Annual urban inflation rose to 16.2% in October up from 15.0% in September, while MoM, urban inflation rose to 2.6% in October from 1.6% in September.
Emirati investments to Egypt could rise by 20-40% by the end of the year.
The US, Germany, and other European countries have pledged to provide more than USD550 million to help Egypt decarbonize its power infrastructure and install new renewable energy capacity.
The OPEC Fund for Development Director-General revealed that negotiations are currently underway regarding a loan from the Fund to support projects in Egypt.
Egypt’s external funding gap over the next four years is expected to come in at USD16 billion that will be covered with a combination of the USD3 billion from the IMF, another USD5 billion from multilateral lenders, and more debt issuances and investments.
PHDC 3Q22 sales rose 33.0% y/y and 33.0% q/q to EGP6.8 billion, bringing 9M22 sales to a company record of EGP17.5 billion, up 36.2% y/y. Net profit in 3Q22 rose 102.4% y/y and 33.7% q/q to EGP352.4 million, bringing 9M22 net profit to a company record of EGP910.9 million, up 43.3% y/y. The Board approved a EGP1.5 billion securitization.
MNHD is looking into expanding to West Cairo and the North Coast, is studying expanding regionally and internationally through exporting real estate or developing projects in Arab countries, expects real estate selling prices to increase by 15-20% within a year, and aims to sign partnerships in the education and sports space.
SWDY's subsidiary, Elsewedy Industrial Development, inked an MoU with German chemical producer BASF to build a green logistics hub in Elsewedy’s Sokhna 360 industrial city.
POUL reported 3Q22 net loss of EGP16.4 million, compared to net profit of EGP42.3 million in 3Q21 and net profit of EGP183.3 million in 2Q22, bringing 9M22 net profit to EGP221 million, up 81.5% YoY.
EFIH is in negotiations to inject new investments in two fintech startups this year.
CNFN closed a EGP1.076 billion securitized bond issuance for its consumer finance arms Contact Creditech and Contact Credit.
General Motors and Al Mansour Automotive will partner up to produce Cadillacs in Egypt by the end of 2023.
The government decided to postpone the launch of electric vehicle production at Al Nasr Automotive Company to the second half of 2023, instead of the beginning of the year.
Oil prices jumped by more than 3% on Friday. This was the second consecutive hike after a 2% increase on Thursday due to lower-than-expected US inflation data. Brent crude futures rose 2.4% to USD95.95/bbl.