Pre-Trading Thoughts

The Financial Regulatory Authority has suspended issuing new licenses for companies seeking to operate in consumer finance or microfinance for one year. 

Egypt is looking to boost its natural gas production by 30% to 6 bn cubic feet of gas per day by the end of 2025.

Kuwait is reportedly mulling converting its deposits in the CBE - USD4 billion - into direct investments. 

Egypt stands to save between USD300-400 million thanks to the IMF reducing surcharges, a government source said.

The Transport Ministry and Saudi Arabia’s Transport General Authority inked an MoU to bolster cooperation in maritime connectivity.

Planning and International Cooperation Minister and EU Ambassador to Cairo signed a EUR7 million comprehensive technical support package to support Egypt’s green transition.

The Ministry of Supply has set USD240 as the maximum import price for a ton of wheat, following the announcement by the Russian Ministry of Agriculture of raising duties on wheat exports by about 41% to reach the equivalent of USD19.57 per ton.

Bell International Company plans to pump new investments into Egypt worth USD150 million over the next two years to add new production lines.

MFPC sent a release with reference to news of the company competing for the development of Delta Fertilizers Company with investments of USD450 million. MFPC declared that it has received an invitation to contribute in the partnership, and the matter is still under review. 

Egypt Gas announced that the latest deal signed by its 41%-owned subsidiary, Town Gas, for natural gas connection and installations to households in Romania will not affect the company's revenues during the current year.

GB Capital for Financial Investments, the financial arm of GBCO, has obtained the Promoting and Underwriting license to expand its service offering into debt capital markets and related activities.

According to local media, an official from GBCO denied the news mentioned yesterday about the company’s intention of becoming an investment bank. 

HRHO has completed its fourth issue of securitization bonds worth EGP1.4 billion for Bedaya. Also, ValU is preparing to issue securitization bonds worth EGP1.5 billion as part of its current program worth EGP16 billion.

Weekly Commodities Update

 |   | Last Price | WoW Change, %
| Brent, USD/bbl | 79.0 | 1.3%
| Diesel-HSFO Spread, USD/ton | 225 | -6.5%
| Egypt Urea, USD/ton | 406 | 5.5%
| Polyethylene, USD/ton | 980 | 0.0%
| Polypropylene, USD/ton | 945 | 0.0%
| Iron Ore 65%, USD/ton | 123 | -3.6%
| Steel/Iron Ore Spreads, USD/ton | 421 | 3.0%
| LME Copper Cash Price, USD/ton | 9,651 | -1.5%
| LME Aluminum Cash Price, USD/ton | 2,614 | -1.1%
| Egyptia Retail Cement, EGP/ton | 2,762 | 0.8%
| Steam Coal FOB Newcastle Australia, USD/ton | 147 | -1.0%
| SMP, USD/MT | 2,795 | 0.0%
| Last price may vary week over week in some indices due to time difference