Net foreign asset (NFA) surplus fell 27% to USD9.7 bn in August, down from USD13.3 bn in July. NFA of banks registered a deficit of USD536 mn, down from a surplus of USD2.8 bn in July. 

Egypt's PMI registered 48.8 in September, the headline index was below the 50.0 no-change value to indicate a modest decline in business conditions at non-oil private sector companies. 

The cabinet approved a draft law that grants administrative bodies the right to handle any encroachments on state-owned lands under their jurisdictions through “administrative procedures”. 

The cabinet approved a decision to set up a USD60 mn freezone for the production of linen in Sadat City — dubbed Kingdom Linen. 

Egypt GASC has struck one of its largest ever direct wheat deals for monthly supplies from November to April, according to Reuters. The wheat will be shipped to the General Authority for Supply Commodities (GASC) with around 510,000 metric tons to be supplied every month sourced from Black Sea origins, and totalling up to 3.12 million tons over the period.

PHDC Board approved 1) acquiring Executive Chairman Yasseen Mansour's 29.6% stake in TALM at EGP8.65/TALM share, translating into a value of EGP1.9 billion, 2) acquiring El Mansour and El Maghraby for Investments and Development's 9.5% stake in Maccor Hotels for EGP175.6 million, taking PHDC's stake in Maccor Hotels to 69.5%, 3) a capital decrease through retiring 61.7 million treasury shares, and 4) buying 88.2 million treasury shares.

EGTS’s court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is postponed to 19 November 2024.

We updated our FV for EGAL to EGP155.00/share (+30% upside potential) factoring in updated exchange rate estimates reflecting further expected weakness in local currency, rolling over the model, and updating our operational and other macro assumptions, maintaining our Overweight recommendation for the stock. EGAL is currently trading at FY24/25e P/E of 4.6x and EV/EBITDA of 2.7x. 

The Egyptian Competition Authority (ECA) extended the cement supply cut for a fourth year, head of the cement division of the Federation of Egyptian Industries Ahmed Shireen Korayem said.

COMI announced the signing of an agreement to obtain a long-term loan worth USD150 million from the International Finance Corporation. The loan term is ten years and will be included in the second tranche of the bank’s capital base.