The Suez Canal Economic Zone is looking to global investors to set up a wind turbine blades production factory, which would be the first of its kind in the region.

The Madbouly government is reportedly planning to increase its imports of Israeli gas by 20% to 1.2 bn cf a day starting next month.

Suez Canal Economic Zone Chief Walid Gamal El Din laid the foundation stone for the Kemedi Chemical Company’s new USD30 million chemical manufacturing in the TEDA industrial zone in Ain Sokhna, according to a SCZone statement.

NTRA is reportedly looking into implementing new regulations and technical requirements for the import of wireless communication devices following the pager and hand-held radio explosions that took place in Beirut last week.

Egypt faces a financing gap estimated at about USD10 billion in the current fiscal year 2024-2025 and is working to bridge it primarily through issuing international sukuk and bonds.

The head of the Egyptian Customs Authority said that USD880 million were transferred so far under the expat cars initiative.

The CBE will offer a stake of United Bank’s shares on the bourse, with the initial public offering set to take place before the end of 1Q25. 

The assets of banks operating in the market increased in local currency by 36.1% during the first half of this year, reaching EGP19.33 trillion. Banks' lending and discount balances increased by EGP1.7 trillion in six months, recording EGP7.2 trillion last June, up from EGP5.46 trillion at the end of 2023.

BTFH subsidiary Beltone Leasing and Factoring inked a EGP400 million leasing and factoring agreement with Madkour Group.

According to local media, TMGH (FV: EGP75.00, OW) subsidiary Orion Facilities Management Services intends to set up a consumer finance firm in 2025, with Orion owning a minority stake in the new firm and an unidentified financial institution holding a majority stake.

AMOC decided to distribute EGP0.75/share in cash dividends distributed over two installments. This implies a dividend yield of 8.4%. 

EGCH sent a release in reference to what was raised on social media regarding the impact of the company’s factories on the environment in Aswan. The company announced that is has absolutely no relation to the current events in Aswan related to the pollution of drinking water. 

ETEL replied to yesterday’s circulated news (regarding the government looking to sell an additional 10% of its stake in ETEL) in a release noting that the company did not receive any information on that matter.

Fintech player MID Takseet customers can pay their installments through Basata's payment network, under a newly-announced strategic partnership between the two companies.

The Transport Ministry is set to transfer two marine terminals at the Sokhna Port to Emirati shipping and logistics giant Abu Dhabi Ports before the end of 1Q25 for the development of their superstructure.

Weekly Commodities Update

 |   | Last Price | WoW Change, %
| Brent, USD/bbl | 74.5 | 4.00%
| Diesel-HSFO Spread, USD/ton | 261 | 0.50%
| Egypt Urea, USD/ton | 366 | 2.40%
| Polyethylene, USD/ton | 990 | -1.00%
| Polypropylene, USD/ton | 950 | -1.10%
| Iron Ore 65%, USD/ton | 115 | -0.20%
| Steel/Iron Ore Spreads, USD/ton | 413 | 1.00%
| LME Copper Cash Price, USD/ton | 9,347 | 1.70%
| LME Aluminum Cash Price, USD/ton | 2,464 | 0.30%
| Egyptia Retail Cement, EGP/ton | 2,759 | -0.60%
| Steam Coal FOB Newcastle Australia, USD/ton | 140 | 1.20%
| SMP, USD/MT | 2,809 | 2.00%
| Last price may vary week over week in some indices due to time difference