Pre-Trading Thoughts

Banque Misr is preparing to appoint an advisor for the offering of its subsidiary Banque du Caire. Emirates NBD is reportedly considering the acquisition of a controlling stake in BdC, as the bank is currently in the final stages of due diligence with the acquisition expected to go through in 1Q 2025.The government has its sights set on tackling the backlog of dues owed to exporters, with the Finance Ministry and the Investment Ministry announced a new mechanism to clear EGP60 bn in overdue payments to exporters.Sisi and his Greek counterpart discussed the two sides’ joint economic projects, including the 3-GW Greece-Egypt Interconnector (GREGY) led by Greek contractor Copelouzos Group and expanding regional energy cooperation. Prime Minister revealed the government's intention to announce new companies to be offered to the private sector during the current year, in addition to the 10 companies that were announced earlier.A government official revealed that Egypt has saved USD1 billion during the last quarter of 2024 compared to the previous year in the consumption of fuel used in generating electricity. Eni is working on increasing Zohr field production through operations in two to three wells with investments ranging from USD60-90 million, during the current year. The health of Egypt’s banking sector continued to improve throughout 9M2024, with the sector’s capital adequacy ratio (CAR) increasing 0.5 percentage points from the end of 2023 to clock in at 19.1% by the end of 3Q2024.HRHO announced the successful completion of its advisory role in the initial public offering (IPO) of 30% of the issued capital of Nice One Beauty.HRHO aims to inject new financing worth EGP5 billion during this year, including EGP2 billion in the first quarter, distributed between financial leasing and factoring activities.