Pre-Trading Thoughts

Imports of everything but food and fuel have slowed in the past two weeks, importers and bankers are quoted as saying. The CBE in October said it would gradually phase out import restrictions.The House of Representatives’ Manpower Committee will hold hearings on the new draft Labor Act, which extends both maternity leave and notice periods, caps working hours, and changes minimum raise increments, among other things.Ministry of Electricity officials are studying postponing some planned projects, including renewable energy stations. Long-term deposits placed at the CBE by some Arab countries stabilized at USD15.0 billion by end of June 2022.EGAL appointed Premiere Securities as an independent financial advisor to determine its fair value ahead of a potential acquisition of a 20-25% stake by Saudi Arabia’s sovereign wealth fund.Cable Egypt, SWDY, BICC, and Energya Cables won a EGP100 million tender for the supply of low-voltage electric cables.Some 40 million adults in Egypt were banked by June 2022, up from 17.1 million in 2016.ADIB will begin offering its new prepaid card, Takka, after getting approval from the CBE.Iraq will boost its oil export capacity by 150,000-250,000 barrels per day starting next year.Egyptian exports of liquified natural gas amounted to 8 million tons in 2022 with 90% directed to the European markets.