Pre-Trading Thoughts

In contrast to the IMF’s talk of being open to changing some of the terms of the loan agreement, Georgieva reiterated that “Egypt is better served by undertaking reforms sooner rather than later.” 

IMF Director Kristalina Georgieva stated that the Fund’s amendment to the basic and additional fees for programs and loans will save Egypt USD800 million up to 2030.

Investment Minister Hassan El Khaitb will now be minister in charge of the Sovereign Fund of Egypt (SFE).

The Green Climate Fund has approved funding proposals for three multi-country sustainable development programs, unlocking USD2.7 billion for programs across 14 countries, with Egypt set to be included in all three.

The government will be releasing a new policy on increasing investment in oil and gas, petrochemicals, refining, and minerals in November.

The Ministry of Petroleum seeks to increase natural gas imports from Israel by about 10% during November to meet the local needs of power stations and industry.

Canada-based oil and gas company TAG Oil is looking to raise CAD10 million through a public offering of additional units in the company, with the firm planning on using the proceeds of the offering to “advance appraisal and development activities” in Egypt’s Western Desert.

The Housing Ministry’s Social Housing and Mortgage Finance Fund is considering increasing its World Bank loan by USD200 million by December 2025, bringing the total value of its loan to USD1 billion.

The failure to obtain lenders’ approval and the provision of fuel were behind the government’s postponement of the sale of the Beni Suef power station, sources revealed.

SWDY signed an MoU with the Iraq Development Fund to establish a new fund — dubbed the Localization Fund — that aims to attract both local and foreign investments to support Iraq's economic diversification.

SWDY highlighted in a release to EGX that Elsewedy Industrial company, participating in a oil and gas exploration agreement with EGPC, is not a subsidiary of SWDY.

MASR signed a co-development agreement with ZMID to co-develop a 42 feddan land plot in New Heliopolis. The project is expected to generate revenue of EGP11.4 billion, with MASR entitled to a 64% revenue share and ZMID a 36% revenue share. We remind you that this project was first preliminarily approved in July 2024.

PHAR Board approved the increase in authorized capital from EGP1.5 billion to EGP6 billion and in issued capital from EGP1.488 billion to EGP1.688 billion, with an increase of EGP200 million to the issued capital, to be distributed over 20 million shares. The increase will be carried out via cash subscription for existing shareholders.