Episode Details

CAPMAS is expected to release inflation figures for October on Sunday, 10 November. We expect urban annual inflation to hit around 27% on higher fuel and some food item prices, as well as the seasonal effect of education item.

Net International Reserves recorded USD46.9 billion at the end of October 2024, up USD205 million from September’s USD46.7 billion.

Investment Minister Hassan El Khatib will unveil the revamped privatization program before the end of the month, Prime Minister said.

Egyptian officials and the IMF mission are in discussions over how they can extend the timeline of implementing some of the reforms previously agreed upon with the Fund, Madbouly said. “A very large part of our discussions with the Fund revolve around how we can postpone some of the targets so that we do not put pressure on the citizens in the coming period,” he said.

The government spent EGP28.5 billion on fuel subsidies in 1Q of the current fiscal year, marking a 232% increase from the EGP8.6 billion spent during the same period last year.

The Finance Ministry provided an additional EGP53 billion to the Oil Ministry in 1Q24/25 to help it settle payments to foreign partners and secure imports for strategic stockpiling.

The CBE has instructed banks to begin processing car importers’ requests for USD-denominated letters of credit, ending a six-month halt, sources said.

LSE-listed Energean confirmed in a meeting with Oil Minister Karim Badawi that the USD945 million sale of its Egyptian, Croatian, and Italian assets to global investment firm Carlyle is set to go through by the end of the year.

Egypt is set to launch a global tender for gold mining and exploration at approximately 200 sites in the Eastern Desert by the end of the year, a government official said.

The CEO of the Italian company Eni revealed that the company will return to drilling gas wells again in the Zohr field by the end of this year.

China’s Anton Oilfield Services Group and the UAE’s Mubadala Energy are looking to explore investments and collaboration in Egypt’s oil sector, according to Oil Ministry statements. Anton expressed interest in learning more about potential investments in Egypt, while Mubadala said that it was considering participating in the Egyptian Natural Gas Holding Company’s tender launched in August.

The government is planning to launch 11 new tenders for investments under the public-private partnership (PPP) model, with targeted investment costs totaling EGP62 billion.

The government approved the redrafted Labor Act after several rounds of discussions.

Cabinet also approved granting the Tunisian automotive cable manufacturer Coficab the golden license for its up to USD88 million automotive cable and electrical factory in Tenth of Ramadan City.

Cabinet approved granting MAFI Agricultural Produce Industries a golden license for its agri-food industrial project in Sadat City. The project, which is expected to begin operations in March 2026 and will see investments of just over USD180 million, is expected to produce USD200 million worth of agri-food products annually during its first phase.

CIEB released 3Q24 consolidated bottom line of EGP1,874 million (-3% q/q, +44% y/y, and 10% lower than Al Ahly Pharos estimates), bringing 9M24 bottom line to EGP6,086 million (+60% y/y). CIEB is currently trading at P/E25 of 3.2x (based on bottom line post minority and appropriations) and P/B25 of 1.0x.

OFH received an offer to sell its 99%-owned subsidiary, Klivvr, for EGP657.7 million.

CICH’s micro-financing arm, Reefy, raised EGP884 million in the second securitization issuance.

ESRS denie