Ras El Hekma is reportedly expected to reach total investments worth USD110 billion by 2045, with a yearly GDP contribution of USD25 billion, and create around 750k direct and indirect jobs.

Egypt’s GDP growth rate was 2.4% in the fourth quarter of the 2023/24 year, bringing the annual growth rate to 2.4%, down from 3.8% a year earlier.

Net International Reserves reached USD46.74 billion at the end of September 2024, up from USD46.6 billion in August, on higher value of gold component.

Suez Canal navigation statistics recorded a 49% decrease in the number of ships passing through the Canal since the beginning of this year.

Egypt is set to secure USD2.9 billion in financing to support the state budget and enhance structural reforms from a number of development partners.

The government is stepping up efforts to be relisted on JPMorgan’s emerging-market sovereign bond indices.

The government is planning an Egyptian-British investment conference to attract new British investments.

The General Authority for Investment and Freezones (GAFI) will set up four new freezones and have two others go live next year.

The MPs will discuss and vote on amendments to the law regulating the Sovereign Fund Egypt, which gives the Prime Minister the responsibility of assigning out the minister in charge of the fund — the responsibility currently falls to the Planning Minister.

Egypt received USD21.3 million from the World Bank’s USD200 million loan to combat pollution and climate change.

Egypt increased its wheat imports during 9M24 by c.30% YoY, reaching 10.8 million tons capitalizing on relatively lower prices.

ADQ has chosen portfolio company Modon Holding to be the master developer on its landmark USD35 billion Ras El Hekma project on the North Coast. Modon inked several agreements with local, regional, and international players at the event to help get the project off the ground, including a framework agreement with ORAS (FV: EGP344.18, OW) for it to be a key contractor for the project's first phase, and an MoU with SWDY (FV: EGP45.69, EW) to look into supplying building materials and collaborating on industrial park development, operations, and maintenance.

Modon inked several agreements with local, regional, and international players including a memorandum of understanding with TAQA to explore cooperation on greenfield utilities, water desalination, and electricity projects.

ESRS (FV: EGP120.21, EW) reduced its local rebar price by EGP2.5k/ton to EGP38.2k/ton, inclusive of 14% VAT, as of today.

POUL (FV: EGP12.76, OW) is to distribute a cash dividend for FY23 of EGP0.847/share on 24 October 2024, for shareholders on record on 21 October 2024. This implies a dividend yield of 7.9% and a payout ratio of 28.0%. 

The National Bank of Egypt plans to open its inaugural branch in Riyadh before the end of the year.

Post for Investment and private insurance provider AXA Egypt inked a strategic partnership agreement to launch Egypt’s first micro insurance company.

Weekly Commodities Update

 |   | Last Price | WoW Change, %
| Brent, USD/bbl | 78.1 | 8.40%
| Diesel-HSFO Spread, USD/ton | 241 | -4.10%
| Egypt Urea, USD/ton | 385 | 4.10%
| Polyethylene, USD/ton | 980 | -1.00%
| Polypropylene, USD/ton | 945 | -0.50%
| Iron Ore 65%, USD/ton | 123 | 0.00%
| Steel/Iron Ore Spreads, USD/ton | 416 | 4.00%
| LME Copper Cash Price, USD/ton | 9,796 | -0.50%
| LME Aluminum Cash Price, USD/ton | 2,642 | 0.40%
| Egyptia Retail Cement, EGP/ton | 2,739 | -0.60%
| Steam Coal FOB Newcastle Australia, USD/ton | 140 | 0.20%
| SMP, USD/MT | 2,795 | -0.50%
| Last price may vary week over week in some indices due to time difference