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Update: 2023-12-04
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Budget deficit widened to 3.9% of GDP in 1Q FY 2023-24 from 2.1% a year earlier, largely due to the government’s spiraling interest bill.

The government has downgraded its growth forecast for the current fiscal year to 3.5% down from the previous 4.2% forecast made last month.

The IMF will move forward with Egypt’s USD3 billion loan program “soon". The Fund’s Managing Director Kristalina added on another note that that the IMF will very likely scale up Egypt’s current loan program due to the additional burden posed by the war in Gaza.

Norwegian renewables developer Scatec has inked a USD1.1 billion green methanol MoU with the Suez Canal Economic Zone (SCZone). 

The government is looking to offload a stake in the military’s Chill Out fuel retailer. The process will begin after the government concludes the sale of Wataniya which, according to the Minister, will take several more weeks to close.

Officials are mulling the sale of EGP8 billion worth of real estate assets to investors in 1Q 2024. HELI is among the state-run companies investors are looking at.

The government reportedly intends to offer a 31% stake in the Upper Egypt Tourism and Real Estate Development Company to the private sector, and that international investors have expressed interest in acquiring the stake.

Kima is planning to arrange for the advance payment to establish the nitric acid and ammonium nitrate project before the end of December. The project will cost EGP1 billion as well as USD280 million. The down payment amounts to 20% of the EGP sum in addition to 25% of the USD amount, according to local press.

Benchmark Power International (BPI) will set up a USD1 billion green ammonia plant in Suez, which will produce 183 tons of green hydrogen a day to produce 1k tons of green ammonia.

Weekly Commodities Update

 |   | Last Price | WoW Change, %
| Brent, USD/bbl | 78.9 | -2.1%
| Diesel-HSFO Spread, USD/ton | 387 | -8.9%
| Egypt Urea, USD/ton | 355 | -11.3%
| Polyethylene, USD/ton | 990 | 0.0%
| Polypropylene, USD/ton | 925 | -1.1%
| Steel/Iron Ore Spreads, USD/ton | 357 | 3.0%
| LME Aluminum Cash Price, USD/ton | 2,172 | -0.2%
| Egyptian Retail Cement, EGP/ton | 1,990 | -1.2%
| Steam Coal FOB Newcastle Australia, USD/ton | 134 | 9.4%
| SMP, USD/MT | 2,622 | -3.7%
| Last price may vary week over week in some indices due to time difference

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