | 2,176 | 0.3%
| Egyptian Retail Cement, EGP/ton | 2,015 | -2.8%
| Steam Coal FOB Newcastle Australia, USD/ton | 122 | -1.0%
| SMP, USD/MT | 2,622 | -3.7%
| Last price may vary week over week in some indices due to time difference